The CBOT was called mixed/lower to start today and it did just that. Corn and the soy complex were subject to fund selling and broke key technical support...

Jones Act Waiver Energy industry representatives met with President Trump today and agriculture sector representatives should have been there as well. Not...

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

May 20 Corn closed at $3.3075/bushel, down $0.0275 from yesterday's close.  May 20 Wheat closed at $5.4925/bushel, up $0.075 from yesterday's close.&n...

In our continuing efforts to provide you with pertinent market analysis, WPI is considering expanding our analysis and coverage of the Chinese commodity fu...

THE OPEN May beans:  2 1/2 higher May meal:  .40 lower May soyoil:  21 higher May corn:  4 higher July wheat:  8 1/4 higher The ma...

Beef and pork futures prices have been declining due to the likely sharp drop in economic growth. On a cost per calorie basis, beef can be five times as ex...

SPREADS July crush trades down to 1.06c/bu while oilshare is firmer, trading back over 30.0%.  July/Dec corn trades out to 10 3/4c from 9 3/4c, while...

GOOD MORNING, Prices were mixed to lower this morning, with the board continuing to follow the path of crude.  As prices neared the close, crude jumpe...

Last week we noted that the U.S. Department of Labor (DOL) announced initial claims for unemployment benefits was 3,283,000, an increase of 3,001,000 from...

Today was mildly volatile in the market with closing gains limited to soyoil and ethanol, purportedly due to their relationship to elevated petroleum price...

May 20 Corn closed at $3.335/bushel, down $0.0125 from yesterday's close.  May 20 Wheat closed at $5.4175/bushel, down $0.085 from yesterday's close.&...

Threats to Food System A risk assessment of the impact of COVID19 on the U.S. food system includes the following: Only a small handful of countries have...

Good U.S. Soybean and Soyoil Export Sales Last Week Today’s USDA export sales report showed last week was a good one for U.S. export sales of soybean...

THE OPEN May beans:  4 1/2 lower May meal:  1.20 lower May soyoil:  3 higher May corn:  1 1/2 higher July wheat:  8 lower Prices o...

Wheat:   Net sales of 72,900 metric tons for 2019/2020--a marketing-year low--were down 90 percent from the previous week and 86 percent from the...

USDA’s 31 March reports containing its estimates of preliminary planting intentions and 1 March quarterly stocks provided a few surprises. The bigges...

SPREADS July crush trades down to 1.12c/bu while oilshare sells off to 29.79%.  Bullspreads remain firm with July/Dec corn trading into 8c from 9c, an...

GOOD MORNING, Macro market weight created new lows in Ags yesterday, with mixed follow-through this morning.  Funds sold across the board yesterday, a...

The CBOT was called to open lower amid a jittery stock market and continued feuding between Russia and Saudi Arabia over oil prices. The market opened as c...

A Beef with Beef Some U.S. senators are demanding that the Justice Department and USDA investigate why the spread between the cash and futures markets for...

May 20 Corn closed at $3.3475/bushel, down $0.06 from yesterday's close.  May 20 Wheat closed at $5.5025/bushel, down $0.185 from yesterday's close.&n...

According to the 31 March USDA Prospective Plantings report, U.S. farmers will use the least amount of land for producing wheat since record keeping began...

Public Health  New Covid-19 Cases Emerge, China Reels from Global Crisis Two weeks ago, the majority of new novel coronavirus (Covid-19) cases in Chin...

THE OPEN May beans:  12 1/2 lower May meal:  3.30 lower May soyoil:  51 lower May corn:  3 1/2 lower July wheat:  4 3/4 lower Nega...

Russian Grain Markets: 23-27 March 2020 Grain prices on the domestic Russian market kept increasing as exporters are trying to export as much as possible b...

SPREADS July crush trades to 1.12c/bu while oilshare is slightly weaker this morning trading down to 29.89%.   May/July corn trades into 4 1/2c f...

GOOD MORNING, The much anticipated report has come and gone, with much less fanfare than expected.  This morning, prices are lower across the board as...

The CBOT was focused on USDA’s two major reports that were issued at noon today – the Planting Intentions report and the quarterly Grain Stocks...

USMCA Delay A bipartisan group of 10 U.S. senators is asking the Trump Administration to delay the proposed 1 June start date for enforcing the U.S.-Mexico...

May 20 Corn closed at $3.4075/bushel, down $0.005 from yesterday's close.  May 20 Wheat closed at $5.6875/bushel, down $0.0075 from yesterday's close...

There is no proxy for the exact current global commodity situation, though it looks familiar at this juncture. Petroleum is arguably being over-produced, a...

The COVID19 outbreak is like a pinball bouncing from sector to sector of the economy. In agriculture, for example, with shutdowns in place, transportation...

THE OPEN May beans:  4 1/4 lower May meal:  1.10 lower May soyoil:  3 lower May corn:  1/4 lower July wheat:  3/4 higher Prices we...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA: Morocco has removed the import duty on soft wheat and durum wheat until 15 June. The Morocco Ag Mi...

SPREADS Wheat inverses remain strong nearby, with May/July reaching 24c over on Friday, now trading from 13 1/2c high to 10 3/4c.  July crush trades f...

GOOD MORNING, It's month's end, end of a quarter, with a March 31 Planting Intentions and Quarterly stocks report on the way at 11:00 Chicago time.  N...

The U.S. West Texas Intermediate crude futures settled at $20.09/gallon, its lowest level since February 2002, and actually dipped below $20.00/gallon duri...

The CBOT mostly followed the crude oil market lower with corn breaking from recent support as funds were net sellers. Commercial pricing activity was activ...

May 20 Corn closed at $3.4125/bushel, down $0.0475 from yesterday's close.  May 20 Wheat closed at $5.695/bushel, down $0.0175 from yesterday's close...

COVID Food Policies Duty Delays: G20 trade ministers are meeting today to discuss actions they can take to mitigate adverse economic harm being caused by t...

Corn Harvest progress was slow last week, advancing just 2.2 percent partly due to heavy rains that prevented combines from entering fields. The other reas...

The coronavirus has likely contributed to a recent spike in U.S. egg demand and consequently prices as well. Production volume cuts occurred just ahead of...

