May 21 Corn closed at $6.555/bushel, up $0.05 from yesterday's close.  Jul 21 Wheat closed at $7.1225/bushel, up $0.0175 from yesterday's close. ...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

U.S. red meat and poultry stocks continue to trend below year-ago levels, driven largely by decreases in pork stocks but tigthening beef supplies as well...

THE OPEN July beans:  3 1/2 lower July meal:  2.50 lower July soyoil:  5 lower July corn:  5 lower July wheat:  1/2 lower The mark...

The tightening global stocks situation is not just impacting food crops but fiber as well. Global production of cotton is down 7.4 percent at the same time...

GOOD MORNING, It's a weather story, it's a fundamental story, it's a macro story.   In bear markets, all the news is bad news, and in bull market...

SPREADS July crush trades to 68.20c/bu while oilshare trades up to 41.0%.  Spreads remain firm with July/Nov bean inverse trading up to 1.81 1/2c from...

Wall Street was shedding value today and it appeared to all be going to Chicago. There were very high trading volumes even in soymeal, which otherwise had...

USDA will release its monthly Cattle on Feed report tomorrow. Pre-report estimates from the industry peg the total number of cattle on feed as of 1 April a...

May 21 Corn closed at $6.505/bushel, up $0.25 from yesterday's close.  Jul 21 Wheat closed at $7.105/bushel, up $0.355 from yesterday's close.  J...

China Bashing The U.S. Senate Committee on Finance held a hearing today on U.S.-China Relations: Improving U.S. Competitiveness Through Trade. The hearing...

Wheat:  Net sales of 240,200 metric tons (MT) for 2020/2021 were down noticeably from the previous week, but up 55 percent from the prior 4-week avera...

THE OPEN July beans:  18 higher July meal:  1.50 higher July soyoil:  139 pts higher July corn: 7 higher July wheat:  4 higher Prices o...

Soy Export Sales Highlights USDA's export sales report for the week ending 15 April indicated U.S. export sales of soybeans for export in 2020/21 continue...

Wheat:  Net sales of 240,200 metric tons (MT) for 2020/2021 were down noticeably from the previous week, but up 55 percent from the prior 4-week avera...

GOOD MORNING, Prices overnight continued strong and posted several more contract highs.  Funds were adding to long positions in a big way yesterday, a...

SPREADS July crush trades to 64.80c/bu while oilshare trades to 40.93%.  Jly/Dec corn trades above 70c to 75c inverse, and pullbacks could continue to...

The CBOT pushed to new contract highs overnight but found some profit taking and were generally weaker heading into the morning open. Technically, a few co...

Right Sized How large should farms be? That has become an issue in Europe, which like the U.S. started as a social issue but is now morphing in the EU into...

May 21 Corn closed at $6.255/bushel, up $0.19 from yesterday's close.  Jul 21 Wheat closed at $6.75/bushel, up $0.1375 from yesterday's close.  J...

Livestock First Quarter Data On Hog Recovery Progress Sends Mixed Signals According to China’s National Bureau of Statistics (NBS), the country&rsquo...

The Biden Administration has put forth a proposed $2+ trillion plan partially dedicated to improved national infrastructure and paid for by the wealthy and...

THE OPEN July beans:  2 lower July meal:  3.00 lower July soyoil:  33 higher July corn:  3 lower  July  wheat:  3 lower...

Russian Grain Markets: 12-16 April 2021 Grain prices on the domestic market mainly grew following global trends and an increase of the export prices becaus...

GOOD MORNING, Corn and bean prices set new contract highs again overnight before seeing some morning profit-taking.  Soyoil futures also set new contr...

SPREADS July crush trades to 61.87c/bu while oilshare values trades higher to 40.24%.  Bean spreads are firmer with July/Nov trading up to 1.63 3/4c f...

The CBOT rallied sharply on Tuesday with corn and soybeans posting new contract highs overnight. The day session saw funds immediately emerge as net buyers...

Republicans on the House Agriculture Committee have introduced several climate related bills, all with very catchy acronyms – part of the political m...

May 21 Corn closed at $6.065/bushel, up $0.145 from yesterday's close.  Jul 21 Wheat closed at $6.6125/bushel, up $0.075 from yesterday's close. ...

Designed Obsolescence According to reports, WTO Director-General Ngozi Okonjo-Iweala has called for a third-party audit of the organization’s staff t...

Global lumber demand is expanding at the same time wildfires and pests are destroying some forests and around the world countries are under pressure to pre...

THE OPEN July beans:  21 higher July meal:  4.90 higher July soyoil:  180 pts higher July corn:  6 higher July wheat:  7 3/4 highe...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan’s government has increased the wheat demand estimates for 2021 by 2 MMT to 29...

GOOD MORNING, Prices trend higher on dryness in SA and cold weather extremes in the US.  When bull markets begin a break-out to the upside buying acti...

SPREADS July crush trades to 61.51c, while oilshare trades to 39.85%.   Spreads firm with Jul/Nov bean inverse strengthening up to 1.62 1/2c from...

Funds followed strong technical indicators in December corn and November soybeans and pushed those contracts to new highs on Monday. Old crop corn and soyb...

Climate Tightrope President Biden’s Leaders Summit on Climate kicks off late this week and his plan to commit to a 50 percent reduction (from 2005 le...

The rally in crop prices in MY 2020/2021 coupled with government issued COVID relief payments has reduced the demand for commercial farm loans. The Kansas...

