Wheat, corn, and soybeans all opened higher, as called, and posted fresh highs for their respective rallies. Only wheat, however, was able to hold gains as...

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

Crying Uncle With seeming impunity, U.S. President Donald Trump has helped Taiwan and called for an investigation into the coronavirus mistakes in China. I...

Dec 20 Corn closed at $4.02/bushel, down $0.0175 from yesterday's close.  Dec 20 Wheat closed at $6.2525/bushel, up $0.07 from yesterday's close. ...

Commodity prices have been on the rise and most of the attention until this week has been on the supply side with worries about weather. In recent days it...

Back in 2013, under the U.S. sugar program, sugar refiners and processors were headed toward forfeiting more than 350,000 MT of sugar under loan, which tri...

THE OPEN January beans:  6 1/2 higher December meal:  1.40 higher December soyoil:  32 higher December corn:  3 1/4 higher December whe...

Wheat:  Net sales of 528,500 metric tons (MT) for 2020/2021 were unchanged from the previous week, but up 23 percent from the prior 4-week average.&nb...

SPREADS Dec. crush trades to 1.23c/bu while oilshare trades below 31.0% to new lows of 30.89%.  Spreads remain strong with Dec/Dec trading to a 12c in...

GOOD MORNING, Prices made new highs for meal, corn, and wheat as the bull market rolls on.  Corn basis is firm, as are cash markets across the world.&...

There were lots of large worries in the big picture but not so much in agriculture today as it carried on in a mostly bullish affair. The macro markets are...

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, has suggested that American’s may have to “bite the b...

Dec 20 Corn closed at $4.0375/bushel, up $0.0725 from yesterday's close.  Dec 20 Wheat closed at $6.1825/bushel, up $0.215 from yesterday's close.&nbs...

Biden Implications to Phase One At this juncture, China needs soybeans, corn and other products, and the U.S. is currently the lowest cost supplier of some...

China Continues to Buy U.S. Soybeans Because of the Columbus Day holiday on Monday USDA will not issue its weekly export sales report until tomorrow. Howev...

THE OPEN November beans:  15 3/4 lower December meal:  2.00 lower December soyoil: 98 lower December corn:  2 lower December wheat:  2...

In some manner every annual crop cycle is different from its predecessors even if those differences are small enough to fade from memory over time. However...

SPREADS Dec. crush trades to 1.17/bu while oilshare trades down to 31.24%.   Corn spreads continue strong with Dec/Dec now inverting to 4c from 2...

GOOD MORNING, Prices are mixed this morning with all lower except wheat.  Nervous longs are exiting soyoil and beans on weak overnight price action.&n...

Goose and the Gander President Donald Trump says he wants to make the U.S. a manufacturing powerhouse no longer dependent on China. Those in agriculture ha...

Argentina has used the differential export tax for many years to favor the export of processed soyoil and soymeal over soybeans. The policy supports an ind...

The CBOT opened in-line with expectations with continued firmness in corn and soybeans after USDA announced another round of daily export sales. Wheat init...

Dec 20 Corn closed at $3.965/bushel, up $0.0525 from yesterday's close.  Dec 20 Wheat closed at $5.9675/bushel, up $0.0275 from yesterday's close.&nbs...

Livestock China’s Feed Demand Continues to Climb as Hog Industry Recovers According to the latest survey results from China’s National Feed Ind...

THE OPEN November beans:  6 higher December meal:  3.50 higher December soyoil:  4 higher December corn:  1 higher December wheat: ...

Russian Grain Markets: 5 - 9 October 2020 Russian domestic market prices for wheat and barley kept growing and corn prices also grew significantly. Export...

SPREADS Dec crush trades at 1.10c/bu while oilshare trades at 31.86% as meal gains on soyoil this morning.  Dec/March corn firms into 7 1/2c from 8c,...

GOOD MORNING, Prices are mixed to begin the session with beans and meal higher, lower elsewhere.  Rumors continue that China is in the market for bean...

It was a classic Turnaround Tuesday at the CBOT with yesterday’s weakness attracting end user demand. As WPI’s Jody Lefcourt noted earlier toda...

Dec 20 Corn closed at $3.9125/bushel, up $0.0225 from yesterday's close.  Dec 20 Wheat closed at $5.94/bushel, down $0.0025 from yesterday's close.&nb...

The on-again, off-again negotiations over the next round of COVID relief entered a new phase this week. The White House offered a compromise $1.8 trillion...

Kiwi Future New Zealanders go to the polls on 17 October and while the popular Labour Party is expected to easily retain control of the government, agricul...

The agriculture sector is under strong criticism for its harm to the environment. Multilateral disciplines on agricultural subsidies are considered too wea...

THE OPEN November beans: 5 higher December meal: 1.80 higher December soyoil:  13 higher December corn:  3/4 higher December wheat:  1 1/4 h...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Egypt’s Consumer Price Index for “urban consumers” is said to have increased 3.8...

SPREADS Dec. crush trades 1.11c/bu while oilshare trades to 32.18% , popping back over the 32.0% level.  Dec/Dec corn spreads are still firm trading f...

GOOD MORNING, Turn-around Tuesday is here on cue, with yesterday's break finding good pricing and buying interest.  Good bull markets typically have h...

Certainty over U.S. production and tentative trade overnight set the stage for long profit taking and a weaker CBOT to start the week. The soy complex sold...

Dec 20 Corn closed at $3.89/bushel, down $0.06 from yesterday's close.  Dec 20 Wheat closed at $5.9425/bushel, up $0.005 from yesterday's close. ...

Chemophobia will Bite Back Chemophobic activists in Europe are demanding that pesticides banned from use in Europe also be prohibited from manufacture and...