THE OPEN May beans:  5 higher May meal:  2.90 higher May soyoil;  25 higher May corn:  1 lower July wheat:  4 3/4 higher Prices op...

Regional Update The European weather has been more favorable for spring fieldwork and crop development this past week, with most of the continent receiving...

WPI's monthly publication features a review of the past month's market and policy developments. This month we look at the impact of the coronavirus, the re...

SPREADS July crush trades up to 1.19c/bu while oilshare trades higher to 29.93%.  Corn spreads are weaker with July/Dec trading from 12 1/4c out to 13...

GOOD MORNING, The March 31 Planting Intentions Report and Quarterly Stocks will be released at 11:00 Tuesday, Chicago time.  Get set, it is typically...

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

The market was called to open higher with traders adjusting positions ahead of next week’s Planting Intentions report. The CBOT opened mostly in-line...

May 20 Corn closed at $3.46/bushel, down $0.0275 from yesterday's close.  May 20 Wheat closed at $5.7125/bushel, up $0.0225 from yesterday's close.&nb...

Inclusive Costs (NBER Working Paper No. 22137; March 2016): This study included former Treasury Secretary Lawrence H. Summers and found that a large pandem...

Viral Opinion A YouGov/Economist survey found that Democrats are much more likely than Republicans to be extremely concerned about the coronavirus. This st...

USDA released the quarterly Hogs and Pigs report yesterday. Some topline highlights:  Total swine inventory on 1 March was 77.6 million head, 104 perc...

THE OPEN May beans:  3 higher May meal:  3.80 higher May Soyoil:  2 lower May corn:  1 1/2 lower May wheat:  9 1/4 higher The mark...

SPREADS July crush trades at 1.17c/bu, still a very good margin, with oilshare firming slightly to 29.58%.  The July/Nov bean inverse continues to con...

GOOD MORNING, Prices are mixed this morning as the focus of the next two trading sessions will be setting up for the March 31 Planting Intentions report an...

On the one hand, no country has greater experience with epidemics than China (Asian flu, Hong Kong flu, SARS, etc.), and because the nature of such communi...

Large U.S. Soy Export Sales Last Week The week was a good one for exporters of U.S. soybeans, soymeal and soyoil according to today’s USDA export sal...

Hold on to Your Meat Packing Plant Job    The most interesting news today was the unemployment numbers; the U.S. Department of Labor announced th...

May 20 Corn closed at $3.4875/bushel, up $0.0025 from yesterday's close.  May 20 Wheat closed at $5.69/bushel, down $0.11 from yesterday's close. ...

The market opened the day mixed as called and with some profit-taking; it ended the day mostly lower but with some interesting twists and turns.  Vo...

THE OPEN May beans:  1/2 higher May meal:  4.20 higher May soyoil:  12 lower May corn:  1 1/2 lower May wheat:  3 higher The marke...

Wheat:  Net sales of 740,000 metric tons for 2019/2020 were up noticeably from the previous week and up 73 percent from the prior 4-week average. Corn...

During the past several weeks the worldwide impact of the coronavirus and the resulting severe slowdown of economic activity have sent most financial marke...

SPREADS July crush trades to 1.15c/bu, while oilshare weakens to 29.42% as traders buy meal/sell soyoil this morning.  July/Dec corn weakens back out...

GOOD MORNING, Prices are mixed this morning, generally lower except meal.  Meal prices remain volatile as domestic meal basis continues to firm on red...

Waste a Crisis II The U.S. Senate came close to a deal on a $2 trillion coronavirus bailout package for the economy before a partisan fight over unemployme...

CBOT markets were called steady/higher before the open on a mix of macroeconomic strength from the U.S. Senate coronavirus aid package and from a slowdown...

May 20 Corn closed at $3.485/bushel, up $0.0125 from yesterday's close.  May 20 Wheat closed at $5.8/bushel, up $0.185 from yesterday's close.  M...

There is a shortage of respirators and masks, but not food. The actual exporting of food has slowed in some cases due to restrictions on labor, but Bloombe...

  Public Health  China Looks to Re-Open Wuhan City and Hubei Province With the total number of recovered cases rising to 73,668 across mainland C...

Russian Grain Markets: 16-20 March 2020 Grain prices on the domestic Russian market kept increasing in ruble expression but dropped in dollar expression as...

THE OPEN May beans:  1 1/4 higher May meal:  2.30 lower May soyoil:  steady May corn:  3 higher July wheat:  2 1/2 higher Prices o...

SPREADS July crush is slightly lower today at 1.18c/bu, but still good margins.  Oilshare firms to 29.42% as meal prices correct against soyoil. ...

GOOD MORNING, Outside markets continue to recover as new stimulus packages are put in place.   Ag prices work higher as logistic snarls and slow-...

CBOT markets were called to open lower on a mix of profit taking and lack of fundamental news, and futures responded accordingly. The CBOT was weaker throu...

There is a debate over how much the coronavirus experience will impact international trade and globalization. On the one hand, dependence on supply chains...

Chicago Mayor Rahm Emanuel famously said, “You never let a serious crisis go to waste.” Farmers embraced that message and demanded compensation...

May 20 Corn closed at $3.4725/bushel, up $0.0375 from yesterday's close.  May 20 Wheat closed at $5.615/bushel, down $0.01 from yesterday's close.&nbs...

Ethanol markets continue to be battered on both sides: the COVID19 related demand drop and the Russia-Saudi Arabia price war supply shock. Ethanol values a...

THE OPEN May beans:  8 lower May meal:  5.30 lower May soyoil:  27 higher May corn:  4 1/4 lower May wheat:  10 3/4 lower The mark...

It is with a heavy heart that we share with you that World Perspectives founder Carole Brookins died last night after succumbing to the COVID-19 virus. She...

The attached PDF shows WPI's summary analysis and intrepretation for the latest Cold Storage report published 23 March 2020 by the USDA. Briefly,...

Regional Updates It might be a good idea for all people in the grain business, with an eye to COVID-19, to read section 21 of GAFTA contract #27: “Pr...

SPREADS Crush margins continue to soar, with July now trading up to 1.27c/bu, while oilshare trades higher in recovery trade from 29.0% to a high this AM o...

