China is now squashing an outbreak of highly pathogenic avian influenza, a disease with a much higher mortality rate to humans than the coronavirus now dom...

Soybeans  Market Overview  The soybean market was quiet last week due to the combination of the Chinese New Year and the spreading coronavirus. T...

THE OPEN March beans: 1 1/2 lower March meal:   1.30 lower March soyoil:  11 higher March corn:  2 1/2 lower March wheat:  4 lower...

Today are the Iowa caucuses for the Democratic presidential primary. Since 1972, Iowans have been the first state to weigh in on the presidential nominees...

Regional News Southern Germany and parts of France and Italy will receive favorable precipitation this week, as will Bulgaria and Romania. The latter count...

SPREADS May crush is lower trading back under 1.00c/bu top lows of 96.37c/bu.  Crush trades down to 33.86%.  Corn spreads are weaker with July/De...

GOOD MORNING, Prices are mixed/lower to begin the day.  The coronavirus epidemic has now caused 362 deaths as of Sunday, and infected more than 17,000...

The CBOT was mostly red today with the soy complex leading the way lower. Soyoil collapsed today while soymeal fell to another contract low and both pulled...

USDA released its Cattle Inventory report today. The total inventory of all cattle and calves as of 1 January is 94.4 million head, down a little less than...

The country with the largest population is China and India is second but agricultural marketers are always looking for alternative markets. Indonesia has 2...

Mar 20 Corn closed at $3.8125/bushel, up $0.0175 from yesterday's close.  Mar 20 Wheat closed at $5.5375/bushel, down $0.0675 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...

Fair and Equitable In order to secure votes for the USMCA from Florida and Georgia politicians representing perishable fruit and vegetable growers, USTR pr...

THE OPEN March beans: 1 lower March meal:   .20 lower March soyoil:  35 lower March corn:   1/2 lower March wheat:  1/2 lower...

SPREADS May crush is slightly lower, trading to 1.01c/bu, while oilshare trades down to 34.11%.   July/Dec corn trades from 1/4c to 3/4c carry, w...

GOOD MORNING, The markets will open on a mixed note today, with end-of-month profit-taking probably providing two-sided trade.  Funds exit the month w...

Smaller Cattle Herd   Tomorrow the USDA will release its twice-per-year Cattle Inventory report – issued in January and July. Last year&rsq...

Twelve Days of Insight The Wall Street Journal’s James Mackintosh points out that business leaders, including those at the Davos World Economic Forum...

There is a contagion in the markets that is likely worse than the actual coronavirus, and that is fear of the coronavirus. Or at least the unknowns about t...

Mar 20 Corn closed at $3.795/bushel, down $0.0475 from yesterday's close.  Mar 20 Wheat closed at $5.605/bushel, down $0.0175 from yesterday's close.&...

U.S. Soymeal Export Sales Continue to Be Large Today’s USDA export sales report indicated net U.S. soybean export sales last week for shipment in 201...

THE OPEN March beans:  7 lower March meal:  1.00 lower March soyoil;  52 lower March corn:  3 3/4 lower March wheat:  8 1/4 lower...

Wheat:  Net sales of 646,300 metric tons for 2019/2020 were down 7 percent from the previous week, but up 49 percent from the prior 4-week average.&nb...

SPREADS May crush trades to 1.03c/bu while oilshare trades down to 34.36%.   Spreads are a touch wider with July/Dec corn trading back out to 2c...

GOOD MORNING, Prices took another step lower today as the spread of the coronavirus intensifies.  The gap-lower price action from Monday was filled, b...

The recent news regarding trade has been a mixed bag. On the positive side President Trump yesterday signed the USMCA triangular trade agreement between th...

Policy and Culture A Lunar New Year to Remember This past Saturday marked the first day of China’s Lunar New Year, which ushered in the year of the r...

Eating Crow Few free traders in Washington believe that President Trump’s tariffs first approach to trade policy is a good idea. In fact, they have m...

The trade war has largely involved major crops like soybeans, grain and livestock products. However, there has been concurrent adverse impacts on the trade...

After yesterday’s mild recovery, the CBOT saw continued selling pressure with significant bearish developments. Wheat futures broke below key technic...

Mar 20 Corn closed at $3.8425/bushel, down $0.0225 from yesterday's close.  Mar 20 Wheat closed at $5.6225/bushel, down $0.075 from yesterday's close...

THE OPEN March beans: steady March meal:  1.80 lower March soyoil:  33 higher March corn:  3 3/4 lower March wheat:  8 lower Prices tur...

Russian Grain Markets: 20-24 January 2020 Grain prices on the domestic Russian market mainly grew due to high demand from both processors and exporters. Ex...

SPREADS May crush trades up to 1.05c/bu while oilshare trades higher, back towards 35% at 34.91%.   July/Dec corn trades from 1/4c to 1 1/4c carr...

GOOD MORNING, The major trend is higher corn against a weaker bean market, but for today some profit-taking is noted in the spread.  A surging palm oi...

With yesterday’s panic selling subsiding, the CBOT was left to trade its own fundamentals again, and that brought some support back to ag commodities...

The 10th Circuit Federal Court of Appeals in Denver has ruled that EPA went beyond its authority in granting three different small refinery exemptions (SRE...

Coronavirus Threats and Optimism The mortality rate for the coronavirus is relatively high, reportedly resembling the SARS outbreak from 2002. At the same...

Mar 20 Corn closed at $3.865/bushel, up $0.06 from yesterday's close.  Mar 20 Wheat closed at $5.6975/bushel, down $0.025 from yesterday's close. ...

China’s pork imports have increased from 100 KMT in May of 2018 to nearly 350 KMT in November of 2019. That means that China’s increased need f...

THE OPEN March beans: 4 1/4 lower March meal: .80 higher March soyoil: 61 lower March corn:  1/4 higher March wheat:  3 1/2 lower Prices opened a...