The second round of the CFAP program – i.e. CFAP 2 – has already begun making payments. WPI provided a summary on how the program was structure...

Regional News  European weather conditions remain concerning for 2021 winter crops. While eastern Europe and western Ukraine are slated for rains in t...

In the classic position of a wheat exporting nation, consumers that have traditionally consumed rice as a food grain ultimately become wheat consumers. Thi...

Wheat Weather conditions continue to work against the Argentine wheat crop. Rains are still absent and soil moisture levels are depleting rapidly. Forty-se...

THE OPEN November beans:  6 lower December meal:  2.70 lower December soyoil:  3 lower December corn:  1/2 higher December wheat: ...

SPREADS Dec. crush trades up to 1.06c/bu while oishare trades to 31.98%.   Dec/Dec corn remains firm with prices trading into 1 1/4c from 1 3/4c...

GOOD MORNING, The USDA report is out of the way, and the numbers were bullish for beans, and neutral to bullish corn.  Wheat found some surprising bea...

USDA offered a mix of surprises and as-expected numbers in the October WASDE. The agency, as expected, offered lower corn and soybean production figures fo...

Today’s WASDE showed USDA’s combined red meat and broiler production forecast down 1.5 percent from 2019, and down 2.8 percent from the March W...

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

Big on Stimulus As is the raucousness of Donald Trump, he was for an economic stimulus package with the Democrats before he was against it and now is for i...

Dec 20 Corn closed at $3.95/bushel, up $0.08 from yesterday's close.  Dec 20 Wheat closed at $5.9375/bushel, down $0.015 from yesterday's close. ...

 The soybean oil price forecast is raised 0.5 cents to 32.5 cents per pound...

The soybean meal price is forecast at $335.00 per short ton, up $20.00. ...

Agriculture is being singled out for its deleterious impacts on the environment. The current popular target is deforestation, largely for its adverse impac...

USDA reduced ending stocks of U.S. soybeans for the 2020/21 season and decreased global ending stocks:  U.S. soybean supplies for 2020/21 are forecast...

USDA reduced ending stocks of corn for the 2020/21 season and decreased global ending stocks:  U.S. corn production is forecast at 14.722 billion bush...

USDA reduced ending stocks of wheat for the 2020/21 season but increased global ending stocks:  U.S. wheat supplies are reduced by 32 million bushels...

THE OPEN November beans:  6 3/4 higher December meal:  3.00 higher December soyoil:  69 higher December corn:  4 1/2 higher December wh...

SPREADS Dec. crush trades to 1.04c/bu while oilshare is firming to 31.71%.  Bull spreads remain firm, with Dec/Dec corn trading into 2 3/4c from 5c, w...

GOOD MORNING, Price action has been guided for most of the week by current demand and speculation about today’s October WASDE report. Based on where...

Pork export sales hit a yearly high for the week ending 1 October at 60,200 tons, which was 152 percent of the four-week average. China bought close to hal...

The major markets were called higher at the open and that is where they went. Soybeans and soymeal actually hit contract highs today. Wheat was the first t...

Dec 20 Corn closed at $3.87/bushel, down $0.0175 from yesterday's close.  Dec 20 Wheat closed at $5.9525/bushel, down $0.1225 from yesterday's close.&...

Wheat:  Net sales of 530,600 metric tons (MT) for 2020/2021 were up 5 percent from the previous week and 27 percent from the prior 4-week average. &nb...

Experience versus Korea The runoff to be the next leader of the WTO is between Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee. B...

U.S. Soy Export Sales Today’s USDA export sales report once again indicated exporters had great success selling U.S. soybeans in the week ending 1 Oc...

THE OPEN November Beans:  16 1/4 higher December Meal:  9.40 higher December Soyoil:  14 higher December Corn:  4 higher December Wheat...

Monthly Summary September Surge Driven by Soybean Complex, Palm Olein, and Corn With China’s economy rapidly returning to pre-COVID-19 levels in the...

SPREADS Bullspreads remain strong along with crush.  Dec crush gaps higher top 1.13.39c/bu while oilshare struggles at 31.08%.  Dec/Dec corn trad...

Here is an interesting riddle: With USDA likely to increase its already record large 2020/21 world wheat production estimate a few MMT in Friday’s Oc...

GOOD MORNING, Prices continue to trade upward into the report with technical momentum continuing in the bull's camp.  All markets except soyoil post n...

Due to the holiday closures in China this week, China In-Country Analysis will be delayed. ...

Vice Presidential Debate Mike Pence debates challenger Kamala Harris tonight for the right to be vice president over the next four years. Some will be look...

Cash corn prices in the U.S., Argentina and Brazil tend to move in similar ways, with Argentina showing brief instances of outlier status. However, compar...

CBOT markets traded both sides of unchanged overnight but were higher heading into the morning’s open. The day trade saw prices immediately move sha...

Dec 20 Corn closed at $3.8875/bushel, up $0.0375 from yesterday's close.  Dec 20 Wheat closed at $6.075/bushel, up $0.1475 from yesterday's close.&nbs...

THE OPEN November beans:  9 higher December meal:  3.50 higher December soyoil:  30 higher December corn:  4 higher December wheat:&nbs...

Russian Grain Markets: 28 September - 2 October 2020 Domestic Russian market prices for wheat and barley grew significantly, but at a slower rate than the...

SPREADS  Dec crush trades to 1.05c/bu while oilshare trades town to 31.58%.  Bullspreads are firm, with Dec/Dec corn trading into 7 3/4c from 10...

GOOD MORNING,  Bullish chart formations continue to trigger technical fund buying activity.  Meal values continue to lead over soyoil, which repr...

Soybeans and corn led the CBOT higher with fund buying continuing to fuel the bullish fire. Upside breakouts on the soybean, corn, and wheat charts led to...

