Dec 20 Corn closed at $3.23/bushel, up $0.0225 from yesterday's close.  Sep 20 Wheat closed at $4.91/bushel, down $0.045 from yesterday's close. ...

The latest mantra from development specialists is concern about the future availability of water. It is an old topic but a durable one given the preciousne...

THE OPEN November beans:  1 higher December meal:  .20 higher December soyoil:  1 higher December corn:  1/4 higher September wheat:&nb...

Regional News  The biggest trends in the EU/Black Sea wheat markets this week are the fact that the Russian crop continues to grow while EU crop forec...

Corn Argentina’s corn harvest is coming to an end, per the Buenos Aires Grain Exchange. The yield averaged 8.1 MT/ha and total production came in at...

SPREADS Oct. crush to 94.02c/bu while oilshare is at 35.20%.  Sep/Dec corn trades from a low of 13c into 11 1/2c on heavy volume.    Dec/Dec...

GOOD MORNING, Prices were firmer overnight but have since turned lower.  Wheat futures are lower with larger production out of Russia and Canada, as w...

COVID Relief: Today was the target deadline for the next COVID relief package; that is not going to happen. Neither the Senate or House was in session toda...

The CBOT was sharply weaker heading into the weekend with many contracts posting new contract lows. September corn, December soymeal, and the first five li...

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

Dec 20 Corn closed at $3.2075/bushel, down $0.03 from yesterday's close.  Sep 20 Wheat closed at $4.955/bushel, down $0.0575 from yesterday's close.&n...

Trade on the Campaign Trail The two leading candidates for the U.S. presidency are making it clear that trade will be a central campaign topic, and it will...

THE OPEN November beans: 1 lower December meal:  .20 lower December soyoil:  23 lower December corn:  1/2 lower September wheat:  3 low...

The adage is that big crops get bigger – meaning USDA uses trendline yields for forecasting. But as evidence gathers that weather has been kindly, ea...

SPREADS Sep. crush trades to 91.62c/bu while oilshare trades at 25.32%.  The nearby corn spread Sep/Dec widens out to 12 1/2c from 12 1/4c, and values...

GOOD MORNING, Prices are mixed this morning, though all are sitting close to trading range lows except soyoil.   The uncertainties of upcoming tr...

Politicians can make a mess of things, but policymakers typically seek to solve problems. Politicians proclaim a new cold war between China and the U.S.; p...

Records are being set in lots of places and not in a good way if you are a bull. There will be record wheat in Canada and India and projected record corn a...

Dec 20 Corn closed at $3.2375/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.0125/bushel, down $0.095 from yesterday's close.&nb...

The June meat export totals were released by USDA today, with pork, broilers and beef all showing a drop from May and big drops from the 2020 high point in...

Wheat:  Net sales of 605,500 metric tons (MT) for 2020/2021 were down 11 percent from the previous week, but up 2 percent from the prior 4-week averag...

Soy Export Sales Highlights Today’s USDA export sales report indicated U.S. exporters of soybeans, soymeal and soyoil had good success in making expo...

THE OPEN Nov beans:  2 1/2 higher Dec meal:  .40 lower Dec soyoil:  41 higher Dec corn:  1/4 higher Sep wheat:  3 1/2 higher The m...

SPREADS Sep crush continues to improve its margin at 92.34c/bu and oilshare remains strong at 35.54%.  Sep/Dec corn trades out to 12 1/4c from 12c, an...

One might say that grain and soy futures markets are a function of relative sizes.  Fundamentally, their prices are moved by how big or small crop pro...

GOOD MORNING, Prices continue to trade mixed, with the major direction for most of the markets sideways to lower.  Funds are now estimated to be short...

The CBOT featured spread trade on Wednesday with corn and wheat gaining on soybeans. Traders were revering old bull soybean/wheat and soybean/corn spreads,...

A few members of the U.S. Congress have drafted legislation to restrict the use of farm chemicals based on organophosphates and neonicotinoids. The authors...

The value of gold has surpassed $2,000/troy ounce for the first time. It has climbed 32 percent in value thus far this year and, given the dovish stance of...

Dec 20 Corn closed at $3.2325/bushel, up $0.03 from yesterday's close.  Sep 20 Wheat closed at $5.1075/bushel, up $0.025 from yesterday's close. ...

Livestock Ministry of Agriculture Data Shows Hog Recovery on Track According to the latest market surveys from China’s Ministry of Agriculture and Ru...

THE OPEN November beans:  3/4 higher December meal:  .10 higher December soyoil:  1 lower December corn:  1 1/4 higher September wheat:...

Russian Grain Markets: 27-31 July 2020 Wheat prices grew in the European part of the domestic Russian market and decreased in the Ural regions and Siberia...

SPREADS Sep. crush trades to 90.35c/bu while oilshare trades back to 35.0%.  Sep/Nov beans trades from 2c to 2 1/2c carry.  Sep/Dec corn trades o...

GOOD MORNING, Prices continued to work lower post beneficial crop progress numbers.  Rising domestic and international crop estimates for wheat, (Russ...

The CBOT was sharply weaker for the second trading day in August. Continued excellent or improving spring crop conditions and private firm forecasts of rec...

Phase One Collateral Damage UC-Davis researchers Robert Feenstra and Chang Hong analyzed (NBER Working Paper No. 27383) the impact of the Phase One agreeme...

The 2018 farm bill was signed into law in December of that year and implementing rules were rolled out through 2019. The major crop programs, like ARC and...

Dec 20 Corn closed at $3.2025/bushel, down $0.0825 from yesterday's close.  Sep 20 Wheat closed at $5.0825/bushel, down $0.1275 from yesterday's close...

