Mar 21 Corn closed at $5.005/bushel, down $0.2375 from yesterday's close.  Mar 21 Wheat closed at $6.345/bushel, down $0.2625 from yesterday's close.&...

Trade was one-sided at the CBOT on Friday with aggressive selling the theme of the day. The markets opened on the defensive as expected, with funds lighten...

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

USDA released its Cattle on Feed report today, conforming with pre-report expectations. The inventory of cattle in feedlots with a capacity of 1,000 head o...

Wait for the Experts There is new leadership in Washington, and they are receiving appeals for reform of the U.S. food system. Most of the ideas are litera...

The EU wants to reduce pesticide use by 50 percent and fertilizer applications by 20 percent. These are arbitrary metrics chosen by policymakers. To ensure...

THE OPEN March beans:  14 lower March meal:  3.00 lower March soyoil:  33 lower March corn:  4 1/2 lower March wheat:  14 lower Th...

SPREADS March crush trades to 77c/bu while oilshare trades at 33.13%.  The July/Dec corn inverse remains firm trading from 70c to 73 3/4c, while May/J...

GOOD MORNING, Prices are lower in the overnight session on yesterday's weaker close, weak macro markets, better rains in South America, more forecasts for...

The bull market had a split decision today, with corn, soybeans and soyoil up but wheat taking its losses. USDA flash announcements of large old crop corn...

USDA will release its monthly Cattle on Feed report tomorrow – the first of the new year. Pre-report estimates from the industry put the total number...

Get What You Beget It started with geographic indicators, then it moved on to country of origin labeling even for products made within the EU’s &ldqu...

Mar 21 Corn closed at $5.2425/bushel, up $0.0225 from yesterday's close.  Mar 21 Wheat closed at $6.6075/bushel, down $0.07 from yesterday's close.&nb...

South American Weather Still Not Ideal for Soybean Crops In the last couple of weeks, the weather in Brazil has mostly been very good for that country&rsqu...

THE OPEN March beans:  14 1/2 higher March meal:  3.00 higher March soyoil:  56 higher March corn:  7 1/4 higher March wheat:  2 h...

SPREADS March crush trades to 68c/bu while oilshare bounces again to 32.60% from values that were at 31.0% on the lows.  May/July corn places a new co...

GOOD MORNING, Prices continue to stabilize after this week's house-cleaning break, with more strength in the overnight session with talk that buyers were a...

The CBOT opened weaker overnight with fund liquidation continuing, especially in soybeans. March soybean futures fell 26 cents in the first 30 minutes of o...

Mar 21 Corn closed at $5.22/bushel, down $0.04 from yesterday's close.  Mar 21 Wheat closed at $6.6775/bushel, down $0.045 from yesterday's close.&nbs...

Fish and Livestock Jurisdiction In one of its end of power moves, the Trump Administration orchestrated a Memorandum of Understanding that shifted regulato...

While China gets most of the attention on African Swine Fever just because of the volume of production adversely impacted, the Philippines has suffered a l...

Livestock China Sets Record For Pork Imports in 2020 The latest data release from the China Customs Bureau show that pork imports in December totaled 964,0...

THE OPEN March beans:  32 lower March meal:  11.100 lower March soyoil:  15 lower March corn;  11 lower March wheat:  13 lower The...

Russian Grain Markets: 11-15 January 2021 The Russian domestic market prices moved insignificantly, increasing mainly in the southern region, as the market...

SPREADS March crush trades to 69.79c/bu while oilshare trades back up to 32.0%.   July /Nov bean spread is in capitulation with the inverse falli...

GOOD MORNING,  Prices ratchet lower again overnight led by beans.  An improving weather pattern is the main catalyst, but the lack of funds addin...

The CBOT settled lower under a mix of profit taking and position liquidation after a weekend of mostly favorable weather across South America. Funds were h...

SEA High Road European activists have tarnished palm oil from Southeast Asia by saying it destroys rainforests and compelled some countries to ban its use...

The MY 2020/21 outlook for sugar is for more domestic production and a reduction in imports, but with lower deliveries and increasing year-end stocks. Beet...

Mar 21 Corn closed at $5.26/bushel, down $0.055 from yesterday's close.  Mar 21 Wheat closed at $6.7225/bushel, down $0.0325 from yesterday's close.&n...

Global pork exports have grown by 66 percent over the past decade, with China a major reason for the expansion. A major driver for China’s expanded i...

THE OPEN March beans:  18 lower March meal:  5.80 lower March soyoil;  64 lower March corn:  1 lower March wheat:  7 higher Prices...

GOOD MORNING, The night session featured a higher wheat market vs. lower markets elsewhere, supported by Matif corn and wheat that gapped into new highs ov...

SPREADS March crush falls further to 62c/bu, while oilshare weakens to 30.98%.    July/Dec corn inverse falls to 67 1/2c from 75c, while March/Ma...

Mar 21 Corn closed at $5.315/bushel, down $0.0275 from yesterday's close.  Mar 21 Wheat closed at $6.755/bushel, up $0.055 from yesterday's close.&nbs...

The CBOT/CME markets will be closed Monday, 18 January 2021 in observance of the Martin Luther King Jr. holiday. WPI’s offices will be closed as well...

The CBOT settled mostly lower heading into the long, three-day weekend with traders citing profit taking and uncertain macro markets as reasons for the low...

Codifying Gains  American farmers are said to be politically conservative. After all, they tend to vote for Republicans in large numbers. But even Rep...

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

On noon next Wednesday, President-Elect Biden will be inaugurated so time is short for the Trump Administration to wrap up rules and regulations. Several o...