GOOD MORNING, Soy and grains are mixed this morning after hitting some key target highs.  May meal posts a new contract high at $336.30, while May bea...

Dollar Burden In response to the coronavirus crisis, the U.S. Federal Reserve has cut interest rates, theoretically lowering the return on the dollar and m...

The CBOT opened with soymeal jumping higher and soybeans and wheat posting strong inverses. Corn opened lower and traded a lackluster session overnight. Af...

How the economy and consumers react to the coronavirus will be important to the food and agriculture sector. A large economic decline like the Great Recess...

May 20 Corn closed at $3.435/bushel, down $0.0025 from yesterday's close.  May 20 Wheat closed at $5.625/bushel, up $0.2325 from yesterday's close.&nb...

Argentina Macroeconomics The scenario in Argentina has changed in the last few days and will continue to do so in the coming days. The coronavirus is just...

As he U.S. enters its second week of lockdowns, emergency declarations, limited commerce, etc., President Trump tweeted this today: WE CANNOT LET THE CURE...

THE OPEN May beans:  13 higher May meal:  6.70 higher May sohyoil;  24 higher May corn:  1/4 higher July wheat:  13 higher The mar...

Regional News The coronavirus COVID-19 pandemic continues to exert massive influence on global markets and traders’ appetite for risk has all but com...

SPREADS July crush margins jump to 1.17c/bu while oilshare trades under 29% to new lows at 28.91%.  July/Nov beans firm to a 10 1/4c inverse from 3c,...

GOOD MORNING, The major themes this morning are strong bean and wheat inverses, weaker oilshare, and strong crush margins.  Meal explodes overnight to...

The CBOT opened higher overnight and finished with strong gains before heading into the morning’s open. At the end of the overnight session, corn was...

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

Coroneconomy Forecasting the economic impacts of the coronavirus is a first step toward developing policies to mitigate its negatives. At this juncture, fo...

Through yesterday, cattle slaughter was down from the week before. The Choice cutout was up but Select dropped.  Hog slaughter is up this week over la...

May 20 Corn closed at $3.4375/bushel, down $0.0175 from yesterday's close.  May 20 Wheat closed at $5.3925/bushel, up $0.0425 from yesterday's close.&...

• U.S. Cattle on Feed was 11.8 million head on March 1, 2020 - slightly above March 1, 2019.  • Placements during February totaled 1.71 mill...

Supply chain experts say there is ample food in the system despite the initial surge in purchasing by consumers worried about coronavirus lockdowns. For sh...

THE OPEN May beans:  14 higher May meal:  3.20 higher May soyoil:  46 higher May corn:  8 3/4 higher July wheat:  6 1/4 higher The...

SPREADS July oilshare trades to lows of 29.78%, while crush trades to 1.09c/bu on good meal demand.     The July /Nov bean spread rallied 14...

GOOD MORNING, Prices are higher this morning as it appears that sales of HRW wheat and PNW beans have been sold to China. According to Reuters, US exporter...

WPI asked in its online survey when the coronavirus crisis would subside and most said by this summer (see graph below). Perhaps discouragingly, more than...

To paraphrase Mark Twain, if you don’t like the prices, just wait a few minutes. The market was called higher and it went there right out of the box...

 COVID19 Market Mess   Like all other markets, the COVID19 virus is hammering the livestock markets, though the direction today was a little...

May 20 Corn closed at $3.455/bushel, up $0.1025 from yesterday's close.  May 20 Wheat closed at $5.35/bushel, up $0.2675 from yesterday's close. ...

Shutdown of Argentine Port May Slow Soy Exports The mayor of the Argentine town of Timbues yesterday said that he would today suspend all operations at gra...

THE OPEN May beans:  15 3/4 higher May meal:     8.50 higher May soyoil:   35 higher May corn:      6 3/4 high...

Wheat:  Net sales of 338,300 metric tons for 2019/2020 were down 25 percent from the previous week and 21 percent from the prior 4-week average.  ...

SPREADS  Features include firmer crush margins this week, as meal prices live in their own world trading sideways on a record pace as logistics concer...

GOOD MORNING, Prices are higher across the board as short-covering takes place with meal leading the charge to the upside.  Funds have now sold an est...

We are not sure that the U.S. and indeed the world have ever seen circumstances that match what has been going on in recent weeks. The novel coronavirus th...

As with most crises, there are shining stars and black marks. Some complain about the patch quilt of policies being created, while others see method in the...

May 20 Corn closed at $3.3525/bushel, down $0.0875 from yesterday's close.  May 20 Wheat closed at $5.0825/bushel, up $0.09 from yesterday's close.&nb...

The CBOT opened mixed today with corn and soyoil posting new contract lows amid continued short selling. Commercial demand for wheat pulled that commodity...

As pointed out by WPI contributor Jody Lefcourt, this is only the third time since the year 2000 that corn has been below $3.30/bushel. But agricultural co...

Public Health  Coronavirus Metastasizes Across the World In a twist of irony, China identified several new cases of the novel coronavirus (Covid-19) l...

THE OPEN May beans:  3 1/4 higher May meal:  4.40 higher May soyoil:  30 lower May corn:  8 3/4 lower May wheat:  1 3/4 higher The...

Russian Grain Market: 9-13 March 2020 Grain prices on the domestic Russian market increased in ruble expression but dropped in dollar expression as the rub...

SPREADS July crush trades to 1.03c/bu while oilshare is weaker this morning with prices trading to new lows of 29.69%, under the prev. 30.0% benchmark.&nbs...

GOOD MORNING, Prices are mixed this morning as weaker energies weigh on corn and soyoil.  Corn slips to new contract lows as ethanol margins are in th...

The Renewable Fuels Association yesterday requested “equitable” relief for the “liquid fuel industries” given the coronavirus and t...

The CBOT opened with some minor short-covering activity as traders assessed the odds of a “turnaround Tuesday” getting underway. Early support...

May 20 Corn closed at $3.44/bushel, down $0.1075 from yesterday's close.  May 20 Wheat closed at $4.9925/bushel, up $0.0125 from yesterday's close.&nb...

