Macroeconomics Food Inflation for October Spikes to 15.5 Percent With retail pork prices rising in October by a staggering 101.3 percent, China’s foo...

THE OPEN Jan beans:  2 lower Dec soyoil:  31 lower Dec meal:  .50 lower Dec corn:  1 3/4 lower Dec wheat:  3 3/4 lower The market...

Russian Grain Markets: 4-8 November 2019 Domestic Russian grain prices (excluding corn) continued to grow but the rate of growth slowed. Corn prices slight...

SPREADS Jan crush trades to 95c/bu while oilshare continues to adjust lower trading down to 33.78%.  Feature of the morning are spreads, which are wea...

GOOD MORNING, Prices are mixed overnight but continue to find liquidation in the soy complex led by soyoil, while wheat is giving up most of its short-cove...

China versus USMCA The U.S. Congressional calendar is tight and Trump trade negotiators only have so much band width. This is leading some in the Washingto...

Last week we reported on the backlog of propane deliveries across the Corn Belt and noted that farmers who have the capability to use natural gas have a re...

CBOT markets were largely firmer today with grains leading the way higher. Wheat futures posted double-digit gains as severe cold will cover the winter whe...

Dec 19 Corn closed at $3.7775/bushel, up $0.045 from yesterday's close.  Dec 19 Wheat closed at $5.17/bushel, up $0.1125 from yesterday's close. ...

U.S. cotton farmers are lamenting a season in which they planted a lot of acres, faced lower yields due to weather, lower prices due to competition from Br...

THE OPEN Jan beans: 1 lower Dec meal:  .40 higher Dec soyoil: 22 lower Dec corn:  1/4 lower Dec wheat: 1/4 higher The markets opened as called bu...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS: As had been rumored in recent weeks, Iran, Russia and Kazakhstan have now signed an official “me...

SPREADS Jan crush continues to firm, trading up to 96.24c/bu as oilshare corrects again today, trading down to 34.13%.   Volumes in corn continue...

GOOD MORNING, The soy complex continues to liquidate length on the back of a November WASDE that offered little to be bullish about, with the pattern of lo...

First things first, happy Veteran’s Day! All of us here at WPI extend a heartfelt “Thank you” to all who have served, and are currently s...

Dec 19 Corn closed at $3.7325/bushel, down $0.04 from yesterday's close.  Dec 19 Wheat closed at $5.0575/bushel, down $0.045 from yesterday's close.&n...

Brazil Disses G20 Some developing countries came out last week for more generous WTO terms, including expanded special and differential treatment and other...

The ASF outbreak has brought much attention to the world’s tenuous supply of animal protein. China is the largest producer of pork in the world but p...

In a recent interview with Politico, House Agriculture Committee chairman Collin Peterson (D-Minnesota) confirmed that he hasn’t decided whether he w...

Soybeans The market was quiet last week with Chinese buyers generally uninterested in securing soybeans, despite good crush margins in China, especially fo...

THE OPEN Jan beans:  6 1/2 lower Dec meal: 3.30 lower Dec soyoil: 20 higher Dec corn:  2 2/3 lower Dec wheat:  3 1/2 lower The markets opene...

Regional News Most of Southeast Europe has received beneficial rainfall in the past week, helping alleviate some concerns for winter crops. Still, those th...

SPREADS Jan crush firms to 95c/bu while oilshare trades up to 34.46% (heading to 35%?).   Nov/Jan bean spread trades back out to 12 1/2c from 11...

    GOOD MORNING, The November USDA report has come and gone, and it provided much less market volatility that in previous WASDA reports.  &...

USDA Estimates: The soybean oil price is forecast at $0.31 per pound, up $0.01 from last month on sharply higher reported prices through October. The forei...

USDA Estimates: The soybean meal price forecast is also unchanged at $325.00 per short ton.  Soybean crush is reduced 15 million bushels to 2.11 billi...

USDA Estimates: Soybean production is forecast at 3.55 billion bushels, down less than 1 million on fractionally lower yields and unchanged harvested area...

USDA Estimates: U.S. corn outlook is for lower production, reduced use, and smaller ending stocks.  Corn production is forecast at 13.661 billion bush...

USDA Estimates:  U.S. wheat this month is for smaller supplies, reduced domestic use, and lower stocks.  Wheat supplies are decreased 42 million...

The markets opened mostly lower (except soyoil) with modest short-position building and long liquidation ahead of the WASDE. The biggest news item of the m...

USMCA Down, Now Up U.S. House Democrats are sounding more positive about their ability to pass USMCA, though it is unclear whether it will be this year or...

Dec 19 Corn closed at $3.7725/bushel, up $0.02 from yesterday's close.  Dec 19 Wheat closed at $5.1025/bushel, down $0.0225 from yesterday's close.&nb...

USDA Secretary Sonny Perdue announced that his agency was “authorized” to make the second round of 2019 Market Facilitation Program (MFP) payme...

Perhaps exceeding the market’s expectations, USDA reduced the forecast for U.S. corn yield by 1.4 bushels/acre, resulting in a reduction in productio...

THE OPEN Jan beans:  2 1/2 lower Dec meal:  .60 lower Dec soyoil:  6 higher Dec corn:  1/2 lower Dec wheat:  2 1/2 lower Prices op...

SPREADS Nov/Jan beans narrows into new highs of 9 1/2c with Cargill stopping all bean receipts delivered.  Jan/March beans firm into 12 1/4c from 12 1...

GOOD MORNING, Major trends continue, namely buying beans/selling corn, and buying soyoil/selling meal.  The new crop bean to corn ratio traded to new...

The market opened pretty much as expected, though soyoil took a bigger initial drop than called. Markets continue to be see-sawed by the daily headlines of...

China’s Changing Pork Import Mix Two key reports about China’s impact on global pork demand came out this week. The first was Rabo Bank’s...

Trump Effect Deborah Elms, Executive Director of the Asian Trade Centre in Singapore, writes in the Nikkei that President Trump’s demand that more co...

Dec 19 Corn closed at $3.7525/bushel, down $0.035 from yesterday's close.  Dec 19 Wheat closed at $5.125/bushel, down $0.0425 from yesterday's close.&...

Excellent Week for U.S. Soybean Export Sales The week ending 31 October proved to be an excellent one for exporters of U.S. soybeans. Soymeal export sales...