The malting barley sector was thrown two curve balls this year: the shutdown of the hospitality sector by COVID-19, and China imposing punitive tariffs on...

THE OPEN November beans:  6 1/4 lower December meal:  2.30 lower December soyoil:  13 higher December corn:  3 lower September wheat:&n...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  News from the Middle East and North Africa is limited this week due to the Eid al Adha holida...

SPREADS Sep. crush trades higher to 89.51c/bu while oilshare trades over 35.0% to new highs of 35.30%.    Sep/Nov beans trades from 2 3/4c to 3 3...

GOOD MORNING, Prices are mostly lower today as good crop conditions were confirmed in the USDA report.   Conditions improved more than expected f...

U.S. corn farmers out-yield their competitors but then lose to the competition’s lower prices. Similarly, Vietnam has the highest rice yields in Sout...

Selling in wheat was the dominant theme at the CBOT on Monday. Weekend news that private firms had made upward revisions to the Russian wheat crop, now for...

Pesticide Hesitancy Vaccine hesitancy is the polite characterization of those who refuse vaccinations against disease. The World Health Organization (WHO)...

The House Foreign Affairs Committee is opening an investigation into whether the U.S. Ambassador to Brazil is peddling to Brazil a proposed purchase of eth...

Dec 20 Corn closed at $3.285/bushel, up $0.015 from yesterday's close.  Sep 20 Wheat closed at $5.21/bushel, down $0.1025 from yesterday's close. ...

Regional News  The EU Commission’s MARS unit cut its forecast of the EU soft wheat yield to 5.54 MT/ha, down from earlier estimates of 5.6 MT/ha...

THE OPEN November beans:  4 higher December meal:  1.90 lower December soyoil:  37 higher December corn: steady September wheat:  7 3/4...

Wheat Weather conditions are still working against the 2020/21 wheat crop. Planting activity, mostly focused in the South of Buenos Aires, is moving slowly...

SPREADS Sep. crush trades to 84.97c/bu while oilshare falls trades higher to 34.86%.  Spreads are slightly weaker with the Aug/Nov inverse trading fro...

GOOD MORNING, Prices are mixed this morning.  Wheat is lower as traders unwind recent buy wheat/sell corn trade.  Wheat is under pressure in spil...

There’s been a lot of economic data released this week, most of it bearish and some of it unprecedented. Officially, the U.S. is in a recession, i.e...

July finished with a fizzle at the CBOT, with buy wheat/sell corn spreads pressuring the feed grain while soybeans firmed on expectations of continued expo...

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

Dec 20 Corn closed at $3.27/bushel, up $0.0025 from yesterday's close.  Sep 20 Wheat closed at $5.3125/bushel, up $0.0175 from yesterday's close. ...

Both the U.S. and Europe reported this week that the coronavirus pandemic sent their respective economies into the deepest plunge on record. A look at the...

THE OPEN November beans: 3 1/2 higher December meal:  1.00 higher December soyoil:  11 higher December corn:  3/4 lower September wheat:&nbs...

SPREADS Sep. crush firms to 86.52c/bu, while oilshare is back below 34.0% to trade down to 33.79%.  Sep/Dec corn trades out to 11c from 10 3/4c. ...

GOOD MORNING, Prices are firmer this morning led by soybeans.  Technically speaking November beans put in reversal day of trade, posting an outside da...

Markets are being whipsawed as concerns about the economy apply downward pressure as seen in the last overnight session and then buoyed somewhat this morni...

The dairy industry has faced several years of bear markets and just when things looked like they were going to turn around in 2020, COVID-19 hit. Reduced f...

Dec 20 Corn closed at $3.2675/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.295/bushel, down $0.0325 from yesterday's close.&nb...

Soy Export Sales Highlight As expected, the week ending 23 July was a very good one for exporters of U.S. soybeans and a so-so week for exporters of U.S. s...

Economic Recovery and Quit the Race A Nikkei survey of 145 Japanese company CEO’s found that a majority believe it will take at least two years to ec...

THE OPEN Nov beans:  1 lower Dec meal:  1.20 lower Dec soyoil:  20 higher Dec corn:  2 higher Sep. wheat:  1 lower The markets ope...

Wheat: Net sales of 676,600 metric tons (MT) for 2020/2021 were up 10 percent from the previous week and 30 percent from the prior 4-week average.  Co...

SPREADS Sep. crush trades to 81.84c/bu while oilshare trades to 34.15%.   Sep/Dec corn widens out to new lows at 11c from 10 1/2c.  August/N...

GOOD MORNING, Inter-market spread activity continues.  Buy soyoil/sell meal and unwinding of recent buy wheat/sell corn are in play.   Soyoi...

The Federal Reserve Bank’s July meeting ended yesterday. No one expects the Fed to change its stance on record low interest rates or to ease up on it...

Currency Manipulation Goldman Sachs is warning that the U.S. dollar’s dominance as the global reserve currency is at risk. Threats include inflation,...

The U.S. sorghum crop is the world's largest and this year's output is suffering from overly dry conditions. USDA's crop condition rating is 53 percen...

The CBOT opened lower with continued pressure from excellent corn/soybean conditions ratings and increased chatter about above-trendline or record yields t...

Dec 20 Corn closed at $3.2625/bushel, down $0.0375 from yesterday's close.  Sep 20 Wheat closed at $5.3275/bushel, up $0.0925 from yesterday's close.&...

THE OPEN November beans: 4 lower December meal: 1.80 lower December soyoil:  25 higher December corn:  3/4 lower September wheat:  5 1/2 hig...