SPREADS Corn spreads are a big firmer with July/Dec at 2 1/4c from 3 3/4c.   July/Nov beans narrows into 8 1/2c from 9c.  March wheat/corn t...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS Iran remains the largest regional buyer of Indian soymeal (soybean extract). A total of 13...

GOOD MORNING, Prices begin the day on a mixed note as soyoil futures trade down to a new low as funds continue to liquidate length and oilshare.  Grai...

CBOT (and most other) markets simply imploded today in a massive risk-off mentality. China’s coronavirus continues to unnerve global markets as the d...

WTO Objectives versus Leverage Cairns Group members called for a WTO agreement to halve the amount of domestic supports allowed in agriculture and a subset...

Mar 20 Corn closed at $3.805/bushel, down $0.0675 from yesterday's close.  Mar 20 Wheat closed at $5.7225/bushel, down $0.0125 from yesterday's close...

Wheat The wheat market has, so far, been immune from the effects of Argentina’s new export taxes. Internationally, supply/demand factors for major wh...

Analysts have opined that if China is looking to meet a purchasing threshold from the U.S. based on a dollar amount, it would be better to focus on high va...

USDA released its monthly Cattle on Feed (COF) report on Friday. The report was neutral, with inventory, marketings and placements all coming in right at t...

THE OPEN March beans: 11 lower March meal:  2.20 lower March soyoil:  81 lower March corn:  6 3/4 lower March wheat: 10 1/2 lower The market...

Regional News Europe experienced one of the warmest periods in its history during December and January, which is expected to have both positive and negativ...

SPREADS May crush is slightly lower trading down to 1.02c/bu while oilshare trades to 34.31%.  July/Nov beans trades out to 10 1/2c from 9 1/4c, while...

GOOD MORNING, Charts feature a gap-lower open in corn, beans, meal, and wheat this morning as global markets continue to be impacted by the spread of the c...

Domestic Before Trade Deals Everyone knows that President Donald Trump is a protectionist, but he has very good company when it comes to that charge. As hi...

The CBOT opened with a defensive tone as position liquidation/short selling continued in the soybean pit and as traders exited largely profitable wheat pos...

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

Mar 20 Corn closed at $3.8725/bushel, down $0.065 from yesterday's close.  Mar 20 Wheat closed at $5.735/bushel, down $0.07 from yesterday's close.&nb...

EPA Administrator Andrew Wheeler and Assistant Secretary of the Army for Civil Works (Army Corps of Engineers) R.D. James, yesterday announced EPA’s...

The coronavirus spreading out from Wuhan China has supposedly put markets on edge, especially equities. The death toll from the disease is rising but is le...

THE OPEN March beans:  2 lower March meal:  .90 higher March soyoil: 39 lower March corn:  5 14 lower March wheat:  4 3/4 lower The mar...

USDA Reports that U.S. Cattle on Feed is up 2% on January 1, 2020. Placements in feedlots during December totaled 1.83 million head, 3% above 2019. Marketi...

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

Wheat:    Net sales of 696,000 metric tons for 2019/2020 were up 7 percent from the previous week and 58 percent from the prior 4-week average.&n...

SPREADS May crush trades to 1.04c/bu while oilshare corrects down to 34.77%.  July /Dec corn trades from even to 1c carry.  March/Dec corn trades...

GOOD MORNING, Prices are lower across the board this morning.  The corn market had its best close since November, finally clearing multiple tops to po...

It started out as a risk-off day across the board but then there were some acquisitive moves as time progressed. Things turned positive for grains but not...

Power Cords and Mustard Concerned about electronic waste and abuse of consumers, the EU has been pushing for the industry to establish a single power charg...

Mar 20 Corn closed at $3.9375/bushel, up $0.05 from yesterday's close.  Mar 20 Wheat closed at $5.805/bushel, up $0.0275 from yesterday's close. ...

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...

USDA Reports that U.S. Cattle on Feed is up 2% on January 1, 2020.  Placements in feedlots during December totaled 1.83 million head, 3% above 2019.&n...

Biodiesel Board Establishes Overly Ambitious Goal This week the National Biodiesel Board (NBB) held its annual meeting. As part of that meeting the organiz...

THE OPEN March beans:  4 1/2 lower March meal:  .60 lower March soyoil:  41 lower March corn:  1 lower March wheat:  3/4 lower The...

SPREADS May crush trades to 1.03c/bu while oilshare trades to .3532%.   Spreads are a touch wider with July/Dec corn trading out to 1 3/4c from 1...

One of the most consistent trading patterns over the long history of grain futures markets is described in the old cliché, “buy the rumor, sel...

GOOD MORNING, Prices were mixed for most of the session, with grains firmer against soy, but leaned lower into the close as the soy complex posted addition...

Wheat was once again the most interesting commodity in today’s CBOT trade, rising to new highs before settling lower in a “hook reversal”...

Transatlantic Course Setting U.S. President Donald Trump and EU Commission President Ursula von der Leyen discussed a new effort at a transatlantic trade a...

Mar 20 Corn closed at $3.8875/bushel, up $0.0125 from yesterday's close.  Mar 20 Wheat closed at $5.7775/bushel, down $0.0375 from yesterday's close.&...

Chinese agricultural analysis firm JCI notes that the country’s major livestock production fell 10.2 percent last year (-21 percent for pork), and ye...

Russian Grain Markets: 13-17 January 2020 Milling and feed wheat prices as well as feed corn prices on the domestic Russian market grew, while feed barley...

THE OPEN March beans:  3 higher March meal:  .40 lower March soyoil:  45 higher March corn:  2 1/2 higher March wheat:  8 3/4 high...

Macroeconomics Food Inflation Cools Off Slightly December data from China’s National Bureau of Statistics show food prices rose year-on-year by 17.4...

SPREADS  March crush trades to 1.03c/bu while oilshare trades higher to 35.59%.  Spreads are firmer with July/Dec corn narrowing into 1 1/2c from...