May 21 Corn closed at $5.92/bushel, up $0.065 from yesterday's close.  Jul 21 Wheat closed at $6.5375/bushel, down $0.0125 from yesterday's close.&nbs...

Corn Argentina  Argentina’s corn harvest is making slow progress with high soil moisture and high grain moisture preventing fieldwork. Farmers c...

There are several different metrics used to measure sustainability. Given the limited and depleting amount of fresh water sources, looking at the amount of...

Regional News  Europe continues to struggle with drought with conditions especially concerning for the UK. Most of western and northern Europe has exp...

THE OPEN May beans:  8 higher May meal:  2.20 higher May soyoil:  25 lower May corn:  8 higher May wheat:  1 3/4 higher The market...

SPREADS July crush trades to 61.80c/bu while oilshare trades to 39.85%.  Bean spreads continue firm with July/NOv trading up to 1.54c from 1.48 1/4c,...

GOOD MORNING, Overnight highlights included a rallying corn market and new contract highs in canola futures.  Dec. corn trades to new contract highs a...

The CBOT traded a mixed day with the soy complex showing pronounced strength as soybeans look to catch up to the corn market’s early-week rally. Worl...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

Killing Meat California will require 100 percent cage-free eggs next year and is now crafting a requirement that sows be given at least 24 square feet of l...

Two years ago last month, we posed the question, Does Hemp Have a Role in Livestock Feed?  Montana’s response to that question is, “yes.&r...

May 21 Corn closed at $5.855/bushel, down $0.045 from yesterday's close.  May 21 Wheat closed at $6.525/bushel, down $0.0125 from yesterday's close.&n...

By the rhetoric and adverse publicity, agriculture would appear to be failing when it comes to sustainability. But just as air and water quality have stati...

THE OPEN May beans:  6 1/2 higher May meal  .80 lower May soyoil:  85 higher May corn:  2 higher May weather:  5 higher The market...

SPREADS July crush trades up to 64.02c/bu while oilshare trades higher, recovering losses to trade up to 39.52%.   July/Nov bean inverse trades h...

GOOD MORNING, Values are firmer across the board, except for meal, as global demand continues to improve.  Ocean freight, a barometer of overall deman...

Corn traded over $6/bushel for the first time since 2013. The Chinese continue to buy and now biofuels demand is bouncing back. One buyer said corn is actu...

It’s a month and a half until Memorial Day weekend, the official kick off of seasonal beef demand. The Choice cutout was $276.62/cwt today, up from a...

Wheat:  Net sales reductions of 56,600 metric tons (MT) for 2020/2021--a marketing-year low--were down noticeably from the previous week and from the...

Rise of Populist Agriculture There is a political left in American agriculture, though it is significantly smaller than the progressives that dominate the...

U.S. Soy Export Sales Continue Seasonal Decline Today’s USDA weekly export sales report for the week ending 8 April shows a continuation of the seaso...

May 21 Corn closed at $5.9/bushel, down $0.04 from yesterday's close.  May 21 Wheat closed at $6.5375/bushel, up $0.0575 from yesterday's close. ...

THE OPEN May beans:  6 1/2 higher May meal:  1.50  higher May soyoil:  45 higher May corn:  2 1/4 higher May wheat:  1 lower...

GOOD MORNING, Corn prices continue to roll on to the upside with new contract highs, with May over the $6.00 benchmark.  Corn futures follow higher Da...

SPREADS July crush trades to 59.35c/bu, while oilshare trades firmer to 39.31%.  Spreads are firmer with July /Nov beans trading from 1.38 1/4c to 1.4...

The CBOT rallied sharply on Wednesday with fund managers following through on yesterday’s Turnaround Tuesday and signs of U.S. inflation. More specif...

Stopping AMLO U.S. Vice President Kamala Harris is headed to Mexico and Central America to supposedly investigate the cause of the surge in illegal immigra...

May 21 Corn closed at $5.94/bushel, up $0.14 from yesterday's close.  May 21 Wheat closed at $6.48/bushel, up $0.1825 from yesterday's close.  Ma...

The weather is being watched carefully this time of year for any adverse impacts on the planting schedule but thus far it is progressing on time or ahead o...

Livestock Live Hog Prices Tank, Down More Than 14 Percent Last Week The Ministry of Agricultural and Rural Affairs (MARA) data show the national live hog p...

THE OPEN May beans:  8 higher May meal: .70 higher May soyoil:  35 higher May corn:  8 1/2 higher May wheat:  11 higher The markets ope...

Russian Grain Markets: 5-9 April 2021 Grain prices on the domestic market grew moderately or remained unchanged. The demand was low as sellers didn’t...

GOOD MORNING, Inflation talk propped up prices yesterday as new money flows into commodities in general, with inflows into ags as well.   Dec. co...

SPREADS Today is day 5 of the Goldman Roll.  July corn, meal, soyoil, wheat and bean futures now have higher open interest than in May contracts, as f...

It was Turnaround Tuesday at the CBOT with talk of U.S. inflation and continued weather issues for the Brazilian safrinha corn crop offering support. Corn...

The unclassified portion of the U.S. National Intelligence Council’s latest “Global Trends” report is pollyannish next to what wargamers...

There's an old adage that in politics, timing is everything. About nine months ago, vastly expanding the acreage set-aside under the Conservation Research...

For many decades, sorghum was the Rodney Dangerfield of row crops, it could not get any respect. Over the past three years as total U.S. corn acreage expan...

