THE OPEN November beans:  11 lower December meal:   3.10 lower December soyoil:  35 lower December corn:    8 lower December...

The renminbi fell below 7 to the U.S. dollar this past Friday, and that raises the risk of at least two possible developments: 1) the exodus of money out o...

Regional News Ukraine’s sea port grain exports for the week ending 2 August 2019 increased to 1.09 MMT from 861 TMT the prior week. Corn exports incr...

SPREADS Crush margins improve with October trading to 1.10c/bu while oilshare continues to firm at 32.37%.  Meal prices continue to trend downward vs...

GOOD MORNING, Prices are lower this morning, but the weakness is noted across the board for equities and commodity prices entering a macro day of across-th...

Overnight trading saw the start of a modest recovery at the CBOT with corn finishing 3.5 cents higher, soybeans up 5.75 cents and wheat gaining 3 cent...

Tariffs are effectively a tax, but many partisans are overstating their impact. Frequently, the pundits are saying the tariffs being imposed on China only...

In the rush of the current bear market, some are now predicting that yields may exceed USDA’s early estimates. These forecasts are met with some incr...

This afternoon President Trump and EU Ambassador Stavros Lambrinidis announced an agreement regarding the EU’s Hilton quota, commonly referred to as...

Dec 19 Corn closed at $4.095/bushel, up $0.07 from yesterday's close.  Sep 19 Wheat closed at $4.9075/bushel, up $0.15 from yesterday's close.  N...

THE OPEN November beans:  3 3/4 higher December meal:  .60 higher December soyoil:  21 higher December corn:    3 1/2 higher Decem...

SPREADS  October crush trades top 1.06c/bu while oilshare trades to 31.94 percent.  Traders continue to buy soyoil/sell meal.   Dec19/D...

GOOD MORNING, The markets were in adjustment mode yesterday to the downside and fell sharply after Trump's announcements about more possible tariffs starti...

Except for Kansas City wheat, markets were down overnight, and everything nosedived today. December corn initially tried to recover, but that didn’t...

Proof that the trade talks in China did not yield the progress that was expected or hoped for, President Trump announced via twitter today (see below) that...

Orange Man Bad President Donald Trump tweeted today that next month he would impose 10 percent duties on the remaining $300 billion worth of goods imported...

Current grain and soy futures markets remind us of two old market clichés. The first is, “bears make money, bulls make money, but hogs get sla...

China to Inspect Argentine Soy Crush Plants The Argentine agriculture secretary’s chief of staff has indicated a Chinese delegation will begin a visi...

Dec 19 Corn closed at $4.025/bushel, down $0.075 from yesterday's close.  Sep 19 Wheat closed at $4.7575/bushel, down $0.115 from yesterday's close.&n...

From Reuters:  *DJ Trump to Impose Additional 10% Tariff on Chinese Goods  Trump to Impose Additional 10% Tariff on Chinese Goods on Sept. 1 * Tr...

THE OPEN Beans:  1 1/2 lower Meal:    1.50 lower Soyoil:  13 higher Corn:    steady Wheat:  7 lower The major features o...

Wheat:  Net sales of 383,100 metric tons for 2019/2020 were down 42 percent from the previous week and 2 percent from the prior 4-week average. &...

SPREADS October crush trades higher at 1.04c/bu while oilshare is steady/better at 31.84 percent.  Dec/March corn trades from 10 1/4c to 10 3/4c, clos...

GOOD MORNING, The lack of significant heat across the US and a perceived break-down in Chinese/US trade talks combined to create long liquidation in corn a...

It was one-sided trading at the CBOT today with nearly every market flashing sell signals. The sell-off has been blamed on end-of-the-month selling/positio...

Russian Grain Markets: 22-26 July 2019 Domestic prices decreased more slowly in regions where there was movement from old crop to new harvest grain and gre...

Dec 19 Corn closed at $4.1/bushel, down $0.11 from yesterday's close.  Sep 19 Wheat closed at $4.8725/bushel, down $0.1 from yesterday's close. ...

War into 2021 The Vietnam War lasted 17 years and four months, and the war in Afghanistan now exceeds that length. The U.S.–China trade war is not ex...

THE OPEN  Nov beans:  6 lower Dec meal:  1.30 lower Dec soyoil:  18 lower Dec corn:     3 1/2 lower Dec wheat:  5 l...

Oilseeds Soymeal Inventory Falls Again on Lower Output With demand continuing to falter, crushing activity has remained limited with utilization rates belo...

SPREADS  October crush trades at 1.01c/bu while oilshare remains a fairly steady 31.86%.  Corn spreads are generally weaker with the Dec 19/Dec 2...

GOOD MORNING,  End-of-month profit-taking, non-threatening weather, low exports, and negative rhetoric for the trade negotiations combined to send pri...

Improving corn conditions and presidential tweets noting that China has not purchased any agricultural goods sent the markets lower overnight. The tweets s...

In a rare display of compromise (if not bipartisanship), the Trump administration and Congress reached a two-year budget deal. The plan lays out a top line...

Dec 19 Corn closed at $4.21/bushel, down $0.06 from yesterday's close.  Sep 19 Wheat closed at $4.9725/bushel, down $0.0625 from yesterday's close.&nb...

Reading China There is little concrete messaging from the U.S.–China trade negotiations this week, but an announcement out of Beijing may reflect pos...

THE OPEN November beans:  6 1/2 lower December meal:  2.80 lower December soyoil:  1 lower December corn:    4 1/2 lower December...

WPI’s Crop Progress and Conditions App provides visual snapshots of the latest USDA data on this year’s rain-delayed plantings. The pictures ar...

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS Saudi Arabia’s SAGO has advised that the pre-qualified flour mill bidders will finish their due d...

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...

SPREADS  Sep crush firms to 97c/bu while oilshare values push towards 32% with a trade at 31.95% this morning.  Corn spreads are weaker with Dec...

GOOD MORNING, Better than expected crop ratings and non-threatening weather continues to weigh on prices as they move back and forth in choppy trade. ...

CBOT ag markets traded mostly higher today with a growing feeling that positions are being exited and new longs/shorts avoided. Volume was largely below av...

The EPA published the 2020 Required Volume Obligations (RVOs) for ethanol and biodiesel in today’s Federal Register, an unusually long lag after publ...