The Energy Information Administration (EIA) released its October Short Term Energy Outlook (STEO) cutting ethanol, biodiesel, and gasoline use projections...

Given China’s pork shortage and its concurrent sensitivity to imports, some have speculated that pork has been entering the country, or is poised to,...

Dec 20 Corn closed at $3.85/bushel, up $0.055 from yesterday's close.  Dec 20 Wheat closed at $5.9275/bushel, up $0.085 from yesterday's close. ...

THE OPEN November beans:  14 1/4 higher December meal;  5.50 higher December soyoil:  56 higher December corn:   4 1/4 higher Dece...

GOOD MORNING, Prices are mostly higher led by beans, and a good recovery in soyoil futures.  The catalyst for higher trade in beans is the weather, wh...

SPREADS Dec. crush trades to 99.36c/bu while oilshare trades to 32.18%.  Spreads are firmer with Dec/Dec corn narrowing into 11 1/4c from 12 1/4c.&nbs...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Jordan reports wheat stocks on hand of 1.35 MMT – enough, they say, to cover all requir...

The CBOT opened as called with bull spreading between grains/soybeans. Wheat was the upside leader as production risks are growing for the Northern Hemisph...

After inching their way up last week, Class III milk futures broke $20/cwt and stayed there today. Cheese prices remain strong, but with a big gap in the c...

China is the world’s largest pork producer with output double the size of the second biggest pig maker, the EU. ASF caused the Middle Kingdom’s...

Ballot Initiatives Elections in the U.S. bring with them ballot initiatives, either initiated by citizens or the legislatures. This year there are at least...

Dec 20 Corn closed at $3.795/bushel, down $0.0025 from yesterday's close.  Dec 20 Wheat closed at $5.8425/bushel, up $0.11 from yesterday's close.&nbs...

Wheat  Argentina’s wheat crop continues to suffer from drought from the center of the wheat-growing region to the north of the country. Last wee...

Regional News  More favorable weather patterns have developed over Europe and western Ukraine in recent weeks. Last week saw widespread rainfall acros...

THE OPEN November beans: 1/4 higher December meal: 1.90 lower Dec soyoil:  40 higher Dec corn:  1 1/2 higher Dec wheat: 10 higher The markets ope...

SPREADS Dec. crush trades to 1.02c/bu while oilshare trades below 32.0% to 31.38%.  Bull spreads are firmer with Dec/Dec corn trading into 10 1/4c fro...

GOOD MORNING, Prices are mixed this morning with wheat futures setting new highs again this morning while meal corrects to the downside against soyoil.&nbs...

The CBOT started out weaker but found generally solid buying interest. Traders that were unable to exit shorts/trade the upside move on Wednesday are takin...

By now everyone has read that the Supreme Court in Ireland has ruled that the bread used for Subway sandwich shop sandwiches does not meet the legal defini...

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

Oats are mostly a North American crop. Canada produces 72 percent of the world’s oats, and the U.S. imports 67 percent of globally traded oats. Mexic...

Dec 20 Corn closed at $3.7975/bushel, down $0.03 from yesterday's close.  Dec 20 Wheat closed at $5.7325/bushel, up $0.03 from yesterday's close. ...

Every election year has an October surprise; President Trump, as has been well publicized by the media, tested positive for COVID-19 yesterday. Outside mar...

THE OPEN November beans:  8 lower December meal:  1.40 lower December soyoil:  77 lower December corn:  2 1/4 lower December wheat:&nbs...

SPREADS Dec. crush trades to 94.41c/bu while oilshare trades to 4 month lows at 31.34%.  Spreads are weaker along with flat price, with Dec/Dec corn t...

GOOD MORNING, The Sep. 1 report is out of the way and in its wake is market digestion.  After a large rally, prices are lower this morning as we enter...

Yesterday’s surprise NASS reduction in stocks continued to reverberate through the market today but now eyes turn toward next week’s USDA WASDE...

Export Taxes Brazil’s Minister of the Economy, Paulo Guedes, is reportedly considering whether to impose a tax on his country’s agricultural ex...

Earlier this summer, the NCBA unanimously adopted a policy resolution calling for increased cash market transactions. The final details of the program shou...

Dec 20 Corn closed at $3.8275/bushel, up $0.0375 from yesterday's close.  Dec 20 Wheat closed at $5.7025/bushel, down $0.0775 from yesterday's close.&...

U.S. Bans Imports of Crude Palm Oil from Malaysian Company FGV Holdings The U.S. Government yesterday banned imports of crude palm oil from the Malaysian F...

THE OPEN November beans:  4 higher December meal:  3.20 higher December soyoil:  10 lower December corn:  4 higher December wheat: ...

Efforts to avoid the COVID-19 virus have forced us into what has become many weeks of home bound hibernation. We have plenty of time to ponder the world ar...

Wheat:  Net sales of 506,300 metric tons (MT) for 2020/2021 were up 44 percent from the previous week and 15 percent from the prior 4-week average. Co...

SPREADS Dec. crush trade to 96.88c/bu while oilshare falls to 32.44%.  Bullspreads are strong with Dec/Dec corn moving into 11c from 13c, and Dec/Marc...

GOOD MORNING, Prices were higher yesterday post report, with follow-through activity this morning.   Breaking it all down we find the following:&...

CPTPP Rationale Rises  U.S. House Republicans issued a list of 83 actions that should be taken to strengthen the nation’s countermeasures to Chi...

The September Grain Stocks report did not fail to excite, coming in with surprisingly bullish numbers that sent soybeans as much as 41 cents higher. Wheat...

Few markets are as distorted as those involving agriculture. Governments typically impose higher tariffs on food to support domestic production even when i...