Livestock U.S. Beef Exports Continue on Record Run When 2020 finally comes to an end, it will likely be remembered as the year when U.S. beef and beef prod...

Russian Grain Markets: 20-24 July 2020 Wheat prices on the domestic market hit bottom and started growing in some regions. Meanwhile, on the export market...

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers such topics as the recovery in cattle pri...

 SPREADS Sep. crush trades higher to 80.65c/bu while oilshare trades to 33.87%.  The nearby August /Nov bean inverse still remains firm at 9 1/4c...

GOOD MORNING, Prices were on the defensive with the market unable to ignore 3% better ratings on Monday for corn and beans.   The majority of cor...

The CBOT opened lower overnight as USDA’s surprise increase in the good/excellent ratings for corn and soybeans pressured the market. Wheat followed...

Notable Viewpoints A Bloomberg session today on saving global trade brought some interesting viewpoints from former trade officials as well as China topic...

Dec 20 Corn closed at $3.3/bushel, down $0.045 from yesterday's close.  Sep 20 Wheat closed at $5.235/bushel, down $0.0425 from yesterday's close.&nbs...

As surplus corn stocks begin to build, U.S. farmers start to think about price and their return on investment. This is likely why the June USDA crop planti...

THE OPEN November beans:  13 lower December meal:  3.50 lower December soyoil:  46 lower December corn:  4 lower September wheat: ...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA The recent USDA-FAS report on Saudi Arabia’s barley trade says Arasco Saudi is marketing comp...

SPREADS Sep. crush trades to 77.82c/bu while oilshare weakens down to 33.37%.  The feature of the morning is the bean inverse, where August / Nov trad...

GOOD MORNING, Prices were lower for most of the markets as crop progress ratings improved more than expected, and corn and beans entered a mostly negative...

The CBOT opened on a weaker note with corn, soybeans and wheat trading lower Sunday night and into Monday morning. Monday’s opening bell, however, sa...

The Republican majority in the Senate is set to unveil its latest round of COVID-19 relief. At this point it looks to be a $1 trillion package and will set...

Dec 20 Corn closed at $3.345/bushel, down $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.2775/bushel, down $0.1175 from yesterday's close.&...

Beef is expensive to produce, emits the most greenhouse gases, is highly cultural in some places and has a highly evolving demand structure. Over the past...

Nail on the Head Democratic Senators Elizabeth Warren (Massachusetts) and Cory Booker (New Jersey) teamed up on a report excoriating the meat industry over...

Wheat Argentina’s wheat area received some rain last week (15-50 mm) but precipitation was isolated to the southern agricultural area. The effect is...

Regional News  European and Black Sea markets are seemingly solely focused on the advancing wheat harvest as well as the early start of rapeseed/summe...

THE OPEN November beans: 1 higher December meal;  2.30 higher December soyoil:  32 lower December corn:  3/4 higher September wheat:  6...

SPREADS Sep. crush trades to 75.40c/bu, while oilshare trades back below 34.0% to 33.44%.  The nearby bean August/Nov inverse congests from 5 1/2c to...

GOOD MORNING, Prices are mixed today as crop ratings will be released at 3:00 PM central time, and they are expected to show stable to perhaps better ratin...

Two key cattle reports came out this afternoon after the market close, Cattle on Feed and the semi-annual Cattle Inventory. The Cattle on Feed report was l...

The CBOT traded a mixed day to close the week with higher wheat futures the only pronounced development. Rising cash wheat values in Russia (up $1-5/MT dep...

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

Platform Analysis A draft of the Democrats’ Party Platform for this year’s election repeats past policy promises for agriculture, most of which...

Dec 20 Corn closed at $3.35/bushel, down $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.395/bushel, up $0.1 from yesterday's close.  N...

United States Cattle with capacity of 1,000 or more head totaled 11.4 million head on July 1, 2020. The inventory was slightly below July 1, 2019. However,...

THE OPEN November beans:  1/2 higher December meal:  .30 lower December soyoil:  17 higher December corn:  1 higher  September whe...

North Korean leader Kim Jong Un was in the news inspecting a new chicken farm and calling for improvements to an outdated poultry industry. Efficient poult...

SPREADS Sep. crush trades to 74.85c while oilshare trade back under 34.0% to 33.81% this Am.  Corn spreads weaken a bit.  THere is a negative sea...

GOOD MORNING,  Prices inched higher this morning with beans, corn, and wheat hitting new highs for the move up.   Wheat is in the lead today...

If not for good export sales, futures prices would be pressured even lower. Cheap prices are encouraging some of China’s purchases. Moreover, a weake...

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 July at...

Dec 20 Corn closed at $3.355/bushel, up $0.0075 from yesterday's close.  Sep 20 Wheat closed at $5.295/bushel, down $0.05 from yesterday's close. ...

Robinhood: Proving that it is easy to give away other peoples’ money, the United Nations Development Program is proposing the payment of a temporary...

U.S. Soy Export Sales Highlights Today’s USDA export sales report showed exporters had great success selling U.S. soybeans for export in the week end...

THE OPEN November beans:  2 higher December meal:  .60 higher December soyoil:  21 higher December corn:  1 1/2 lower September wheat:&...

SPREADS Sep. crush trades to 74.39c/bu while oilshare is slightly firmer at 34.18%.  Nearby bean spreads strengthen with August /Nov trading to new hi...

Grain and soy futures prices have been relatively quiet and range-bound lately with the exception of soyoil. Soyoil futures were trading slightly lower yes...