GOOD MORNING, Prices are mostly higher overnight led by wheat, which continues to trade to new market highs, with the March contract closing in on $6.00.&n...

Transatlanticism The World Economic Forum in Davos this week brought to the fore some major trade issues between the U.S. and Europe. First, French Preside...

With the excitement of the Phase One deal fading into the rearview mirror, the CBOT was broadly lower again as traders and analysts attempt to pencil out t...

Mar 20 Corn closed at $3.875/bushel, down $0.0175 from yesterday's close.  Mar 20 Wheat closed at $5.815/bushel, up $0.11 from yesterday's close. ...

Among the major animal proteins, beef has the highest share (18.5 percent) of production that moves into international trade. This is likely due to the fac...

Now that the EPA has promised that at least 15 billion gallons of ethanol will be blended into a total gasoline pool of about 142.4 billion gallons, the tr...

THE OPEN March beans: 7 lower March meal:  .10 lower March soyoil:  42 lower March corn:  2 3/4 lower March wheat:  2 1/2 higher The ma...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS The government of Pakistan has announced that 400,000 MT of wheat will be imported, duty f...

SPREADS March crush trades at 1.00c/bu while oilshare backs down to 35.22%.  Traders are buying meal / selling soyoil today with lower palm oil price...

GOOD MORNING, The market remains focused this week on South American weather, harvest pressure, and signs of any Chinese purchases.   Last week t...

New EU Trade Commissioner Phil Hogan was in Washington this week for a sort of baptism by fire. On top of foreign policy tensions like Iran and security is...

Please note that Monday, 20 January is a U.S. federal holiday in honor of the remarkable achievements of Martin Luther King, Jr. As a result, both the mark...

Note that the CBOT markets will be closed on Monday, 20 January 2020 for the Martin Luther King Jr. holiday.  The CBOT traded another volatile day wit...

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

Analysts say that Mr. Trump settled on a partial economic deal with China in order to smooth his path to reelection. In that agreement’s aftermath, t...

Mar 20 Corn closed at $3.8925/bushel, up $0.1375 from yesterday's close.  Mar 20 Wheat closed at $5.705/bushel, up $0.0525 from yesterday's close.&nbs...

Reflecting the rapid growth of China’s dairy import needs, albeit from a small base, the new economic agreement between Beijing and Washington includ...

THE OPEN March beans:  2 1/4 lower March meal:  .20 lower March soyoil:  25 lower March corn:  2 1/2 higher March wheat:  1 higher...

SPREADS March crush trades to 1.00c/bu while oilshare is lower, trading down to 35.22%.  July/Nov beans trade out to 5 1/2c from 5c, while March/May t...

GOOD MORNING, It'a a long weekend with markets closed for the Martin Luther King Holiday on Monday, January 20.  Grains are firmer this morning while...

It was mostly a down day for the futures market and the most persistent rationale given is disappointment in the substance in the U.S. – China trade...

Mar 20 Corn closed at $3.755/bushel, down $0.12 from yesterday's close.  Mar 20 Wheat closed at $5.6525/bushel, down $0.08 from yesterday's close.&nbs...

China Phase One Trade Deal and Proteins President Trump and Vice Premier He signed the Phase One China trade deal yesterday. As had been widely expected, C...

THE OPEN March beans:  3 1/2 lower March meal:  .40 lower March soyoil:  .24 lower March corn:  5 lower March wheat:   8 1/4...

Near Record NOPA Soybean Crush in December The National Oilseed Processors Association yesterday released its monthly soybean crush report for December. Th...

China Purchasing Loophole First, it is important to reemphasize the point made in yesterday’s report that the key achievement in the Phase One trade...

Wheat:  Net sales of 650,600 metric tons for 2019/2020 were up noticeably from the previous week and up 32 percent from the prior 4-week average. ...

SPREADS March crush is steady at 98c/bu while oilshare works down to 35.43%.  Corn spreads are weaker with July/Dec trading out to 4 1/4c from 1 3/4c,...

GOOD MORNING, Equities celebrated the signing of the Phase One deal, but beans were not impressed.  A bearish NOPA soyoil stocks number sent soyoil pr...

Friday’s reports from USDA have come and gone raising very little fanfare in the process. There were mild surprises in that NASS raised corn and soyb...

China was, of course, the focus for today’s trading but the CBOT opened with notable activity before the trade agreement was released. Wheat futures...

Trade Negotiator Frustrations Much of the media coverage of the U.S. – China Phase One trade agreement has centered around Beijing’s commitment...

Mar 20 Corn closed at $3.875/bushel, down $0.015 from yesterday's close.  Mar 20 Wheat closed at $5.7325/bushel, up $0.0475 from yesterday's close.&nb...

The attached PDF (made available to WPI by the office of the U.S. Trade Representative) contains the full text of the Phase One U.S.-China trade agree...

Critics of the trade deal signed today between the U.S. and China lament President Trump’s policy tilt toward “managed trade.” Trump Admi...

THE OPEN March beans:  2 1/2 lower March meal:  .20 higher March soyoil:  29 lower March corn:  3/4 higher March wheat:  4 1/2 hig...

Livestock Rapid Rise in Live Hog Price Shows Beijing’s Myopic Ineptitude Newly released information from China’s National Bureau of Statistics...

Russian Grain Markets: 6-10 January 2020 Milling and feed wheat prices on the domestic Russian market changed insignificantly. Meanwhile, milling rye price...

SPREADS March crush trades to 97c/bu while oilshare trades down to 35.74%.  July/Dec corn trades from 1 3/4c to 2c, while March/May trades back out to...

GOOD MORNING, Finally, the day of signing is here for the Phase One deal.  US Trade Rep Lighthizer and US Sec. Mnuchin said that all parts of the phas...

Tomorrow’s Trade Deal Revelations The actual text of a bilateral trade deal between the U.S. and China is supposed to be released tomorrow, although...