Dec 20 Corn closed at $3.79/bushel, up $0.1425 from yesterday's close.  Dec 20 Wheat closed at $5.78/bushel, up $0.285 from yesterday's close.  N...

Livestock China’s Live Hog and White Feather Broiler Markets Fall Further With China’s National Day holiday and Mid-Autumn Festival kicking off...

Russian Grain Markets: 21 – 25 September 2020 Domestic Russian prices for wheat and barley grew sharply, especially in the south. Corn prices mainly...

THE OPEN November beans:  1 lower December meal:  .90 lower December soyoil:  30 lower December corn:  1/2 lower December wheat: ...

SPREADS Dec crush trades to 93.69c/bu while oilshare is 32.79%.  Dec/March corn trades weaker from 9-9 1/2c while Dec/Dec trades from 18 1/2c to 19 1/...

GOOD MORNING. Prices are mixed heading into the report.  Wheat prices are higher against the other markets, having the least length.  Technically...

WPI's monthly publication features a review of the past month's market and policy developments. This issue reviews notable changes in agriculture trade, th...

In May, the House or Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act - the fourth COVID-19 relief package,...

CBOT products were generally lower as the end of the month approaches and profits are taken off the table. Tomorrow is first notice day for October soymeal...

Battle over Meat  COVID-related restrictions have increased meal consumption at home, and it is reported that per capita meat consumption has concurre...

Researchers have combed the historical literature and warned about the impacts of COVID-19 but not all the predictions have proved accurate. As countries i...

Dec 20 Corn closed at $3.6475/bushel, down $0.02 from yesterday's close.  Dec 20 Wheat closed at $5.495/bushel, down $0.0075 from yesterday's close.&n...

Dec 20 Corn closed at $3.6475/bushel, down $0.02 from yesterday's close.  Dec 20 Wheat closed at $5.495/bushel, down $0.0075 from yesterday's close.&n...

THE OPEN November beans:  7 lower December meal:  1.90 lower December soyoil:  52 lower December corn:  3 lower December wheat:  2...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  There is a great deal of concern in North Africa about the effect that the second wave of COV...

SPREADS Dec crush trades to 98.96c/bu while oilshare trades up to 33.0%.  Corn spreads are slightly weaker, with Dec/March trading out to 9c from 8 1/...

GOOD MORNING, Prices are lower this morning as funds remain long across the board and decide to lighten up a bit heading into tomorrow's September 30 stock...

The CBOT opened as called with profit taking developing in the soy complex and to a lesser extent wheat and corn. The grain markets firmed heading into the...

Last week, Representative Cheri Bustos (D-Illinois) introduced the Next Generation Fuels Act. The legislation would establish a new 98 octane standard for...

World Non-Trade Organization The World Trade Organization, emphasis on trade, might be thought of us a forum for reducing tariff and nontariff barriers to...

As U.S. wheat has become less competitive in global markets, production has been declining. While wheat exports are down 8 percent from their peak, product...

Dec 20 Corn closed at $3.6675/bushel, up $0.015 from yesterday's close.  Dec 20 Wheat closed at $5.5025/bushel, up $0.06 from yesterday's close. ...

Regional News  European consultancy COCERAL issued its latest series of crop forecasts on 25 September. COCERAL left its forecast of the EU wheat crop...

THE OPEN November beans:  1/2 higher December mela:  .20 higher December soyoil:  8 lower December corn:  2 1/4 lower December wheat:&n...

Sorghum Argentina’s sorghum planted area and production has steadily fallen since the 2011/12 campaign. The highest planted area was 1.27 Mha, which...

SPREADS Dec. crush firms to 1.03c/bu while oilshare trades to 32.63%.    Dec/March corn trades from 8c to 8 1/2c, while Dec/Dec trades from 17 3/...

GOOD MORNING, Prices are mixed this morning with trade on both sides of unchanged.  Oilshare had enjoyed an early overnight bounce, but gave it up by...

U.S. Cattle on Feed, for feedlots over 1,000 head, totaled 11.4 million – which is up 4 percent from September 1, 2019. This is the highest September...

Dec 20 Corn closed at $3.6525/bushel, up $0.0175 from yesterday's close.  Dec 20 Wheat closed at $5.4425/bushel, down $0.055 from yesterday's close.&n...

The CBOT firmed on Friday as the week-long selloff found support and markets look to be more or less comfortable with their current level. Funds were modes...

Forex Contradictions President Donald Trump may not understand the complexities of currency valuations, but he knows their importance. His concurrent chast...

USDA released its Cattle on Feed report today and the inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.4 million head, that is...

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

THE OPEN November beans: 3/4 higher December meal:  1.50 lower December soyoil:  14 higher December corn:  1 higher December wheat:  3...

This morning USDA announced a 100 KMT soymeal sale to unknown and it highlights one of the few areas where U.S. market share in bulk commodities has been i...

SPREADS Corn spreads remain strong vs. weaker bean spreads.  Dec/Dec corn narrows into 18c from 19 3/4, while Dec/March firms to 8c from 8 1/2c. ...

GOOD MORNING, The markets continue mixed this morning.  The larger question given the sell-off is whether the bull market is over?   Will fu...

USDA released its quarterly Hogs and Pigs report this afternoon. The report showed records for the quarter for all hogs and pigs and market pigs.  So...

Were today’s lower closes in corn and soybeans the market signal of a loss of confidence? Probably not. Volume was down across the board and everythi...

Dec 20 Corn closed at $3.635/bushel, down $0.05 from yesterday's close.  Dec 20 Wheat closed at $5.4975/bushel, up $0.0075 from yesterday's close.&nbs...

Huge U.S. Soybean Export Sales Last Week Today’s USDA/FAS export sales report for the week ending 17 September indicated exporters sold a huge amount...