How Navarro Got His Name White House Director of Trade and Manufacturing Policy Peter Navarro is typically criticized for having views on trade that &ldquo...

THE OPEN May beans:  4 higher May meal:  .80 higher May soyoil:  42 higher May corn:  1/4 higher May wheat:  1/2 lower Prices open...

Equities are rebounding today on the understanding that the government is about to use a firehose instead of a hypodermic needle to ensure liquidity in the...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Egypt has seen very unseasonal rains recently and there is concern that the local wheat crop may be...

SPREADS July crush firms to 1.03c/bu, with yesterday's NOPA numbers a record.  Oilshare steadies at 30.15%.   As prices drop, spreads have w...

GOOD MORNING,   Welcome to what appears to be grains and soy attempting to fulfill a "turn-around Tuesday" mission after they reached contract lo...

Government Recession: Economic recessions are typically caused by misallocated resources in the marketplace. Policymakers ride to the rescue with bailout p...

The global coronavirus outbreak is unprecedented in many ways, which makes forecasting extraordinarily difficult. The SARS outbreak hitting China between N...

The Federal Reserve’s Federal Open Market Committee (FMOC) was scheduled to meet on Wednesday of this week, but for the second time it took emergency...

Another sharply weaker opening in U.S. equities set the stage for more selling and a weaker open at the CBOT, which is exactly what happened. Coronavirus r...

May 20 Corn closed at $3.5475/bushel, down $0.11 from yesterday's close.  May 20 Wheat closed at $4.98/bushel, down $0.08 from yesterday's close. ...

Corn Good weather has allowed Argentina’s corn harvest to advance to 7 percent of the total area. Rains expected for the end of this week might slow...

THE OPEN May beans: 6 1/2 lower May meal:   2.10 lower May soyoil:  49 lower May corn:    6 1/4 lower May wheat:  9 3/4 lower...

Regional Updates Imploding financial markets, sharply weaker crude oil, and ever-growing concerns about the economic impacts of coronavirus continue to be...

SPREADS July crush trades to 96.84c/bu while oilshare works down to 30.45%.  July/Dec corn trades out to 5 1/2c carry from 4c.  July/Nov beans tr...

GOOD MORNING Prices are lower this morning after posting a higher open from the start of the evening trade.  Global markets are sliding as central ban...

President Trump held a Rose Garden briefing today at 3:30 declaring a national emergency for the coronavirus and unveiling the latest initiatives. That des...

May 20 Corn closed at $3.6575/bushel, up $0 from yesterday's close.  May 20 Wheat closed at $5.06/bushel, up $0.005 from yesterday's close.  May...

The overnight trading session was rocky for the CBOT with grains and oilseeds initially pushing lower and corn, soybeans, and soyoil posting new contract l...

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

There have been suggestions, almost too late now, that financial markets should be closed for a few days to enable a more rational assessment of the corona...

THE OPEN May beans:  11 3/4 higher May meal:     3.90 higher May soyoil:   33 higher May corn:    5 3/4 higher May...

SPREADS July crush trades to 97c/bu while oilshare trades to 30.78%.   July/Dec corn trades into 2 1/2c from 4 3/4c carry, but bull-spreading int...

GOOD MORNING, Stocks and Ags are higher this morning, but only after a rocky start to the trading session.   The night started out on a down-note...

When it comes to the coronavirus, there is a lot more that is unknown than is known at this point, a situation which has caused a general level of anxiety...

Trump Hits Europe Investment on both sides of the Atlantic fell dramatically following the U.S. announced ban on travelers entering from Europe. But why wa...

The open was brilliantly called lower and it opened accordingly. By the end of the day, soymeal was about the only contract to claw back into positive terr...

May 20 Corn closed at $3.6575/bushel, down $0.0875 from yesterday's close.  May 20 Wheat closed at $5.055/bushel, down $0.0725 from yesterday's close...

THE OPEN May beans:  19 3/4 lower May meal:  3.30 lower May soyoil:  1.14 lower May corn:  6 lower May wheat:  10 3/4 lower The ma...

Forecast for Brazil’s Soybean Crop Increased Brazil’s crop supply agency (CONAB) this week increased its forecast for the 2020 Brazilian soybea...

Wheat:  Net sales of 452,300 metric tons for 2019/2020 were down 17 percent from the previous week and 6 percent from the prior 4-week average. ...

SPREADS July crush trades higher at 99.33c/bu while oilshare falls below 31% to 30.83%.  Meal continues steady against a falling soyoil market. ...

GOOD MORNING,  In a market first, CME Group announced it would close its Chicago trading floors to reduce the chance of a coronavirus spread via large...

The supply/demand estimates contained in USDA’s March WASDE released this week might have set a record for the fewest changes from the preceding mont...

Supply Policies India’s pursuit of public stockholding of food surpluses is an old answer to an even older question – what policy to use to man...

“Pandemic” is the word of the day. The World Health Organization declared the coronavirus COVID19 outbreak an official pandemic today, which br...

May 20 Corn closed at $3.745/bushel, down $0.03 from yesterday's close.  May 20 Wheat closed at $5.1275/bushel, down $0.095 from yesterday's close.&nb...

Drought in Morocco has become more frequent and the Casablanca-Settat region is experiencing a 78 percent rainfall deficit this year. Meteorologists says t...

THE OPEN May beans:  2 higher May meal:  1.90 higher May soyoil;  2 higher May corn:  1 1/2 lower May wheat:  3 lower The markets...

Russian Grain Markets: 2-6 March 2020 Grain prices on the domestic Russian market changed little. We’ll see significant changes caused by ruble rate...

Public Health  China Moves to Recovery Phase as Rest Of World Scrambles Through Wednesday morning, mainland China’s total confirmed cases for th...

SPREADS July crush trades at 97.60c/bu while oilshare trades at 31.39%.    Corn spreads are a touch weaker with Dec/July trading out to 1 1/2c fr...

GOOD MORNING, The March report was mostly a non-event as USDA kicks the can down the road for the April report.  Report one of the new Northern Hemisp...

Nationalism’s Prejudices U.S. Secretary of State Mike Pompeo was accused of being a racist for calling the coronavirus the “Wuhan virus.”...