Worse than Trump President Trump chided that China may intentionally slow down bilateral trade negotiations until after the 2020 U.S. election, suggesting...

Dec 19 Corn closed at $4.27/bushel, up $0.025 from yesterday's close.  Sep 19 Wheat closed at $5.035/bushel, up $0.075 from yesterday's close.  N...

Russia’s area planted to its five major crops has expanded 23 percent since 2012. Soybeans have gained the most over the past decade, absorbing 37 pe...

Soybeans Brazil The market was nearly dead last week with little demand but many sellers and China taking only a few September vessels from Brazil. There w...

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

Regional News China approved wheat and soybean imports from Russia’s Kurgan region, according to an official Chinese statement made on Friday. China...

SPREADS Sep crush trades to 96c/bu while oilshare is higher again at 31.82%.    The Dec/Dec corn inverse trades down to 8c from 11 3/4c.  Se...

GOOD MORNING, Prices begin the week on a firm tone after pressure over the last several weeks resulted in a test of trading range lows. This morning's dire...

Overnight trading was slightly weaker as the selling continued after yesterday’s disappointing close. Positions are being liquidated as summer weathe...

Dec 19 Corn closed at $4.245/bushel, down $0.03 from yesterday's close.  Sep 19 Wheat closed at $4.96/bushel, down $0.035 from yesterday's close. ...

EU-Mercosur Wreck EU leaders proudly announced a trade agreement with the Mercosur group of countries last month, but that is now in political jeopardy. En...

As expected, USDA announced the second round of Market Facilitation Payments (MFPs) yesterday. They are more generous than expected and can reach up to $15...

Growth is slowing in the major economies (see survey graph below), and stimulus is needed to move back into a higher gear. The European Central Bank change...

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

SPREADS Sep crush firms back to 98c/bu while oilshare eases off its monthly highs to trade to 31.78 percent.   September contract liquidation con...

GOOD MORNING, It was a disappointing close for the bulls yesterday as prices closed defensively for most.   Good weather and a lower export pace...

Agricultural commodity markets remained weak overall, and equities had a down day too. Wheat had some gains, but much of the complexes went south. Expectat...

The U.S. and the rest of the Northern Hemisphere are in the midst of the growing season for grain and oilseed crops, and we intently follow weather models...

Transatlantic Crossing EU Trade Commissioner Cecilia Malmström painted a pretty bleak picture of transatlantic relations before the European Parliamen...

Dec 19 Corn closed at $4.275/bushel, down $0.0325 from yesterday's close.  Sep 19 Wheat closed at $4.995/bushel, up $0.0175 from yesterday's close.&nb...

Hope for Breakthrough in Next Week’s U.S.–China Negotiations It is now confirmed that USTR Lighthizer and Treasury Secretary Mnuchin will meet...

THE OPEN November beans:  2 1/2 higher December meal:   .30 lower December soyoil:  20 higher December corn:    1 lower Septe...

USDA’s monthly Cold Storage report was released on Monday, and it showed the 30 June red meat and poultry inventory at 2.392 billion pounds, 97.2 per...

Wheat:  Net sales of 659,700 metric tons for 2019/2020 were up 90 percent from the previous week and 74 percent from the prior 4-week average. &n...

SPREADS  Sep crush falls to 93c/bu while oilshare continues to advance upward to new monthly highs of 31.76 percent.  Dec/March corn widens out t...

GOOD MORNING, Price action continues in trading range territory with the bean market well bid from $9.00 on the back of more optimism as regards trade talk...

Overnight trading saw notably firmer prices with corn up 4 ¼ cents, soybeans up 5 ½ cents ,and SRW wheat up 8 cents. Forecasts for another he...

Good USMCA Vibes The chief deputy Democratic whip in the U.S. House of Representatives, Henry Cuellar (Texas), said that Congress will pass the USMCA this...

Dec 19 Corn closed at $4.3075/bushel, down $0.0075 from yesterday's close.  Sep 19 Wheat closed at $4.9775/bushel, up $0.105 from yesterday's close.&n...

THE OPEN Nov beans:  4 1/4 higher Dec  meal:   .60 higher Dec soyoil:  23 higher Dec corn:    3 higher Sep wheat: ...

Livestock Big Live Hog Price Increase As expected, the June survey of major hog producers in China reveals that the live pig price has begun to take off.&n...

Russian Grain Markets: 14-19 July 2019 Domestic grain prices decreased sharply as more regions switched to 2019 yield prices. Only corn prices managed to e...

SPREADS  Sep wheat/corn spreads finished the day at contract lows Tuesday, indicating further weakness could be ahead.  This morning, Sep wheat/c...

GOOD MORNING, The markets continue to monitor the pace of demand, weather, and the overall production possibilities for the Corn Belt.  However, it wa...

Now that a budget agreement has been struck that will avoid another government shutdown, Congress will be in session for three more days before the August...

USMCA’s Timid Opposition A coalition of 600 business groups wrote a letter urging the U.S. Congress to quickly pass the U.S.-Mexico-Canada Agreement...

Dec 19 Corn closed at $4.315/bushel, up $0.0475 from yesterday's close.  Sep 19 Wheat closed at $4.8725/bushel, up $0 from yesterday's close.  No...

Overnight trading featured extended weakness in the soy complex while wheat and corn managed small gains. Yesterday’s fund selling pushed markets tow...

Markets are still trying to figure out the impact of 2019 weather on crop production and historical references only make it partially easier. Prices in the...

THE OPEN Nov beans:  3 1/4 lower Dec meal:  1.90 lower Dec soyoil:  18 higher Dec corn:  1 higher Sep wheat:  1 1/4 higher The mar...

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS The latest USDA-FAS report on Turkey says that very dry weather could reduce the wheat and barley produ...

SPREADS Sep crush firms to 95c/bu from 92c/bu yesterday with a bounce in oilshare up to 31.19%.  Dec/March corn trades from 8 1/4c to 8 3/4c, while th...

GOOD MORNING, Improved weather patterns dominate price direction as grain longs liquidate in front of the USDA report.  Weakest performance for the da...

Murphy’s Law (i.e., anything that can go wrong will go wrong) has been in full force for corn farmers this year. Floods, cold weather and high soil m...

U.S. Ambassador to the European Union Gordon Sondland said last week that the new EU leadership under Commission President Ursula von der Leyen made him op...