The CBOT opened as called with wheat leading the way higher. Overnight news that the Russian ag ministry is considering adopting a policy that would permit...

Unfavorable weather this past summer caused a shortfall in food production that is now reverberating through the Indian economy. Food comprises half of Ind...

If there is any doubt whether or not agriculture is a key constituency for Republicans generally, and the President specifically, in 2020, consider that th...

Mar 20 Corn closed at $3.89/bushel, down $0.005 from yesterday's close.  Mar 20 Wheat closed at $5.685/bushel, up $0.0625 from yesterday's close. ...

THE OPEN March beans: 3 higher March meal: 2.90 higher March soyoil: 34 lower March corn: 1/2 higher March wheat: 7 1/2 higher The markets opened as expe...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Egypt says that it will establish a commodities exchange for the trading of items that will include whe...

SPREADS March crush trades down to 98c/bu while oilshare is 35.45%, correcting still from its highs over 36%.  Corn spreads are firmer with July/Dec t...

GOOD MORNING, The fight for acreage is heating up between corn and beans.   Corn is first up for planting, and sticking to its guns by holding in...

Plant Protection Ban Going Backwards Politicians in different countries have called for bans on different plant protection chemicals and especially on the...

Just as hopes were high for resuming ethanol exports to China under the Phase One deal to be signed this week, China is suspending its national E10 ethanol...

The CBOT continued making modest adjustments in the wake of Friday’s WASDE, but found relatively little new information upon which to trade. The USDA...

Mar 20 Corn closed at $3.895/bushel, up $0.0375 from yesterday's close.  Mar 20 Wheat closed at $5.6225/bushel, down $0.0225 from yesterday's close.&n...

The push by environmental activists to reduce and/or eliminate the use of pesticides and fertilizers in production agriculture may have varying impacts in...

Macroeconomics With strikes and farmers meeting en masse to protest the new export taxes, the Argentine government has decided, for the moment anyway, to l...

Regional News Weather conditions in Bulgaria turned negative for winter crops last week. After a warmer-than-normal December and first week of January, las...

THE OPEN March beans: 7 lower March meal:  1.70 lower March soyoil:  27 lower March corn:  1 1/4 higher March wheat:  1 1/2 lower The m...

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

SPREADS March crush trades to 1.00c/bu while oilshare trades to 36.0%.  July/Dec corn trades out to 3c carry from 2 1/4c while March/May trades back o...

GOOD MORNING, Prices are mixed this morning post report as there were not enough changes in the Jan. final to call for a change in trend.   Inste...

In yesterday’s report, looking forward to today’s WASDE, we noted that all eyes should go to the meat and broiler export forecasts “as tr...

USDA’s outlook for U.S. soybean oil prices is raised 3 cents to 34.0 cents per pound...

USDA’s outlook for U.S. soymeal price is reduced $5.00 to $305.00 per short ton.  ...

USDA’s outlook is for U.S. soybean supplies being relatively unchanged as lower beginning stocks and imports offset higher production.  With cru...

Government Work: The U.S. government announced the creation of a Unified Website for Biotechnology Regulation in response to President Trump’s Execut...

USDA’s outlook is for use rising more than supply and 2019/20 U.S. corn stocks being reduced 18 million bushels. Exports are reduced 75 million bushe...

USDA’s outlook for 2019/20 U.S. wheat is for stable supplies, increased feed and residual use, and lower stocks.  Ending stocks are now projecte...

If one was looking for the January WASDE to spark a directional change in the commodity markets, the day was surely disappointing. The day started off as c...

Wheat:  Net sales of 80,600 metric tons for 2019/2020--a marketing-year low--were down 74 percent from the previous week and 87 percent from the prior...

Mar 20 Corn closed at $3.8575/bushel, up $0.025 from yesterday's close.  Mar 20 Wheat closed at $5.645/bushel, up $0.0225 from yesterday's close. ...

Today’s WASDE report changed the picture for oilseeds but in an underwhelming fashion. For those betting that suboptimal U.S. weather this past growi...

THE OPEN March beans:  1 1/2 lower March meal:  .10 lower March soyoil:  3 lower March corn:  steady March wheat:  2 higher Prices...

SPREADS March crush is firmer this morning trade to 1.01c/bu while oilshare is a steady trade at 36.49%.  Wheat spreads are firming with March/May tra...

GOOD MORNING, The market leader for the morning is once again wheat, which placed a new high for the move up in the PM session.  No doubt that this ha...

The Trump Administration has dubiously used trade balances as a metric for measuring relative policy fairness but France’s digital tax and the propos...

The expectations for tomorrow’s USDA WASDE report are set, and they are bullish. There will be fewer U.S. corn harvested acres, lower yields and thus...

Tomorrow USDA releases a lot of much anticipated data: WASDE projections, quarterly grain stocks, and final annual crop production. Markets will be looking...

Mar 20 Corn closed at $3.8325/bushel, down $0.01 from yesterday's close.  Mar 20 Wheat closed at $5.6225/bushel, up $0.095 from yesterday's close.&nbs...

THE OPEN March beans: 2 higher March meal:  .40 higher March soyoil:  20 higher March corn:  1 3/4 higher March wheat:  4 1/2 higher Th...

Each year, the first thing that grain traders and grain markets face following the annual New Year’s festivities is the array of USDA’s reports...

SPREADS March crush trades to 98c/bu while oilshare is at 36.52%.  July/Dec corn trades from 2c to 2 1/2c, while March/May narrows into 6 3/4c from 7c...

GOOD MORNING, Prices are higher across the board this morning as more technical buying continues in beans, wheat, and soyoil, and short-covering in corn.&n...

Iran Highlights Transatlantic Divide The Iran situation has caused a full-blown fracturing of transatlantic relations. Even before the latest crisis, the E...