May 21 Corn closed at $5.8/bushel, up $0.11 from yesterday's close.  May 21 Wheat closed at $6.2975/bushel, up $0.0175 from yesterday's close.  M...

THE OPEN May beans:  6 1/2 higher May soyoil:  81 higher May meal;  .40 lower May corn:  3 3/4 higher May wheat:  6 1/2 higher The...

Quarterly Summary Surge in March Trading Volume Concludes Brisk Q1 Agricultural futures trading activity on the Dalian Commodity Exchange kicked into high...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  The Muslim month Ramadan, a period of fasting, prayer, reflection and family time, begins tod...

SPREADS July crush trades higher to 61.63c/bu while oilshare trades to 38.41%.   The July/Nov bean inverse weakens to 1.26 1/4c vs. 1.31c, while...

GOOD MORNING, Prices are set for turn-around Tuesday as we open into the green except for meal.  May contracts continue to liquidate as we enter day 4...

Funds were aggressive sellers at the CBOT on Monday, with fundamental weakness in palm oil/soyoil spilling over and triggering liquidation across the board...

Discounted Rainforest Europeans are opposing a free trade agreement with Mercosur, in large part because they argue Brazil does too little to stop destruct...

The EU seeks to have 25 percent of its production under organic rules by 2030 but some have doubts about whether the incentives will be large enough to the...

May 21 Corn closed at $5.69/bushel, down $0.0825 from yesterday's close.  May 21 Wheat closed at $6.28/bushel, down $0.1075 from yesterday's close.&nb...

Friday’s WASDE reduced the outlook for pork production reflecting the December to March quarterly Hogs and Pigs report. The hog herd was down 1 perce...

Corn Local corn markets remain dynamic as the harvest continues but at a delayed pace. Good weather last week allowed farmers to harvest an additional 4 pe...

THE OPEN May beans:  7 lower May meal:  1.30 lower May soyoil:  64 lower May corn:  1/2 lower May wheat:  10 lower  The marke...

Regional News  A build-up of Russian military forces along part of the Russian/Ukrainian border is raising tensions between Kyiv and Moscow. So far, c...

SPREADS July crush trades to 54,39c/bu while oilshare trades to 38.23%.  July /Nov bean inverse weakens to 1.30 1/2c from 1.38 1/2c, while May/July tr...

GOOD MORNING, Prices are mostly lower this morning as the soy complex sells off due to weaker soyoil prices, and profit-taking in oilshare.  Wheat is...

U.S. soybean oil price outlook is projected at 45.0 cents per pound, up 4 cents. ...

U.S. soybean meal price outlook is unchanged at $400 per short ton...

U.S. soybean outlook is for higher exports, lower crush, residual use, and seed use.  Soybean ending stocks are projected at 120 million bushels, unch...

U.S. corn outlook is for greater feed and residual use, increased corn used for ethanol production, larger exports, and lower ending stocks. Corn used to p...

U.S. wheat outlook is for lower supplies, reduced domestic use, unchanged exports, and higher ending stocks.  Feed and residual use is lowered 25 mill...

The April WASDE featured fewer changes than expected with USDA remaining cautious about increasing U.S. demand expectations. The agency was similarly neutr...

May 21 Corn closed at $5.7725/bushel, down $0.025 from yesterday's close.  May 21 Wheat closed at $6.3875/bushel, up $0.1 from yesterday's close. ...

Problem Solved The UN hosts a Food Systems Summit later this year intended to promote progress on the organization’s sustainable development goals an...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

The Biden Administration Office of Management and Budget sent a partial budget plan to Capitol Hill this morning. The proposal is an outline of funding req...

Americans consume more than the dietary guidelines recommend for meat and grains while under-consuming fruit and vegetables. Vegetable consumption has been...

THE OPEN May beans:  1 lower May meal:  1.40 higher May soyoil:  35 lower May corna;  2 1/2 higher May wheat:  5 1/2 higher The ma...

GOOD MORNING, Report day!  At 11:00 central time traders will see how the new carry-out levels and SA production estimates impact prices.  Funds...

SPREADS July crush trads to 60.25c/bu while oilshare trades to 38.23%.  Spreads are slightly weaker for July/Nov inverse, trading down to 1.33 1/4c, w...

Traders say they do not like surprises but they seem to be setting up for one tomorrow. There is a lot of room for disappointment when USDA releases its Ap...

Livestock cost of gain is an issue that seemingly is not going away and has heightened the interest in tomorrow’s WASDE report. At current carcass we...

Defining Worker-Led Trade Policy A session at the Washington International Trade Association today tried to unravel the meaning of the Biden Administration...

U.S. Soybean Export Sales Shift to New Crop Today’s USDA/FAS export sales report further confirmed the ongoing shift in U.S. sales of soybeans from t...

May 21 Corn closed at $5.7975/bushel, up $0.1925 from yesterday's close.  May 21 Wheat closed at $6.2875/bushel, up $0.125 from yesterday's close.&nbs...

THE OPEN May beans: 2 lower May meal:  1.20 lower May soyoil:  5 lower May corn:  6 3/4 higher May wheat:  7 3/4 higher The markets ope...

Wheat:  Net sales of 82,000 metric tons (MT) for 2020/2021--a marketing-year low--were down 67 percent from the previous week and 75 percent from the...