Today was all about improved weather forecasts for the Midwest. Weekend showers across the upper Midwest offered a modest reprieve from the extreme heat, a...

Dec 19 Corn closed at $4.2675/bushel, down $0.09 from yesterday's close.  Sep 19 Wheat closed at $4.8725/bushel, down $0.1525 from yesterday's close.&...

Soybeans Argentina FOB replacement levels are still at 40Q, and the local market has a few offers of about 50,000 MT/day. One cargo traded FOB at 34Q for A...

Iran is seizing foreign-flagged vessels in the Strait of Hormuz, and the U.S. is shooting down drones in the region. Analysts say that Tehran is intentiona...

THE OPEN Nov beans:  2 1/2 lower Dec meal:  0.60 lower Dec soyoil:  steady Dec corn:   6 lower Sep wheat:  2 1/2 lower  ...

Regional News 819,000 MT of grain were exported from Ukrainian seaports during 13-19 July 2019, up sharply from 499,000 MT the previous week and mostly des...

SPREADS Corn spreads have firmed with Sep/Dec corn trading into 8c from 8 1/2c.  The Dec/Dec corn inverse is weaker, however, trading from 17 1/2c dow...

GOOD MORNING, Prices ended on an upbeat note Friday on rumors of Chinese bean buying out of South America along with stories of low protein Brazilian beans...

Soybeans quickly moved into the green during overnight trading and extended those gains early this morning. November soybeans finished that session 9.75 ce...

Two key cattle reports came out this afternoon after the market close, but there won’t be much excitement generated from either. The monthly Cattle o...

The current global population is estimated to total around 7.5 billion. By most measures, the world creates or produces enough food to feed them all. In th...

United States Cattle on Feed Up 2 Percent at 11.5 million head on July 1, 2019. The inventory was 2 percent above July 1, 2018. This is the highe...

Attack on Institutions Donald Trump campaigned in 2016 against the institutions of government and called for “draining the swamp.” Now his oppo...

Dec 19 Corn closed at $4.3575/bushel, up $0.06 from yesterday's close.  Sep 19 Wheat closed at $5.025/bushel, up $0.09 from yesterday's close.  N...

THE OPEN November beans: 9 3/4 higher December meal:    2.40 higher December soyoil:  13 higher December corn:  2 1/2 higher September...

China’s economic growth and now the trade war have rewritten the demand scenario much as the Black Sea region has rewritten the supply side. The Russ...

SPREADS Sep crush trades to 96c/bu while oilshare weakens to 30.95%.  Corn spreads are slightly wider with Dec/March trading out to 8 1/2c while Sep/D...

GOOD MORNING, Topping formations and slightly improved forecasts for next week shook the weaker corn bull out this week on a healthy dose of housecleaning...

Losing Count of Chinese Pigs Yesterday China announced a new African swine fever (ASF) outbreak in Sichuan Province, bringing the total now reported to mor...

Trump Policy Gets Support Dutch Prime Minister Mark Rutte is in Washington this week and told an Atlantic Council audience that instead of fighting the Tru...

Not Much Improvement in U.S. Soy Export Sales Last Week Today’s USDA export sales report indicated the week ending 11 July was another challenging on...

It was mostly a risk-off day as the prospects for better Midwest weather combined with continued technical selling sent prices lower. It may not be the bot...

Dec 19 Corn closed at $4.2975/bushel, down $0.1175 from yesterday's close.  Sep 19 Wheat closed at $4.935/bushel, down $0.12 from yesterday's close.&n...

THE OPEN: Nov beans:  3 3/4 lower Dec meal:  1.10 lower Dec soyoil:  2 higher Dec corn:    7 lower Sep wheat:  6 3/4 lower A...

Wheat:  Net sales of 347,300 metric tons for 2019/2020 were up 22 percent from the previous week and 2 percent from the prior 4-week average.  Co...

SPREADS Sep crush is firmer at 98c/bu while oilshare firms back over 30% to trade to 31.10% as meal dips against a firmer soyoil market.  Corn spreads...

GOOD MORNING, Prices are lower as more organized rainfall hits key growing areas across Minnesota, Illinois, Missouri, and Iowa.   Heavy showers...

Modest volume in overnight trading featured mostly lower prices before the market turned higher heading into the morning break. Corn, soybean, and wheat fu...

USMCA Hope House Ways and Means Committee Chairman Richard Neal (D-Massachusetts) reportedly said that congressional Democrats do not want to delay a vote...

Russian Grain Markets: 8-12 July 2019 The downward trend in domestic prices continued for the most part. However, the average milling wheat (12.5 percent p...

Dec 19 Corn closed at $4.415/bushel, up $0.0025 from yesterday's close.  Sep 19 Wheat closed at $5.055/bushel, down $0.02 from yesterday's close. ...

Bottom Line: Markets are technically sideways until there is new information to guide them. It is fairly interesting that if you pop up a bean, wheat, or c...

Macro Trends Monthly Food Inflation Hits Highest Level in Seven and a Half Years With China’s annualized gross domestic product (GDP) growth rate fal...

THE OPEN: November beans:  4 1/2 higher December meal:    1.40 higher December soyoil:   17 higher December corn:    &nb...

SPREADS Sep crush trades firmer at 97c/bu while oilshare firms to 31.25%.  Buy soyoil/sell meal trade continues.   Dec/Dec corn inverse trad...

GOOD MORNING, Prices continue to work into trading range territory, with current precipitation taking us down towards trading range lows encouraged by the...

The Office of Management Budget reported yesterday that its review of the Market Facilitation Program (MFP) trade mitigation payments is finished. However,...

Overnight trading saw continued selling from Monday’s weaker day with soybeans leading the way lower to losses in excess of 10 cents. Soymeal was als...

U.S. agriculture utilized a quarter-million temporary migrant workers last year under the H-2A agricultural guest worker program, and it was still far from...

Dec 19 Corn closed at $4.4125/bushel, down $0.0575 from yesterday's close.  Sep 19 Wheat closed at $5.075/bushel, down $0.0025 from yesterday's close...

Farmers mostly want to grow what is easy and profitable. Excluding government payments, all the major crops have turned negative for U.S. farmers in terms...