 CBOT markets featured much of the same position-evening, range-bound pattern they have for most of this week. Wheat futures bounced off technical sup...

The Wall Street Journal noted that China’s pork production fell 55 percent last year (per Rabobank) and yet U.S. pork prices have fallen as China ins...

Mar 20 Corn closed at $3.8425/bushel, down $0.0025 from yesterday's close.  Mar 20 Wheat closed at $5.5275/bushel, up $0.025 from yesterday's close.&n...

Livestock New Report Raises More Questions About China’s Pig Inventories A December report by a journalist from the livestock news service Nong Cai B...

THE OPEN March beans: 1 lower March meal:  .40 higher March soyoil:  11 lower March corn:  1 3/4 lower March wheat:  1/2 higher Prices...

Russian businesses were mainly closed during their holiday period (31 December – 7 January) limiting activity on the Russian markets. Our in-depth an...

GOOD MORNING, Futures were mixed overnight, with profit-taking in oilshare and corn prices drifting lower.  Corn has become the sell leg again for spr...

SPREADS March crush trades to 1.01c/bu while oilshare trades sideways at 36.43%.  Corn spreads are slightly weaker with July/Dec trading out to 2 3/4c...

In what would be a nightmare scenario for American Democrats, large majorities of East Asian business leaders surveyed by the Nikkei expect President Trump...

The CBOT opened with a weaker tone and kept that mentality through the day. Soyoil firmed against soymeal and soybeans while corn and soybeans traded mostl...

Mar 20 Corn closed at $3.845/bushel, down $0.0025 from yesterday's close.  Mar 20 Wheat closed at $5.5025/bushel, up $0.0025 from yesterday's close.&n...

The agriculture sector is generally optimistic about 2020 based on a new trade deal with Japan in place on New Year’s Day, the progress of the USMCA,...

THE OPEN March beans:  2 lower March meal:  1.30 lower March soyoil:  6 higher March corn:    1/2 lower March wheat:  3 1/2 l...

Tensions between the U.S. and Iran have a long history, being particularly intense since 1979. Although food has not been a formal part of the sanctions im...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS The ports of Alexandria and Dekheila on the Mediterranean in Egypt have reopened after being closed for...

SPREADS March crush trades to 1.01c/bu while oilshare firmes to 36.46%.  July/Dec corn trades from 1 3/4c to 2c, while March/May posts a 6 3/4c trade...

GOOD MORNING, The week is going to head into trading range highs and lows with price action dominated by ideas surrounding the January 'final' USDA WASDE r...

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

Business lobbyists in Washington are urging the Trump Administration to seek a less confrontational approach with Europe but White House officials wonder w...

CBOT markets opened on the defensive after tensions between the U.S. and Iran continued to rise over the weekend. Dow futures opened 150 points lower for M...

Mar 20 Corn closed at $3.8475/bushel, down $0.0175 from yesterday's close.  Mar 20 Wheat closed at $5.5/bushel, down $0.045 from yesterday's close.&nb...

The U.S. drone strike on Major General Qassem Soleimani marked a change in U.S. policy toward Iran. For the past year or more, the Trump Administration has...

Economists and central bankers gathering this past weekend at the American Economists Association found reasons to be optimistic. The U.S. economy is slowi...

Export Taxes Impact The FADA Foundation measures the impact of state participation on agricultural income. Their last report accounted for the new export t...

THE OPEN March beans:  1 3/4 lower March meal:    .30 higher March soyoil:  52 lower March corn:  1 lower March wheat:  1/4 l...

Regional News Western Europe faced wet conditions for much of the fall/early winter, but that trend may be changing. The 15-day precipitation anomaly shows...

SPREADS March crush trades to 1.05c/bu while oilshare is slightly weaker, trading down to 36.43%.  July/Dec corn trades from 1 1/2c to 2c.   ...

GOOD MORNING, Prices Friday were defensive as the US/Iran conflict created impacts across stocks and commodities.  Trade talk in the grain market was...

Input: Useful and Not China is reportedly taking credit for its leadership this past year in the World Trade Organization. It says it believes in the multi...

Since the post-World War II era and the establishment of the General Agreement on Tariffs and Trade (GATT) and its successor, the WTO, there has been one g...

Markets reportedly reacted today to the U.S. killing of Iranian Maj. Gen. Qassim Suleimani by falling in values and the price of oil rising. However, it is...

Global geopolitical fears sparked a massive risk-off day in markets around the U.S. Traders and policy analysts anticipate further escalation in tensions b...

Mar 20 Corn closed at $3.865/bushel, down $0.05 from yesterday's close.  Mar 20 Wheat closed at $5.545/bushel, down $0.0575 from yesterday's close.&nb...

THE OPEN March beans:  6 3/4 lower March meal:  2.30 lower March soyoil:  13 lower March corn:  2 1/4 lower March wheat:  5 1/2 lo...

SPREADS March crush trades to 1.03c/bu while oilshare trades to 36.69%.  July/Dec corn weakens out to 2 1/4c from 1/4c.  Jan/March beans trades f...

GOOD MORNING, Prices are mostly lower this morning as the markets rallied high enough to draw some profit-taking from the bull as the week draws to a close...

Wheat:  Net sales of 312,900 metric tons for 2019/2020 were down 56 percent from the previous week and 46 percent from the prior 4-week average. ...

Barring unforeseen announcements, this may have been the last notable day on the market ahead of USDA’s 10 January WASDE report. Things may now turn...

Parts of Brazil Soybean Area in Need of Rain Most the soybean growing areas of Brazil are apparently in good condition with adequate rainfall. However, in...

Mar 20 Corn closed at $3.915/bushel, up $0.0375 from yesterday's close.  Mar 20 Wheat closed at $5.6025/bushel, up $0.015 from yesterday's close. ...

Cattle Market to Tighten in 2020 Going into 2020, the beef cattle inventory is likely to be down. The cattle inventory data will be released by USDA on 31...