SPREADS July crush trades up to 61.86c/bu while oilshare trades to 38.33%.  Goldman Roll begins today.  May/July bean inverse trades down to 5 1/...

GOOD MORNING,  Prices continue to slip into trading ranges in front of the April 9 WASDE report.  Sharply lower soyoil futures were the key to so...

Cattle and hog futures are lodged in massive bullish uptrends that seem to have no end in sight. All three major livestock contracts posted fresh contract...

May 21 Corn closed at $5.605/bushel, up $0.0625 from yesterday's close.  May 21 Wheat closed at $6.1625/bushel, up $0.0075 from yesterday's close.&nbs...

Livestock Live Hog Price Sees Modest Increase in Last Full Week of March The national average live hog price through the week ending 26 March rose slightly...

Sustainability Cliff Charlie Mitchell of the New Republic complains that U.S. agriculture’s viewpoint of how to meet sustainability goals is to not c...

The Pew Research Center has attracted a lot of ink for its analysis of losses to middle income earners from the pandemic. Its data, derived from World Bank...

THE OPEN May beans:  4 1/2 higher May meal:  1.00 higher May soyoil:  4 higher May corn:  2 3/4 higher May wheat:  1/4 lower Price...

Russian Grain Markets: 29 March-2 April 2021 Milling and feed wheat, feed corn, and barley prices remained unchanged or moved in different directions insig...

GOOD MORNING, The markets continue to adjust into Friday's WASDE report, which is typically not a market maker.   Prices are mostly firm this mor...

SPREADS July crush trades to 59.29c/bu while oilshare trades to 38.80%.  The July/Nov bean inverse trades to 1.40 3/4c from 1.46 3/4c, while May/July...

The CBOT started out strong but pulled back on quiet volumes and limited follow-through buying. Buyers are looking at early forecasts for ample grain and o...

Bipartisan USTR President Biden is said to be likely to name long-time aide Sarah Bianchi as Deputy USTR. Bianchi’s closest work in trade involved se...

During the administrations of Presidents Marci and Trump, relations between the U.S. and Argentina started to improve. For example, the Trump Department of...

The Livestock Environmental Assessment and Performance Partnership (LEAP) claims that pro-environment “ecolabels” are more appealing to shopper...

THE OPEN May beans:  15 higher May meal:  3.40 higher May soyoil:  1.08 pts higher May corn:  6 higher May wheat:  4 1/4 higher Th...

SPREADS July oilshare rises to 38.65% and crush trades up to 59c/bu.  Spreads are firmer with July/Nov trading up to 1.44 1/2c from 1.36 1/2c, and May...

GOOD MORNING,  Prices remain well bid overnight with higher oilshare again dominating price action and beans climbing over corn.  Crush continues...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  After the problem with the Ever Given in the Suez Canal, the Egyptian government is said to b...

April could be one of the most volatile months of trading for 2021. Last week’s reports certainly surprised the market and traders are once again bra...

Picking a Venue There are real risks to the American economy from Mexico’s ban on GM corn for food and glyphosate. While most corn sold to Mexico is...

May 21 Corn closed at $5.5325/bushel, down $0.065 from yesterday's close.  May 21 Wheat closed at $6.18/bushel, up $0.07 from yesterday's close. ...

Last week, President Biden unveiled a major $2 trillion infrastructure package, the American Jobs Plan. From agriculture’s perspective, the plan is a...

According to a study in the journal Environmental Research Letters, the adverse impact from heat and drought over the past 50 years in Europe have tripled...

Corn Last week was shortened by holidays but the FAS market moved higher once again. Exporters are present in the market and are bidding for different deli...

THE OPEN May beans:  13 1/4 higher May meal:  5.00 higher soyoil:  67 higher May corn:  1 higher May wheat:  5 higher Prices opene...

Regional News  Russia calculated and published its official grain export duty rates on Monday. Effective 2 April 2021, the benchmark prices and tariff...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

SPREADS July crush trades to 67c/bu while oilshare trades at 38.0%.   The Jly/Nov bean inverse weakens to 1.26 1/2c from 1.38c, while May/July tr...

GOOD MORNING, Prices were mostly higher overnight taking back losses from Thursday's holiday shortened session.  Funds are still holding long position...

Tomorrow, 2 April is a holiday for the CBOT/CME markets in observance of Good Friday. Please note that our office will also be closed. The next Ag Perspect...

A lot of money  won and lost after the reports were issued yesterday. The drive up in corn prices hammered feeder cattle and lean hog values. No new h...

Yesterday’s Planting Intentions and Grain Ending Stocks reports from USDA were market movers, but despite the effects of higher feed prices, there wa...

May 21 Corn closed at $5.5975/bushel, down $0.045 from yesterday's close.  May 21 Wheat closed at $6.11/bushel, down $0.07 from yesterday's close.&nbs...

Miscellany Day The Biden Administration’s latest National Trade Estimates Report on barriers abroad kept opposition to Mexico’s glyphosate ph...

U.S. Soy Exports and Sales Continue to Decline Today’s USDA export sales report showed U.S. soy export sales and exports continued their seasonal dec...

Wheat:  Net sales of 250,100 metric tons (MT) for 2020/2021 were down 27 percent from the previous week and 22 percent from the prior 4-week average.&...

Technical Perspectives will resume on April 5...

USDA surprised the markets with planted acreage forecasts that were well below pre-report expectations. USDA pegged 2021 corn acres at just 91.1 million, u...