THE OPEN: November beans:  12 lower December meal:    4.20 lower December soyoil:   20 lower December corn:     8 l...

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS Egypt has advised that fuel prices will be reviewed every three months after recent increases of up to...

SPREADS Sep crush trades at 95.55c/bu while oilshare firms further to 31.27%.  Dec/March corn trades out to 7 1/2c from 6 3/4c while the Dec/Dec inver...

GOOD MORNING, Prices are lower this morning as more rains spread across the Midwest.  Good rains moved through Wisconsin and Minnesota overnight, with...

The CBOT fell modestly in overnight trading with soybeans and soymeal leading the way. Corn and wheat followed the soy complex lower to losses of a few pen...

Barriers and Ag’s Future The Greens and other liberal groups in Europe have aligned their sights on turning European agriculture into a chemical-free...

Soybeans Brazil  The Brazilian market was almost entirely dead last week with Chinese buyers sidelined and not bidding on any position. Their absence...

Dec 19 Corn closed at $4.47/bushel, down $0.1225 from yesterday's close.  Sep 19 Wheat closed at $5.0775/bushel, down $0.1525 from yesterday's close.&...

The market adage that “big crops grow bigger” means that forecasts typically start out conservative, and a season that starts well typically en...

Two major policy issues for biodiesel are on the docket: 1) a review of the countervailing duties (CVDs) on biodiesel imports from Argentina, and 2) the re...

THE OPEN Nov beans:  6 lower Dec meal:   1.10 lower Dec soyoil:  2 lower Dec corn:    2 1/2 lower Sep wheat:  6 lower Th...

Milling Wheat Wheat prices are mixed across Europe and the Black Sea today as the market continues to react to the WASDE report. French prices are slightly...

SPREADS Sep crush is weaker this morning at 93c/bu while oilshare firms to 31 percent.  The Dec/Dec corn inverse trades from 41 3/4c down to 33 1/2c,...

GOOD MORNING, The markets posted new highs in the recent rally with gap-higher technical action that found some interested sellers and gap-closure.  N...

The Federal Reserve looks poised to cut interest rates - or does it? This depends upon whether you consider what the Fed says it looks at – inflation...

Charting a New Course Former Vice President and now Democratic presidential candidate Joe Biden said this week that President Trump’s trade war tarif...

Overnight trading saw corn and soybeans firmer on continuation of yesterday’s post-WASDE rally, while bulls were firmly in control during the day ses...

Dec 19 Corn closed at $4.5925/bushel, up $0.1125 from yesterday's close.  Sep 19 Wheat closed at $5.23/bushel, up $0.015 from yesterday's close. ...

Cow/calf operations in the southern Plains and across the U.S. are facing sharply negative production margins. WPI’s latest research suggests the ave...

THE OPEN: Nov beans:  2 higher Dec meal:    1.40 higher Dec soyoil:  16 lower Dec corn:     5 higher Sep wheat:  1...

SPREADS Sep crush is lower again today, trading down to 95c/bu while oil trends weaker as well, trading down to 30.95 percent.    The Dec/Dec cor...

GOOD MORNING, The WASDE’s major takeaway: we have less wheat supply around the world than we previously thought. This kicked off a short-covering ral...

Wheat:  Net sales of 284,400 metric tons were reported for delivery in marketing year 2019/2020.   Corn:  Net sales of 505,400 MT for 2...

Grain traders from commodity fund managers to the big multinational agribusinesses have consistently complained about the lack of profitable trading opport...

USDA Notes: Global oilseed exports for 2019/20 are projected at 175.0 million tons, down slightly from last month.  Global oilseed ending stocks for 2...

USDA Notes: Beginning stocks are reduced with higher 2018/19 residual use more than offsetting lower crush and seed use.  Residual use for 2018/19 is...

The unique aspect going into today’s WASDE report was the diversity of issues and opinions about what it would say. Markets are especially uncertain...

USDA Notes: Soybean production for 2019/20 is projected at 3.845 billion bushels, down 305 million based on lower planted and harvested area in the June 28...

ASF and Turkey Turkey prices have been in a relative tailspin for two years. Wholesale hen prices started dropping in mid-2017 from about $1/pound and reac...

USDA Notes: This month’s 2019/20 U.S. corn outlook is for larger production and beginning stocks, greater feed and residual use, lower food, seed, an...

USDA Notes: The outlook for 2019/20 U.S. wheat this month is for lower supplies, higher domestic use, larger exports, and reduced stocks.  Supplies ar...

Dec 19 Corn closed at $4.48/bushel, up $0.085 from yesterday's close.  Sep 19 Wheat closed at $5.215/bushel, up $0.1675 from yesterday's close. ...

Soy-Related Changes in USDA WASDE Report USDA somewhat surprised market analysts today by reducing the forecast for U.S. soybean production in 2019 by more...

THE OPEN Nov beans: 2 lower Dec meal: .90 lower Dec soyoil: 4 lower Dec corn: 4 3/4 lower Sep wheat: 3 1/4 lower Prices opened as expected with further c...

Retaliation Against China The market rumor is that China is inquiring about U.S. soybeans, and it better be or else. President Trump and economic advisor L...

JULY WASDE Yield: unchanged for corn, and slightly lower for beans bean yield:  48.5 bpa, generally as expected, maybe a bit higher corn yield: ...

SPREADS Sep crush is lower trading down to 96c/bu, new lows for the move down after prices had stabilized at 1.00c/bu.  Oilshare sits at 31.11%. ...

Overnight trends once again feature a slightly firmer soy complex versus mixed corn values. Funds purchased the board yesterday and appear ready to get lon...

CHICAGO--The following are analysts' estimates in millions of bushels for U.S. ending stockpiles for 2018-19 and 2019-20, as compiled by The Wall Street Jo...

Overnight trading was weaker with modest volume and choppy price action as the trade waits for tomorrow’s July WASDE. Open interest grew for corn, so...

Drab WTO Reforms The U.S. has motivated other major WTO members to seek reforms for the organization, and the latest list of proposals reveals how moribund...

Dec 19 Corn closed at $4.395/bushel, up $0.0225 from yesterday's close.  Sep 19 Wheat closed at $5.0475/bushel, up $0.02 from yesterday's close. ...

Russian Grain Markets: 1-5 July 2019 Domestic prices mostly continued to drop as there were increasingly more offers and bids for 2019 production and fewer...