GOOD MORNING, The soy complex continues to build on gains after two days of market weakness.   December soyoil follows a sharply higher palm oil...

Wheat:  Net sales of 616,700 metric tons (MT) for 2020/2021 were down 19 percent from the previous week, but up 24 percent from the prior 4-week avera...

The closure of the Chinese consulate in Houston, Texas over IP theft issues (along with suspected document destruction overnight at the facility) pressured...

Lip Ripper Lip Ripper is the name one callous fisherman gave to his boat and reflects somewhat the attitude of some developing countries. The WTO will laun...

Dec 20 Corn closed at $3.3475/bushel, up $0.04 from yesterday's close.  Sep 20 Wheat closed at $5.345/bushel, up $0.0675 from yesterday's close. ...

Livestock China’s Pork Price and Poultry Price Ease on Rising Supply According to the provincial bureaus for agricultural and rural affairs in Sichua...

The COVID-19 pandemic has slowed demand for fashion generally and this has reverberated to the leather industry. The hide, which is the largest component o...

Russian Grain Markets: 13-17 July 2020 Harvest progressed so most of the regions quoted prices for 2020 grain. As a result the general price development on...

THE OPEN November beans: 2 lower December meal:  .10 higher December soyoil:  14 lower December corn:  1 higher September wheat:  3 1/2...

SPREADS Sep. crush trades to 75.80c/bu while oilshare trades to 34.23%.  August/Nov beans trades to a new high inverse of 5c before closing at 3 3/4c,...

GOOD MORNING, Prices are mixed this morning with beans and soyoil lower, grains firmer.  More longs are liquidating length in beans due to the turn to...

As we reported yesterday, Senate Republicans were expected to develop and unveil proposals for the next round of coronavirus relief legislation as early as...

The use of public shaming and destroying individuals or entities disfavored by activists has become highly fashionable but it has been around in food and a...

Hog prices were down more than 35 percent from a year ago and industry analyst Steve Meyer of Kerns & Associates says the sector is incurring the great...

Row crops were weaker overnight, pressured by favorable statistics from yesterday’s Crop Progress report, and that weakness extended into the day ses...

Dec 20 Corn closed at $3.3075/bushel, down $0.05 from yesterday's close.  Sep 20 Wheat closed at $5.2775/bushel, up $0.0575 from yesterday's close.&nb...

THE OPEN November beans:  6 1/4 lower December meal:  2.50 lower December soyoil:  1 lower December corn:  2 lower September wheat:&nbs...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Iran’s government has purchased 6 MMT of local wheat on its way to a total of 11 MMT. The whe...

SPREADS Sep. crush trades to 76.04c/bu while oilshare trades lower, back to test 34.0% once again.  The bean inverse remains well bid with August/Nov...

GOOD MORNING, Prices are mostly lower this morning after better than expected crop ratings were released.  Wheat prices broke lower yesterday as this...

The CBOT opened on the defensive overnight and traded that way heading into the opening bell. The lone exception was soybeans, which finished 3¼ cen...

Yankee Chutzpa Washington is reportedly asking the WTO for permission to impose retaliatory tariffs against China for the latter’s failure to reduce...

The House will take up a “mini-bus” appropriations bill on Thursday this week; it is a combination of the FY 2021 appropriations bills for the...

Dec 20 Corn closed at $3.3575/bushel, down $0.04 from yesterday's close.  Sep 20 Wheat closed at $5.22/bushel, down $0.1275 from yesterday's close.&nb...

Given their inelasticity, staple agricultural commodities are a poor indicator of economic health. However, luxury food items like cocoa may be a better in...

Crop Rotation Trends There was an interesting report from the Rosario Grain Exchange noting that crop rotations (soybeans versus corn or wheat) in the core...

Regional News  The European and Black Sea wheat and summer crop markets are largely in wait-and-see mode regarding 2020 Northern Hemisphere supplies...

THE OPEN November beans:  1 higher December meal:  1.50 lower December soyoil:  25 higher December corn:  3 1/2 lower September wheat:...

SPREADS Sep. crush trades to 75.16c/bu while oilshare trades to 34.57%.  Spreads are firm with the Aug/Nov bean inverse trading tto 3 3/4c from 2 1/2c...

GOOD MORNING, The main trend that started last week, namely firm bean and soyoil trade, continued in the PM session trade.  Bean prices continue to se...

Phase One Status China’s Foreign Ministry yesterday said it remains committed to the Phase One trade deal it reached with the U.S. but warned it will...

Dec 20 Corn closed at $3.3975/bushel, up $0.0225 from yesterday's close.  Sep 20 Wheat closed at $5.3475/bushel, down $0.005 from yesterday's close.&n...

CBOT markets were sideways/slightly higher to end the week as trading interest remained limited. Corn and soybeans finished with modest gains while the soy...

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

There was a lot of interesting economic data released this week showing month over month changes that indicate the economy is picking back up – albei...

The joint OECD/FAO annual Agricultural Outlook report issued yesterday says that global meat consumption will grow by 12 percent over the coming decade (20...

THE OPEN November beans:  4 higher December meal:  .40 lower December soyoil:  38 higher December corn:  1 3/4 higher September wheat:&...

SPREADS Sep crush trades to 73.12c/bu while oilshare trades up to 34.0%.  August/Nov bean inverse trades from 2 1/2c to 1c, with Sep/Nov trading tradi...

GOOD MORNING, Prices are mostly higher this morning except for meal.  Look for the markets to be choppy as new longs may book profits while others loo...

WTO Leadership Criteria Candidates to become the next leader of the WTO have begun taking turns before the body and pitching why they should be selected. J...