USDA reduced the average U.S. soybean oil prices by 2 cents to 31.5 cents per pound.  A notable change is a 1-million-ton reduction for palm oil produ...

The Senate Agriculture Committee is holding a hearing Thursday on Agriculture Innovation and the Federal Biotechnology Regulatory Framework, but the techno...

USDA left soybean meal prices unchanged at $305.00 per ton. Soybean crush is lowered 1 million tons for Argentina on the current pace to date.   ...

USDA’s U.S. soybean supply and use projections for 2019/20 are mostly unchanged in the March WASDE.  The U.S. season-average soybean price is pr...

May 20 Corn closed at $3.775/bushel, up $0.0475 from yesterday's close.  May 20 Wheat closed at $5.2225/bushel, up $0.035 from yesterday's close. ...

Yesterday’s comments from President Trump about potential payroll tax cuts and other forms of financial relief for hourly wage earners sparked an opt...

USDA leaves U.S. corn supply and use outlook unchanged for 2019/20 in the March WASDE. The season-average corn price received by producers is lowered 5 cen...

USDA leaves U.S. wheat supply and demand 2019/20 in the March WASDE.   The global outlook for wheat is for higher production, increased consumpti...

The coronavirus is a disease affecting humans and impacting agricultural commodity markets. Three-plus decades ago there was a major disease impacting anim...

THE OPEN May beans: 10 higher May meal:  3.70 higher May soyoil:  24 higher May corn:  5 higher May wheat:  2 1/2 higher The markets op...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS Egypt’s Cairo Poultry has reported a 20.7 percent drop in profits for 2019. Total sa...

SPREADS May crush trades to 93.13c/bu while oilshare trades to 31.50%.  Nearby corn spreads continue firm with July/Dec trading into 1c from 2c carry...

GOOD MORNING, Prices are higher across the board as traders anticipate the USDA report.  Macros are higher, extending a lift.   The March WA...

It may be hard to write about today’s markets without using the words “coronavirus”, “panic” and “selloff” in eve...

Energy markets are being buffeted by a number of global events and collapsing oil prices are putting ethanol under pressure. The nearby ethanol futures con...

May 20 Corn closed at $3.7275/bushel, down $0.0325 from yesterday's close.  May 20 Wheat closed at $5.1875/bushel, up $0.03 from yesterday's close.&nb...

Ag as Virus Lesson Globalization and urbanization are collectively increasing the chances of cross-contaminating the population – e.g. pandemics are...

THE OPEN May beans:  19 lower May meal:  4.20 lower May soyoil;  1.21 lower May corn:  7 3/4 lower May wheat:  8 1/2 lower Prices...

An oil war has begun between Saudi Arabia and Russia and its impacts are important for agriculture. Energy products are key inputs, affecting field work co...

Corn According to the Buenos Aires Grain Exchange, harvest progress reached 2.7 percent of the planted area last week. Hot and dry weather is allowing for...

Regional Updates The COVID19 outbreak continues to be the dominating force in commodity and equity markets around the world. With the virus curtailing trav...

SPREADS May crush falls to 91.94c/bu while oilshare is lower, trading down to 31.38%.  Spreads weaken with July/Dec corn trading out to 4 3/4c from 3c...

GOOD MORNING, Macro markets are front and center stage again, with the big story that of sharply lower crude oil, which sinks to $27.34/barrel in the PM se...

EU Sensibilities: The European Academies Science Advisory Council doesn’t have the credibility of Greenpeace with European media, but its message car...

The CBOT shrugged off rumors of Chinese purchases of U.S. sorghum and DDGS for summer shipment as risk-off and position liquidation trade developed quickly...

May 20 Corn closed at $3.76/bushel, down $0.0575 from yesterday's close.  May 20 Wheat closed at $5.1575/bushel, down $0.03 from yesterday's close.&nb...

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

As fear of the coronavirus causes money to rush out of equities and commodities, why are bulk shipping rates rising? The transportation segment is complex...

On Wednesday 4 March, USDA Secretary Perdue testified before the House Agriculture Committee on the state of the farm economy, following are a few highligh...

THE OPEN May beans: 3 1/2 lower May  meal:  1.10 higher May soyoil:  44 lower May corn:  1 1/2 lower May wheat;  3 3/4 lower The m...

SPREADS May crush trades top 96.55c/bu, lower than the spike high trade above 1.00c/bu this week.  Oilshare falls to 32.18% as prices respond to lower...

GOOD MORNING, Another Friday after a turbulent week of trade. Today, Ags are once again following the macro markets, where world stocks are lower with rumo...

Challenges for Chickens   It’s not easy being in the chicken business these days. The chart below shows our estimated gross feeding margin...

It was mostly a day in the red as coronavirus anxiety continues to haunt investors. Fear of betting against calamity is understandable since a story of out...

May 20 Corn closed at $3.8175/bushel, down $0.0325 from yesterday's close.  May 20 Wheat closed at $5.1875/bushel, up $0.005 from yesterday's close.&n...

China Grants Crushers Authority to Buy and Import U.S. Soybeans at Low Tariff Rate AgriCensus today reported the government of China has authorized several...

The Democratic presidential primary fight is now down to Bernie Sanders and Joe Biden and the outcome will reflect the Party’s true soul on issues li...

THE OPEN May beans:  6 1/2 lower May meal:  2.80 lower May soyoil:  14 lower May corn:  4 1/4 lower May wheat:  2 lower The market...

Wheat: Net sales of 542,400 metric tons for 2019/2020 were up 42 percent from the previous week and 27 percent from the prior 4-week average. Corn: Net sal...

SPREADS May crush falls to 97.88c/bu while oilshare strengthens to 32.57%.  March/May corn trades to 2c inverse from 1 1/2c while July/Dec inverts to...

GOOD MORNING, Prices are lower this morning with outside markets not offering any help as the impact of the virus on the economy continues.    On...

The CBOT opened with wheat leading to the downside and bull spreading between corn/soybeans and wheat unfolding. Soyoil futures were stronger in light of a...

Extremists Target Biden U.S. Democratic presidential candidate Joe Biden scored big on Super Tuesday not because he wants to radically change the economy b...