THE OPEN Nov beans:   4 higherDec meal:    .50 higherDec soyoil:   25 higherDec corn:     1/4 lowerSep wheat:&...

Oilseeds Soymeal Inventory Climbs for Fifth Straight Week With feed demand continuing to soften as more previously unidentified African swine fever (ASF) c...

Today, WPI will proudly launch a new report, Technical Perspectives, in cooperation with Lefcourt Commodities Forecasting. The new report will feature tech...

Overnight trading found CBOT futures lower after yesterday’s rally in corn stalled at key moving average (MA) resistance and from yesterday’s t...

Molasses left over from the processing of beets for sugar is typically the poor cousin to the molasses that results from making sugar from sugarcane. Cane-...

Economic Chemistry Power The major powers (Europe, Russia, U.S. and China) have long used their dominant economic influence to coerce other nations into co...

Dec 19 Corn closed at $4.3725/bushel, down $0.065 from yesterday's close.  Sep 19 Wheat closed at $5.0275/bushel, down $0.0825 from yesterday's close...

On 24 July 2018, USDA Secretary Perdue announced a $12 billion trade mitigation package that would be administered in three parts: Food Purchases and Distr...

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS According to the EU’s latest Monitoring Agricultural Resources (MARS) report, drought conditions...

U.S.-Japan FTA Will Cost Junnosuke Kobara at Nikkei provides analysis showing that while Japanese farmers may be few in number, they have outsized influenc...

Overnight trading was firm after the Sunday night weather forecast called for warm/dry Midwest conditions, prompting the market to add a weather premium. C...

Each year the OECD and FAO jointly issue a 10-year outlook for global agricultural production, but its record for accuracy presents caution to all forecast...

Soybeans Market Overview Chinese demand remains very slow as reductions in Dalian soymeal futures exceeded those of CME futures, leaving gross crushing mar...

Dec 19 Corn closed at $4.4375/bushel, up $0.015 from yesterday's close.  Sep 19 Wheat closed at $5.11/bushel, down $0.04 from yesterday's close. ...

The old saying “can’t see the forest for the trees” may be apt for the ethanol outlook for the next few years. Indeed, there’s been...

Regional News WPI sources indicate EU and Black Sea exporters are becoming concerned about the lack of export business booked for the 2019/20 crop year. Wi...

At the macro level, the day started off with a strong U.S. jobs report that indicated 224,000 jobs were created in June. This reduced the chances that the...

EPA Administrator Andrew Wheeler signed the agency’s proposed 2020 Required Volume Obligations (RVO) under the Renewable Fuel Standard (RFS) today, w...

Wheat:  Net sales of 276,500 metric tons were reported for delivery in marketing year 2019/2020.   Corn:  Net sales of 175,600 MT for 2...

Dec 19 Corn closed at $4.4225/bushel, up $0.01 from yesterday's close.  Sep 19 Wheat closed at $5.15/bushel, up $0.01 from yesterday's close.  No...

Xi, Trump Should Reverse Positions China’s position is that if a bilateral trade agreement is reached with the U.S., both sides must remove the punit...

Recent market analysis has placed much focus on fundamental conditions in the U.S. and how supply-side factors may shape the markets this year. Given the e...

Scavenger Fish To help offset the adverse impacts of the trade war, the Trump Administration has set up a program to purchase surplus commodities off the m...

Overnight trading saw markets firm after yesterday’s higher close in corn. Commercial pricing was heavy yesterday in the corn market and the overnigh...

TRUMP-XI G20 MEETING ONLY BRINGS A PAUSE TO THE HOT RHETORIC Despite President Trump’s overly optimistic and glowing reviews about the current pause...

Dec 19 Corn closed at $4.4125/bushel, up $0.1525 from yesterday's close.  Sep 19 Wheat closed at $5.14/bushel, up $0.1075 from yesterday's close. ...

The world’s largest pork market, China, may be experiencing a more than 50 percent decline in production and yet U.S. hog prices are softening. Part...

Russian Grain Market Overview:  24-28 June 2019 During the week in review, grain domestic prices were still a cocktail of 2018 and 2019 prices while e...

Overnight trading saw prices mostly lower as wheat futures came under pressure from the advancing HRW harvest. Trading volume was moderate overnight as fun...

Congress will soon be considering the Commodity Futures Trading Commission (CFTC) re-authorization act; the most recent actual legislative authorization wa...

Technology Uptake Policy Climate change is making its mark in the U.S. Midwest this season with excess moisture and in other parts of the globe whether its...

Dec 19 Corn closed at $4.26/bushel, up $0.035 from yesterday's close.  Sep 19 Wheat closed at $5.0325/bushel, down $0.085 from yesterday's close. ...

Falling feeder cattle prices, good pasture conditions, and tightening feedlot margins are working to reduce the number of feeder cattle entering feedlots...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Egypt is talking to France about 35 million Euros for the funding of small and medium agriculture organ...

Overnight trading started higher with a dead cat bounce from Friday’s USDA-report-induced losses. The market eventually turned lower, however, and co...

USDA released its Grain Crushing and Co-Production report today; total ethanol use of corn in May was 460 million bushels, which stands at 104 percent of A...

Fake War News The U.S. and China announced a resumption of bilateral trade negotiations, supposedly calming markets even though nothing has changed about t...

Soybeans Market Overview Demand was slow last week with Chinese buyers waiting for the meeting between Presidents Trump and Xi at the G-20 Summit. Given th...

Some sayings about the futures market (or equities) ring true and others not so much. For example, “this time it’s different” is a risky...

Dec 19 Corn closed at $4.225/bushel, down $0.09 from yesterday's close.  Sep 19 Wheat closed at $5.1175/bushel, down $0.155 from yesterday's close.&nb...

Milling Wheat European wheat prices are lower to start the week with French and German prices under pressure as Egypt recently passed on French wheat offer...

Overnight trading saw quiet consolidation as traders made final preparations for today’s USDA reports. There was little outside news to spark much mo...

No Ag Trade Details in Debates Democratic primary candidates for the U.S. presidency debated this week, and little was said about trade and nothing about a...

Markets, industries and companies are constantly exposed to political risk (i.e., the impact that changes in policies and regulations can have on profitabi...