One Person’s Poison WTO members questioned plans by Brussels for new subsidies to support organic farming. The EU claims the subsidies to be Green Bo...

THE OPEN November beans:  11 lower December meal:  3.50 lower December soyoil:  63 lower December corn:  3 1/4 lower December wheat:&nb...

The price action of modern commodity futures markets reflects the differing needs and opinions of a great many participating traders. Commercial interests...

SPREADS Dec crush trades to 1.02c/bu while oilshare falls to 32.05%.  Spreads are weaker with Dec/Dec trading out to 20 1/2c from 17 3/4.  Dec/Ma...

Wheat:  Net sales of 351,200 metric tons (MT) for 2020/2021 were up 5 percent from the previous week, but down 34 percent from the prior 4-week averag...

GOOD MORNING,  Prices are now bending under the weight of harvest, nervous longs, and some farmer selling pressure.  The stronger US dollar is pe...

Macro markets continued their “risk-off” trade Wednesday with the U.S. dollar rising 40 bps. That worked against wheat futures with both SRW an...

Dec 20 Corn closed at $3.685/bushel, down $0.0075 from yesterday's close.  Dec 20 Wheat closed at $5.49/bushel, down $0.09 from yesterday's close.&nbs...

Political analysis indicates that China is hoping Joe Biden wins the U.S. presidential election. His campaign says fully decoupling from China, a frequent...

Tomorrow’s weekly USDA Export Sales Report is an important measure of the pace of disappearance for U.S. grains, but another is the volume being load...

Livestock China’s Hog Sector Driving New Feed Demand According to the China Feed Industry Association, animal feed production climbed by 4.8 percent...

The attached PDF shows WPI's summary analysis and intrepretation for the latest Cold Storage report, published 22 September 2020 by the USDA. Bri...

Russian Grain Markets: 14-18 September 2020 Domestic Russian market prices for wheat and barley grew due to the demand created by exporters. Corn prices de...

THE OPEN November beans:  2 3/4 lower December meal:  3.70 higher December soyoil:  77 lower December corn:  2 lower December wheat:&nb...

SPREADS Nov crush trades 97.19c/bu while oilshare trades down to 32.74%.  Corn spreads are slightly weaker with Dec/Dec trading out to 19 1/4c from 17...

GOOD MORNING, Prices are mixed to begin the day with the major feature of lower oilshare.  Meal posts a new contract high against sharply lower soyoil...

Wine Sovereignty In a three-page joint declaration, fifteen states want flexibility to expand their production and self-sufficiency in wine, beer, and chee...

The CBOT opened higher with wheat and soymeal leading the way. Corn followed wheat higher but soon fell back and entered a choppy trading pattern for the d...

The U.S. dairy industry has suffered supply/demand imbalances for decades, but the problem continues to be generated on the supply side of the equation. Wh...

The EU has extended its countervailing duties (CVDs) on U.S. biodiesel which was set to expire this month. The duties were put in place in 2009, renewed in...

Dec 20 Corn closed at $3.6925/bushel, down $0.005 from yesterday's close.  Dec 20 Wheat closed at $5.58/bushel, up $0.0325 from yesterday's close.&nbs...

THE OPEN November beans:   6 3/4 higher December meal:  4.00 higher December soyoil:  27 lower December corn:  3/4 higher December...

SPREADS Nov crush trades to 87.63c/bu while oilshare trades down to 33.70%.  Spreads in nearby corn is slightly firmer trading from 17 1/4c to 20c for...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Algeria’s change in wheat specifications for bug damage should allow Black Sea exporter...

GOOD MORNING, Prices traveled into further losses this AM before finding more stability, as each of the markets needed a correction to alleviate overbought...

The CBOT issued its first real test of bull’s commitment since the present rally started in August. Wheat futures posted a key reversal while corn fu...

The government of Narendra Modi is pushing through reforms to make Indian agriculture more market-oriented, but it has become a huge political fight within...

During the last decade, the total amount of multilateral donations to least-developed countries for agriculture increased by 80 percent. The share of all f...

After last week’s EPA announcement on gap year SREs, the agency updated its actions on the SRE waivers, denying more than 50 petitions. There are sti...

Dec 20 Corn closed at $3.6975/bushel, down $0.0875 from yesterday's close.  Dec 20 Wheat closed at $5.5475/bushel, down $0.2025 from yesterday's close...

Regional News  Most of Europe and the Black Sea remain in a rainfall deficit with drought increasingly severe in parts of southeast Europe and western...

Wheat Argentina’s wheat production for the coming campaign is being divided into three regions. The northern end of the country reduced planted area...

THE OPEN November beans:  5 3/4 lower December meal:  .40 lower December soyoil:  39 lower December corn:  2 1/4 lower December wheat:&...

GOOD MORNING, Prices started the evening mixed but turned lower by morning.  Harvest weather over the next two weeks appears to be perfect.  Curr...

SPREADS Dec crush trades to 94.73c/bu while oilshare falls to 33.70%.  Nov/Jan beans move out to 4 1/2c from 3 3/4c, while Jan/March inverts to 9 1/4c...

The CBOT continues to scream higher with Chinese buying of U.S. corn and soybeans underpinning prices. Managed money funds have been aggressive buyers as t...

There are three key pots of money for agriculture support: a second round of CFAP, additional relief for COVID, and the regular budget. One has been settle...

ICT’s Importance A decline in the growth rate of total factor productivity is common in mature economies even as government policies seek to accelera...

Dec 20 Corn closed at $3.785/bushel, up $0.0325 from yesterday's close.  Dec 20 Wheat closed at $5.75/bushel, up $0.1875 from yesterday's close. ...

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

THE OPEN November beans:  9 higher December meal:  3.50 higher December soyoil:  7 higher December corn:  1 higher December wheat: ...