THE OPEN March beans: steady March soyoil;  42 higher March meal:  1.00 lower March corn:  1/2 higher March wheat:  3 1/2 higher The ma...

If you liked all the policy machinations of 2019, there are more ahead in 2020. Some developments will be more important than others, but they all deserve...

SPREADS March crush drops back below 1.00c/bu to trade to 97.31c/bu, while oilshare trades slightly lower to 36.32%.  March/May beans trade from 12 3/...

GOOD MORNING The markets are called steady but could remain well bid with a macro-risk on day on the outside that could spill-over into grains and soy.&nbs...

Mar 20 Corn closed at $3.8775/bushel, down $0.005 from yesterday's close.  Mar 20 Wheat closed at $5.5875/bushel, up $0.0275 from yesterday's close.&n...

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

There may be fireworks over New York harbor tonight, but there weren’t any at the CBOT today. The market remains torn between slow U.S. exports, poss...

With the 2010 decade drawing to a close, there is value in looking back at what major developments occurred. The value is derived both from a reminiscent,...

THE OPEN March beans:  1/4 lower March meal:  2.00 higher March soyoil;  64 lower March corn:  1/4 higher March wheat:  2 1/2 high...

Politicians glommed on to the issue of income inequality in 2019 and they will remain focused on it during 2020. They can do nothing about it, but when a m...

Two weeks ago, EPA increased the blending requirement for ethanol and biodiesel under its supplemental small refinery exemption (SRE) proposal. More change...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Morocco has announced that the duty on durum and soft wheat imports will be suspended from 1 January -...

SPREADS March crush trades down to 1.01c/bu while oilshare trading down to 36.45%.  Jan/March beans trades out to 14 1/4c from 11 3/4c on heavier than...

GOOD MORNING, Prices are mixed coming into today, with profit-taking in oilshare and grains firmer.  The funds remain long in soyoil, with the percent...

Markets opened higher on continued short covering based on rumors (yet unconfirmed) that China’s Vice Premier will be visiting Washington in January...

Differing PRC–USA Priorities President Trump earlier said that he wanted a Phase One trade agreement to be signed by himself and Chinese President Xi...

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

Mar 20 Corn closed at $3.8825/bushel, down $0.0175 from yesterday's close.  Mar 20 Wheat closed at $5.56/bushel, down $0.0025 from yesterday's close.&...

The decade is coming to a close, and what a decade it has been for the U.S. economy. It started with a recession, a major (Keynesian) stimulus policy packa...

Year-end analysis from the Financial Times looks at the future of meat consumption through two lenses: 1) the topping out of consumption by the largest per...

THE OPEN March beans:  8 higher March meal:  1.90 higher March soyoil:  40 higher March corn:  1 3/4 higher March wheat:  8 higher...

Macroeconomics  Argentina In addition to its newly raised export taxes, Argentina’s new administration is trying to increase real estate taxes b...

WPI's monthly publication features a review of the past month's market and policy developments. There are articles covering the trade war impacts, oil and...

SPREADS March crush trades at 1.05c/bu while oilshare hits new highs at 36.91%.    July/Dec corn trades from 3/4c to 2c carry, while March/May tr...

GOOD MORNING, Prices continue to be well bid nearing the end of 2019.  First notice day for Jan contracts is tomorrow, and there are 1,194 bean receip...

China: How Much Meat? The China-based agriculture consultancy JCI issued a report critiquing western media reports on the meat situation in the Middle King...

As if the terms of the Phase One trade deal with China has not generated enough questions for the market, it is indirectly sparking some more speculation a...

Mar 20 Corn closed at $3.9/bushel, up $0.015 from yesterday's close.  Mar 20 Wheat closed at $5.5625/bushel, up $0.0725 from yesterday's close. ...

The think tank RethinkX issued a report with a 24-word, 166-character title predicting the end of the conventional meat industry by 2030. Entitled, ‘...

Trade at the end of the Christmas week was defined by strong soyoil and wheat values while soybeans and meal turned lower. Corn and soybeans are near the t...

THE OPEN March beans: 1 1/2 higher March meal:  .50 lower March soyoil:  33 higher March corn:  1 14 higher March wheat:  9 higher The...

SPREADS March oilshare trades to 1.04c/bu while oilshare is into new highs at 36.60%.  Spreads are slightly firmer with July/Dec corn trading from 1/2...

GOOD MORNING, Prices are mixed this morning, higher for everything but meal.  As we head into the end of the trading year the markets continue to rema...

Higher soyoil prices defined post-Christmas trade early in the day but rising wheat values caught the market’s attention by the end. Palm oil futures...

Meat Stocks Decline but Await New Demand USDA issued its monthly Cold Storage report just before the government closed for Christmas Eve and while major me...

Record High Soybean Container Exports  Monday’s export inspections report indicated that USDA personnel inspected 1,083,866 MT of soybeans durin...

This month, the Chinese Ag Ministry released a three-year plan to restore pork production, a goal the Ministry calls “very arduous.”  The...

Mar 20 Corn closed at $3.885/bushel, up $0.01 from yesterday's close.  Mar 20 Wheat closed at $5.49/bushel, up $0.08 from yesterday's close.  Jan...

The U.S. – China trade war is cooling off, fears of a major economic recession have receded and commodity prices are projected to climb, but the bear...

THE OPEN March beans:  2 higher March meal: .10 lower March soyoil:  39 higher March corn:  1 1/4 higher March wheat:  1 higher The mar...

SPREADS March crush trades at 1.04c/bu while oilshare trades to 35.80%.   July/Dec corn trades from 1c to 1 3/4c while March/May trades closed at...

GOOD MORNING, The markets continue to be guided by position-evening in front of the year's end for corn, beans, and meal, which means that shorts are still...

Mar 20 Corn closed at $3.875/bushel, down $0.0125 from yesterday's close.  Mar 20 Wheat closed at $5.41/bushel, up $0.015 from yesterday's close. ...