USDA reportedly shocked the market by failing to cut U.S. planted corn acres by the amount expected and instead nipping more area out of soybeans. The agen...

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers the surprising volatility of June 2019's...

Overnight trading saw a modest rally as prices bounced back from yesterday’s daytime losses. Soybeans and wheat were the upside leaders with corn a r...

Eastern Europe’s Good Deal The Joint Research Centre of the European Commission published the results from analyzing the quality of 1,400 foods acros...

According to today’s USDA Hogs and Pigs report, the total inventory on 1 June was 75.5 million head, 104 percent of last year and 101 percent of the...

Lower Production Forecasts for Canola in Canada and Rapeseed in Europe Two reports released yesterday indicate both Canada and the EU-28 are likely to prod...

Jul 19 Corn closed at $4.4/bushel, down $0.0325 from yesterday's close.  Sep 19 Wheat closed at $5.4675/bushel, up $0.0025 from yesterday's close.&nbs...

Wheat:  Net sales of 612,000 metric tons were reported for delivery in marketing year 2019/2020.   Corn:  Net sales of 294,900 MT for 2...

China Long Game Reports indicate that following the U.S.–China trade negotiations this weekend, President Trump will likely delay imposing tariffs on...

Overnight trading saw widespread pressure that continued yesterday’s turn lower. Corn fell 3.5 cents, soybeans lost 4 cents, SRW wheat dropped 4.75 c...

Jul 19 Corn closed at $4.4325/bushel, down $0.0425 from yesterday's close.  Sep 19 Wheat closed at $5.465/bushel, up $0.065 from yesterday's close.&nb...

Russian Grain Markets: 17-21 June 2019 Domestic prices quoted in the South, Volga Valley and Black Soil were mainly for 2019 production, which is why they...

Livestock Meat Imports Surge in May as Domestic Shortfall Increases Monthly data from China’s Customs Bureau shows that total meat and offal imports...

The Federal Reserve’s Federal Open Market Committee (FOMC) made some noteworthy changes to its economic outlook at last week’s meeting, revisin...

Organic Worries The organic food market is growing fast, especially in France, and projected to reach $100 billion globally, according to Ecocert. This has...

The CBOT turned higher overnight as worse-than-expected crop condition ratings prompted traders to continue adding weather premia to the market. Corn and s...

Jul 19 Corn closed at $4.475/bushel, up $0.0075 from yesterday's close.  Sep 19 Wheat closed at $5.4/bushel, down $0.025 from yesterday's close. ...

Global wheat production is forecast to rise 6.7 percent in 2019/20, which is causing prices to fall 1.9 percent. Meanwhile, world corn production is predic...

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS Egypt reports that the government has purchased 3.66 MMT of local wheat. The total is expected to incre...

Grain and soy complex futures were up overnight in a delayed reaction to Friday’s CFTC report. Soybeans led corn and soybeans higher on extended shor...

Democrats on Trump Trade The first Democratic presidential primary debate occurs this Wednesday, and candidates will be pressed for details on their variou...

Jul 19 Corn closed at $4.47/bushel, up $0.0475 from yesterday's close.  Sep 19 Wheat closed at $5.4275/bushel, up $0.12 from yesterday's close. ...

Soybeans Market Overview  The market was quiet last week on slow Chinese demand. Dalian soymeal futures fell 2 percent last week with tweet-based news...

Milling Wheat Southeast Europe wheat prices were mixed today with Bulgarian prices declining and FOB offers from Romania, France, and Germany rising slight...

The House Ways and Means Committee completed action on a tax extender package last Thursday night. It includes a three-year extension of the $1/gallon tax...

USDA released its monthly Cattle on Feed (COF) report today after the market closed. The total inventory on feed in 1,000+ capacity feedlots was 11.7 milli...

Grain and soy complex futures were mixed overnight in light trading volume that saw corn, wheat, and soybeans trade both sides of unchanged. Yesterday&rsqu...

U.S. Cattle on Feed Up 2 Percent - This is the highest June 1 inventory since the series began in 1996. However, light weight placements were down signific...

Jul 19 Corn closed at $4.4225/bushel, down $0.0775 from yesterday's close.  Jul 19 Wheat closed at $5.26/bushel, down $0.005 from yesterday's close.&n...

USMCA Epiphany Canadian Prime Minister Justin Trudeau’s visit to Washington this week revealed an epiphany by President Trump and hope on the Hill. I...

The tighter global corn supply, a result of flooding and delayed planting in the U.S., is occurring simultaneously with China’s increased demand for...

Grain and soy complex futures were mostly lower overnight as funds continued liquidating long positions and the latest weather forecast offered more modera...

Cattle on Feed Preview Tomorrow USDA will release its monthly Cattle on Feed report. The industry’s pre-report estimates peg the total number of catt...

Trade Blame Game Deborah Elms of the Singapore-based Asian Trade Centre told a Washington audience this week that the U.S. flouting international trade rul...

U.S. Soybean Export Sales More Than Double Last Week Today’s USDA export sales report for the week ending 13 June indicated the volume of U.S. soybea...

Jul 19 Corn closed at $4.5/bushel, up $0.09 from yesterday's close.  Jul 19 Wheat closed at $5.265/bushel, up $0.0425 from yesterday's close.  Ju...

The U.S. Census Bureau’s monthly advance retail sales report, released last week, shows growth in restaurant and grocery store sales is slowing. The...

Wheat:  Net sales of 187,600 metric tons were reported for delivery in marketing year 2019/2020.  The primary destinations were Algeria (59,900 M...

Russian Grain Markets: 10-14 June 2019 Export prices for 2019 wheat (12.5 percent protein content) remained within $196-198/MT FOB Black Sea, and the avera...

USMCA Codification What seemed unlikely just a few weeks ago now looks like a growing possibility – U.S. congressional passage of the USMCA. USTR Rob...

Grain and soy complex futures were mostly lower overnight with the corn market’s recent support diminishing. Soybeans were choppy with headlines abou...

Jul 19 Corn closed at $4.41/bushel, down $0.0875 from yesterday's close.  Jul 19 Wheat closed at $5.2225/bushel, down $0.0925 from yesterday's close.&...

Macro Trends Food Inflation Reaches Highest Level in Seven and a Half Years The effects of the August 2018 outbreak of African swine fever (ASF) have conti...