May 20 Corn closed at $3.85/bushel, up $0.0375 from yesterday's close.  May 20 Wheat closed at $5.1825/bushel, down $0.09 from yesterday's close. ...

In the 1500’s, it was considered folly to plant oats in lieu of “good” grain. Unlike wheat and other crops, oats are deficient in phytase...

THE OPEN May beans:   3 higher May meal:  .60 lower May soyoil;  61 higher May corn:  3/4 lower May wheat:  4 1/2 lower The m...

Public Health  Covid-19 Surges Overseas, China Slow to Return to Normalcy In the past week, new confirmed cases of the novel coronavirus in China have...

Russian Grain Markets: 24-28 February 2020 Wheat prices on the domestic Russian market grew slightly in ruble expression but decreased in dollar expression...

SPREADS May crush trades top 1.01c/bu, while oilshare is firmer at 32.41% as soyoil gains this morning.   March / May corn trades to a 1c inverse...

GOOD MORNING,  Volatility continues to play out in the macro markets as uncertainty leads the Fed to implement an emergency meeting to lower rates, on...

The trading day started with a notable lack of deliveries against March corn and Chicago wheat futures, while the soy complex received a moderate number of...

British Chutzpah The UK government released its negotiating objectives in a trade deal with the U.S. and reportedly Trade Secretary Liz Truss said Washingt...

Last Thursday at a hearing of the House Energy and Commerce Committee, the EPA Administrator said that a decision on how EPA would review and grant small r...

May 20 Corn closed at $3.8125/bushel, up $0.0575 from yesterday's close.  May 20 Wheat closed at $5.2725/bushel, up $0.04 from yesterday's close. ...

While most of the world is narrowly focused on COVID-19, East Africa faces the same prospects for that human disease while also battling the fall army worm...

THE OPEN May beans: 2 1/2 higher May meal:  1.30 lower May soyoil;  40 higher May corn:  4 1/2 higher May wheat:  5 higher Commodity pr...

SPREADS May crush trades to 96.30c/bu while oilshare firms back over 32.0% to 32.18%.   March/May beans trades back out to 12 1/4c from 10 1/2c o...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS Egypt has said that wheat production for 2020 should reach about 9.5 MMT with between 3.0...

GOOD MORNING, As prices near the March 10 WASDE and Prospective Planting Intentions report, funds may do a bit of re-balancing.  Helping in this balan...

More than two years after the passage of the Tax Cuts and Jobs Act (TCJA) of 2017 the so-called Grain Glitch problem is still a hotly debated provision exp...

The weekend was apparently good therapy for markets around the world as equities opened higher this morning and traded to strong gains. The Dow closed 5.1...

May 20 Corn closed at $3.755/bushel, up $0.0725 from yesterday's close.  May 20 Wheat closed at $5.2325/bushel, down $0.0175 from yesterday's close.&n...

Remaking a Food System The Common Agricultural Policy (CAP) was crafted in the late 1950s to respond to chronic food shortages in Europe following WWII. Sp...

Soybeans Market Overview Chinese buyers were not very active last week and the Brazilian real depreciated strongly against the U.S. dollar, falling from 4...

Regional News Last week’s commodity trade was executed under the duress of global market selloffs driven by the spreading coronavirus. This week&rsqu...

THE OPEN May beans:  7 1/2 higher May meal:  3.00 higher May soyoil;  20 higher May corn:  4 higher May wheat:  4 lower The mornin...

Agricultural commodities comprise a very small share of the futures market, and derivatives are dwarfed by the $92 trillion capitalized in the equity marke...

SPREADS May crush trades to 94.77c/bu while oilshare trades to 32.08%.   July/Dec corn trades from 3c to 4 1/4c, while March/May trades from 1/2c...

GOOD MORNING, The Coronavirus continues to impact markets across the board creating more liquidation.  The death toll passed 3,000 today, after more p...

May 20 Corn closed at $3.6825/bushel, up $0.0025 from yesterday's close.  May 20 Wheat closed at $5.25/bushel, down $0.025 from yesterday's close.&nbs...

Virus Geopolitics The trade war had already caused changes in supply chains and now COVID-19 is adding to the reconsiderations. However, globalization invo...

Typically, the month of March comes in like a lion, but that metaphor started early as February went out like a lion hellbent on destroying global stock ma...

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

While agricultural commodity values have been adversely impacted by the latest coronavirus afflicting human populations, it has been nothing like the beati...

The RINs market reacted to a news story that EPA was planning on being stingy with future small refinery exemptions (SREs). That speculation was addressed...

THE OPEN May beans: 7 1/2 lower May meal:  .10 lower May soyoil:  49 lower May corn:   1/4 higher May wheat:   6 lower Prices...

SPREADS May crush trades up to 95c/bu while oilshare moves lower trading to 32.12%.  There were no corn, bean, or wheat deliveries.  March/May co...

GOOD MORNING, Prices are lower across the board today as commodities and equities continues a risk-off trade.  The steep trajectory of equities to the...

Brazilian Beef: Show Me the Science    Last week, USDA announced that it will permit the import of Brazilian beef into the U.S.  The product...

The Trump Administration announced last week its Agriculture Innovation Agenda, which included the target of a 50 percent reduction in the sector’s e...

The market opened lower across the board as called with coronavirus on the brain. It has now spread to 30 countries but the WHO has yet to call it a pandem...

May 20 Corn closed at $3.68/bushel, down $0.065 from yesterday's close.  May 20 Wheat closed at $5.275/bushel, down $0.0825 from yesterday's close.&nb...

Disappointing U.S. Soy Export Sales Last Week Today’s USDA export sales report indicated the week ending 20 February was not a positive one for expor...

THE OPEN May beans: 8 1/2 lower May meal:  2.70 lower May soyoil:  13 lower May corn:  4 lower May wheat:  6 lower Prices opened lower...

If there is a constant in the world of agriculture, it is the countless attempts by participants to forecast the future.  In a sense, individual farme...

Wheat:  Net sales of 381,800 metric tons for 2019/2020 were up 10 percent from the previous week, but down 23 percent from the prior 4-week average. C...