THE OPEN March beans:  8 lower March meal:  3.90 lower March soyoil:  59 lower March corn: 3 lower March wheat:  11 higher The markets...

The current concern by some about rising grain prices will soon be met by falling meat prices. China reportedly imported 9.91 MMT of meat in 2020, a 60 per...

GOOD MORNING, Prices continue to rally led by the wheat market.  Russia plans to raise its wheat export tax to 50 euros/ton from March 1-June 30, from...

SPREADS March crush trades to 63c/bu while oilshare trades at 31.55%.  July/Dec corn is slightly weaker trading down to 71 1/4c from 77c.  March/...

If a wolf can be in sheep’s clothing, could a bear be in a bull’s hide? Or a bull in a bear’s coat? Whether a bull or a bear, it is about...

Wheat: Net sales of 221,900 metric tons (MT) for 2020/2021 were down 19 percent from the previous week and 49 percent from the prior 4-week average. ...

Mar 21 Corn closed at $5.3425/bushel, up $0.0975 from yesterday's close.  Mar 21 Wheat closed at $6.7/bushel, up $0.095 from yesterday's close. ...

A Good Week for U.S. Soy Exporters Today’s USDA/FAS export sales report indicated exporters of U.S. soybeans, soymeal, and soyoil had great success i...

January is typically slow for beef demand due to the post-holiday let down. Over the past month, the choice cutout has declined 4 percent since the first w...

Keeping Competition Domestic Trade disputes of any kind tend to spill over into agriculture and so it is a good idea for aggies to pay attention to all of...

THE OPEN March beans:  3 higher March meal:  4.30 higher March soyoil;  58 lower March corn:  1 higher March wheat:  3 lower Price...

SPREADS March crush falls down to 63c/bu, while oilshare prices are lower again at 30.99%.   The July/Dec corn inverse remains very firm with a 7...

GOOD MORNING, The markets were extremely overbought with beans running out of gas to the upside yesterday.  The strong bullish reaction to the Jan. WA...

Mar 21 Corn closed at $5.245/bushel, up $0.0725 from yesterday's close.  Mar 21 Wheat closed at $6.605/bushel, down $0.045 from yesterday's close.&nbs...

After yesterday’s bullish WASDE sparked massive rallies at the CBOT, ag markets calmed today and looked to be establishing new trading ranges. As WPI...

Macroeconomics Food Inflation Returns, Prices Up 1.2 Percent Year-On-Year After declining on an annual basis by 2 percent in November, food prices rose on...

Russia is said to be imposing restrictions on the export of wheat, corn, and barley from mid-February onward. The move follows restrictions on soybean expo...

U.S. Trade Representative-Designee Katherine Tai and House Democrats are articulating trade policy under the new government, but it is filled with vagues a...

Russian Grain Markets: 1-8 January 2021 The Russian domestic market prices moved insignificantly because most of the regions in Russia were on holiday duri...

SPREADS March crush trades to 75.34c/bu while oilshare trades down to monthly lows at 31.47%.  The corn inverse post report remains strong with new hi...

GOOD MORNING,  The digestion of the Jan. WASDE report continues. The report was bullish so markets continue in rationing mode.  The markets close...

The January WASDE did not disappoint those looking for volatility, sending corn futures to limit-gains and sparking a 45+ cent rally in soybeans. The repor...

Green Path Forward Donald Trump tried to use tariffs to leverage trade concessions he selfishly wanted for the U.S. The tool for leveraging trade negotiati...

The meat and livestock projections in today’s WASDE were not as full of fireworks as the grain projections. Compared to last month’s projection...

Mar 21 Corn closed at $5.1725/bushel, up $0.25 from yesterday's close.  Mar 21 Wheat closed at $6.65/bushel, up $0.3025 from yesterday's close. ...

 The soybean oil price is forecast at 38.5 cents per pound, up 2.5 cents...

USDA’s forecast for soybean crush is raised 5 million bushels to 2.2 billion, reflecting improved prospects for soybean meal exports with a lower exp...

U.S. soybean production is estimated at 4.135 billion bushels, down 35 million.  The U.S. soybean export forecast is raised 30 million to a record 2.2...

USDA forecast decreased ending stocks for U.S. corn.  U.S. corn production is estimated at 14.182 billion bushels was reduced by 324 million because o...

USDA forecast higher domestic wheat use, unchanged exports, and lower ending stocks.  Feed and residual use is raised 25 million bushels to 125 millio...

A survey by the European Central Bank found that 66 percent of Europeans say they already eat less meat in order to flight climate change, and another 13 p...

THE OPEN March beans:  7 higher March meal:  3.50  higher March soyoil:  44 lower March corn:  2 higher March wheat:  12 high...

SPREADS March crush trades up to 74c/bu while oilshare trades down to 31.98%.  July /Dec corn inverse trades from recent lows of 48 1/2c up to 51c, wi...

GOOD MORNING, Prices started the night lower, but head into the close higher into today's important WASDE report, one that could determine trend over the n...

Friday’s weakness heading into the close created selling mentality in Monday’s CBOT trade that was combined with substantial position evening a...

Nationalist GMO’s China is now approving two more domestically developed GMO varieties for use by producers, adding to the three it approved last yea...

Now that both houses of Congress are controlled by the Democrats (albeit by very small margins) the legislative committees will be chaired by Democrat lawm...

Mar 21 Corn closed at $4.9225/bushel, down $0.04 from yesterday's close.  Mar 21 Wheat closed at $6.3475/bushel, down $0.04 from yesterday's close.&nb...