THE OPEN Jan beans:  3 higher Dec meal:   2.10 higher Dec soyoil:  21 lower Dec corn:    steady Dec wheat:  1 1/4 higher...

Once more, here are the advertised expectations for tomorrow's November WASDE.   Some expectations include lower yield and production estimates,...

As grain and soy futures markets tiptoe into November, the bag of potential price moving factors they face seems unusually full. There are the common (for...

Wheat:  Net sales of 360,600 metric tons for 2019/2020 were down 27 percent from the previous week and 14 percent from the prior 4-week average.  ...

SPREADS  Jan crush trades to 85c/bu while oilshare sits still well supported at 34.40%.  Dec/March corn trades slightly weaker today from highs o...

GOOD MORNING, The adverse reaction to the headline that the trade negotiations could be pushed back to December played out with heavy selling pressure yest...

PRC Pattern Against U.S. A final trade agreement between the U.S. and China remains elusive, with Beijing now insisting on more extensive tariff eliminatio...

The CBOT today saw light liquidation in soybeans, early short covering in corn that eventually broke down into a lower close, and continued bull spreading...

Dec 19 Corn closed at $3.7875/bushel, down $0.03 from yesterday's close.  Dec 19 Wheat closed at $5.1675/bushel, up $0.015 from yesterday's close.&nbs...

Analysts see a 20 percent (-4 MMT) downgrade in Australia’s wheat production possibly in this week’s WASDE report, and rising expectations that...

Livestock Live Hog and White Broiler Prices Retreat After weeks of climbing like a rocket, the national average live pig price dipped last week to RMB 39.8...

THE OPEN Jan beans: 1 lower Dec meal: 1.00 lower Dec soyoil:  16 higher Dec corn:  2 higher Dec wheat:  3 higher Prices opened as called wit...

Russian Grain Markets: 28 October – 1 November 2019 Domestic Russian grain prices (excluding corn) were still growing despite the global downward tre...

SPREADS  Corn spreads are firming with Dec/March narrowing back into 8 1/2c as the official roll for Dec contracts begins tomorrow.  Dec 19/Dec 2...

GOOD MORNING, Funds were net sellers across the board yesterday except in wheat, where they were covering in short positions in front of Friday's report.&n...

More CAP Bashing A reported 2,500 scientists have written the European Parliament advising reform of the Common Agricultural Policy to address biodiversity...

Wheat was the star of the CBOT today, posting 5-cent gains in SRW and HRW contracts. You know it’s a slow week when a 5-cent gain is the most interes...

Dec 19 Corn closed at $3.8175/bushel, down $0.015 from yesterday's close.  Dec 19 Wheat closed at $5.1525/bushel, up $0.055 from yesterday's close.&nb...

President Trump is accused of not knowing the facts and not even caring that he doesn’t know them. The same could be said of his political opponents...

Back on 22 July, we wrote  … this year’s corn crop will likely have a very high moisture content. There hasn’t been a need for dryi...

THE OPEN Jan beans: steady Dec meal: .30 lower Dec soyoil: 20 lower Dec corn:  1 1/4 lower Dec wheat: 1/4 higher The markets opened as expected and fo...

Here is a quick recap of what traders are expecting to see on Friday's report, to be released at 11:00 Central time:   DJ U.S. Corn, Soybean Prod...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Wheat buyers in the MENA region will have to get used to higher prices for Russian wheat as farmers are...

SPREADS Jan crush trades up to 90c/bu while oilshare firms to new highs at 34.33%.  Dec/March corn trades back out to 10 1/4c from 9 3/4c while Dec 19...

GOOD MORNING, Major trends continue to be to buy soy/sell grains.   The new crop 2020 bean/corn ratio now stands at 2.41%, with the tendency for...

The CBOT was mostly driven by pre-WASDE positioning, expectations for harvest progress in the U.S., and the Export Inspections data. The weekly export data...

New York Times reporters investigated the operation of the Common Agricultural Policy and reported today that it is used for “corruption and self-dea...

As of today, there are 365 days until the 2020 elections. That will cast a big shadow on all Congressional activity from here on out. For the Presidential...

Dec 19 Corn closed at $3.8325/bushel, down $0.06 from yesterday's close.  Dec 19 Wheat closed at $5.0975/bushel, down $0.0625 from yesterday's close.&...

Soybeans Brazil’s market was active last week, especially for spot positions as China was paying 91F FOB or 192F CNF for December shipment. At the sa...

Regional News The weather across Europe and the Black Sea remains widely variable with dramatically different implications for summer crop harvest and wint...

According to Jeffrey Hirsch at the Stock Trader’s Almanac, there is a Presidential Election Cycle Theory that says stocks will move in certain ways a...

THE OPEN Jan beans:  1 1/2 higher Dec meal:   .10 higher Dec soyoil:  42 higher Dec corn:   3 lower Dec wheat: 4 lower Prices...

SPREADS Jan crush trades at 83.46c/bu while oilshare trades to new highs at 34.0%.  A good harvest pace over the weekend finds spreads a touch weaker,...

GOOD MORNING, This week is likely to feature more positioning in front of the November 8 WASDE report, to be released at 11:00 central time.   Fu...

USDA issued its 1 November report on grains and soybeans crushed during the month of September and, no surprise, the numbers were lower. Grain crushed for...

Dec 19 Corn closed at $3.8925/bushel, down $0.0075 from yesterday's close.  Dec 19 Wheat closed at $5.16/bushel, up $0.0725 from yesterday's close.&nb...

CBOT markets were mixed to end the week with wheat and soybeans finding strength while corn quietly traded sideways. The ongoing harvest that now faces bet...

Unnecessary Protectionism The pro-trade group, Hinrich Foundation, correctly calculates that the relative commercial strengths of the U.S. and Brazil make...

The Federal Reserve cut interest rates by 25 basis points this week, for the third time in a row.  The new target for the federal funds rate is now 1...

THE OPEN Jan beans:  2 1/2 higher Dec meal:  1.50 higher Dec soyoil:  3 lower Dec corn:    1 3/4 lower Dec wheat:  3/4 lower...

SPREADS Dec crush slightly weaker moving down to 89.98c/bu while oilshare moves down to 33.47%.  Jan/March beans firm to 12 1/2c after the bean receip...