Grain and soy complex futures were weaker overnight as profit taking in corn and wheat pushed those markets lower. Soybeans were sold in sympathy with the...

Legs of War The news that Presidents Trump and Xi plus their negotiators will have extended bilateral discussions around the G20 Summit was seen as hopeful...

Jul 19 Corn closed at $4.4975/bushel, down $0.05 from yesterday's close.  Jul 19 Wheat closed at $5.315/bushel, down $0.08 from yesterday's close.&nbs...

Researchers from Northwestern, Stanford, and the University of Chicago tracked equity market volatility with articles from eleven different newspapers, and...

USDA issued the crop progress report yesterday, but interpreting any meaning from it is almost impossible under current conditions because the baseline of...

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS The Tunisian government will be using drones this year to assess the grain crops as well as to try and...

Grain and soy complex futures were higher overnight as continued rain across the Midwest threatens the corn and soybean crops. At this point, there are man...

There is a great deal of speculation on whether Presidents Trump and Xi will actually meetand/or come to a deal at the G20 Summit in Osaka on 28 and 29 Jun...

Trump G20 Plan Donald Trump has been relentless at pressuring other NATO members to meet their commitments in terms of funding the organization’s mil...

Soybeans Brazil The weather-driven rally in CBOT soybeans has left Brazilian basis steadily weaker. It dropped 10 cents/bushels last week, especially for n...

Jul 19 Corn closed at $4.5475/bushel, up $0.0175 from yesterday's close.  Jul 19 Wheat closed at $5.395/bushel, up $0.01 from yesterday's close. ...

Milling Wheat Southeast Europe and Black Sea wheat markets are mostly steady to start the week despite rising prices in France, Germany and the U.S. The Bl...

Historically, the keys to getting out of bear commodity markets have been economic growth and production cuts in response to low prices. Rising grain and o...

The House ag appropriations bill includes many restrictions on USDA’s use of appropriated funding, and there are 70 amendments that provide more stip...

Jul 19 Corn closed at $4.53/bushel, up $0.11 from yesterday's close.  Jul 19 Wheat closed at $5.385/bushel, up $0.03 from yesterday's close.  Jul...

The markets were slightly firmer overnight but then caught a little fire this morning. It is starting to seem that those in the corn market are considering...

Good/Bad Trade War Political analysts correctly note how the Trump trade war has “scrambled” the politics in both major political parties. Poli...

At the recent Southern Association of State Departments of Agriculture (SASDA) meeting in Fort Worth, the counsel general of the Chinese Consulate in Houst...

Cold War II In a sign that President Trump is not going to be able to leverage a trade agreement out of China, Beijing issued notice that it will not yield...

Grain and soy complex futures were higher overnight with large volumes traded. July corn traded over 95,000 contracts, July soybeans saw volume near 22,000...

Wheat:  Net sales for the 2019/2020 marketing year, which began June 1, totaled 47,600 MT metric tons, resulting increases for Japan (112,100 MT, incl...

High Mississippi Barge Rates Make PNW Soy Shipments a Bargain Normally, cash prices for soybeans are about $0.50/bushel ($18.40/MT) higher at export elevat...

Jul 19 Corn closed at $4.42/bushel, up $0.12 from yesterday's close.  Jul 19 Wheat closed at $5.355/bushel, up $0.0925 from yesterday's close.  J...

Despite the plethora of new data sources such as crop tours, field surveys, satellite imagery and the numerous forecasts they support, there is still great...

End of GMO Panic When genetically modified wheat was curiously found in an Oregon field in 2013, some importers cancelled their shipments, others stepped u...

Grain and soy complex futures were lower overnight in a correction from yesterday’s WASDE-induced move higher. There was little fresh news last night...

Jul 19 Corn closed at $4.3/bushel, up $0.0225 from yesterday's close.  Jul 19 Wheat closed at $5.2625/bushel, up $0.0825 from yesterday's close. ...

Russian Grain Markets: 3-7 June 2019 Prices on the domestic market continued to either decrease moderately or remain stable in RUB expression. Export price...

Oilseeds Soymeal Inventory Up as Crushing Activity Increases With feed demand continuing to show solid improvement through the first full week of June, soy...

Ag Supports Trump Trade Policy The persistent question is, when will American agriculture stop supporting Trump trade policy given its deleterious impacts...

USDA Reported: 2018/19 reduced soybean oil used for biodiesel production, and higher soybean oil ending stocks.  The 2019/20 season-average price for...

Today’s trading revolved around the June WASDE report with corn, soybeans and wheat lower before its release as traders anticipated only minor change...

Jul 19 Corn closed at $4.2775/bushel, up $0.12 from yesterday's close.  Jul 19 Wheat closed at $5.18/bushel, up $0.105 from yesterday's close.  J...

The U.S. grain trade business has been largely dominated by privately-owned companies for the past several decades. Their efficiency at the business is dem...

USDA Reported: 2018/19 increased soybean meal imports and exports. The 2019/20 season-average price for soybean meal prices are forecast at $295 per short...

USDA Reported:  This month’s U.S. soybean supply and use projections for 2019/20 include higher beginning and ending stocks.  Beginning sto...

USDA Reported:  This month’s 2019/20 U.S. corn outlook is for increased beginning stocks and imports, sharply lower production, reduced feed and...

USDA Reported: U.S. 2019/20 wheat supplies are down with lower beginning stocks partly offset by slightly higher production.  Beginning stocks are dow...

All corn acres in the U.S. are past the deadline for full crop insurance coverage, meaning that farmers can either elect to take prevented planting pa...

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS This past week has been the post-Ramadan Eid al Fitr period of religious holidays in the Middle East an...

Ethanol production ended May at a pace of 1.044 million barrels per day (bpd), which was the lowest level in a month after the buildup for the summer drivi...

More Tariff Threats but Progress Fresh off his claim of successfully coercing Mexico via tariff threats into greater responsibility for the immigration mes...

Consolidation was the word of the day ahead of tomorrow’s WASDE report. Corn finished slightly higher for the most part, while soybeans and wheat add...

Soybeans Brazil The market was quiet last week as the Chinese were not actively buying and instead waited for basis to fall after rising for the past sever...

Jul 19 Corn closed at $4.1575/bushel, up $0 from yesterday's close.  Jul 19 Wheat closed at $5.075/bushel, up $0.03 from yesterday's close.  Jul...