The UN FAO reports that global agricultural commodity prices rose 3.1 percent in 2020. Though overall commodity prices are still below 2012 levels, vegetab...

Regional News  The EU-UK Brexit trade deal is seen as a positive development for UK grain markets. The lack of tariffs and quotas means export/imports...

Wheat Argentina’s wheat harvest is nearly finished with 99 percent of the area harvested to date. The Buenos Aires Grain Exchange increased its produ...

THE OPEN March beans: 3 higher March meal:  3.00 higher March soyoil:  40 lower March corn:  1/4 lower March wheat:  5 3/4 higher March...

GOOD MORNING, Bean and meal prices traded to new contract highs this morning, with oilshare slightly lower.  US beans and meal follow new contract hig...

SPREADS March crush falls to 68c/bu while oilshare falls to 32.77%.   Corn spreads remain firm in front of the report, with July/Dec trading to 5...

The CBOT opened on a weaker note following yesterday’s selling pressure but quickly found buying support and traded higher. Soybeans were the upside...

The current renewable fuel standard (RFS) went into place in 2008 after the legislation was passed in the 2007 Energy Independence and Security Act (EISA);...

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

Mar 21 Corn closed at $4.9625/bushel, up $0.0225 from yesterday's close.  Mar 21 Wheat closed at $6.3875/bushel, down $0.035 from yesterday's close.&n...

Democrats’ Agriculture Agenda With the Democratic wins in Georgia, Michigan Senator Debbie Stabenow is poised to retake control of the upper body&rsq...

Despite bird flu, global consumption of chicken is growing four times faster than beef or pork. However, the price per unit for chicken is rising faster th...

THE OPEN March beans:  15 higher March meal:  4.30 higher March soyoil:  22 higher March corn:  2 1/2 higher March wheat:  1 1/2 h...

SPREADS March crush falls again to 72c/bu while oilshare trades to 33.60%.   Corn spreads remain in its congestive phase with July/Dec trading fr...

GOOD MORNING, The markets are firmer this morning as funds remain long and some of the proper corrections have been made.  Global grain markets are hi...

A breather, a correction, a pause, a break, a pullback, a retreat, an adjustment, a weakening, profit-taking, overbought, congesting, digesting…anal...

Back in July, as Joe Biden was wrapping up the Democratic nomination over Bernie Sanders, the Biden-Sanders Unity Task Force recommendations were drafted a...

Mar 21 Corn closed at $4.94/bushel, down $0.01 from yesterday's close.  Mar 21 Wheat closed at $6.4225/bushel, down $0.0525 from yesterday's close.&nb...

TRQ Obvious USDA’s Economic Research Service has completed another excellent analysis, this time on the impact of tariff rate quotas (TRQs) on trade...

Widespread Rainfall Saves Soybean Crop in Brazil, Argentina’s Crop Still at Risk In past weeks, a lot of Brazil’s soybean growing areas were im...

THE OPEN March beans:  18 lower March meal:  450 lower March soyoil:  45lower March corn:  6 1/4 lower March wheat:  7 lower The s...

Wheat:  Net sales of 275,300 metric tons (MT) for 2020/2021 were down 47 percent from the previous week and from the prior 4-week average.  ...

SPREADS  March crush trades to 84.89c/bu while oilshare trades to 33.27%.  Corn spreads are slightly weaker with July/Dec trading down to 48 1/4c...

GOOD MORNING, Prices continue to trade into new contract highs this week as new fund inflows continue.  Prices may be detaching from fundamentals due...

The bull market roars on with corn, soybeans, soyoil, and soymeal all posting fresh contract highs today. Fund buying remains one of the biggest near-term...

The Vice President of the United State of America sounds like a powerful position, except even those that have held the job have derided it. John Adams was...

Mar 21 Corn closed at $4.95/bushel, up $0.0325 from yesterday's close.  Mar 21 Wheat closed at $6.475/bushel, down $0.065 from yesterday's close. ...

Livestock China’s Live Hog Price Jumps by 4.5 Percent In the last week of December, the national average live hog price turned on the afterburner jet...

The Democrats controlling the whole of U.S. government has boosted the chances of more fiscal stimulus, but also reflationary concerns. According to Hill-H...

THE OPEN March beans:  19 higher March meal:  6.80 higher March soyoil:  63 higher March corn:  3 higher  March wheat:  3 1/4...

Russian Grain Markets There is no Russian Grain Market report today due to the Russian holidays. Ukraine: Grain Export Update  According to the Custom...

GOOD MORNING, Prices continue higher as funds buy the market and influence beans, corn, meal, and soyoil into new contract highs.  Funds were buyers y...

SPREADS March crush bounces back to trade to 87.11c/bu with oilshare at 33.51%.  July/Dec corn trades to a new inverse high at 58 1/4c with a low of 5...

The CBOT bull market lives on with fresh news and more than enough speculative money to fuel the rally. WPI notes that managed money funds are increasingly...

Yesterday, USDA announced another round of the Food Box Distribution Program purchases with the $1.5 billion provided by the COVID relief provisions in the...

Deglobalization There are plenty of average people cheering the deglobalization started by Donald Trump, and now leaders elsewhere are mimicking his style...

Mar 21 Corn closed at $4.9175/bushel, up $0.08 from yesterday's close.  Mar 21 Wheat closed at $6.54/bushel, up $0.12 from yesterday's close.  Ma...

Double-cropping farmers in Mato Grosso have more than double the incentive to get their soybeans harvested now. The minority that gambled and seeded their...