GOOD MORNING, Prices continue in trading range territory today, congesting between recent highs and lows.  Heading out the door today it appears that...

There is no U.S. – China trade agreement until there is one, and yet the mood in the market is blamed on gyrating messages about the negotiations. Wh...

USMCA Trouble U.S. House Ways & Means trade subcommittee member Bill Pascrell (D-New Jersey) says he is leaning toward voting against USMCA because the...

Chinese Chicken Demand  News this past weekend that broilers would be part of the so-called Phase One trade deal with China has had more impact on sto...

Dec 19 Corn closed at $3.9/bushel, down $0.0075 from yesterday's close.  Dec 19 Wheat closed at $5.0875/bushel, down $0.005 from yesterday's close.&nb...

Soybeans in Paraguay Suffering from Dry Weather Paraguay is the third-largest soybean producing nation in South America. It produced about 8.85 MMT of soyb...

THE OPEN Jan beans:  1 lower Dec meal:  .10 higher Dec soyoil:  20 lower Dec corn:  3 lower Dec wheat:  4 1/4 lower Prices opened...

Wheat:  Net sales of 493,800 metric tons for 2019/2020 were up 88 percent from the previous week and 31 percent from the prior 4-week average. &n...

SPREADS  Dec crush firms to 89.40c/bu while oilshare drops to 33.72%. Dec/March corn spread continues to firm, narrowing into 8 1/4c from 8 3/4c, and...

It is not that grain and soy futures markets are on vacation exactly, but in recent days it almost feels that way. One could easily read a book while watch...

GOOD MORNING, This continues to be a busy news week from the cancellation of the November APEC summit in Chile, to comments from Mnuchin that China may hav...

In his book The Black Swan, author Nassim Taleb makes the argument that increasing globalization in many ways makes our economic and political systems more...

In addition to losing a place for a planned signing after Chile canceled hosting next month’s APEC meeting, the U.S. – China Phase One trade ag...

Dec 19 Corn closed at $3.9075/bushel, up $0.045 from yesterday's close.  Dec 19 Wheat closed at $5.0925/bushel, down $0.0225 from yesterday's close.&n...

The Golden state is being challenged over the saying, as goes California, so goes the Nation. Egg farmers in other states are challenging Sacramento’...

THE OPEN Jan beans: steady Dec meal: .40 lower Dec soyoil:  23 higher Dec corn:  3/4 higher Dec wheat:  3 lower The market opened as expecte...

Russian Grain Markets: 21-25 October 2019 Domestic Russian grain (excluding corn) prices kept growing at a higher rate than the previous week. Specifically...

Livestock Hog and Live Chicken Prices Jump By 13 and 16 Percent  When the month of October concludes tomorrow, it will long be remembered in China as...

SPREADS   First notice day for November contracts is tomorrow, with the NOv/Jan trading out to 15 3/4c in the pm session.   Jan/March beans...

GOOD MORNING, Prices in the soy complex continued to be buffeted about by daily headlines of off, and on again negotiations.  The demand from Trump th...

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers changes in China’s meat consumption...

Dec 19 Corn closed at $3.8625/bushel, up $0.0225 from yesterday's close.  Dec 19 Wheat closed at $5.115/bushel, down $0.0025 from yesterday's close.&n...

The CBOT was mostly dominated by trading ranges today with pre-WASDE positioning beginning in earnest. Funds continued selling into the corn market, and li...

Argentina’s productive agriculture sector rooted for Mauricio Macri in this past weekend’s presidential election. They vividly recall the Kirch...

The House Energy and Commerce Committee held a hearing this morning entitled, “Protecting the RFS: The Trump Administration’s Abuse of Secret W...

The End of U.S. Agricultural Exports Agriculture is the first sector receiving retaliation in trade disputes and there is no end in sight for trade wars. T...

THE OPEN Jan beans: 2 1/4 lower Dec meal: .80 lower Dec soyoil: 1 lower Dec corn: 1 1/2 lower Dec wheat: 1/2 higher The markets opened as expected with f...

There are only 18 days scheduled on the legislative calendar before Congress recesses for Christmas. There is a lot to do, which Congress will have to bala...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Depending on which news source you choose to believe, Iran could import 3 - 6 MMT of wheat in 2019/20...

SPREADS Dec crush trades higher to 87.40c/bu while oilshare trades at 33.64%. Dec/March corn moves narrows into 10c from 10 3/4c. Dec 19/Dec 20 corn trades...

Good morning, Trading ranges continue to dominate the market as we draw closer to the 8 November WASDE report, in which traders expect to see another cut t...

Perhaps the biggest news of the weekend was the results of Argentina’s Presidential elections. The leftist ticket of Alberto Fernandez won the Presid...

Argentina Election Impacts Argentines went to the voting booths for a general election yesterday (27 October) that was deemed fateful for agriculture. As t...

Dec 19 Corn closed at $3.84/bushel, down $0.0275 from yesterday's close.  Dec 19 Wheat closed at $5.1175/bushel, down $0.06 from yesterday's close.&nb...

Argentina’s Election Results  Argentina’s elections concluded on Sunday, with Alberto Fernandez winning the presidency in the first round...

Regional News Farmers across the UK, Ireland, France, and northern Germany are struggling to plant winter crops this fall due to heavy September rains. Fre...

THE OPEN Jan beans: 2 1/2 higher Dec meal:  .20 higher Dec soyoil: 12 higher Dec corn:  2 1/2 lower Dec wheat:  5 1/2 lower The markets trad...

SPREADS Dec crush trades to 87c/bu while oilshare is at 33.79%.  Volume remains huge for the March/Dec corn spread which narrows into 10 3/4c from 11c...

GOOD MORNING, Price trends this AM are not much different from last week, as grains leak lower while the soy complex works higher.  Meal futures trade...

• USDA reports U.S. Cattle on Feed Down 1 Percent at 11.3 million head on October 1, 2019. The inventory was 1 percent below October 1, 2018.  &b...

The CBOT was mixed with varied news items creating conflicting price action. Dryness across central Brazil is dominant for the coming week but features mor...

Dec 19 Corn closed at $3.8675/bushel, up $0 from yesterday's close.  Dec 19 Wheat closed at $5.1775/bushel, up $0.0175 from yesterday's close.  N...