Last week, three Iowa Members of the House of Representatives – Representatives Cindy Axne, Abby Finkenauer and Dave Loebsack, all Democrats –...

There are several conflicting signals confronting the market. At the macro level, U.S. retail sales rose 7.5 percent in June with robust sales of automobil...

Dec 20 Corn closed at $3.375/bushel, up $0.035 from yesterday's close.  Sep 20 Wheat closed at $5.3525/bushel, down $0.155 from yesterday's close.&nbs...

U.S. Soy Export Sales Highlights – China Buying A Lot of U.S. Soybeans Today’s USDA export sales report indicated U.S. exporters had fairly goo...

New data from the U.S. Bureau of Labor Statistics shows food service sales lagged the pace of broader economic recovery in June. Total retail sales increas...

THE OPEN November beans:  4 1/4 higher December meal:  1.30 higher December soyoil:  5 higher December corn:  2 higher September wheat:...

SPREADS  Sep. crush slides to 70c/bu while oilshare trades at 33.30%.   Bean spreads remain very strong.   August/Nov bean inverse...

GOOD MORNING, Good weather continues to show us the bottom of recent trading ranges while fresh demand keeps prices on the up and up.  China continues...

It was not supposed to be this way. Our collective efforts at social distancing, washing hands, wearing face masks and self-quarantining when necessary wer...

Wheat:  Net sales of 764,400 metric tons (MT) for 2020/2021--a marketing-year high--were up noticeably from the previous week and up 77 percent from t...

Governments Outsourcing The German government is complaining that companies are failing to meet regulatory mandates for ecological and social standards in...

CBOT markets opened as called with corn and wheat working lower to test support. SRW wheat futures quickly turned higher, however, as the bullish pennant f...

Dec 20 Corn closed at $3.34/bushel, up $0.0025 from yesterday's close.  Sep 20 Wheat closed at $5.5075/bushel, up $0.24 from yesterday's close. ...

Livestock China’s Pork Price Continues to Climb, White Feather Broilers Up The latest data from China’s Ministry of Agriculture and Rural Affai...

THE OPEN November beans:  1/2 higher December meal:  .90 lower December soyoil:  20 higher December corn:  2 1/2 lower September wheat:...

A common debate about a decade ago was framed as food versus fuel; should crops traditionally used for food instead be converted into biofuel, especially d...

SPREADS Sep. rush trades to 74.07c/bu while oilshare bounces to 33.38%.  Nearby spreads remain firm with Sep/Dec corn narrowing into 7 1/4 from 7 3/4c...

GOOD MORNING, Prices remain in trading ranges as weather turns hot with big storms across the Northern Plains.  Prospects are looking better and bette...

Russian Grain Markets: 6-10 July 2020 Harvesting started in more regions, so the prices were mainly quoted for 2020 grain, and the general price developmen...

The overnight session looked like a Turnaround Tuesday would develop, but despite news of the fourth largest daily corn sale on record, the CBOT remained u...

China’s COVID Food Protectionism Under the pretense of preventing the spread of the coronavirus, China is requiring more intensive inspection of impo...

We wrote yesterday about U.S.- China diplomacy and trade in the presidential campaign, based on presumptive Democratic nominee former Vice President Joe Bi...

In its recent WASDE report, USDA increased its estimate for meat production this year by 3 percent to 106 billion pounds, and forecasts output in 2021 at 1...

Dec 20 Corn closed at $3.3375/bushel, down $0.0275 from yesterday's close.  Sep 20 Wheat closed at $5.2675/bushel, up $0.02 from yesterday's close.&nb...

THE OPEN November beans:  2 higher December meal:  .10 higher December soyoil:  18 higher December corn:  1 1/2 higher September wheat:...

SPREADS Sep. crush trades to 72.56c/bu while oilshare trades up to 33.0%.  Would look for soyoil to continue to gain on meal today.   Sep/De...

Prices are firmer this morning with ratings slipping more than expected providing a fairly typical turn-around Tuesday trade.   WEATHER Temperatu...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Saudi Arabia’s SAGO has sold parts of two of the four flour milling operations covered...

Both President Trump and Democratic nominee former Vice President Joe Biden have set their rhetorical sights on China policy as the 2020 Presidential campa...

Blame Democracy Economists Massimo Pulejo and Pablo Querubín of New York University basically conclude that elections made the coronavirus outbreak...

Economists at FarmDocDaily point out in an article entitled, “World Market Conditions Suggest Set-Asides Not an Effective Farm Policy for Corn and So...

Dec 20 Corn closed at $3.365/bushel, down $0.0825 from yesterday's close.  Sep 20 Wheat closed at $5.2475/bushel, down $0.0925 from yesterday's close...

The CBOT was mostly lower to start the week with Friday’s WASDE confirming that, without a weather event in the Northern Hemisphere this summer, corn...

WHEAT Lack of rains and soil moisture is still complicating wheat planting and the expected record crop may not happen. The Buenos Aires Grain exchange red...

THE OPEN November beans:  7 1/2 lower December meal:  4.30 lower December soyoil:  10 lower December corn:  7 3/4 lower September wheat...

SPREADS Sep. crush trades to 73.94c/bu while oilshare is trading at 32.51%.  Sep/Dec corn trades out to 8 1/4c from 6 1/2c.  Sep./Dec wheat trade...

GOOD MORNING, Prices are lower across the board after the July WASDE made only marginal cuts to production estimates.  The bottom line is that unless...

The 2020/21 global oilseed supply and demand forecasts include lower production, lower exports, higher crush, and lower ending stocks compared to last mont...