SPREADS Volumes in spread trade remain heavy as first notice day arrives Friday.  The March/May corn spread trades from 3 3/4c to 4 1/4c, while July/D...

GOOD MORNING, Prices weakened further during the night session as major trends continue downward into the end of the month.  Given the unknowns of the...

EU Budget Quandary The EU is in a quandary about how to square its budget following the exit of the UK, which was a net positive contributor to the balance...

CBOT markets opened on a mixed note this morning with some buying interest emerging after the two-day selloff. Soymeal started the day with a strong rally...

Mar 20 Corn closed at $3.705/bushel, down $0.02 from yesterday's close.  May 20 Wheat closed at $5.3575/bushel, down $0.0125 from yesterday's close.&n...

Public Health Covid-19 Under Control in Hubei, Hidden Costs Rise China’s drastic response after the initial delay in shutting down the city of Wuhan...

THE OPEN May beans: 1/2 higher May meal:  .10 higher May soyoil;  steady May corn:  steady May wheat:  1 lower Prices opened on a mixed...

The commodity weighted value of the dollar had been expected to decline in 2020 but instead the U.S. dollar index has risen nearly 4 percent, reaching its...

Russian Grain Market Overview: 17-21 February 2020 Wheat prices on the domestic Russian market started to decrease in the European part of Russia under pre...

SPREADS May crush moves down to the lowest point so far at 81c/bu, while oilshare weakens to 33.55%.   July/Dec corn remains a 2c-2 3/4c carry, w...

GOOD MORNING,  Prices are mixed this morning with grains slightly lower and oilshare continuing to leak.  The markets are the weakest where remai...

The coronavirus-driven market rout continued today with global stock markets failing in their attempted recovery and falling sharply again as investor &ldq...

COVID-19 Calculations Equities have now plunged two days in a row over the coronavirus, but commodities fought back today rather than overreact. The COVID-...

Mar 20 Corn closed at $3.725/bushel, up $0.0025 from yesterday's close.  May 20 Wheat closed at $5.37/bushel, up $0.0225 from yesterday's close. ...

The attached PDF shows WPI's summary analysis and intrepretation for the latest Cold Storage report published 24 February 2020 by the USDA. Brief...

The combined inventory of red meat and poultry in cold storage at the end of January was 2.374 billion pounds, that’s 102.4 percent of a year earlier...

THE OPEN May beans:  3 1/2 higher May meal:  1.40 higher May soyoil:  24 lower May corn:  1 1/2 higher May wheat:  4 lower Prices...

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

There is now broad recognition of the economic awakening of Sub-Saharan Africa (SSA) and the geopolitical race is on to be its preeminent partner. Each of...

SPREADS May crush takes a big hit, falling to 84c/bu, while oilshare trades lower to 33.48%. July/Nov beans trades from 10c to 11 1/4c. July/Dec corn trade...

GOOD MORNING, Ag prices were sharply lower yesterday setting up the perfect scenario for a turn-around Tuesday day of trade. Prices are mixed this morning,...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS Egypt reports holding strategic wheat reserves covering 4.7 months consumption. Officials...

Shortly after USDA announced the final tranche of Market Facilitation Payments (MFP) and noted that would almost certainly be the last of the federal check...

Every major CBOT/CME agricultural futures contract posted significant losses in a day dominated by “risk off” trade. Over the weekend, news bro...

Mar 20 Corn closed at $3.7225/bushel, down $0.0475 from yesterday's close.  Mar 20 Wheat closed at $5.3625/bushel, down $0.1475 from yesterday's close...

Tech Tax Divide G-20 finance ministers failed to make headway on the issue of high-tech company taxation and the prognosis is not good. The Czech Republic...

THE OPEN May beans: 13 1/2 lower May meal:  3.20 lower May soyoil:  69 lower May corn:  4 1/2 lower May wheat:  10 1/2 lower The market...

Regional News Global commodity markets are reacting to weekend news of the coronavirus’ spread to countries in the Middle East and Europe, as well as...

The U.S. is a major market for Spanish olive producers, and they are currently reeling from a 35 percent antidumping/countervailing duty plus a 25 percent...

Argentina Stories are circulating that the Argentine government will increase the soybean export tax from 30 percent to 33 percent in the next few days. Th...

SPREADS May crush trades at 91.24c/bu while oilshare trades to 34.35%, as meal prices hit new ctr lows.  July /Dec corn narrows into 2 1/2c from 3 1/2...

GOOD MORNING,  Prices are lower across the board this morning as a risk-off sentiment pervades trade due to the spread of the Coronavirus.  A WHO...

Feb 1, 2020 U.S. Cattle on Feed is up 2 percent from 2019.  Placements in feedlots during January were 1 percent below 2019.  Marketings during J...

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...

Mar 20 Corn closed at $3.77/bushel, down $0.015 from yesterday's close.  Mar 20 Wheat closed at $5.51/bushel, down $0.09 from yesterday's close. ...

The CBOT opened on a high note with corn, wheat, and the entire soy complex moving strongly into positive territory. By afternoon, however, lackluster repo...

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

Do versus Say I Likely echoing the government’s Office of Management and Budget and an earlier interagency agreement, USDA Secretary Sonny Perdue and...

The year 2019 was difficult for cow-calf producers as a series of unexpected weather events, heavy winter snowstorms that reduced calf survival rates and m...

THE OPEN May beans:  2 1/2 higher May meal:  steady May soyoil:  11 higher May corn:  3/4 higher May wheat: 6 higher The markets opened...

SPREADS May crush trades at 89c/bu while oilshare trades up to 34.0% as correcting lower this week.  July/Dec corn trades into 2 1/2c from 3 1/4c.&nbs...

Wheat:    Net sales of 346,300 metric tons for 2019/2020 were down 46 percent from the previous week and 40 percent from the prior 4-week average...

GOOD MORNING, Prices remain steady today as the Agricultural Outlook Forum presents its full Supply and Demand tables and acreage numbers.    &nb...

There were several reasons to be bearish today and not much countering the mood. USDA’s Outlook released this morning framed the year ahead as fundam...

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

Mar 20 Corn closed at $3.785/bushel, down $0.02 from yesterday's close.  Mar 20 Wheat closed at $5.6/bushel, down $0.0525 from yesterday's close. ...