USDA released its monthly Cattle on Feed (COF) report this afternoon. The inventory of all cattle and calves on feed in feedlots with 1,000 head capacity o...

THE OPEN Jan beans:  2 lower Dec meal:  .80 higher Dec soyoil:  20 lower Dec corn:    1/4 lower Dec wheat:  1 higher The mark...

Building demand becomes a central focus during times of abundant resource surpluses. Asia is the easiest due to its demographics and GDP growth but there i...

SPREADS Dec crush moves higher to 84c/bu while oilshare trades to 33.66%.   Dec/March meal is a steady $6.00 to $6.20 carry.  Dec/March corn...

GOOD MORNING, Prices remain little changed this morning though, soyoil made a new high again overnight.  Traders continue to keep an eye out on weathe...

Ending EU’s Big Ag The French government institution France Stratégie issued a report calling for a complete overhaul of the Common Agricultur...

China’s offer to return to normal levels of agricultural commodity buying from the U.S. is underwhelming. China’s waiver of higher tariffs on 1...

Cattle on Feed Preview USDA will release its monthly Cattle on Feed report tomorrow. Pre-report estimates from the industry peg the total number of cattle...

India’s Vegoil Imports to Increase by 1 MMT Per Year B.V. Mehta, the head of India’s Solvent Extractors Association (SEA), says India imports o...

Dec 19 Corn closed at $3.8675/bushel, down $0.01 from yesterday's close.  Dec 19 Wheat closed at $5.16/bushel, down $0.0475 from yesterday's close.&nb...

THE OPEN Jan beans:  1/4 higher Dec meal:    80 lower Dec soyoil:  30 higher Dec corn:    steady Dec wheat:  1 1/2 lower...

In recent years, a number of agricultural futurists have expressed concern about the ability of the world to increase the food supply enough to feed the wo...

SPREADS Dec crush firms to 82c/bu while oilshare sits at 33.31%.  Corn spreads are narrower with Dec/March trading into 11 1/4c from 12c, and Dec 19/D...

GOOD MORNING, Prices are mostly higher today led by soyoil futures that are back to yesterday's fresh highs.  Trading range activity continues, with t...

The CBOT traded mostly flat today with conflicting impacts of slow corn exports, steady soybean shipments, weather that is favorable in the near-term but d...

Dec 19 Corn closed at $3.8775/bushel, down $0.0025 from yesterday's close.  Dec 19 Wheat closed at $5.2075/bushel, up $0.0275 from yesterday's close.&...

Canadian Ag Policy, Eh? After winning a plurality of seats but not a majority, Justin Trudeau and his Liberal Party will have to govern as a coalition and...

Macroeconomics Exploding Meat Prices Drive September’s Food Inflation A further look at the September data from China’s National Bureau of Stat...

The Farm Foundation held a conference on the farm economy this week and following are key points made by the presenters. American Farm Bureau Federation Ch...

THE OPEN Jan beans:  2 1/2 lower Dec meal:  .40 lower Dec soyoil:  10 lower Dec corn:  1 3/4 lower Dec wheat:  1/2 lower Prices op...

  Russian Grain Markets: 14-18 October 2019 Domestic Russian grain prices (excluding corn) continue to grow due to active demand from both domestic bu...

SPREADS Dec crush trades up to 80c/bu while oilshare is still firm at 33.42%.   Dec/March corn is a steady 11 3/4c-12c, which is narrower than it...

GOOD MORNING, When a technical price move is initiated by such a definite signal as a key reversal or head and shoulders formation, it is sometimes obvious...

Since 2011, there have been more than two dozen farm labor reform bills proposed in the U.S. Congress with no major progress to addressing the issue of agr...

The CBOT was somewhat muted during the day session after trading strongly into the green during the overnight. Yesterday’s Crop Progress report that...

WTO Will Be Fixed Former WTO Deputy Director Alan Wolff told a Washington audience this week that the Appellate Body situation can be resolved but probably...

Dec 19 Corn closed at $3.88/bushel, up $0.0075 from yesterday's close.  Dec 19 Wheat closed at $5.18/bushel, down $0.055 from yesterday's close. ...

THE OPEN Nov beans: up 8 3/4 Dec meal:  up 2.80 Dec soyoil: up 19 Dec corn: up 2 3/4 Dec wheat: up 4 3/4 Prices opened towards the higher end of tradi...

In just two years, African Swine Fever is likely to have reduced Chinese pork production by more than a third. However, Oklahoma State University economist...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Iran has announced plans to increase the area for wheat planting by 500,000 hectares to 2.25 million he...

Interested in trying Technical Perspectives or adding it to your company account? Email Matt Herrington at mherrington@agrilink.com for...

Interested in trying Technical Perspectives or adding it to your company account? Email Matt Herrington at mherrington@agrilink.com for details.&...

The CBOT started out higher with an overnight rally, but lackluster corn demand and a lack of Chinese sales announcements/rumors left the grain markets to...

CAP Battle Tomorrow Environmental groups will be leading protests tomorrow as the new European Parliament (EP) meets in Strasbourg. Using small farmers as...

As we’ve noted, both the biofuels and petroleum industry are less than impressed with the Administration’s plan to reallocate SREs as a supplem...

Dec 19 Corn closed at $3.8725/bushel, down $0.0375 from yesterday's close.  Dec 19 Wheat closed at $5.235/bushel, down $0.0875 from yesterday's close...

Soybeans Market Overview After several weeks of uncertainty, the market is starting to realize that the trade war won’t find a short-term solution. T...

Long considered a basket case, scarred by colonialism and on permanent aid dependency, Sub-Saharan Africa is receiving more attention these days for its po...

Regional News Ukraine’s weekly seaport grain exports increased 47 percent last week, reaching 1.13 MMT. Wheat exports totaled 557,000 MT while corn s...

THE OPEN Nov beans:  2 3/4 higher Dec meal:  1.50 higher Dec soyoil:  1 lower Dec corn:  1/4 higher Dec wheat:  1/2 higher The mar...

SPREADS Dec crush trades to 78c/bu while oilshare is lower correcting down to 32.87%.  Bean spreads are wider with Jan/March trading out to one-month...

GOOD MORNING, The focus continues to be on harvest weather in the US, planting weather in SA, and politics.  In the process, funds have covered in a g...