USDA raised U.S. soybean crush by 15 million bushels - reflecting an increase in domestic soybean meal disappearance which is raised in line with an increa...

USDA’s outlook for U.S. soybean production is at 4.14 billion bushels, up 10 million on increased harvested area.  Harvested area, forecast at 8...

USDA’s outlook for 2020/21 U.S. corn is for lower ending stocks.  For 2020/21, corn production is forecast 995 million bushels lower based on re...

USDA’s outlook for 2020/21 U.S. wheat is for larger supplies, lower domestic use, unchanged exports, and increased stocks.  Supplies are raised...

As noted previously, there is increasing attention to what a Biden Administration will mean to both agriculture and broader economic policy. It is not so m...

It seemed clear at the start of the day that this a weather market, and that today’s WASDE would contain few surprises. For the most part that remain...

Dec 20 Corn closed at $3.4475/bushel, down $0.1225 from yesterday's close.  Sep 20 Wheat closed at $5.34/bushel, up $0.09 from yesterday's close. ...

Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month. Last month’s WASDE total beef, pork and broiler...

THE OPEN November beans:  1/4 lower December meal:  .70 lower December soyoil:  19 higher December corn:  1 lower September wheat: ...

Declining feed costs and higher prices for feeder cattle and cull cows have lifted WPI’s expectations of cow/calf profitability for 2020. Compared to...

SPREADS Sep. crush trades top 76.35c/bu while oilshare is a steady 32.33%.  Spreads are firmer with Sep/Dec corn narrowing into 7 3/4c from 8 1/2c.&nb...

GOOD MORNING, It is report day and all the markets have been on good rallies.  Report time is 11:00 central.  The crop yields are not expected to...

Future Ag Policy Presumptive Democratic presidential candidate Joe Biden released his Build Back Better economic agenda and while it ignores some progressi...

There was lots of gnashing of teeth as market calculations swung between possibly threatening weather conditions, seeming positive demand and a WASDE repor...

The May export numbers were released this week; plant shutdowns which hit beef and pork packing plants reduced export totals month over month compared to A...

Dec 20 Corn closed at $3.57/bushel, up $0.0275 from yesterday's close.  Sep 20 Wheat closed at $5.25/bushel, up $0.085 from yesterday's close.  N...

Soy Export Sales Highlights Today’s USDA export sales report showed a major increase in U.S. export sales of soybeans both for the current marketing...

THE OPEN November beans:  10 1/2 higher December meal:  4.40 higher December soyoil:  14 higher December corn:  6 3/4 higher September...

The ancient Greeks associated the rising brightness in the nighttime sky of Sirius, the Dog Star, with the arrival of summer heat and humidity. Sirius woul...

Wheat:  Net sales of 326,100 metric tons (MT) were reported for delivery in marketing year 2020/2021.   Corn:  Net sales of 599,200 MT...

SPREADS Sep. crush trades to 76.89c/bu while oilshare trades to 32.43%.   Sep/Dec corn narrows into 7 1/4c from 8c, while Sep/Dec wheat trades in...

GOOD MORNING, Prices are firmer this as temperatures next week are forecast to be hotter than this week. Rains are crossing parts of the Midwest, but it is...

Wheat was the star of the CBOT as declining EU and Black Sea production estimates sparked short covering and risk-on trade. Yield prospects across Southern...

Macroeconomics Food Inflation Falls for Fourth Straight Month Average food prices continued to decline in May as the cost of fresh vegetables, fresh fruit,...

The wheat market is tightening as production cuts are hitting France, Russia and Ukraine, plus there has been an increase in tenders. Exports by France are...

Dec 20 Corn closed at $3.5425/bushel, up $0.0175 from yesterday's close.  Sep 20 Wheat closed at $5.165/bushel, up $0.2125 from yesterday's close.&nbs...

Monthly Summary June Activity Surge Led by Corn, Egg, Palm, and Soybean Futures After the slowdown in May, trading volumes for agricultural futures on the...

THE OPEN November beans:  4 3/4 lower December meal:  1.40 lower December soyoil:  9 lower December corn:  1 3/4 lower September wheat:...

Russian Grain Markets: 29 June-3 July 2020 Harvesting was in progress and in the South and Volga Valley regions prices decreased. Yet, the decrease is not...

SPREADS Sep. crush trades to 76.68/barrel while oilshare moves up to 32.87% on soyoil strength.  Could look for further oilshare strength today, and m...

GOOD MORNING, Prices are mostly lower as the July 10 WASDE is ready to open with a new set of new numbers for market digestion.  Weather remains hot a...

The CBOT opened on a defensive note Tuesday with generally favorable/steady crop conditions ratings for key corn/soy producing states reducing the need for...

The Price Ain’t Right German Agriculture Minister Julia Kloeckner thinks the problem is inexpensive meat. She told Reuters that, “Meat is too c...

The House Agriculture Subcommittee approved its version of the FY 2021 ag appropriations bill. The measure will now move to the full committee - currently...

Dec 20 Corn closed at $3.525/bushel, down $0.0375 from yesterday's close.  Sep 20 Wheat closed at $4.9525/bushel, up $0.02 from yesterday's close.&nbs...

It has been a wild year for U.S. pork producers. It started out dreary but then hopes picked up when the Phase One agreement was signed with China. It agai...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Egypt and Pakistan are working on the possibility of Egypt importing meat and dairy products...

THE OPEN November beans:  2 1/2 lower December meal:  steady December soyoil:  33 lower December corn: 4 lower December wheat:   3...