Starches and protein are the largest caloric components of the western diet and WPI analyzes them all day long. Notably, the onion is one of the most impor...

SPREADS Dec crush trades to 92.15c/bu while oilshare trades to 34.24%.  Dec/March corn trades to 8 1/4c from 8 3/4c, while Dec/Dec narrows to 11 1/2c...

GOOD MORNING, The charts continue to throw off bullish technical signals, so the funds are buying the open and running with it.  The continuing report...

The market has been on a tear and it is all based on current demand from China and speculation that it will continue. Current demand prompts news articles...

Post-November Economy Fiscal recklessness has its limit, and this will come home to roost. Having already borrowed and spent $3 trillion to revive the COVI...

The final 2019 dairy utilization data from USDA released this week shows that per capita conumption of milk is at an historic high of 650 pounds. Annual d...

Dec 20 Corn closed at $3.7525/bushel, up $0.035 from yesterday's close.  Dec 20 Wheat closed at $5.5625/bushel, up $0.1425 from yesterday's close.&nbs...

China Urged to Prioritize Corn, Wheat and Rice Production Over Soybean Production Speakers at this year’s China Soybean Industry International Summit...

THE OPEN November beans:  2 1/4 lower December meal:  .40 lower December soyoil:  3 lower December corn:  1 14/ lower December wheat:&n...

Wheat:  Net sales of 335,700 metric tons (MT) for 2020/2021 were down 31 percent from the previous week and 42 percent from the prior 4-week average...

SPREADS Dec crush trades to 88.99c/bu while oilshare trades to 34.91%.  Dec/Dec corn trades from 16 1/2c back out to 18 3/4c.  Dec/March corn tra...

GOOD MORNING, Prices were stronger with beans rallying higher as more rumors of Chinese business hit the wires.  The outlook for China's bean and corn...

Grain and soy futures markets often pose more questions than answers. In terms of trade volume and volatility that is a good thing since it is questions no...

Previous Status Quo EU Director General for Trade Sabine Weyland says bilateral relations with the U.S. need to be improved, but not through more liberaliz...

The CBOT drifted lower overnight with corn and soybeans testing technical support. That weakness was short-lived in soybeans, however, as rumors of Chinese...

Dec 20 Corn closed at $3.7175/bushel, up $0.0575 from yesterday's close.  Dec 20 Wheat closed at $5.42/bushel, up $0.0375 from yesterday's close. ...

  THE OPEN November beans:  6 1/2 higher December meal;  3.90 higher December soyoil:  15 higher December corn:  1 higher December...

Livestock China Furthers Stimulates Live Hog Production and Risks Grow China’s Ministry of Agriculture and Rural Affairs (MARA) recently announced an...

Russian Grain Markets: 7-11 September 2020 Domestic Russian market wheat and barley prices mainly grew due to export demand. Corn prices were stable in the...

SPREADS Dec crush trades to 89.25c/bu while oilshare trades lower down to 34.66%.  Dec/Dec corn trades slightly weaker from 20 1/2c to 22 1/4c, while...

GOOD MORNING,  Funds were net sellers across the board yesterday on overbought concerns and the fact that for once beans could not turn the rally back...

Now halfway through the month of September, the CBOT is looking like the rally is ending, or at least on pause for a while. Row crops and wheat were lower...

The Federal Reserve Open Market Committee is meeting today and tomorrow, where it will revise its latest economic forecasts for the year and release its pl...

Dec 20 Corn closed at $3.66/bushel, down $0.035 from yesterday's close.  Dec 20 Wheat closed at $5.3825/bushel, down $0.075 from yesterday's close.&nb...

Revolutionizing EU Agriculture The European Public Heath Alliance says agricultural support and promotion should end its focus on competitiveness and inste...

It is noted that rice imports by Nigeria are declining, with increased border protections and larger domestic production to blame. However, the same dynami...

THE OPEN Nov beans:  2 3/4 higher Dec meal:  .30 higher Dec soyoil:  40 higher Dec corn:  1 1/2 lower Dec wheat:  4 3/4 lower The...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Egypt intends to have a commodity exchange in place for the first half of 2021. The exchange will t...

SPREADS November crush trades to 74.68c/bu while oilshare is slightly over 35.0% to 35.12%.  Dec/Dec corn trades from 19 1/2c to 20 1/2c, while Dec/Ma...

GOOD MORNING, Prices continue to remain well bid with no reversal signals in sight.  China continues to be around the market, Black Sea vegoil values...

The CBOT was mostly higher to start the week with soybeans and soyoil extending their rallies. Corn and wheat were firmer but posted a relatively lackluste...

It’s 50 days until the 2020 election. USDA is expected to announce the terms of the second round of CFAP payments this week and the Senate Democrats...

Branstad Departs Former Iowa governor and U.S. Ambassador to China Terry Branstad is departing his post in Beijing. Some call it a perilous time to leave g...

Dec 20 Corn closed at $3.695/bushel, up $0.01 from yesterday's close.  Dec 20 Wheat closed at $5.4575/bushel, up $0.0375 from yesterday's close. ...

China claims that its pig herd is now down 20 percent from before ASF decimated its stock, but USDA places the country's pork production down 33 percent. P...

Wheat The wheat market has become interesting over the past few weeks. At the beginning of September, the core agricultural area received an average of 25...

THE OPEN November beans:  6 1/2 higher December meal:  .10 higher December soyoil:  59 higher December corn:  3/4 higher December wheat...

Regional News  Weather patterns across much of Europe and the Black Sea remain lodged in a hot, dry trend causing likely delays and reductions in wint...

SPREADS October crush trades to 73.82c/bu while oilshare trades to 34.78%.  Spreads are slightly weaker today with Nov/Jan trading out to 3 3/4c from...