Dec 19 Corn closed at $3.91/bushel, down $0.0375 from yesterday's close.  Dec 19 Wheat closed at $5.3225/bushel, up $0.0675 from yesterday's close.&nb...

The Evolving Trading System WTO Director General Roberto Azevêdo laments that people are forgetting the importance of a rule-based system of economic...

Trading at the CBOT today was muted with traders mostly evening positions, taking some profits, and generally not adding to or subtracting from risk ahead...

Chicago wheat futures have been climbing for the past few weeks based on still somewhat speculative supply losses due to adverse weather conditions and sol...

Canada will hold its federal parliamentary election on Monday 21 October. Polling shows a tight race. The latest 10 major published polls (for what polling...

THE OPEN Nov beans:  steady Dec soyoil: 13 higher Dec meal:  .60 lower Dec corn:    4 lower Dec wheat:  1  lower Prices start...

Wheat:  Net sales of 395,100 metric tons for 2019/2020 were down 24 percent from the previous week, but up 11 percent from the prior 4-week average.&n...

SPREADS Dec crush trades to 78c/bu, which is in recovery mode off the lows this week of 73c/bu.  Dec oilshare trades to 33.13%.  Corn spreads wid...

GOOD MORNING, The wheat and soyoil markets took center stage this week advancing to new highs for their trading ranges.  Chicago wheat continues to be...

Bad Tariff Idea In an effort to rationalize the imposition of tariffs by President Trump, some Republicans are trying to create support for them by directi...

Broilers Under Short Term Pressure Meat demand remains steady with production. USDA’s forecast ending stocks for the fourth quarter of 2019 remains r...

The futures market ended the day with weakness where there had been strength as in lean hogs and soyoil, and strength where there had been weakness, such a...

Dec 19 Corn closed at $3.9475/bushel, up $0.03 from yesterday's close.  Dec 19 Wheat closed at $5.255/bushel, up $0.1225 from yesterday's close. ...

NOPA September Crush Well Below Expectations The September NOPA report released on Wednesday indicated 152.566 million bushels (4.153 MMT) of soybeans were...

THE OPEN Nov beans: 6 3/4 higher Dec meal:  2.60 higher Dec soyoil:  14 higher Dec corn:   4 1/4 higher Dec wheat:   7 3/4 hi...

The year 2019 has been difficult for cow-calf producers with heavy winter snowstorms that reduced calf survival rates, massive spring flooding, and the sum...

SPREADS  Dec crush falls to 70c/bu, new ctr lows, on slower meal demand.  Oilshare firms to 33.24% after dropping to 32.55% last week.  Dec/...

GOOD MORNING, Wheat strength is dominant this morning, as prices jump to new trading range highs as the last of the shorts cover.  Spread trade contin...

Trade and industry are not just distorted by tariffs a la Donald Trump, but increasingly by sanctions intended to protect a political or moral principle.&n...

The CBOT was mixed with little conviction. Corn and soybeans headed lower while wheat managed to find support on spread trading and technical buying. The m...

Dec 19 Corn closed at $3.9175/bushel, down $0.015 from yesterday's close.  Dec 19 Wheat closed at $5.1325/bushel, up $0.0625 from yesterday's close.&n...

U.S. farmers are hurting financially from commodity prices that have been falling for half a dozen years and now exaggerated by the trade war with China. H...

THE OPEN Nov beans:  1 1/2 higher Dec meal:    .70 higher Dec soyoil:  5 higher Dec corn:     2 1/4 lower Dec wheat:&nbs...

Russian Grain Markets: 7-11 October 2019 Domestic Russian grain (including corn) prices kept growing due to active demand from both domestic buyers and for...

Macroeconomics China’s Monthly Food Inflation Highest in Eight Years The sharp rise in live hog prices along with increases in the costs of poultry a...

SPREADS  Dec crush trades to 77.83c/bu while oilshare is back below 33% to 32.96%.   Corn spreads weaken with Dec/March trading out to 11 3/...

GOOD MORNING,  Prices continue to setback into trading ranges.  Funds were sellers of 10K corn contracts yesterday as harvest rolls in and cash w...

Ethanol versus Oil Global ethanol use is predicted to increase but its main purpose is not to replace oil but to boost octane and thus reduce air pollution...

The Trump Administration rolled out its proposed reforms to the biofuels required volume obligations (RVO) today.   • EPA will project the a...

The CBOT started lower today with corn, the soy complex, and wheat all moving into the red overnight. Corn finished the overnight down 4 cents and soybeans...

Dec 19 Corn closed at $3.9325/bushel, down $0.045 from yesterday's close.  Dec 19 Wheat closed at $5.07/bushel, down $0.04 from yesterday's close.&nbs...

The return of the Black Sea region as the breadbasket of the world is really a story about productivity gain. Over a decade (2008 to 2017), both China and...

THE OPEN Nov beans:  3 lower Dec meal:    1.10 lower Dec soyoil:  1 higher Dec corn:     3 lower Dec wheat:  3 3/4...

MEDITERRANEAN/MIDDLE EAST COMMENTS The World Bank expects the Egyptian economy will grow by 5.8 percent this fiscal year which began 1 July 2019. Growth is...

SPREADS Dec crush trades close to contract lows at 74c/bu while oilshare is a steady 32.55%.  Corn spreads are weaker today as harvest resumes, with D...

GOOD MORNING, The markets continued to be bandied about by what could be first steps in a long process toward a trade resolution between the US/China. ...

Dec 19 Corn closed at $3.9775/bushel, up $0 from yesterday's close.  Dec 19 Wheat closed at $5.11/bushel, up $0.03 from yesterday's close.  Nov 1...

Trading at the CBOT amid the U.S. Columbus Day holiday was cautious but saw mostly higher prices/buyer support. Technical buying fueled some speculative bu...

USDA released its weekly sales report last week with some mixed news, but another trade report has some interesting insights into the overall economy: the...

Soybeans  The market was pretty calm last week while waiting for definition on a few points. The first was the October WASDE report, which showed fewe...

THE OPEN Nov beans:  2 1/2 lower Dec meal:  .80 lower Dec soyoil:  4 lower Dec corn:    3/4 lower Dec wheat:  3 higher The ma...