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

The CBOT was expectedly quiet today ahead of the Christmas holiday. Fresh news was hard to come by overnight and the markets traded a tight range with litt...

Awkward Trade Policy President Trump’s trade war has been highly damaging to U.S. agriculture but the fruition of agreements with Japan, Mexico and C...

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

USDA released the quarterly hogs and pigs report yesterday. The total swine inventory on 1 September was 77.3 million head, which was 103 percent of Decemb...

Commodity futures volume is notably higher on WASDE release dates, and understandably lower on short trading days like Christmas Eve. Putting it into conte...

There will be no issues today of Technical Perspectives due to the holiday. The reports will resume on Thursday, 26 December...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Iran is reported to have bought as much as 1 MMT of wheat recently with quite a bit from Russia, but al...

Given the much lower volumes and the absence of serious futures trading during a busy holiday period makes it an unrepresentative period for the markets. O...

Mar 20 Corn closed at $3.8875/bushel, up $0.01 from yesterday's close.  Mar 20 Wheat closed at $5.395/bushel, down $0.0275 from yesterday's close.&nbs...

MFN Conflicts China announced 859 tariff lines that will see reduced import duties effective 1 January but these will not solely benefit the U.S. Governmen...

Presidents Trump and Xi spoke last Friday about the Phase One trade agreement between the two countries. It appears that in early January, U.S. Trade Repre...

Market Update Last week, the market was very slow in Brazil, almost getting into Christmas mode. Even the Chinese were pretty quiet. Crush margins in China...

THE OPEN March beans:  3 higher March meal:    2.10 higher March soyoil:  1 higher March corn:  1/2 higher March wheat:  2 1/...

SPREADS March crush trades to 1.03c/bu, slightly lower, while oilshare trades to 35.97%, just under recent highs of 36.0%.  Bean spreads are firmer wi...

GOOD MORNING,  Prices this morning are steady/higher, with the stock market and commodities in the green.  The grains/soy complex is like the mac...

Impeachment Helps USMCA Perhaps this title is a little misleading but basically, because the U.S. House is not immediately sending over the articles of imp...

USDA released its monthly Cattle on Feed (COF) report today. The 1 December inventory of all cattle and calves on feed in feedlots with 1,000 head or more...

Mar 20 Corn closed at $3.8775/bushel, up $0.0125 from yesterday's close.  Mar 20 Wheat closed at $5.4225/bushel, down $0.03 from yesterday's close.&nb...

The holiday-shortened trading week is around the corner, the CBOT opened as call and was subsequently characterized by position evening/liquidation. The ma...

USDA reports U.S. Cattle on Feed Up 2 Percent • Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of...

There are just 1.5 trading days left until the Christmas holiday and funds are starting to lighten their positions. The hope is to reduce risk while the fo...

THE OPEN March beans:  steady March meal:  .30 lower March soyoil:  10 higher March corn:  3/4 higher March wheat:  3/4 higher The...

SPREADS  March crush is slightly lower, trading to 1.05c/bu, while oilshare sees a bit of profit-taking trading back below 36.0% to 35.93%.  &nbs...

GOOD MORNING, Prices remain in range-bound territory as most of the influential factors are out on the table.  From this point forward it becomes sole...

Chinese View of Trade Deal The trade agreement between the U.S. and China is currently sight unseen by the general public but that has not kept pundits fro...

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...

Over the past several days, optimism over a U.S. – China trade agreement helped push commodities up into new trading ranges and funds are trying to s...

Mar 20 Corn closed at $3.865/bushel, down $0.005 from yesterday's close.  Mar 20 Wheat closed at $5.4525/bushel, down $0.03 from yesterday's close.&nb...

Argentina Headed Down the Proven Wrong Path on Agriculture Again It has been said that the definition of stupidity is doing the same thing over and over ag...

THE OPEN March beans:  3 3/4 lower March meal:  2.30 lower March soyoil: 25 higher March corn:  steady March wheat:  4 1/4 higher The m...

SPREADS March crush trades to 1.07c/bu while oilshare trades to 35.71%.    July/Dec corn trades to 1 1/2c carry from 1/4c, while March/May corn t...

GOOD MORNING, The markets have ratcheted trading ranges higher on the back of the US/China trade negotiations and the promise of more business.  Bean...

Wheat:  Net sales of 868,600 metric tons for 2019/2020--a marketing-year high--were up 73 percent from the previous week and 95 percent from the prior...

The current political turbulence in Washington dominates the wire service headlines and the attention of op-ed writers. Yesterday, the U.S. House of Repres...

U.S. Trade Representative Robert Lighthizer this week turned his sights on Europe where he declared, “We have a very unbalanced relationship…&...

Mar 20 Corn closed at $3.87/bushel, down $0.03 from yesterday's close.  Mar 20 Wheat closed at $5.4825/bushel, down $0.08 from yesterday's close. ...

A reader has pointed out that U.S. pork, a victim in the trade war with China, is priced lower than other suppliers, including less than half the value of...

Markets were lower overnight as traders took some profits off the table following recent gains. CBOT markets opened lower this morning with some modest pro...

Due to the Christmas and New Year holidays, the next weekly China In-Country Analysis will be 8 January 2020. Livestock Beijing Rolls Out 18-Point Plan to...

THE OPEN March beans: 5 1/4 lower March meal:  2.50 lower March soyoil:  50 lower March corn:  2 1/4 lower March wheat:  7 3/4 lower Th...

Due to the Christmas and New Year holidays, the next weekly Black Sea Regional Analysis will be 8 January 2020. Russian Grain Markets: 9-13 December 2019 D...

SPREADS March crush trades lower to 1.03c/bu while oilshare trades to 35.55%.  March/May corn trades from 6 1/4c out to 6 3/4c, while July/Dec trades...