WPI’s weekly China In-Country analysis report is delayed. Thanks for your patience and understanding. If you have any questions or comments, please f...

Singing Constituency’s Chorus USDA Secretary Tom Vilsack knows his constituency. He has reportedly called on the Congress to reauthorize Trade Promot...

May 21 Corn closed at $5.6425/bushel, up $0.25 from yesterday's close.  May 21 Wheat closed at $6.18/bushel, up $0.1625 from yesterday's close. ...

It is unclear which of several geopolitical rifts (Xinjiang, Hong Kong, Taiwan, South China Sea, etc.) between China and the west is going to prove the tip...

Russian Grain Markets: 22-26 March 2021 Milling wheat, feed wheat and feed corn prices in all regions of Russia decreased moderately, while feed barley pri...

THE OPEN May beans:  8 higher May meal:  .30 higher May soyoil:  1.25 higher May corn:  3/4 lower May wheat:  2 lower The markets...

SPREADS July crush firms back to 58c/bu while crush trades to 38.10%.   July /Nov beans inverse trades from 1.70 1/4c up to 1.75 1/2c, while May/...

GOOD MORNING, The market's losses yesterday found many looking for an explanation.  With fundamentals not changing much, would have to consider that t...

The CBOT saw widespread selling Tuesday with fund managers liquidating longs as the end of the month and quarter draw near. Tuesday’s trade once agai...

Face of Lobbying Changes  WTO members led by India and South Africa are pushing for a waiver from Intellectual Property (IP) protections for any goods...

On 22 February, we noted that the Supreme Court had agreed to hear a challenge to the 10th District Court’s ruling on small refinery exemptions (SREs...

May 21 Corn closed at $5.3925/bushel, down $0.075 from yesterday's close.  May 21 Wheat closed at $6.0175/bushel, down $0.15 from yesterday's close.&n...

Chicago underwent some serious adjustments ahead of tomorrow's market influencing USDA reports. Based on the accuracy of Reuters’ survey of analysts...

WPI's monthly publication features a review of the past month's market and policy analysis articles. This issue examines the oilseeds, produce and organic...

THE OPEN May beans:  9 lower May meal:  .70 higher May soyoil:  80 lower May corn:  1 lower May wheat:  3 3/4 lower Prices opened...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  There hasn’t been this much news coverage of the Suez Canal since the crisis in 1956. H...

SPREADS July crush trades to 52c/bu while oilshare sits at 38.31%.  Nov/Jul bean inverse continues to weaken, trading down to 1.75 1/2c from 1.82 1/4c...

GOOD MORNING, Prices continue to leak lower as more funds sell the market in front of the March 31 Stocks/Acreage report.    With everyone in the...

The CBOT was mostly lower on Monday with a stronger U.S. dollar pressuring ag markets. Soyoil rallied with support from palm oil but soybeans and soymeal f...

May 21 Corn closed at $5.4675/bushel, down $0.0575 from yesterday's close.  May 21 Wheat closed at $6.1675/bushel, up $0.035 from yesterday's close.&n...

Camel’s Nose USDA Secretary Tom Vilsack appeared to discount Mexico’s plan to ban glyphosate and GMO corn by saying it would not affect U.S. fe...

As we reported on 16 November, a transition memo for USDA was issued from Duke University’s Climate 21 Project proposing a CCC-run carbon bank. Rober...

Corn After last week’s rains across Argentina, the corn crop’s moisture level was too high for harvest, slowing the weekly progress rate to jus...

The Philippines may increase its pork imports under a reduced tariff by over 600 percent, from 54,210 MT to 404,210 MT to better meet demand and reduce pri...

THE OPEN May beans:  4 1/2 lower May meal:  4.50 lower May soyoil:  12 higher May corn:  5 1/2 lower May wheat:  1 1/4 lower Price...

Regional News  Last week, the International Grains Council (IGC) pegged the 2020/21 world grain production forecast at 2,224 MMT, up 9 MMT from the pr...

GOOD MORNING, Prices are mixed as we head into the Planting Intentions/March1 stocks on Wed at 11:00 central time.  Meal struggles against soyoil futu...

SPREADS July crush falls lower to 47.88c/bu while oilshare trades to 38.47% from values that were over 40%.  July/Nov bean inverse is softer, closing...

Except for corn, the CBOT was mostly lower on Friday with the soyoil market plugging to limit-losses and pulling soybeans lower as well. Wheat futures cont...

May 21 Corn closed at $5.525/bushel, up $0.06 from yesterday's close.  May 21 Wheat closed at $6.1325/bushel, up $0.0075 from yesterday's close. ...

USDA announced this week its plans for moving forward with COVID relief funds. On 27 January, the Biden USDA announced a freeze on processing and payment o...

Self-Punishment China has made its punitive 200 percent tariff on Australian wines permanent for the next five years. The tariff is not import protection f...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

With the Christian holy day of Easter upon us and Easter egg hunts typically in order, one would expect a seasonal change in demand. Poultry eggs are consi...

THE OPEN May beans:  1/2 lower May meal:  3.30 lower May soyoil:  30 higher May corn: 1/4 higher May wheat:  2 lower The markets opened...

Updated 26 March: typo on page 5 corrected. The 2020/21 crop year has been nothing if not interesting and heavy on forecast revisions from every analytical...

GOOD MORNING, Macro events continue to play out in the Ag space, as weaker crude impacts soyoil, which locked limit -down, plus more cases of coronavirus p...