Regional News Ukraine has already exported 15.096 MMT of grain since the 2019/20 marketing year started, a 4.6 MMT increase from the same time in 2018/19...

As the EU presses its farmers to adopt practices that are environmentally sound, these producers increasingly agitate to have the same standards applied to...

SPREADS Crush trades down to 78c/bu while oilshare trades down to 32.55%.  Corn spreads narrow further with Dec/March trading into 9 1/4c from 10 1/4c...

GOOD MORNING, Prices traded to new trading range highs on the weekend storm that damages immature crops and ultimately reduces production.  This weath...

Grain markets shrugged off yesterday’s bearish WASDE with multiple headlines circulating today that fueled buying strength. Most notably, reports of...

Mini-Deal Rationale The details are not complete at this time, but reports indicate that the Trump Administration has reached a partial agreement with the...

Last Friday, the Administration announced its plans to boost the ethanol volumes under the RFS to “more than 15 billion gallons,”  however...

Dec 19 Corn closed at $3.9775/bushel, up $0.175 from yesterday's close.  Dec 19 Wheat closed at $5.08/bushel, up $0.15 from yesterday's close.  N...

THE OPEN Nov beans:   7  higher Dec soyoil:   18 higher Dec meal:     2.90 higher Dec corn:     5 1/...

SPREADS Dec crush trades to 82.43c/bu while oilshare trades to 32.55%.  Bull-spreads are in play with Dec/March corn trading into 10 1/4c from 11 1/2c...

GOOD MORNING, The markets are firmer this morning with more optimistic viewpoints as to trade negotiations combined with the impact of the storm crossing t...

USDA Reports: The soybean oil price forecast is raised 0.5 cents to 30.0 cents per pound...

USDA Reports: The soybean meal price is forecast at $325.00 per short ton, up $20.00.  ...

The market has much uncertainty to grapple with – a looming Midwest winter storm, U.S. – China trade negotiations and, until noon today, a USDA...

USDA Reports:  U.S. oilseed production for 2019/20 is projected at 107.9 million tons, down 2.3 million from last month.  Soybean production is f...

The WTO operates as a democracy and it is said that democracies fail when the citizens ask for more than it can deliver. The Trump Administration goes to w...

USDA Reports:  This month’s 2019/20 U.S. corn outlook is for slightly lower production, reduced exports and corn used for ethanol, greater feed...

USDA Reports:  The outlook for 2019/20 U.S. wheat this month is for smaller supplies, reduced total use, and rising ending stocks.  Wheat product...

Dec 19 Corn closed at $3.8025/bushel, down $0.14 from yesterday's close.  Dec 19 Wheat closed at $4.93/bushel, down $0.0725 from yesterday's close.&nb...

Big U.S. Soy Export Sales Last Week Today’s USDA export sales report indicated exporters made very large sales of soybeans and soymeal in the week en...

WASDE Today’s WASDE report shows higher red meat and poultry production for 2019 and 2020 driven by pork and broilers. Pork production will be pushed...

THE OPEN Nov beans: 2 1/2 higher Dec meal:  .50 higher Dec soyoil:  9 higher Dec corn:  3/4 lower Dec wheat:  2 3/4 higher Trade opened...

Wheat:  Net sales of 521,900 metric tons for 2019/2020 were up 59 percent from the previous week and 38 percent from the prior 4-week average.  C...

A long time ago, we spent quite a few years involved in merchandising U.S. wheat for export to markets scattered around the globe from the former Soviet Un...

SPREADS Dec crush trades to 84.48c/bu while oilshare sets back to 32.46%.  Spreads are slightly wider with Dec/March corn trading out to 11 1/2c from...

GOOD MORNING, Report day, negotiations day, weather day.  In front of all this, prices moved higher this week as shorts elect to reduce risk.  Fu...

Dec 19 Corn closed at $3.9425/bushel, down $0.015 from yesterday's close.  Dec 19 Wheat closed at $5.0025/bushel, up $0 from yesterday's close. ...

Trading started out on a firmer note before bulls backed off and let prices drift lower into the close. The trade is cautious of being too bullish about th...

WTO Reform Leverage U.S. Congressional Democrats may impeach Donald Trump but it will not be over his trade policy. They are still debating whether his ren...

Reports are indicating that as part of the trade war remedy, China is offering to boost its importation of U.S.-origin soybeans to 30 MMT, from the current...

Russian Grain Markets: 30 September 30 – 4 October 2019 Domestic Russian grain prices grew (except for corn prices) due to active demand from both do...

THE OPEN Nov beans:  6 higher Dec meal:  3.20 higher Dec soyoil:  16 higher Dec corn:  1/2 lower Dec wheat:  1/2 lower Prices open...

Livestock Live Pig Price Crosses Rmb 30/Kg Threshold Over the course of the holiday celebrations, China’s hog price jumped to an official all-time re...

SPREADS  Dec crush trades to 83.41c/bu while oilshare continues to correct downward trading to 32.58%.  Dec/March corn firms to 10 1/2c to 11c, w...

GOOD MORNING, Bean prices are leading the way higher this morning on headlines that China is offering to boost agricultural purchases in an effort to gain...

Short covering was the CBOT’s theme of the day with nearly all ag markets closing higher. Slow crop maturity progress and the inability to conclude s...

EPA will set ethanol Renewable Volume Obligation (RVO) for 2020 to net out at 15 billion gallons; that is the latest word on the new biofuels package propo...

China is emphasizing larger, better capitalized hog production facilities that can deploy better disease management practices. Chinese farmers are taking p...

Trade Policy Pickle The Chinese lowered expectations for any outcome from this week’s bilateral negotiations with the U.S. by taking off the table Pr...

Dec 19 Corn closed at $3.9575/bushel, up $0.0875 from yesterday's close.  Dec 19 Wheat closed at $5.0025/bushel, up $0.11 from yesterday's close. ...

MEDITERRANEAN/MIDDLE EAST COMMENTS Officials in Iran say that the delay in discharging vessels in Khomeini Port is related to very heavy port volume. As mu...

THE OPEN Nov beans: 3 ½ lower Dec meal: 0.10 lower Dec soyoil: 22 lower Dec corn:  steady Dec wheat: 1 ½ lower The markets started on...

SPREADS  Dec crush trades to 81.81c/bu while oilshare corrects down to 33 percent.  Nov/Jan bean spread trades out to 14 12c while Jan/March weak...