GOOD MORNING, Prices continue to trend to new highs but are now at some key resistance levels, and as such, slightly lower to begin the day, typical for su...

Flighty Farm Proposal U.S. Senator and Democratic presidential candidate Cory Booker (D-New Jersey) is getting attention in populist corners for his propos...

The short covering continued today with early pressure at the CBOT wearing off in favor of higher closes. Funds aren’t especially fond of covering th...

Mar 20 Corn closed at $3.9/bushel, up $0.02 from yesterday's close.  Mar 20 Wheat closed at $5.5625/bushel, up $0.065 from yesterday's close.  Ja...

The U.S.–China trade war has caused a lot of soybeans to stay at home rather than make the trek across the Pacific, but American surplus grain stocks...

The FY 2020 spending package is complete. Yesterday, two appropriations bill were introduced in the House; combined, they contain all 12 regular appropriat...

SPREADS March crush trades to 1.06c/bu while oilshare firms to 35.90%.  Traders still buying soyoil against meal.  Traders are still spreading ou...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Importers in the region of Argentina grains, oilseeds and derivatives should expect higher prices in co...

GOOD MORNING, The markets rallied on Monday to their highest levels in months, with wheat prices in the lead and corn trying to follow.  Beans and soy...

There is still some skepticism as to whether China will buy all of the agricultural commodities that the Trump Administration is touting but if farmers hav...

Traders got a better handle on the U.S.-China trade deal over the weekend and that put a bid under the CBOT on Sunday night’s open. The markets trade...

Last Laugh The actual language of the announced phase one agreement between the U.S. and China remains unknown but a reported commitment to boosting import...

Mar 20 Corn closed at $3.88/bushel, up $0.07 from yesterday's close.  Mar 20 Wheat closed at $5.4975/bushel, up $0.1725 from yesterday's close. ...

Regional News The weather across Europe remains broadly favorable for winter crop development this next week, except for continued heavy rains across Weste...

Argentina Argentina’s new government took office last week and both Argentine bonds and equity prices have rebounded and the peso has firmed. The new...

Friday of this week could be EPA’s release date for the final rule on the 2020 required volume obligations (RVO). That rule would include the small r...

THE OPEN March beans: 9 1/2 higher March meal:  2.50 higher March soyoil:  55 higher March corn:  6 1/2 higher March wheat:  8 1/2 high...

SPREADS  March crush trades to 1.04c/bu while oilshare firms to new highs at 35.43%.  Jan/March beans trade from 14c to 14 1/2c, while Jan/March...

GOOD MORNING, The markets will open higher across the board and have been well bid all night on the back of a US/China trade deal, as well as news from Arg...

CBOT markets were sharply higher overnight after news of a pending U.S.-China trade deal. Soybeans posted an amazing 13½ cent overnight gain while c...

The actual agricultural purchases to be made by China next year remains unclear with officials in Beijing failing to confirm President Trump’s boast...

Mar 20 Corn closed at $3.81/bushel, up $0.0325 from yesterday's close.  Mar 20 Wheat closed at $5.325/bushel, up $0.0225 from yesterday's close. ...

Congress is hitting the home stretch and policy making is at a frenzied paced. Following is a recap and some thoughts on implications. At this point, there...

The draft agreement between Washington and Beijing reportedly calls for China to purchase $50 billion worth of agricultural products from the U.S. in 2020...

THE OPEN March beans:  9 1/4 higher March meal:  2.50 higher March soyoil:  13 higher March corn;  2 1/2 higher March wheat:  2 1/...

SPREADS Bean futures are still mostly about volumes going to spread trade, with January open interest down 17,339 ctrs and March up 15,796 ctrs.  Open...

GOOD MORNING, The adage is that low prices cure low prices.  But now it's also enough to say that a few tweets and headlines along with some positive...

Markets were lower overnight, and the expectation was for more of the same when the sun rose but politics and fundamentals combined to give Chicago a shot...

FDA on Feedlots?  It looks like the cell cultured meat-inspired debate over how the FDA and the Food Inspection Safety Service (FSIS) should share jur...

There were positive signals today that the U.S. and China will reach some form of a phase one agreement and that tariffs will be reduced instead of increas...

China’s Soybean Output Estimated at 18.1 MMT China’s Ministry of Agriculture and rural Affairs this week raised its forecast for that country&r...

Mar 20 Corn closed at $3.7775/bushel, up $0.065 from yesterday's close.  Mar 20 Wheat closed at $5.3025/bushel, up $0.11 from yesterday's close. ...

THE OPEN March beans:  3 1/2 lower March meal:  .80 lower March soyoil:  15 higher March corn:  2 higher March wheat:  1 higher It...

As we sink further into December, grain and soy futures markets continue their directionless up and down pattern within current trading ranges. Exciting th...

SPREADS March crush trades to 1.02c/bu while oilshare trades to 34.82%.  March/May meal trades from $3.90 to $4.10, and begins on the narrower side.&n...

Wheat:  Net sales of 502,700 metric tons for 2019/2020 were up noticeably from the previous week and up 33 percent from the prior 4-week average. ...

GOOD MORNING, Prices continue to trend sideways to lower with the short-covering rally ending in beans as bears take control and try to push values back un...

100 Years Trade War The trade war between the U.S. and China may or may not be getting a temporary reprieve late this week but the transatlantic war is abo...

Mar 20 Corn closed at $3.7125/bushel, down $0.0575 from yesterday's close.  Mar 20 Wheat closed at $5.1925/bushel, down $0.045 from yesterday's close...

Post-December WASDE trade was mostly lower with trade activity rising well above the dismal volumes of yesterday. The markets opened as called with grains...

Basic demand analysis correlates income growth with population increases and provides producers and marketers with a good understanding of the likely consu...

THE OPEN March beans:  1 lower Jan meal:  1.00 lower Jan soyoil:  14 lower March corn:  3/4 lower March wheat:  2 1/2 lower The ma...