SPREADS July crush trades to 57.68c/bu while oilshare trades to 39.34%.  July/Nov beans trades from 1.90c to 1.87 3/4c, while May/July trades from 11...

There was selling in the overnight session but at low volume and the pace picked up today, at least for some commodities. Volume was higher getting out of...

With the April live hog futures contract at $99.67/cwt and the June contract at $103/cwt, USDA released a bullish quarterly hogs and pigs report today with...

Soy Export Sales Highlights Today’s USDA export sales report confirmed the downward trend in U.S. soybean export sales as Brazil ramps up its sales a...

May 21 Corn closed at $5.465/bushel, down $0.0675 from yesterday's close.  May 21 Wheat closed at $6.125/bushel, down $0.1225 from yesterday's close.&...

Carbon War Uncertainties USDA Climate Advisor Robert Bonnie is an enthusiastic cheerleader for agriculture both leading and benefiting from the effort to c...

THE OPEN May beans:  11 3/4 lower May meal:  1.00 lower May soyoil:  82 lower May corn:  5 lower May wheat:  8 3/4 low The markets...

Wheat:  Net sales of 343,600 metric tons (MT) for 2020/2021 were down 12 percent from the previous week, but up 24 percent from the prior 4-week avera...

SPREADS July crush trades down to 60c/bu while oilshare sits at 40.19%.  Spreads are a touch weaker today as funds book profits.  July/Nov bean i...

GOOD MORNING, Prices were on the defensive overnight, as volumes remain light and new inputs quiet.  Soyoil futures congest though finds pressure from...

Agricultural markets were mixed on Wednesday with livestock futures posting another day of solid gains while corn and the soy complex were higher in lacklu...

Legacy Support There are about 15 staple crops from which most calories are derived, and yet public financial support is centered around a relatively small...

Livestock China’s Live Hog Price Falls to Lowest Level Since Last May With China’s imports of frozen pork meat and offal up 25.2 percent to 900...

May 21 Corn closed at $5.5325/bushel, up $0.02 from yesterday's close.  May 21 Wheat closed at $6.2475/bushel, down $0.1 from yesterday's close. ...

According to an analysis by Bloomberg, China is far behind in making the product purchases from the U.S. that it promised in the Phase One agreement demand...

THE OPEN May beans:  4 higher Ma meal:  2.20 lower May soyoil:  31 lower May corn:  1/2 lower May wheat:  4 lower The markets open...

Russian Grain Markets: 15-19 March 2021 Wheat and feed corn prices in all regions of Russia decreased, while feed barley prices moved in different directio...

GOOD MORNING, Prices are mixed overnight with grains weaker vs. firmer soy complex values. Soyoil tracks a lower Asian palm oil trade, as the market enters...

SPREADS July crush trades 58c/bu while oilshare trades to 39.99%.  Bean spreads are firmer with July/Nov trading from 1.85 3/4c to 1.92 1/2c.  Ma...

The CBOT was higher on Tuesday with corn maintaining its range-bound trading pattern while soybeans and soymeal seemed to need to catch up with the soyoil...

U.S. red meat and poultry stocks continue to trend below year-ago levels, driven largely by significant decreases in pork stocks. Pork stocks remain except...

Tough Sino-West Balance Any hope of comity with China went out the window last week in Anchorage and into the sewer this week over sanctions related to tre...

The Supreme Court will decide by early April whether it will hear a case challenging California’s Proposition 12 animal welfare law which prohibits t...

May 21 Corn closed at $5.5125/bushel, up $0.0225 from yesterday's close.  May 21 Wheat closed at $6.3475/bushel, up $0.075 from yesterday's close.&nbs...

Maize is often called King Corn because of its dominance in planted production in the U.S. but the real king in terms of price has been vegetable oil. Pric...

THE OPEN May beans:  3/4 higher May meal:  1.80 higher May soyoil:  69 higher May corn:  1 higher May wheat:  3 1/2 lower Prices o...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Grain and feed ingredient importers in Turkey will find that import prices have increased con...

GOOD MORNING, The main feature in the night session was that of surging soyoil, supported by continuing higher prices in neighboring vegoils like palm and...

SPREADS July oilshare trades to 40.21% with crush at 64c/bu.  July/Nov bean inverse trades to 1.92c, but closes at 1.86 1/4c.  May/July bean inve...

CORN May 2021 ($/bu) $5.4900 WHEAT May 2021 ($/bu) $6.2725 HARD RED WINTER WHEAT May 2021 $5.7825 HARD RED SPRING WHEAT May 2021 $6.2600 SOYBEANS May 2021...

CBOT trade continues to be a choppy, range-bound affair, except for an impressive rally in soyoil and continued weakness in wheat futures. Chinese soyoil s...

Border Trouble The Biden Administration’s management of a flood of children across the southern border is receiving the media attention but U.S. agri...

The Federal Reserve’s Federal Open Market Committee (FOMC) met last week making no changes to monetary policy but revised its economic projections ou...

To mark World Water Day, the UN issued its World Water Development Report for 2021. Included is a highlight on best water management practices and a toolki...

Corn Corn is still the most dynamic and interesting market in Argentina. The harvest pace is slowly increasing, advancing 2.5 percent last week to bring th...

THE OPEN May beans:  1/2 higher May meal:  3.30 lower May soyoil:  49 higher May corn:  4 1/4 lower May wheat:  3 1/2 lower The ea...