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

THE OPEN March beans:  24 higher March meal:  4.10 higher March soyoil:  76 higher March corn:  3 1/2 higher March wheat:  12 high...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Egypt reports that the revenues from the Suez Canal are down by about 3 percent in 2020 to $5...

SPREADS March crush drops to 78c/bu while oilshare trades to 33.29%.  Spreads which were stronger remain in congestive mode.  The July/Dec corn i...

GOOD MORNING, Prices are higher with Chicago wheat posting new contract highs, while other markets are entering into a good bounce as well.  There wer...

The CBOT rallied sharply overnight with corn and soybeans posting new contract highs. March corn traded to just under $5.00/bushel while soybeans neared $1...

On Sunday, the U.S. House of Representatives convened the 117th Congress and narrowly re-elected Representative Nancy Pelosi (D-California) as Speaker amid...

Trucks and GMO’s The Mexican government’s decision to ban glyphosate and eventually imports of genetically modified corn in 2024 is being met w...

Mar 21 Corn closed at $4.8375/bushel, down $0.0025 from yesterday's close.  Mar 21 Wheat closed at $6.42/bushel, up $0.015 from yesterday's close.&nbs...

The bull market in Chicago continues with no end in sight. Each day that affirms excessively dry weather in South America coupled with signals of strong Ch...

Corn The Argentine government surprised the world last week by announcing a suspension of new corn export sales through 1 March, the end of the old crop ma...

Regional News  The biggest news in the European markets over the past two weeks was the EU-UK free trade deal. The deal means that trade of most commo...

THE OPEN March beans:  29 higher March meal:  6.50 higher March soyoil:  109 pts higher March corn:  7 3/4 higher March wheat:  5...

SPREADS March crush falls to 92.93c/bu while oilshare trades to 33.14%.  Corn spreads are part of the bull market price action, with July/Dec trading...

GOOD MORNING, It's a new year as fund buying activity propels prices to new contract highs on continuing concerns over South American production levels.&nb...

The WPI team extends our best wishes to you and your families for a healthy and happy New Year. Thank you for your faithful readership, we are looking forw...

It was no surprise given the dynamics but the last day of the year trading session was unusual for its volume (especially in corn) and its overall bullishn...

Mar 21 Corn closed at $4.84/bushel, up $0.095 from yesterday's close.  Mar 21 Wheat closed at $6.405/bushel, down $0.0025 from yesterday's close. ...

Prognosticators are signaling a lot of consensus around some key issues going into the new year. When everyone agrees, the usual advice is to run for shelt...

Wheat:  Net sales of 520,600 metric tons (MT) for 2020/2021 were up 32 percent from the previous week and 4 percent from the prior 4-week average.&nbs...

The slaughter numbers for last week (see the table at the end of the report) show the impact of the Christmas holiday, which fell on a Friday. There was no...

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

After opening lower for everything except HRS and lean hogs on news of a settlement in the Argentine port/crush workers strike, all major row crop contract...

There is easy agreement that COVID-19 was the worst thing about 2020, and it hopefully goes away soon. But many of the other topics we discussed and analyz...

Russian Grain Markets: 21-25 December 2020 Russian domestic market wheat prices continued to decrease but at a slower rate than last week. Producers haven&...

Livestock Public Data Reflect Scale of Investment in Hog Sector In 2020 Based on recent public records from China’s securities exchanges and other so...

Mar 21 Corn closed at $4.745/bushel, up $0.085 from yesterday's close.  Mar 21 Wheat closed at $6.4075/bushel, up $0.2225 from yesterday's close. ...

THE OPEN March beans:  5 1/2 lower March meal:  4.60 lower March soyoil:  38 lower March corn:  1/2 lower March wheat:  1 1/2 high...

2020 was a year of unprecedented volatility in ag markets and life in general, and the cow/calf sector did not escape this pattern. Rising feed costs throu...

WPI's monthly publication features a review of the past month's market and policy analysis articles. This issue looks at global food supplies, the directio...

GOOD MORNING, Ags are generally lower to begin the session, with the soy complex showing more weakness than grains.  The strike was settled in Argenti...

SPREADS March crush trades down to 91.64c/bu while oilshare trades down to 32.94% from values over 33.0%.  The July/Dec corn spread inverted to 33 3/4...

The CBOT traded sharply higher with corn, soybeans, soyoil, and soymeal all posting fresh contract highs. Soybeans traded to gains of nearly 40 cents, buoy...

USDA will issue its next WASDE report on 12 January and many in the trade expect its final numbers for corn and soybeans for the current marketing year to...

Decarbonization Plans The incoming Biden Administration promises aggressive action to address climate change, which has the rapt attention of U.S. agricult...

The Dietary Guidelines for Americans 2020-2025 was jointly published today by the U.S. Departments of Agriculture and Health and Human Services (HHS). Thes...

Mar 21 Corn closed at $4.66/bushel, up $0.095 from yesterday's close.  Mar 21 Wheat closed at $6.185/bushel, up $0.0425 from yesterday's close. ...

THE OPEN March beans:  2 1/2 lower March meal:  2.20 lower March soyoil:  17 lower March corn:  1/4 lower March wheat:  1 higher T...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Reports in Nigeria say that the backlog for vessel discharge can be as long as one month and...

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

SPREADS March crush trades down to 98c/bu while oilshare trades to 33.27%.   The July/Dec corn inverse moves into new highs at 29 1/2c from 28 1/...