GOOD MORNING, Prices are mostly defensive this morning but still in recent trading ranges.  Last week’s price movements is requiring position-ev...

The CBOT opened higher today with funds adding to their positions and covering corn shorts. The trade is positioning for the October WASDE, which, given th...

Soybeans Market Overview The soybean market was very slow last week with China celebrating a week-long national holiday that closed the Dalian futures mark...

No “Great” Fixes The Trump Administration is seeking large changes at the WTO and in China but neither are likely to materialize. Chinese Vice...

Waiting for Boeing   Despite early warnings that a counter-retaliation was in the works, the EU has decided not to strike back against the U.S. o...

Dec 19 Corn closed at $3.87/bushel, up $0.0225 from yesterday's close.  Dec 19 Wheat closed at $4.8925/bushel, down $0.0125 from yesterday's close.&nb...

Regional News Russian Deputy Prime Minister Alexei Gordeyev remarked on Saturday that the world’s leading grain exporters should consider forming an...

THE OPEN Nov beans:  1/2 higher Dec soyoil:  10 higher Dec  meal:  1.00 lower Dec corn:   1 1/2 higher Dec wheat:  1/4 l...

A new study in the Annals of Internal Medicine concludes that there is no reason for adults to reduce current levels of unprocessed red meat and proce...

SPREADS Dec crush trades down to 78.68c//bu while oilshare is 33.10 percent.  Nov/Jan beans trade from 13 1/2c to 14c while Dec/March meal trades from...

GOOD MORNING, Major events that traders will focus on this week include: weather, US/China trade negotiations, and the October 10 USDA WASDE report to be r...

Dec 19 Corn closed at $3.8475/bushel, down $0.04 from yesterday's close.  Dec 19 Wheat closed at $4.905/bushel, up $0.0175 from yesterday's close.&nbs...

CBOT markets were mixed today with the soy complex firming and corn falling to moving-average support. Wheat was mixed with HRW continuing to move lower an...

Misreading Airbus Tariffs President Trump is about to impose tariffs on European goods using WTO-sanctioned authority in the Airbus case. Europeans are und...

As it turns out, the President’s “giant package” to make corn farmers “so happy” is encumbered by administrative procedures a...

THE OPEN Nov beans:  1 higher Dec meal:    .30 higher Dec soyoil:   12 higher Dec corn:  3/4 lower Dec wheat: 1 1/2 lower The...

A common remark about the wheat market is that we are awash in the stuff. After all, global ending stocks have climbed 43 percent over the past ten years...

SPREADS Dec crush firms to 84.25c/bu while oilshare firms to 32.99 percent after testing 32 percent at the start of the week.  Nearby corn spreads rem...

GOOD MORNING, Tonight, we get the commitment-of-trader's report, which may show funds with some of the smallest positions held this year.  With yester...

Tariffs Come and Tariffs Go   Now that the Section 232 tariffs on Mexican steel and Mexico’s retaliatory tariffs on U.S. pork have been lif...

Today’s futures market was expected to be lower but corn and wheat closed mostly higher while soybeans lost some ground. Monday’s USDA stocks r...

Dec 19 Corn closed at $3.8875/bushel, up $0.01 from yesterday's close.  Dec 19 Wheat closed at $4.8875/bushel, down $0.0025 from yesterday's close.&nb...

Soy Planting Substantially Delayed in Brazil A late beginning of the rainy season in Brazil continues to delay the planting of soybeans in Brazil. The firm...

Janusz Wojciechowski is an agricultural policy veteran but he may now wonder why he sought to become the EU’s Agriculture Commissioner-designate. In...

THE OPEN: Nov beans: 1 lower Dec meal: .50 higher Dec soyoil: 1 lower Dec corn:  1/4 lower Dec wheat: 1 1/2 lower The markets put in a poor close to...

Often before the release of major USDA reports we have warned that traders should not allow themselves to become too complacent about their pre-report anal...

SPREADS Dec crush improves to 80.63c/bu while oilshare is steady at 32.33% vs. 32% yesterday. Corn spreads firm with Dec/March into 11 3/4c from 12c and De...

Wheat:  Net sales of 328,500 metric tons for 2019/2020 were up 16 percent from the previous week, but down 12 percent from the prior 4-week average.&n...

GOOD MORNING, Funds were sellers yesterday, figuring the market has met some key upside objectives, but the markets are not giving back much this morning...

The CBOT was broadly lower with corn, soybeans, and all three wheats trading into the red. The day had the feeling of a broad “risk off” day wi...

Transatlantic Firing Squad  The WTO approved 71 percent of the amount the U.S. requested as retaliation for Europe’s subsidization of Airbus air...

Dec 19 Corn closed at $3.8775/bushel, down $0.0475 from yesterday's close.  Dec 19 Wheat closed at $4.89/bushel, down $0.0975 from yesterday's close.&...

Policy President Xi’s Fleeting Rural Dreams With China’s National Day Holiday celebrations in full swing this week, questions have risen as to...

The Food and Agriculture Organization (FAO) of the UN produces a lot of data that could be useful, if it were accurate. The problems in the data have been...

THE OPEN Nov beans:  2 1/2 lower Dec soyoil:   18 higher Dec meal:    1.30 lower Dec corn:     2 1/2 lower Dec whea...

Russian Grain Markets: 23-27 September 2019 Domestic Russian grain prices fluctuated insignificantly in ruble expression, except for corn prices which decl...

SPREADS Dec crush trades firmer to 79.59c/bu while oilshare trades to 32 percent, where it could see some support.  Dec/March corn trades from 11 3/4c...

GOOD MORNING, The markets were given life and new direction courtesy of an unexpected bullish corn and bean stocks report this week.  Fundamental jolt...

Utopian Agriculture Irony Debating the future of the Common Agricultural Policy (CAP) will be a major objective for the new politicians in Brussels and the...

CBOT markets opened on a mixed tone following yesterday’s Grain Stocks report but most commodities finished higher. Soymeal and soybeans led the soy...

In the past week there has been a lot for the biofuels markets to digest and ponder, ranging from new numbers from EIA and USDA to the impact of the curren...

Dec 19 Corn closed at $3.925/bushel, up $0.045 from yesterday's close.  Dec 19 Wheat closed at $4.9875/bushel, up $0.03 from yesterday's close. ...