Regional News  The EU Commission reported winter crops in the region are in overall good condition heading into spring and yields are expected to rebo...

SPREADS July crush trades to 61c/bu while oilshare trades to 39.11%.  July/Nov bean inverse firms to 1.88 3/4c from 1.82 3/4c, while May/Jul inverse t...

GOOD MORNING, Prices started the night on the defensive, with wheat at trading range lows and other markets in recent ranges.  Wheat is lower as world...

U.S. Cattle on Feed up 2% from year ago in feedlots with capacity of 1,000 or more head. The total of 12.0 million head on March 1, 2021 is the second high...

The CBOT finished a volatile week on a high note with corn finding support from a fourth consecutive daily export sales announcement. China booked 0.8 MMT...

USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 12 million head, up from March...

During the Cold War, the economic benefits of trade were considered secondary to national security. The Pentagon at the time told U.S. agriculture that the...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

Alcohol production, whether for beverage use or fuel, is an important consumer of grain. Just like taxes, governments tend to impose higher taxes and highe...

THE OPEN May beans:  6 higher May meal:  .90 higher May soyoil:  11 lower May corn:  3 1/2 higher May wheat:  1 lower The markets...

SPREADS July/Nov bean inverse trades from 1.78 1/4c down to 1.73 1/2c, while May/July trades from 11 3/4c to 13c.  July/Dec meal trades from $30.60 in...

GOOD MORNING, Prices begin mixed, lower wheat and soyoil vs. firmness elsewhere.  The macro impact on the market continues as a weaker energy price, n...

For being mostly in the red and with seemingly little news in terms of fundamentals to push it around, today’s futures markets nonetheless had some u...

USDA will release its monthly Cattle on Feed report tomorrow. Pre-report estimates from the industry peg the total number of cattle on feed as of 1 March a...

May 21 Corn closed at $5.465/bushel, down $0.115 from yesterday's close.  May 21 Wheat closed at $6.305/bushel, down $0.095 from yesterday's close.&nb...

Cancel Culture and Meat Colorado Governor Jared Polis unleashed a firestorm by calling on Coloradans to participate in the 20 March “Meatout Day&rdqu...

U.S. Soy Export Sales Decline as Expected Today’s USDA export sales reports indicated U.S. export sales of soybeans declined in the week ending 11 Ma...

THE OPEN May beans:  7 lower May meal:  2.30 lower May soyoil: 67 lower May corn:  3 1/4 lower May wheat:  6 1/2 lower The markets open...

Wheat:  Net sales of 390,100 metric tons (MT) for 2020/2021 were up 18 percent from the previous week and 40 percent from the prior 4-week average.&nb...

SPREADS July crush trades to 57c/bu while oilshare trades to 29.25% in correction mode.  July wheat/corn trends lower, placing a trade at 88c from 96c...

GOOD MORNING,  The markets are breaking down to new lows as rains spread across Argentina and funds begin to tire of markets that fail on higher trend...

The CBOT continues to settle into trading ranges ahead of the March Prospective Plantings and Grain Stocks reports, which will determine much of the tradin...

Livestock Live Hog Price Reverses Course, Falls by More Than 4 Percent After beginning the month of March with a solid gain of more than two percent, the n...

May 21 Corn closed at $5.58/bushel, up $0.0375 from yesterday's close.  May 21 Wheat closed at $6.4/bushel, down $0.07 from yesterday's close.  M...

Lessons from Tai Everyone that knows Katherine Tai was excited for her nomination to become U.S. Trade Representative and were confident in her confirmatio...

With China importing over 44 percent of the world’s traded pork and at least 13 percent of its traded corn, knowing the size of the hog herd is criti...

THE OPEN May beans:  8 1/2 lower May meal:  3.90 lower May soyoil:  3 higher May corn: 2 higher May wheat:  3 3/4 lower The markets ope...

Russian Grain Markets: 8-12 March 2021 Wheat prices in the southern regions continued to grow. Surprisingly, despite the introduction of corn and barley ex...

GOOD MORNING, The markets are mostly lower though nearby corn and soyoil trade both sides of even.  Corn gains on beans, and soyoil on meal.  The...

SPREADS July crush trades 63.41c/bu while oilshare trades at 39.80%.  Feature this AM is May/July corn spread, which inverts to 12 1/2c to 13 3/4, mee...

News of a 1+ MMT sale of corn to China ahead of this week’s U.S.-China meeting in Alaska sparked a minor rally in CBOT corn on Tuesday. Soybeans relu...

Risk of Precaution Several European countries stopped vaccinations with AstraZeneca’s product out of an abundance of caution that it was causing bloo...

We’re half-way through the month of March, known as the ides of March on the ancient Roman calendar – marking the 74th day of the year and the...

May 21 Corn closed at $5.5425/bushel, up $0.0475 from yesterday's close.  May 21 Wheat closed at $6.47/bushel, up $0.02 from yesterday's close. ...

Farmers are complaining that the cost of anhydrous ammonia (NH3) has skyrocketed at the same time crops are about to go into the ground. It is difficult to...

THE OPEN May beans:  3 1/2 lower May meal:  1.10 higher May soyoil:  60 lower May corn:  5 higher May wheat:  4 3/4 lower The open...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  The latest FAO report on Yemen shows that the 2020 grain harvest is down by about 5 percent a...