GOOD MORNING, Prices are mostly lower coming into today's session, though corn begins very close to its contract highs.  The markets were mostly overb...

March Corn closed at $4.565 March Wheat closed at $6.1425 March HRW Wheat closed at $5.77 March HRS Wheat closed at $5.7675 March Soybeans closed at $12.57...

CBOT markets opened higher overnight with corn and soybeans posting new contract highs. The ongoing strike in Argentina, combined with disappointing weeken...

Although Walmart sells more groceries, Kroger is the largest grocery chain in the U.S. and some things on its list of documented food trends in 2020 will c...

Security Loses its Luster The incoming Biden Administration will find geopolitics more difficult to navigate. Hanns Mull of the German Institute for Intern...

The biggest factors in Argentina’s grain markets have been holiday-shortened trading weeks, which have kept things quiet. The port strike is in its 1...

President Trump has twice, since 22 December, reversed course on the $1.4 trillion omnibus appropriations and $908 billion COVID relief legislation. After...

THE OPEN March beans: 4 3/4 higher March meal:  4.20 higher March soyoil:  20 lower March corn:  2 1/2 higher March wheat:  7 1/2 lower...

GOOD MORNING, The markets will open mixed but not before corn, soyoil, and beans post new contract highs.  The bull markets continue on the back of co...

SPREADS March crush trades to 1.02c/bu while oilshare trades to 32.88%.  Bullspreads remain firm with July/Dec corn inverse trading up to 28c from 26c...

Respecting the Christmas Day holiday, there will be no Ag Perspectives report on Friday, 25 December. WPI wishes everyone a joyous and safe holiday. We wil...

Soybeans started the day higher and quickly posted a new contract high while corn was mostly steady until late day strength triggered buy-stops. Funds were...

It is Christmas Eve and U.S. commodity futures markets close 75 minutes earlier than usual. The cost of this 29 percent reduction in trading time is likely...

Yesterday’s Hogs and Pigs report showed total inventory at 77.5 million head, 99 percent of 1 December 2019. The breeding herd was 6.28 million head,...

Besmirch Strategy Fails Activists called it an acute health threat, orchestrated petitions and demanded that institutions only serve domestic pork. Despite...

Soy Export Sales Highlights The week ending 17 December was not a good one for U.S. soybean export sales, but not a bad one for soyoil and soymeal export s...

Wheat:  Net sales of 393,700 metric tons (MT) for 2020/2021 were down 27 percent from the previous week and 34 percent from the prior 4-week average.&...

Livestock China’s Live Hog Price Up More Than 15 Percent in Q4 With China’s national average live hog price finishing last week at its highest...

Note: CME and CBOT markets will close early tomorrow at approximately 1:00 PM ET.  Corn and soybeans posted fresh contract highs on Wednesday, despite...

Russia’s rising agricultural commodity prices have prompted various export restraints and now there is an announced plan for increased production, of...

Mar 21 Corn closed at $4.435/bushel, up $0.035 from yesterday's close.  Mar 21 Wheat closed at $6.17/bushel, up $0.0575 from yesterday's close. ...

Biden Trade Policy Washington’s chattering class continue to speculate and opine on what President-Elect Joe Biden’s administration should do w...

Technical Perspectives will not be published on 24-25 December due to the Christmas holiday.  THE OPEN March beans:  7 1/2 higher March meal:&nbs...

The December Cold Storage report from USDA showed a surprising increase in beef stocks, largely driven by higher inventories in the West South Central regi...

Russian Grain Markets: 14-18 December 2020 The Russian domestic market wheat prices decreased due to the decision of the Russian government to introduce th...

Note: There will be no Technical Perspectives reports tomorrow, 24 December. GOOD MORNING, Prices are higher again this morning, reaching new contract high...

Note that there will be no Technical Perspectives reports on 24 and 25 December. SPREADS March crush trades to 1.08c/bu while oilshare trades to 32.73%.&nb...

Strong markets get tested and this one is no exception. There was some profit-taking, as expected, but then there was also a rebound with yet again new con...

Mar 21 Corn closed at $4.435/bushel, up $0.035 from yesterday's close.  Mar 21 Wheat closed at $6.17/bushel, up $0.0575 from yesterday's close. ...

Tomorrow’s Hogs and Pigs report from USDA will be highly interesting as it will reflect six months of post-COVID-19 impacts on the U.S. hog and pork...

Erroneous Focus The progressive left is emphasizing their dislike for the choice of Tom Vilsack for USDA secretary. Arguing he is too cozy with Big Ag and...

USDA will release its quarterly Hogs and Pigs report tomorrow. Pre-report estimates are that the total inventory as of 1 December will come in at 99 percen...

THE OPEN March beans:  6 higher March meal:  3.80 higher March soyoil:  24 higher March corn:  2 1/2 higher March wheat:  3 1/4 lo...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Iraq has devalued its currency by 20 percent, scrapping their old “official” exch...

GOOD MORNING, Technical rallies continue as gains build across the board with new contract highs in beans, meal, and soyoil.   The markets were m...

SPREADS March crush trades lower to 94.77c/bu while oilshare trades to 32.59%.   The July/Dec corn inverse closes into recent highs of 23 3/4c fr...

Soybeans and corn rallied sharply to start the Christmas week as news from Brazil and Argentina remains supportive and there are few sell orders above the...

Congress reached a deal on government funding for the rest of FY 2021 ($1.4 trillion) and to provide another COVID relief package totaling $900 billion. Tw...

Mar 21 Corn closed at $4.4/bushel, up $0.025 from yesterday's close.  Mar 21 Wheat closed at $6.1125/bushel, up $0.03 from yesterday's close.  Ja...