Chicago futures reacted today to a record spread between the value of the dollar and the Brazilian real, each at three-year highs and lows, respectively. T...

Agriculture/Environment Nexus EU Health Commissioner Stella Kyriakides told the European Parliament this week that pesticide and fertilizer use will be red...

THE OPEN May beans:  3 lower March meal:  1.00 lower March soyoil:  steady May corn: 2 lower May wheat:  3  lower Prices were lowe...

SPREADS May crush is lower at 89.53c/bu while oilshare values congest just under 34.0% at 33.98%.  Jly/Dec corn trades from 2 1/4c to 3c while March/M...

GOOD MORNING, Prices are mixed today as trading ranges continue.  Currency markets remain a feature as a two year high US dollar squares off against a...

A few years ago, Canada was expected to become a larger producer of soybeans. A warming climate together with improved seed traits, including Roundup-Ready...

Technical trading ruled the day at the CBOT/CME with overnight weakness in palm oil sending soyoil lower at the open. That set the stage for support in soy...

Mar 20 Corn closed at $3.805/bushel, down $0.025 from yesterday's close.  Mar 20 Wheat closed at $5.6525/bushel, down $0.015 from yesterday's close.&n...

Unilateral Everything  U.S. President Trump gets blamed for “America First” unilateralism but in fact it is practiced equally by all count...

Public Health Coronavirus Criteria Adjusted, Recoveries Outpace Deaths The day after last week’s report, China adjusted its criteria for coronavirus...

Russian Grain Market: 10-14 February 2020 Grain prices on the domestic Russian market grew due to active demand from both exporters and processors. Meanwhi...

THE OPEN May beans: 4 1/4 lower March meal: .20 lower March soyoil: 49 lower May corn: 1 1/2 lower May wheat:  5 lower The markets opened lower as c...

SPREADS May crush trades to 91.22c/bu, while oilshare is weaker, trading back below 34.0% to 33.87%.  Corn spreads weaken with July/Dec trading out to...

GOOD MORNING, Futures are lower this morning led by soyoil, followed by wheat.   Soyoil is lower following a sharp break in palm, as traders are...

Overnight news that Australia’s 2019/20 wheat crop will be smaller than expected set the stage for a sharp rally in the CBOT wheat markets. Morning c...

Mar 20 Corn closed at $3.83/bushel, up $0.0525 from yesterday's close.  Mar 20 Wheat closed at $5.6675/bushel, up $0.24 from yesterday's close. ...

China announced this morning a list of 696 U.S. products for which importers may apply for a tariff exemption. Importers must apply for the exemption by 2...

Partial Analysis The EU undergoes a WTO trade policy review this week in Geneva and Maria Cipollina and Luca Salvatici write in the European Review of Agri...

THE OPEN March beans: 2 lower March meal:  .40 lower March soyoil:  2 higher March corn:  3 higher March wheat:  13 higher Prices ope...

Philippine President Rodrigo Duterte is a controversial leader and some critics complain that he has hurt the country’s agriculture by allowing incre...

SPREADS Spread trade consumed most of the volume in the last session. March corn was down 36,104 contracts with May up 23,638 contracts.  March open i...

GOOD MORNING, The board is mixed this morning with wheat leading grains higher and weaker soy values. Heading into this week, all eyes will be the January...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS Egypt has announced that the population of the country has just reached 100 million people...

Monday, 17 February 2020 is the President's Day holiday in the U.S. Financial markets will be closed and conseqiuently, WPI will not issue an Ag Perspectiv...

Note: CBOT and CME ag futures markets will be closed on Monday, 17 February for the U.S. President’s Day holiday. WPI offices will be closed as well...

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

India Offer to U.S. New Delhi and Washington would both like to have a trade deal by the time President Trump visits India on 24-25 February and India is m...

Mar 20 Corn closed at $3.7775/bushel, down $0.0175 from yesterday's close.  Mar 20 Wheat closed at $5.4275/bushel, down $0.015 from yesterday's close...

This week, Federal Reserve Board Chairman Jerome Powell delivered the first of his twice-per-year reports to Congress in testimony before the House and Sen...

THE OPEN March beans:  1/2 lower March meal:  1.40 lower March soyoil:  19 higher March corn:  1/4 higher March wheat:  4 higher P...

SPREADS May crush trades to 90.61c/bu while oilshare trades at 34.52%, slightly firmer today.  July/Nov beans trades from 4 1/2c to 6 1/4c, while Marc...

GOOD MORNING, Bean prices led the way higher yesterday as products put in congestive trade, with today's price action mixed.  Meal is lower vs. soyoil...

It’s back! Coronavirus was peaking and then suddenly it was not due to a new testing procedure and that largely defined the day. It remains a questio...

Fake Meat Fight The arguments over labeling regulations for plant-based alternatives to meat continue. The National Cattlemen’s Beef Association (NCB...

Mar 20 Corn closed at $3.795/bushel, down $0.035 from yesterday's close.  Mar 20 Wheat closed at $5.4425/bushel, down $0.0325 from yesterday's close.&...

Regulated Competition The global pig meat surplus has been building at nearly 3 percent per year and EU Agriculture Commissioner Janusz Wojciechowski has a...

Soy Export Sales Highlights Today’s USDA export sales report for the week ending 6 February indicated exporters had moderate soybean and soymeal expo...

THE OPEN March beans:  2 higher March meal:  1.50 higher March soyoil:  40 lower March corn:  2 lower March wheat:  3/4 lower The...

SPREADS May crush trades lower down to 92c/bu while oilshare trades down to 34.10%, close to the 34.0% level that has already been tested once.  Corn...

Wheat:  Net sales of 643,100 metric tons for 2019/2020 were up 90 percent from the previous week and 10 percent from the prior 4-week average.  C...

It used to be that analyzing world supplies and demand for grains and oilseeds was basically concentrated on just a few countries. Production was dominated...

GOOD MORNING,  Prices are lower this morning led by soyoil futures, which have sharp losses due to weaker palm oil.  Weaker outside markets come...

The CBOT opened on a strong note and moved higher for most of the day with the markets posting a mini rally following yesterday’s day of depressed tr...