GOOD MORNING, Prices are mixed featuring further gains in corn and a rebound in meal.  Nearby corn spreads are firmer on a strong domestic US basis an...

SPREADS May crush trades to 83c/bu while oilshare trades at 40.10%.  July crush trades 73c while oilshare trades to 39.49%.  Nearby corn spreads...

Corn futures rallied sharply on Monday, fueled by fund and end-user buying after major technical support levels held last week. Wheat futures were pulled s...

Competitive Neutrality Challenges Competitive Neutrality has a myriad of potential applications, though not all of them good. There is the routine, such as...

According to BLS data, food inflation in 2020 was 3.4 percent over 2019. The general inflation rate measured by the consumer price index was 1.2 percent. F...

As the border carbon tax idea picks up steam it leads to all kinds of possibilities for expanding use of border measures to extract policy changes. One tar...

May 21 Corn closed at $5.495/bushel, up $0.105 from yesterday's close.  May 21 Wheat closed at $6.45/bushel, up $0.065 from yesterday's close.  M...

Milling Wheat  The global wheat market starts this week slightly lower amid what sources say is sluggish demand. The market is focused on the U.S. pla...

Corn Most of Argentina’s agricultural area continues to be impacted by drought. The early planted corn is almost finished but the late planted crop i...

    THE OPEN May beans:  8 1/2 lower May meal:  2.50 lower May soyoil:  4 lower May corn:  1 lower May wheat;  1 lower T...

SPREADS May crush trades to 81.52c/bu while July trades at 72c/bu.  May oilshare trades up to 41.0%, while July trades to 40.39%.  July/Nov bean...

GOOD MORNING, The markets were mixed overnight, with the exception of soyoil futures which once again traded to new contract highs.   Oilshare re...

The CBOT opened lower, as called, but found some late-day strength, led largely by cash buying interest in soymeal futures. Soymeal futures have been weake...

May 21 Corn closed at $5.39/bushel, up $0.005 from yesterday's close.  May 21 Wheat closed at $6.385/bushel, down $0.04 from yesterday's close. ...

No Offshoring Life Ring Donald Trump’s “America First” agenda is being challenged by Democrats who say it did not go far enough. The late...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

White wheat is being heavily purchased by China, but not for its usual purpose. The U.S. has five major wheat classes. Hard Red Winter (HRW) is the largest...

The Senate confirmed Michael Regan to be Administrator of the U.S. EPA this week by a vote of 66-34. Since 2017, Regan has been Secretary of the North Caro...

THE OPEN May beans:  9 3/4 lower May meal:  3.50 lower May soyoil: 21 lower May corn:  4 1/2 lower May wheat:  1 1/2 lower The markets...

GOOD MORNING, The theme of choppy March price action continues, as inverses remain under pressure.  The exception to weakness is wheat and soyoil., th...

SPREADS May crush trades up to 78c/bu while oilshare trades 40.42%, and vs. values that were 35.0% weeks ago.  July/Nov bean inverse softens to 1.55c...

May 21 Corn closed at $5.385/bushel, up $0.045 from yesterday's close.  May 21 Wheat closed at $6.425/bushel, down $0.1 from yesterday's close. ...

Investors are said to be in rotation as they switch money out of momentum stocks like high tech and the Nasdaq and switch to value companies likely to bene...

As Global Agribusiness Partners reported in WPI’s China In-Country analysis yesterday, there is “uncertainty over the future outlook of China&r...

Soy Export Sales Highlights Today’s USDA export sales report was positive for the U.S. soy industry. Sales and exports of soybeans and soymeal were s...

Border Wars Mexican President Andrés Manuel López Obrador (aka AMLO) brought a populist government into power and now instead of a Washington...

THE OPEN May beans:  8 higher May meal:  .40 higher May soyoil:  59 higher May corn:  4 higher May wheat:  7 lower The markets ope...

Wheat:  Net sales of 329,500 metric tons (MT) for 2020/2021 were up 50 percent from the previous week, but down 4 percent from the prior 4-week averag...

GOOD MORNING, Prices continue to head into large sideways ranges, but the disappointment over the March WASDE from the bull side continues.  Seasonall...

SPREADS May crush firms to 75c/bu while oilshare trades to new highs at 39.97%.  Inverses find stability.  July/Nov trades from 1.56c to 1.60 1/2...

May 21 Corn closed at $5.34/bushel, down $0.1175 from yesterday's close.  May 21 Wheat closed at $6.525/bushel, down $0.04 from yesterday's close.&nbs...

Post-WASDE trading saw fund liquidation start in the overnight session and continue into the day session. Soybeans and corn saw the greatest pressure while...

Creating Farm Labor Shortage Bipartisanship in the U.S. Congress has not increased much since the departure of the divisive Mr. Trump, but agriculture cont...

Macroeconomics Food Prices Fall in February Due to Sharp Drop in the Cost of Pork Compared with February 2020 when China’s nationwide quarantine was...

Food has historically been traded based on relative price whereby low-cost producers dominate the marketplace. Border tax advocates now want to add the cos...

THE OPEN May beans:  22 lower May meal:  5.40 lower May soyoil:  50 lower May corn:  8 1/2 lower May wheat:  12 lower The markets...

Russian Grain Markets: 1-5 March 2021 Wheat prices in the southern regions of the Russian domestic grain market grew moderately while wheat prices in other...

GOOD MORNING, Prices are lower overnight on weaker crude, liquidation of weaker long positions after the March report, and the prospect for better weekend...