Coming Currency War The dollar is now nearly 13 percent weaker than it was earlier this year and possibly headed lower based on massive deficit spending. T...

Moscow’s introduction of export constraints on major commodities is only part of the story of the return of the world’s breadbasket. The change...

Wheat Argentina’s Grain Receivers, Oil Workers, and Oil Federation unions have been striking for nearly two weeks now, complicating grain and oilseed...

THE OPEN March beans: 4 3/4 higher March meal:  3.30 higher March soyoil:  73 lower March corn:  2 1/4 lower March wheat:  6 1/2 lower...

Regional News  Once again, the biggest driver of market activity in the Black Sea and European markets is the impact of Russia’s various export...

GOOD MORNING, Welcome to the winter solstice, which is the shortest day of the year.  For stargazers, Jupiter and Saturn will appear in the sky, the c...

SPREADS March crush trades down to 97.28c/bu while oilshare trades down to 32.43%.  Spreads hit new highs in corn where profit-taking was noted. ...

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

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 12.0 million head on&...

USDA released its Cattle on Feed report today, confirming almost perfectly with pre-report expectations  The inventory of cattle in feedlots with a ca...

The soy complex rallied sharply on Friday buoyed by bullish fundamental factors and strong technical indicators/buying. Malaysian palm oil futures posted a...

Mar 21 Corn closed at $4.375/bushel, up $0.05 from yesterday's close.  Mar 21 Wheat closed at $6.0825/bushel, down $0.005 from yesterday's close. ...

Moving on from the WTO Often it is what people say when they are leaving a job that has the most meaning. Departing U.S. Ambassador to the WTO Dennis Shea...

Except for the dip early this past summer, global vegetable oil prices have been on a year-long steady trajectory higher. This is especially true for sunfl...

THE OPEN March beans: 9 1/2 higher March meal:  2.70 higher March soyoil:  7 lower March corn:  1/4 higher March wheat:  2 1/2 lower Th...

GOOD MORNING, Prices continue higher building on technical advances from Thursday's strong session.   Meal, beans, and soyoil futures all print n...

SPREADS March crush trades to 98.55c/bu while oilshare trades to 33.0%.   Jul/Dec corn inverse trades to 21 3/4c, new highs from 19 1/2c.  M...

Soy Export Sales Highlights Today’s USDA/FAS export sales report indicated a sharp uptick in export sales of U.S. soybeans in the week ending 10 Dece...

The day started with skepticism that there would be any breakthroughs other than perhaps soyoil. Most of what is known has already been priced into the mar...

Mar 21 Corn closed at $4.325/bushel, up $0.0525 from yesterday's close.  Mar 21 Wheat closed at $6.0875/bushel, up $0.1025 from yesterday's close.&nbs...

The final November retail sales data are in; Thanksgiving shopping dominates grocery sales and turkey is the key protein driver. This year, many groceries...

Stick Picked In U.S. agriculture, the head of USDA is sugar daddy, handing out checks, buying up surpluses and generally using carrots to obtain environmen...

THE OPEN March beans: 5 1/2 higher March meal:  2.50 higher March soyoil: 3 higher March corn:  1/4 higher March wheat:  4 3/4 higher The ma...

Wheat:  Net sales of 540,400 metric tons (MT) for 2020/2021 were down 12 percent from the previous week, but up 5 percent from the prior 4-week averag...

SPREADS March crush trades to 1.04c/bu while oilshare weakens to 32.96%.  The Jan/March bean spread trades back out to 4c-4 1/2c carry, while Jan/Marc...

GOOD MORNING,  Prices are mixed as consolidation activity continues, starting out firm but trading both sides of unchanged throughout the session.&nbs...

The CBOT opened higher with soybean futures once again pressing towards the key $12.00 level. Weakness in soyoil pulled the market lower, however, and both...

Offline is More Fun Today was the first day of this year’s online EU Agricultural Outlook Conference, but more fun was had in the sidebar chats of pa...

Sometimes officials overlook their own agency’s data and then misdiagnose a problem. This week, FAO Director General Qu Dongyu announced that 2021 wo...

Mar 21 Corn closed at $4.2725/bushel, up $0.025 from yesterday's close.  Mar 21 Wheat closed at $5.985/bushel, down $0.0125 from yesterday's close.&nb...

Livestock Dalian Commodity Exchange to Launch Hog Futures in January  After years of discussion, the long awaited unveiling of a new live hog futures...

Russian Grain Markets: 7-11 December 2020 Russian domestic market wheat prices decreased due to the the Russian government’s decision to introduce th...

THE OPEN March beans:  9 higher March meal:  5.50 higher March soyoil:  4 lower March corn:  3 1/2 higher March weather:  2 1/2 hi...

GOOD MORNING,  Prices are higher this morning, with new contract highs in soyoil and beans approaching the top end of its trading range.  Traders...

SPREADS March crush trades to 99.39c/bu while oilshare trades to 33.03%.  The July/Dec corn inverse strengthens back to 18c from 16c where it closes.&...

The CBOT traded mostly higher on Tuesday with the soy complex leading the way. Overnight gains in palm oil and yesterday’s new contract high in soyoi...

The cost of beef around the world is highly variable. While the average for 97 countries is $11.40/pound for a kilo of top round or back leg equivalent, it...

The EU has issued new regulatory restrictions mostly impacting American companies that could pose challenges for President-Elect Joe Biden. EU Competition...