Milling Wheat The Black Sea market was weaker last week as the hot, dry weather over parts of Russia did not scare it. Weather maps are showing ample soil...

USDA will release its June WASDE (supply and demand) estimates tomorrow (Tuesday). The market is searching for answers about how greatly corn and soybean p...

More Tariffs Please The International Monetary Fund (IMF) released its analysis that concluded the Trump tariffs on China have had very little adverse impa...

Ag futures attempted an overnight rally, but none (except for corn) were able to overcome yesterday’s highs. The inability of bulls to push the marke...

Jul 19 Corn closed at $4.1575/bushel, down $0.0475 from yesterday's close.  Jul 19 Wheat closed at $5.045/bushel, down $0.055 from yesterday's close.&...

The Federal Reserve has released it Beige Book summary of economic conditions around the country. Prominent was the plight of the ag economy, specifically...

There is little doubt now that the U.S. corn crop will be just a shadow of what was expected six weeks ago. The remaining question is just how much below U...

Livestock Shedding Pounds? Hog producers have been caught in a whipsaw of low hog prices due to tariffs, a dramatic rally (given the African swine fever si...

Planes, Trains and Automobiles Part of the focus on China pertains to the extent that the government controls the means of commerce. It is pervasive to be...

Corn and soybean futures were both lower overnight, while wheat futures found support after consecutive down days. The forecast remains favorable for sprin...

This summary is based on reports from exporters for the period May 24-30, 2019. Wheat:  Net sales reductions of 26,000 metric tons for delivery in the...

Jul 19 Corn closed at $4.205/bushel, up $0.0575 from yesterday's close.  Jul 19 Wheat closed at $5.1/bushel, up $0.1925 from yesterday's close. ...

The U.S. National Weather Service says that the nation has just experienced the wettest 12 months in the 124 years of the agency’s recordkeeping. Las...

China’s U.S. Soybean Purchases Apparently Headed for National Reserve Reports out of China indicate Sinograin and COFCO intend to import the remainde...

Weather forecasts run yesterday afternoon and evening continue to show a drying trend across the Corn Belt, which led futures lower overnight. The worst of...

Protectionism Progresses U.S. trading partners (and many Americans) hoping to wait out the presidency of Donald Trump for someone more conciliatory in the...

Russian Grain Markets: 27-31 May 2019 Prices on the domestic market again either mostly declined moderately or remained stable in RUB expression, but the d...

Jul 19 Corn closed at $4.1475/bushel, down $0.105 from yesterday's close.  Jul 19 Wheat closed at $4.9075/bushel, down $0.165 from yesterday's close.&...

Oilseeds Soymeal Inventory Rises as Feed Prices Trend Upward Strong downstream demand for soymeal continued last week. Meanwhile, soybean crushers have gra...

After an approximate five-month delay, Congress has approved a $19 billion disaster bill that would cover in addition to other relief efforts, certain agri...

Overnight trading was mixed with corn and soybeans firmer, while wheat dropped lower. However, the volume of trade was large, which speaks to the importanc...

Future of Trump Trade Policy  The U.S. has lower tariffs and fewer nontariff barriers than most other countries. The theory of Trump trade policy has...

Live cattle futures dropped like a rock through early June but may have overshot the fair value of the underlying commodity. This spring, large fed cattle...

Jul 19 Corn closed at $4.2525/bushel, up $0.01 from yesterday's close.  Jul 19 Wheat closed at $5.0725/bushel, down $0.125 from yesterday's close.&nbs...

Regional Updates MIDDLE EAST/MEDITERRANEAN COMMENTS Egypt’s Aswan area is said to have the country’s first outbreak of fall armyworms, and the...

The weather is supposed to improve over the northern part of the Midwest, allowing a robust planting opportunity, and speculators opened the day by initial...

As expected, last Friday the EPA published its final rule to allow year-round E15 sales. That rule included a much scaled-down proposal regarding the tradi...

Jul 19 Corn closed at $4.2425/bushel, down $0.0275 from yesterday's close.  Jul 19 Wheat closed at $5.1975/bushel, up $0.1675 from yesterday's close.&...

Soybeans Argentina Chinese demand has been active in the South American FOB market due to the trade war, and premiums firmed up quite a bit in the past few...

Milling Wheat The Black Sea market is on fire as it has followed the U.S. futures market rally. Meanwhile, the weather in southern Russia is far from perfe...

- It’s been such a long time since grain and oilseed markets have made limit moves higher or lower that a review of those limits might be warranted...

Suicidal Tariffs President Trump irrationally announced that he would impose 5 percent tariffs on goods from Mexico in less than two weeks and take them to...

Overnight trading was mostly lower on technical trades, the fact that short covering seems to have ended for the week, and a new trade war. The president a...

Wheat: Net sales of 153,000 metric tons for delivery in the 2018/2019 were up noticeably from the previous week and up 63 percent from the prior 4-week ave...

With May and its ag commodity rally in the rearview mirror, it seems an appropriate time to look at what factors are likely to influence the markets in Jun...

When USDA announced the 2109 version of its Market Facilitation Program (MFP) last week, which is intended to mitigate the impact of ongoing trade tensions...

Jul 19 Corn closed at $4.27/bushel, down $0.0925 from yesterday's close.  Jul 19 Wheat closed at $5.03/bushel, down $0.115 from yesterday's close.&nbs...

Record Meat Production Red meat production hit a record high for April at 4.522 billion pounds, split almost evenly between beef at 2.262 billion pounds an...

Overnight trade featured prices on both sides of unchanged in heavy volume (well, heavy for an overnight session). Corn attempted to break below yesterday&...

Not US, MCA Canadian Prime Minister Justin Trudeau has tabled the USMCA agreement in Parliament, and Mexican President André Manuel López Obr...

Equity traders have an adage about the tendency for stocks to enter a lull during the summer. “Sell in May and go away” has been a staple for y...

China to Continue Importing U.S. Soybeans but Unlikely to Purchase More Bloomberg reported today that sources in China indicate state-owned enterprises COF...

Jul 19 Corn closed at $4.3625/bushel, up $0.175 from yesterday's close.  Jul 19 Wheat closed at $5.145/bushel, up $0.24 from yesterday's close. ...