SPREADS Sep. crush trades up to 77c/bu while oilshare values are weaker at 32.19%.   Spreads are slightly wider with Sep/Dec. corn trading out to...

GOOD MORNING, Prices are generally lower this morning on neutral crop progress conditions and chart back-filling from recent highs.  Oilshare continue...

The CBOT opened on a firm note with a long holiday weekend filled with dry weather for most of the U.S. offering support. This week’s forecast was in...

Based on the current trajectory, there will be a new U.S. president in 2021, but how will it change American trade policy? For one, there will be less arbi...

USDA extended the contracts for a second round of the Food Box Distribution program last week; the new round will run through 30 August. There were 205 con...

China has adjusted its government stockpile auction system in an incomplete effort to cool over-heated demand and prices for its reserve corn. High bid rat...

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

Sep 20 Corn closed at $3.465/bushel, up $0.03 from yesterday's close.  Sep 20 Wheat closed at $4.9325/bushel, up $0.0125 from yesterday's close. ...

Corn Argentina’s corn market keeps breaking records. June ended with corn exports of 4.3 MMT, by far the highest ever. The accumulated volume exporte...

THE OPEN November beans:  12 higher December meal:  4.30 higher December soyoil:  33 higher December corn:  5 1/4 higher December wheat...

Regional News  The June shift from dry to wet weather patterns for Europe’s crop-growing regions have substantially boosted crop conditions. At...

GOOD MORNING, Prices are higher across the board with weather the overriding factor, as conditions turn warmer and drier.  The funds continue to be ne...

SPREADS Sep. crush trades to 75.93c/bu while oilshare trades down to 32.36%.  August/Nov beans trades from 6 1/4c to 8c carry.  Sep/Dec meal trad...

Please note that Ag Perspectives will not be published tomorrow, Friday 3 July in observance of the Fourth of July holiday in the U.S. We will resume our n...

The Livestock and Meat trade data will be released Monday after the holiday weekend; it will likely show exports way down in May reflecting the COVID-19 im...

Wheat: Net sales of 414,300 metric tons (MT) were reported for delivery in marketing year 2020/2021.   Corn: Net sales of 361,100 MT for 2019/202...

It was a quiet session (December corn contract volume was down 55 percent from the five-day average) in an early close before a long weekend as some profit...

Sep 20 Corn closed at $3.435/bushel, down $0.07 from yesterday's close.  Sep 20 Wheat closed at $4.92/bushel, down $0.0675 from yesterday's close.&nbs...

Food Sovereignty at the Top EU Agriculture Commissioner Janusz Wojciechowski thinks free trade and specialization are the problems in modern agriculture. H...

U.S. Soy Export Sales Highlights Today’s USDA export sales report showed the week ending 25 June was a very disappointing one for exporters of U.S. s...

We recall commenting a short while ago that the fundamental outlook for corn and corn prices was relentlessly bearish. We cited a very large U.S. corn crop...

Global rules for liberalized trade such as the Uruguay Round depended upon strong U.S. leadership backed by the EU. The number of countercurrents to any re...

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and re-open the evening of Sunday, 5 July. The CBOT continued to rally Wednesday with funds...

Sep 20 Corn closed at $3.505/bushel, up $0.09 from yesterday's close.  Sep 20 Wheat closed at $4.9875/bushel, up $0.07 from yesterday's close.  N...

Policy China Makes New Overtures to Trans-Pacific Partnership Last month a series of articles appeared discussing Beijing’s new openness to joining t...

THE OPEN:  November beans: 6 1/4 higher December meal: 4.20 higher December soyoil: 3 lower December corn: 7 higher September wheat: 3 1/4 higher Th...

The U.S. hog inventory on 1 June was 79.6 million head, up 5.2 percent from a year ago. The supply is likely to stay elevated through the rest of the year...

Russian Grain Markets: 22-26 June 2020 The southern regions wheat and barley prices decreased as harvesting began. However, the decrease is not dramatic as...

SPREADS Sep. crush trades at 77.44c/bu while oilshare weakens to 32.43%.  Sep/Dec corn trades from 9c to 9 3/4c.  Sep/Dec wheat narrows into 6 1/...

NOTE: There will be no Technical Perspectives reports on 2 July. GOOD MORNING, Funds entered the June Quarterly Stocks/Acreage report with a record short c...

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and reopen the evening of Sunday, 5 July. USDA handed the market an unwaveringly bullish ac...

The latest edition of the OECD’s annual report entitled Agricultural Policy Monitoring and Evaluation highlights an important problem but undermines...

The U.S. House Select Committee on the Climate Crisis issued a report, intended to be a benchmark for future climate change legislation, which recommends u...

Sep 20 Corn closed at $3.415/bushel, up $0.1275 from yesterday's close.  Sep 20 Wheat closed at $4.9175/bushel, up $0.0525 from yesterday's close.&nbs...

Planted acres usually shift amongst crops but they do not typically go completely fallow, at least not to the scale in today’s USDA acreage report. S...

THE OPEN Nov beans:  2 higher Dec meal:  .30 higher Dec soyoil:  8 lower Sep. corn:  2 1/2 higher Sep. wheat:  1 1/2 higher The ma...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA In Pakistan, it appears likely that the government will import as much as 1.4 MMT of wheat. Interna...

SPREADS Sep. crush trades to 74c/bu while oilshare trades to 32.74%.  Sep/Dec wheat trades from 7-7 3/4c.  The July/Dec corn spread trades from 8...

GOOD MORNING, Prices are higher across the board to begin the day on a technical correction.   The funds remain big grain shorts and near record...