THE OPEN March beans:  4 1/2 lower  March meal:  .30 higher March soyoil:  9 lower March corn: 2 1/2 lower March wheat: 4 1/2 higher Th...

We previously reported that the Trump Administration EPA would likely “punt” on issuing the 2021 required volume obligations (RVOs) rule and le...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  In Bangladesh, the “advanced income tax” on wheat imports has been lifted due to...

SPREADS March crush trades to 93.91c/bu while oilshare trades to 33.52%.  The July/Dec corn inverse weakens to 15 1/2c from 17c this morning, while Ma...

GOOD MORNING, Prices continue to chop back and forth, as the focus now remains squarely on South American production.  In the background, corn and bea...

The CBOT opened on a firm note but aggressive selling pressure in wheat sent that market sharply lower and capped gains in corn futures. Soyoil traded shar...

Early voting in the two Georgia Senate runoff races begins today. Georgia is one of the few states with special election rules, where there is no primary a...

Biden Trade Policy Some of Washington’s top trade policy wonks opined last week on what they think should be the policy approach of President-Elect J...

Mar 21 Corn closed at $4.24/bushel, up $0.005 from yesterday's close.  Mar 21 Wheat closed at $5.965/bushel, down $0.18 from yesterday's close. ...

Regional News  The biggest factor in European (and global) wheat markets this week is the rumor and analysis of Russia’s likely wheat export quo...

The U.S. was once the largest wheat flour exporter in the world followed by Canada, but that trade now belongs to a different part of the world – Sou...

Wheat Warm weather is allowing the Argentine wheat harvest to move more quickly now, registering a weekly progress of 13.6 percent last week. Presently, 53...

THE OPEN Jan beans:  9 1/4 higher Jan meal:  .40 higher Jan soy oil:  60 higher March corn:  1 1/2 higher March wheat:  9 lower Th...

SPREADS March crush trades to 90.91c/bu while oilshare trades higher to 33.50%, above last week's 33.0% level.  Jan/March beans spreads widened out to...

GOOD MORNING, Prices are mixed, higher corn and beans on lighter rains in South America than expected, which will be followed by a period of dryness. ...

News that Russia will be applying export duties, quotas, or potentially a combination of both to its wheat market and potentially other food-related produc...

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

End of Capitalism The end of capitalism has been declared more than once throughout history, but it is under assault. A Wall Street Journal article today b...

The U.S. is well into the second wave of COVID cases and a number of states are reinstituting shutdowns and quarantines, especially targeting restaurants,...

Mar 21 Corn closed at $4.235/bushel, up $0.0225 from yesterday's close.  Mar 21 Wheat closed at $6.145/bushel, up $0.18 from yesterday's close. ...

The markets are bullish and global food prices are rising but stocks of wheat, corn, and soybeans are ample. Over the past 40 years, the world’s popu...

THE OPEN Jan beans: 3 higher Jan meal:  .70 lower Jan soyoil:  7 higher March corn:  1 1/2 lower March wheat:  7 1/2 higher Wheat price...

GOOD MORNING, Prices are mixed this morning with the largest feature a rally in wheat.  Russian officials are considering imposing a wheat export tax...

SPREADS March crush trades to 90.67c/bu while oilshare trades above 33.0% to 33.42%.  The July/Dec corn inverse falls to 14c from 17 1/2c, and values...

Wheat:  Net sales of 616,500 metric tons (MT) for 2020/2021 were up 38 percent from the previous week and 42 percent from the prior 4-week average.&nb...

The soybean oil price is forecast at 36 cents per pound, up 1.5 cents with cash prices reaching the highest level in the past six years...

The soybean meal price is projected at $370 per short ton, up 15 dollars...

soybean ending stocks for 2020/21 are projected at 175 million bushels.  If realized, ending stocks would be the lowest since 2013/14. Soybean and soy...

U.S. corn supply and use outlook is unchanged from last month.  The projected season-average farm price is unchanged at $4.00 per bushel. ...

The outlook for 2020/21 U.S. wheat is for unchanged domestic use, higher exports, and lower ending stocks. The season-average farm price is unchanged at $4...

The WASDE report was largely neutral but the bulls got ahead of themselves beforehand and then got put on the defensive after its release. The WASDE didn&r...

USDA held total red meat and poultry production steady in today’s WASDE. Broiler production was reduced 0.33 percent from last month based on hatcher...

Mar 21 Corn closed at $4.2125/bushel, down $0.025 from yesterday's close.  Mar 21 Wheat closed at $5.965/bushel, up $0.1325 from yesterday's close.&nb...

Thoughtless Londoners First Canadian Prime Minister Justin Trudeau came out in support of India’s protesting farmers and now thousands protest in Lon...

Soy Export Sales Highlights Today’s USDA/FAS export sales report indicated exporters of U.S. soybeans had moderate success in the week ending 3 Decem...

THE OPEN Jan beans:  11 1/2 higher Jan meal:  3.90 higher Jan soyoil:  65 higher March corn:  2 3/4 higher March wheat:  11 higher...

GOOD MORNING, Report time and we will be more informed after we see the numbers.  Wheat gets a boost from comments from Russia about trying to contain...

SPREADS March crush trades to 93.18c/bu while oilshare trades back over 33.0% to 33.22%.   Spreads firm this AM with Jan/March beans trading into...

The CBOT settled higher ahead of the December WASDE with soybeans emerging as the early upside leader. Wheat futures posted strong gains for the day as wel...

The Trump Administration started a more robust process of conditioning the offer of nonreciprocal import tariff relief to developing countries under the Ge...