GOOD MORNING, Prices closed on a firm note and extended gains once more overnight as funds now establish long positions across the board.  November be...

The September WASDE failed to offer truly bullish surprises, but you wouldn’t know that from the CBOT’s reaction. The soy complex ended sharply...

Reports leaked out of the Administration this week that President Trump has directed EPA to deny all of the so-called gap year small refinery exemption pet...

 The soybean oil price forecast is 32.0 cents per pound, up 2 cents...

The soybean meal price is projected at $315 per short ton, up 25 dollars. ...

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

Soybeans – USDA reduced the estimated yield from 53.3 to 51.9 bushels per acre.  Beginning stocks for the 2020/21 season were also reduced. ...

Tough Time for WTO Robert Zoellick was U.S. Trade Representative (USTR) before he ran the World Bank and he knows a thing or two about politics and Washing...

Corn – USDA reduced U.S. corn ending stocks for 2020/21.  The average U.S. yield was reduced from 181.8 to 178.5 bushels per acre.  U.S.cor...

Dec 20 Corn closed at $3.685/bushel, up $0.035 from yesterday's close.  Dec 20 Wheat closed at $5.42/bushel, down $0.0625 from yesterday's close. ...

Wheat – USDA left U.S. wheat supply and demand outlook unchanged.   The 2020/21 global wheat outlook is for higher stocks - supplies were r...

Today’s September WASDE report reflects important adjustments in the projected ending stocks for corn, soybeans, and wheat. Overall, global stocks of...

Wheat:  Net sales of 484,400 metric tons (MT) for 2020/2021 were down 17 percent from the previous week and 14 percent from the prior 4-week average.&...

THE OPEN November beans:  8 higher December meal:  2.80 higher December soyoil:  17 higher December corn:  2 1/4 higher December wheat:...

SPREADS October crush trades to 63.09c/bu while oilshare sits just under 35.0% at 34.48%.  Nov/Jan bean spread firms into 3 12c from 4c as the bull ma...

GOOD MORNING, Prices are higher across the board this morning as positive technical price action continues and the bull market rolls on.  Beans, meal,...

The July monthly export data show both beef and pork down from year-ago levels but up from June. Compared to June, beef exports were up 36 percent in volum...

The market is frothy. Tomorrow’s USDA WASDE report could affirm today’s relatively bullish sentiment, or it could break it on fundamentals. The...

Dec 20 Corn closed at $3.65/bushel, up $0.0475 from yesterday's close.  Dec 20 Wheat closed at $5.4825/bushel, up $0.045 from yesterday's close. ...

Transatlantic Protectionism III The EU issued its “Strategic Foresight” report and it lays the groundwork for potentially more protectionism. I...

U.S. New Crop Soybean Export Sales Above Pace of 2016/17 As of today, U.S. exporters have reported to USDA the sale of 25.997 MMT of soybeans for export in...

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

These days we can sympathize with commercial grain and soy traders and fund managers as they try to figure out what futures prices and cash prices are like...

SPREADS October crush trades to 72c/bu while oilshare trades to 34.49%.  Nov/Jan beans remain firm at 4 1/4c from 4 1/2c, vs. values that were out to...

GOOD MORNING, Prices are mostly firmer with wheat leading the way in terms of market strength, which has allowed corn to trade higher.  Report day is...

Vertical Energy Temasek Holdings and Bayer announced an investment in vertical agriculture in Singapore. It should be noted that their focus is on producin...

The CBOT traded a relatively quiet day with corn consolidating and wheat attempting to turn lower before support entered on a break below key moving averag...

Some analysts have long argued that Chinese policymakers made a trade-off decision by favoring domestic corn production and soybean imports. Basically, the...

Macroeconomic Trends Food Inflation Falls in August, Remains Above 10 Percent Following a 2.2 percent increase in July, food prices fell in August to an an...

Dec 20 Corn closed at $3.6025/bushel, down $0.015 from yesterday's close.  Dec 20 Wheat closed at $5.4375/bushel, down $0.005 from yesterday's close.&...

THE OPEN November beans:  3 higher December meal:  2.20 higher December soyoil:  32 lower December corn:  1 1/4 lower December wheat:&n...

Russian Grain Markets: 31 August – 4 September 2020 Domestic Russian market prices for wheat and barley mainly grew. Corn prices were quoted for the...

SPREADS October crush trades to 74.71c/bu while oilshare trades to 34.58%.   Dec/Dec corn trades from 24 1/2c to 25 3/4c, while Dec/March trades...

GOOD MORNING, As we head into Friday's report, expect to see more position-evening from corn and bean bulls who have put a good rally in their pocket. ...

The CBOT opened on a mixed note with early selling pressure developing in the soy complex. By the afternoon, however, continued demand corn and soybeans pu...

Faded Green Wave While politicians on both sides of the Atlantic boast of bold plans for environmental protection, executing their initiatives is proving m...

There are 56 days until the 2020 elections. In addition to the Presidential election, all 435 seats in the House of Representatives are up for consideratio...

Dec 20 Corn closed at $3.6175/bushel, up $0.0375 from yesterday's close.  Dec 20 Wheat closed at $5.4425/bushel, down $0.06 from yesterday's close.&nb...

U.S. agricultural imports have been rising at a 6.42 percent annual rate over the past 25 years. Mostly due to duty-free goods under NAFTA, but also from E...

THE OPEN November beans:  3 1/2 lower December meal:  2.30 lower December soy oil:  16 higher December corn:  1 1/3 higher December whe...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan reports that the second 65,000 MT shipment of wheat has arrived from the Ukraine and...

GOOD MORNING, Prices are mixed this morning after several markets traded to technical target highs before encountering profit-taking.  The reversal tr...