U.S. corn continues to be priced above the market and even now appears to be oversupplied. Domestic surplus corn stocks are 46 percent above what would be...

THE OPEN Nov beans:   2 higher Dec meal:    1.50 higher Dec soyoil:   12 higher Dec corn:     1 1/2 lower Dec...

SPREADS Dec crush trades to 78.37c/bu, while oilshare corrects down to 32.57 percent.   Corn spreads narrowed on the rally with Dec/March trading...

MEDITERRANEAN/MIDDLE EAST COMMENTS Lebanese millers have again protested strongly against the “official” rate of the U.S. dollar in the country...

GOOD MORNING, The Quarterly Grain Stocks report is in the rear-view mirror, but it set in motion higher trade as bears have to decipher what smaller than e...

The September Grain Stocks report did not fail to be exciting. The report featured plenty of ammo for corn and soybean bulls while wheat received positive...

One thing which certainly has been sparked by the fire at the Tyson meatpacking plant in Kansas is the age old producer versus packer tensions among more p...

Dec 19 Corn closed at $3.88/bushel, up $0.165 from yesterday's close.  Dec 19 Wheat closed at $4.9575/bushel, up $0.085 from yesterday's close. ...

Soybeans Brazil  Last week was yet another that featured changing news of the U.S.-China trade war. Rumors of a possible 6 MMT quota for U.S. soybeans...

THE OPEN Nov beans:  7 higher  Dec meal;  2.70 higher Dec soyoil:  2 higher Dec corn:  1 higher Dec wheat:  1 1/2 lower Price...

Regional News China is now Ukraine’s larges trading partner, notably expanding its agricultural product exports. Ukraine is the largest supplier of s...

USDA QUARTERLY GRAIN STOCKS REPORT The reaction to the report was friendly for beans and corn, neutral for wheat.  Buy-stops were triggered with price...

The FAO reported earlier this year that the Global Vegetable Oil price index is at its second lowest level in eleven years. The vegetable oil index has sun...

SPREADS Dec crush trades to 83.19/bu, which is 30c off the August highs.  Oilshare trades down to 32.61 percent.  Dec/March corn trades back into...

GOOD MORNING, Prices are higher across the board as we begin the trading week with the focus on USDA’s report at 11:00 CDST and crop progress tonight...

TRADE EXPECTATIONS AS RELEASED BY THE WALL STREET JOURNAL DJ September U.S. Wheat Production Estimates -- Survey The following are analysts' estimates for...

Impeachment’s Policy Implications In September 2016, American University professor Allan Lichtman was one of just nine analysts to correctly predict...

The excitement at the CBOT/CME today was in the livestock markets and wheat, with subdued action elsewhere. Buy grains/sell the soy complex was a major fea...

According to today’s USDA Hogs and Pigs report, the total swine inventory on 1 September was 77.7 million head, 103 percent of last year and of the 1...

Dec 19 Corn closed at $3.715/bushel, down $0.01 from yesterday's close.  Dec 19 Wheat closed at $4.8725/bushel, up $0.03 from yesterday's close. ...

Yesterday’s discussion about impeachment raised the question about its impact on the ability of Congress to simultaneously accomplish other legislati...

THE OPEN: Nov beans: 2 1/2 lower Dec meal: .50 lower Dec soyoil: 20 lower Dec corn: 2 lower Dec wheat: 3 1/4 higher The markets opened as called, which w...

SPREADS Dec crush falls to 82c/bu, one of the lowest levels noted for the year.  Oilshare trends firmer trading to 32.98 percent.  Spreads are st...

GOOD MORNING, Prices are mixed this morning with wheat the only item in green after most of the markets started off on firmer footing.  Minneapolis wh...

Dec 19 Corn closed at $3.725/bushel, down $0.0175 from yesterday's close.  Dec 19 Wheat closed at $4.8425/bushel, up $0.07 from yesterday's close.&nbs...

Impeachment Impacts President Trump has tried to characterize his House Democratic antagonists as ignoring the needs of the American people by instead focu...

It was a relatively tempered day in the proverbial trading pits with things not going quite as expected.  • While the export sales report this mo...

The present Congress has not accomplished very much in the nine months it has been seated in no small part because its members have been spending so much t...

Hogs and Pigs Preview USDA will release its quarterly hogs and pigs report tomorrow. Pre-report estimates from the industry peg the total swine inventory a...

The Case for an Average U.S. Soybean Yield Below USDA’s Forecast USDA’s most recent forecast for the average U.S. soybean yield in 2019 is 47.9...

THE OPEN Nov beans:  4 higher Dec meal:    1.20 higher Dec soyoil:  3 higher Dec corn:    3/4 lower Dec wheat:  7 1/2 hi...

SPREADS Dec oilshare trades to 87.59c/bu while oilshare trends down to 32.77 percent.   Corn spreads widen today with Dec/March trading back out...

GOOD MORNING, Prices are higher across the board today with more positive vibes as regards trade negotiations.   Funds are short and markets rema...

Wheat:  Net sales of 283,200 metric tons for 2019/2020 were down 1 percent from the previous week and 40 percent from the prior 4-week average. Corn:&...

Trade news was floating through the air like snowflakes in December with President Trump noting that a trade deal with China could happen “sooner tha...

  Transatlantic Food Fight U.S. producers are gearing up for what they foresee as a tightening regulatory blockade of their products going to Europe...

Dec 19 Corn closed at $3.7425/bushel, down $0.005 from yesterday's close.  Dec 19 Wheat closed at $4.7725/bushel, down $0.045 from yesterday's close.&...

Russian Grain Markets: 16-20 September 2019 Domestic Russian grain prices fluctuated insignificantly in ruble expression, except for milling rye prices tha...

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers the outlook for the 2019/20 U.S. crop mar...

THE OPEN Nov beans:   5 3/4 lower Dec meal:     1.50 lower Dec soyoil:    17 lower Dec corn:     1/4 lowe...

Oilseeds Soymeal Inventory Rises on Higher Demand, Increased Output Soymeal demand improved and output increased last week as hog producers worked feverish...

There was much publicity several weeks ago about Russia being a beneficiary of the U.S. – China trade war due to stronger soybean sales. The two agre...