Paying for Greener Food The drive toward conditioning food imports on sustainable farming practices is frightening developing countries and thus provoked t...

Mar 21 Corn closed at $4.2375/bushel, up $0.04 from yesterday's close.  Mar 21 Wheat closed at $5.8325/bushel, up $0.1325 from yesterday's close. ...

Macroeconomic Trends Food Prices in November Decline Year-On-Year For the first time since January 2018, average monthly food prices in China were down on...

THE OPEN Jan beans:  11 higher Jan meal:  4.00 higher Jan soyoil:  13 higher March corn:  2 3/4 higher March wheat:  2 1/2 higher...

Russian Grain Markets: 30 November-4 December 2020 Russian domestic market wheat prices moved in different directions, but the changes were moderate. Proce...

SPREADS March crush falls to 91.52c/bu while oilshare falls to 32.89%.  March/May corn trades from 2 3/4c to 3 1/4c carry, while July/Dec corn prices...

GOOD MORNING, Prices are mostly higher as the mission lately is to walk prices back towards trading range lows to confirm they are indeed value levels.&nbs...

Sustainability Rises The USDA transition team for President-Elect Joe Biden is emphasizing increased conservation efforts for the industry. After U.S. agri...

The CBOT declined broadly on Tuesday as fund liquidation and weak chart conditions won out against end user pricing/importer buying. Funds were net sellers...

According to the U.S. Energy Information Administration, at the end of November, U.S. distillate inventories fell to 145.8 million barrels, which was back...

Under the US-Mexico-Canada Agreement (USMCA), Ottawa was to improve management of its dairy import TRQ’s and end Class 6 and 7 dairy pricing discipli...

Mar 21 Corn closed at $4.1975/bushel, down $0.0425 from yesterday's close.  Mar 21 Wheat closed at $5.7/bushel, down $0.075 from yesterday's close.&nb...

THE OPEN Jan beans: 10 lower Jan meal:  3.80 lower Jan soyoil:  58 lower March down:  2 1/2 lower March wheat: 3 1/4 lower The markets opene...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Egypt’s Agriculture Ministry says that about 3.63 million acres (3.5 million feddans) w...

GOOD MORNING, Trading ranges for heading into the December 10 WASDE report at 11:00 central time.  Prices bounce as traders are expecting the trend of...

SPREADS Goldman roll continues with the Jan/March bean spread continuing to capitulate trading out to 5 1/4c from 4 1/2c.  Dec/March corn remains narr...

The CBOT opened sharply weaker on Sunday night, but that weakness attracted bottom-picking and end-user buying that turned markets around. In total, the CB...

Last week we reported on the deliberations for a continuing resolution appropriations bill and the policy debate on the next round of COVID. As noted, the...

Mar 21 Corn closed at $4.24/bushel, up $0.035 from yesterday's close.  Mar 21 Wheat closed at $5.775/bushel, up $0.02 from yesterday's close.  Ja...

All/Any Trade Agreements University of Sydney sociologist and foreign policy columnist Salvatore Babones calls the recently agreed Regional Comprehensive E...

Maize is harder to grow, or at least harder to grow well. Crop yields vary tremendously across the hundreds of countries where grown but the disparity is m...

Wheat Last week’s rains slowed the wheat harvest, which advanced 9 percent last week. Argentina’s wheat crop is 40 percent harvested with yield...

Regional News  Reports from Russia suggest that nearly one-quarter of the winter wheat crop is in poor condition, the highest such rating since 2013.&...

THE OPEN Jan beans:  10 /14 lower Jan meal:  3.00 lower Jan soyoil:  42 lower March corn:  3 3/4 lower March wheat:  7 1/2 lower T...

SPREADS March crush trades to 95.81c/bu while oilshare trades to 33.19%.   Dec/March corn trades to 3 1/2c carry from 4c, while March/May trades...

GOOD MORNING, Better rains in SA and a quiet China export picture weighed on the markets overnight.  Whether the rains are sufficient is a question, b...

The CBOT ended lower with profit taking and technical weakness pressuring futures. Corn and wheat were the downside leaders, and the corn market marked a b...

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

Changing Policy Focus Elections have consequences and usually that means a change in policy focus. Congressional Democrats complain that President Trump ha...

Mar 21 Corn closed at $4.205/bushel, down $0.06 from yesterday's close.  Mar 21 Wheat closed at $5.755/bushel, down $0.09 from yesterday's close. ...

There are 23 committees in the House of Representatives; four have an outsized impact on agriculture, including Agriculture, Ways and Means, Appropriations...

The extremely dry conditions in Argentina illustrate the low level of irrigation in many countries around the world. In terms of number of irrigated hectar...

THE OPEN Jan beans:  2 1/2 lower Jan meal:  2.90 lower Jan soyoil:  42 higher March corn:  4 lower March wheat:  3 1/4 lower The m...

GOOD MORNING, Prices are continuing to chop back and forth in trading range activity.  Bulls want to see if this week's lows can hold.   Whe...

SPREADS March crush trades at 97c/bu while oilshare trades up to 32.97%.   Jan/March beans move from 1 1/2c to 2 1/2c carry.  March/May meal...

Demand and weather remain the two market movers, barring anything in next week’s USDA WASDE report that says otherwise. And then it is more likely to...

USDA released its 2020 Farm Income forecast yesterday. It has been a tough year for broilers. Receipts are expected to fall $6.7 billion (23.7 percent) in...

Told You So USDA’s ERS warned that the EU’s Green Deal Farm to Fork policy would lead to a decline in production but Brussels denied the negati...