Beef packer margins turned positive for the first time since late last year as returns improved to $53/head last week. The turnaround was driven by a stron...
Articles
Summary of Futures
May 26 Corn closed at $4.54/bushel, down $0.1325 from yesterday's close. May 26 Wheat closed at $5.9725/bushel, down $0.165 from yesterday's close.&n...
Market Commentary: Ags Sink on Oil Optimism, China Trade Worries; Fund Length Now a Liability
As quickly as it began, the U.S.-Iran war-fueled rally in commodity markets looks to be ending. Over the weekend and through Monday, several reports came i...
China Ag Purchases; Tariffs and More
China Ag Purchases The market reacted today to suggestions that President Trump will delay his planned trip to China at the end of the month due to the war...
Administration Takes Aim at Fertilizer Prices
The war in Iran is impacting not only crude oil prices but also fertilizer prices. It is a supply issue, and thus the Treasury Department has announced new...
Mercosur Regional Analysis
Corn After a week-on-week advance of 3.6 percentage points, the corn harvest reached 7.2 percent of the national area, with fieldwork concentrated mainly i...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the eighth straight week. Funds added 24...
Summary of Futures
May 26 Corn closed at $4.6725/bushel, up $0.0475 from yesterday's close. May 26 Wheat closed at $6.1375/bushel, up $0.1525 from yesterday's close.&nb...
Market Commentary: Another Week of War and Commodity Gains
Corn and soybeans closed lower in the overnight session, and wheat joined them in trading lower this morning for a brief period before a turnaround that al...
USTR Announces Multiple Section 301 Investigations
United States Trade Representative (USTR) Jamieson Greer on Wednesday announced the initiation of investigations regarding the “acts, policies, and p...
Ethanol Production Outlook Amid Energy Rally
Yesterday, WPI briefly examined how biodiesel production margins have surged alongside broader energy markets following the U.S./Israel-Iran conflict. The...
Transportation Perspectives - 13 March
The conflict in the Middle East continues to dominate developments in energy markets and crude oil or natural gas tanker vessels, but as time passes the co...
Export Sales
Export Sales and Shipments for February 27-March 5, 2026. Wheat: Net sales of 455,400 metric tons (MT) for 2025/2026 were up noticeably from the prev...
Summary of Futures
May 26 Corn closed at $4.625/bushel, up $0.0225 from yesterday's close. May 26 Wheat closed at $5.985/bushel, up $0.0375 from yesterday's close. ...
Market Commentary: Energy Volatility Sets the Tone for Commodities
Key Market Developments Crude oil has been the architect behind the violent price swings seen across the grain markets over the last four trading sessions...
Livestock Round Up: CPI Overview
The Bureau of Labor Statistics (BLS) released the February Consumer Price Index (CPI) yesterday. During February, the CPI for all items increased by 0.3 pe...
Oilseed Highlights – Cargill vs. China; Biodiesel Margins Surge
Cargill Suspends Soybean Exports to China Cargill has stopped buying soybeans from Brazilian farmers following new regulatory and sanitary/phytosanitary re...
New, Old Approach; Scale Assault; Bumpy Road
New, Old Approach Having had its broad IEEPA approach to applying global tariffs shot down by the High Court, USTR announced yesterday that it is launching...
Transportation Perspectives - 12 March
The conflict in the Middle East continues to dominate developments in energy markets and crude oil or natural gas tanker vessels, but as time passes the co...
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average ann...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 mi...
WASDE Wheat - Mar 2026
USDA’s outlook for 2025/26 U.S. wheat supply and use categories are unchanged from last month. Global supplies increased modestly by 0.2 million tons...
Market Commentary: Easing But Not Ending Novelty and Risk
There were more modest volumes trading in today’s session, perhaps reflecting growing resilience and circumspection about geopolitical uncertainties...
Summary of Futures
May 26 Corn closed at $4.6025/bushel, up $0.08 from yesterday's close. May 26 Wheat closed at $5.9475/bushel, up $0.0375 from yesterday's close. ...
Black Sea Regional Analysis
Russian Grain Markets: 2–6 March 2026 During the week of 02–06 March, the Russian grains market stabilized and showed early signs of recovery a...
Market Commentary: Oil Volatility Drives CBOT More than WASDE
Usually, the day USDA releases its monthly world supply and demand report – known colloquially as “WASDE day” – sees heightened vol...
Summary of Futures
May 26 Corn closed at $4.5225/bushel, down $0.015 from yesterday's close. May 26 Wheat closed at $5.91/bushel, down $0.1225 from yesterday's close.&n...
China Market Analysis
Iran War The U.S. and Israeli attacks on Iran are said to complicate the visit later this month by President Trump to China. As an ally of Iran and a major...
Economic Outlook for 2026
The January jobs report surprised to the upside, coming in at 172,000 new jobs, well above the consensus expectation of 68,000. However, the February repor...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Middle Eastern countries have imported an average of close to 29 million MT of grains and...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive comp...
AP Quant: WASDE Soybeans
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive comp...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive comp...
Livestock Industry Margins
Beef packer margins improved sharply, with estimated net losses narrowing to -$111/head from -$206/head the prior week. The recovery was driven by another...
Summary of Futures
May 26 Corn closed at $4.5375/bushel, down $0.0675 from yesterday's close. May 26 Wheat closed at $6.0325/bushel, down $0.135 from yesterday's close...
Market Commentary: Crude Oil Rally and Crash Drives Whipsaw CBOT Action
The massive rally in energy markets remains the primary story underpinning ag markets. Front-month crude oil futures ripped higher overnight and traded abo...