British farmers are increasingly distraught over the prospect of having to compete against American farmers under any transatlantic trade deal. They and th...

China continues to import pork and the attraction may grow even greater later this year. Former Iowa Farm Bureau economist David Miller says the COVID-hit...

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and reopen the evening of Sunday, 5 July. Short covering and position adjusting were the th...

On Wednesday 1 July, the new USMCA will enter into force, and potentially lead to a lot more North American trade disputes than we’ve seen in the pas...

Jul 20 Corn closed at $3.2625/bushel, up $0.0925 from yesterday's close.  Sep 20 Wheat closed at $4.865/bushel, up $0.1075 from yesterday's close.&nbs...

Wheat Planting progressed 13 percent last week with 71 percent of the expected area now seeded thanks to dry weather. There are still some areas in norther...

THE OPEN November beans:  1/2 lower December meal:  .30 higher December soyoil:  6 lower September corn:  3 1/4 higher September wheat:...

Regional News  Europe’s wheat harvest is starting, and the market will be closely watching for reports of yield and quality issues. WPI sources...

SPREADS Sep. crush trades to 76.65c/bu while oilshare trades to 32.34%.   Jul/Dec corn trades to 8 1/2c carry from 6 1/4c, with Jly/Sep trading f...

GOOD MORNING, Prices are mixed this morning with short-covering in corn and wheat, and continued selling of oilshare.   China is back from holida...

There are some real eyeopeners looking at the Energy Information Administration’s (EIA) year-end 2019 data. The long-term outlook for gasoline/motor...

The CBOT continued its weaker trend Friday with funds again emerging as net sellers and any longs liquidating their positions. Corn and wheat futures poste...

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

Jul 20 Corn closed at $3.17/bushel, down $0.0025 from yesterday's close.  Sep 20 Wheat closed at $4.7575/bushel, down $0.125 from yesterday's close.&n...

Buying Food USDA is forecasting that grocery prices will rise by 3 percent this year, the largest increase since 2011 and mostly due to animal proteins. Th...

USDA estimates that global meat and pork consumption last year fell by 6 percent and will be down another 4.6 percent in 2020. By contrast, global poultry...

THE OPEN November beans: 5 lower Dec meal:  1.30 lower Dec soyoil:  11 lower Sep. corn:  1/2 higher Sep wheat:  14 lower The markets op...

WPI's monthly publication features a review of the past month's market and policy developments. This issue looks at the relationship between unemployment a...

SPREADS Sep. crush falls to 79.38c/bu while oilsahre trades steady at 32.60%.   July/Dec corn widens back out to 11 1/4c with July/Sep. weaker at...

GOOD MORNING, Prices are mixed this morning with short-covering in corn and lower prices elsewhere.  Prices started out in the PM session on a strong...

Wheat: Net sales of 518,700 metric tons (MT) were reported for delivery in marketing year 2020/2021.    Corn: Net sales of 461,700 MT for 20...

Political economy is economics as a branch of knowledge or academic discipline; political economics is what politicians use when they need red meat rhetori...

The day started out negative, supposedly over increased COVID-19 cases but the situation is more complicated. This ignores other demand destroyers like eco...

USDA released a bearish quarterly Hogs and Pigs report this afternoon, with all categories coming in above the consensus pre-report expectations. The repor...

Jul 20 Corn closed at $3.1725/bushel, down $0.07 from yesterday's close.  Sep 20 Wheat closed at $4.8825/bushel, up $0.025 from yesterday's close.&nbs...

Soy Export Sales Highlights Today’s USDA export sales report was positive for soybeans and soyoil, but not so much for soymeal sales. However, soymea...

THE OPEN Nov beans: 4 lower Dec meal:  .40 lower Dec soyoil:  27 lower Sep corn:  3 3/4 lower Sep wheat:  2 lower The markets opened as...

SPREADS Sep. crush trades to 80.56/bu while oilshare trends lower at 32.44% from values over 33.0%.  July/Dec corn narrows into 8 1/2c, the highest le...

GOOD MORNING, Prices are lower on the back of good weather and continued worries over China/US trade relations.  Nearby bean and corn spreads remain w...

About the only thing we can say for certain these days is that USDA/NASS will release the “final” U.S. spring planted acreage numbers and the 1...

The CBOT was mostly lower on Wednesday with favorable U.S. weather providing little incentive to remain bullish corn or soybeans. Wheat futures were mostly...

British Stockholm Syndrome The UK announced a “bounce back” plan to recapture post-Brexit export share for the country’s farmers. It invo...

Global corn imports continue to expand but increases by Vietnam and the EU standout. Mexico remains a major market, but imports are growing at roughly the...

Jul 20 Corn closed at $3.2425/bushel, down $0.0075 from yesterday's close.  Sep 20 Wheat closed at $4.8575/bushel, down $0.0525 from yesterday's close...

Rural Policy China’s Western Provinces Continue to Lag Behind A new three-part investigate report by the South China Morning Post has been covering B...

THE OPEN: Nov beans: 1/2 lower Dec soyoil: 23 lower Dec meal: 1.20 higher Sep. corn: 1/4 lower Sep. wheat: 1 1/2 lower The markets opened as called with...

Russian Grain Markets: 15-19 June 2020 The southern regions feed barley prices started decreasing as 2020 yield price became clearer. Other grain prices mo...

SPREADS Sep. crush trades down to 80.33c/bu while oilshare is back under 33.0% to trade to 32.77%.  The key feature as far as spread activity goes is...

GOOD MORNING, The markets are mixed this AM as rains continue to cross the Midwest capping off rallies.  China remains around the bean market with pro...