SPREADS Oct. crush trades to 65.40c/bu while oil share trades to 34.79%.  Dec/Dec corn trades from 22c out to 26 1/4c, while Dec/March trades from 9 3...

The U.S. will celebrate Labor Day on Monday, 7 September, and the U.S. markets as well as our office will be closed that day. As a result, we will not upda...

Monday is the U.S. Labor Day holiday – it marks several things, including the nominal end of summer. With the end of summer comes a drop in gasoline...

Dec 20 Corn closed at $3.58/bushel, up $0.0425 from yesterday's close.  Dec 20 Wheat closed at $5.5025/bushel, down $0.03 from yesterday's close. ...

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

CBOT ag markets were mostly higher as traders added risk premia to corn and soybeans heading into what looks like a dry weekend for the Corn Belt. Wheat fu...

R Realignment with Labor Organized labor has historically aligned with the Democratic Party while Republicans were associated with management. Donald Trump...

Less than one month ago, the HRW and HRS leading contracts were at their record lows. The SRW leading contract hit its record low at the start of the marke...

Poor Advice for the Poor Former South African trade minister Rob Davies had some advice for developing countries that reflects the WTO’s leaderless,...

The uncertainty over yield and demand continues. The crop output side switches to bearish as improved rains are considered, but how much damage has there a...

USDA released its farm income forecast yesterday reflecting lower prices across the board for livestock and poultry. On the input expense side, purchases...

Dec 20 Corn closed at $3.5375/bushel, down $0.05 from yesterday's close.  Dec 20 Wheat closed at $5.5325/bushel, down $0.05 from yesterday's close.&nb...

Soy Export Sales Highlights Last week was a good one for exporters of U.S. soybeans and a fairly good one for soymeal exporters, according to today’s...

THE OPEN November beans: 2 higher December meal:  steady December soyoil:  29 higher December corn:  1 1/2 lower December wheat:  1 low...

Wheat:  Net sales of 585,400 metric tons (MT) for 2020/2021 were down 23 percent from the previous week, but up 4 percent from the prior 4-week averag...

NOTE: There will be no Technical Perspectives reports on 4 September. SPREADS  Nov. crush trades to 78.46c/bu while oilshare trades to 35.50%.  D...

GOOD MORNING,  Prices are mixed to higher this AM, with rainfall this week having a slightly dampening effect.  Beans are higher as more business...

During the past two decades one of the most important U.S. agricultural crop production trends has been the movement of corn and soybean plantings into tra...

Yesterday’s CBOT trends were reversed with the soy complex moving higher while wheat traded a steady, lackluster day. Corn and soybeans started the d...

In the year of COVID, it is difficult to assign precise reasons for changes in trade flows but following are some observations about U.S. agricultural trad...

Responding to Trump Protectionism European farm ministers answered Donald Trump’s “protectionism” with, well more protectionism. German F...

Dec 20 Corn closed at $3.5875/bushel, up $0.0075 from yesterday's close.  Dec 20 Wheat closed at $5.5825/bushel, down $0.0575 from yesterday's close.&...

Livestock China Meat Supply Projected to Increase in Last Quarter Of 2020 With the novel coronavirus largely contained and the economy firing on all cylind...

THE OPEN Nov beans:  5 1/4 lower Dec meal:     1.90 lower Dec soyoil:  12 higher Dec corn:  2 1/2 lower Dec wheat: ...

Russian Grain Markets: 24-28 August 2020 The domestic Russian market prices for wheat, barley and rye changed insignificantly. Corn prices started moving d...

SPREADS  October crush trades to 79.41c/bu while oilshare trades to 35.0%.  Nov/Jan beans trades from 5 3/4c to 6 1/4c.  Dec/March corn trad...

GOOD MORNING, Prices are on a back and fill mission, with trading ranges now being carved out from the top of the market.  The key reversal in soyoil...

The CBOT opened higher with support coming from USDA daily “flash” export sales announcements. Corn and soybeans started to weaken by mid-morni...

China Acquiescence Jeffrey Gerrish, the former deputy USTR for the Trump Administration is now back at his old law firm Skadden Arps and has little reason...

Reports from Brazil indicate that the government is leaning toward extending the TRQ for U.S. ethanol imports for 90 days (the TRQ expired yesterday). Ther...

Dec 20 Corn closed at $3.58/bushel, up $0.0025 from yesterday's close.  Dec 20 Wheat closed at $5.64/bushel, up $0.1175 from yesterday's close. ...

China has been purchasing significant volumes of corn at the same time it sits on the majority of the world’s surplus carryover of the grain. Its pol...

THE OPEN Nov beans:  1 higher Dec meal:  .30 lower Dec soyoil:  3 lower Dec corn:  1/2 lower Dec wheat:  1 higher Prices opened mo...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan’s Competition Committee (CCP) has said that the government should reduce its r...

SPREADS October crush trades down to 77.95c/bu while oilshare trades to 35.0% on a market pullback.  Dec/March corn trades into 9 1/2c from 10 1/4c.&n...

GOOD MORNING, Prices are mixed this AM with gaps filled in beans and still waiting in corn as the markets find some profit-taking heading into the Septembe...

The CBOT once again opened higher with expectations for further reductions in crop condition ratings fueling buying activity. Deliveries against September...

As Europe transitions to a low carbon economy amid COVID-related disruptions, there are rising concerns about developing shortages of basic materials. The...

Initial unemployment claims topped 1 million for the second week in a row after previously declining below that psychological line. Total initial claims we...

Dec 20 Corn closed at $3.5775/bushel, down $0.015 from yesterday's close.  Dec 20 Wheat closed at $5.5225/bushel, up $0.035 from yesterday's close.&nb...