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Cattle on Feed Way Up; Independence Day Cookout Slightly Cheaper

The dynamics between fed cattle marketings and placements are analyzed with their implications for next quarters' beef demand and pricing. Feedlot turnover...

This Week’s Reports

Today's report from Statistics Canada and tomorrow's from USDA should present a good picture of how land has been planted with the major grain and oilseed...

Market Commentary

Overnight trading in grains and the soy complex started out slowly with mixed price action, but volume picked up and prices began to firm as traders contin...

Korean Curtsy; Trump Risks; WTO Agenda Outlook

The EU utilizes direct payments as a farm support mechanism, and they are considered the least distorting approach. Now, however, the CAP is under severe b...

Market Commentary

The looming USDA reports and weather uncertainties are combining to constrain trading in grain and soy futures. The general quiet trend continued during to...

China In-Country Analysis

Last week’s landed price of imported soybeans dropped $14/MT to $387/MT even as the yuan fell slightly against the U.S. dollar. That lower cost, howe...

Ag Review: U.S. Grains and the Weather Market

WPI Agribusiness Subsector Outlook   A brief review of WPI’s past Bull/Bear calls and industry stock price performance. WPI Bull/Bear Leani...

Daft on NAFTA; Inverse Trade Views

The purpose of free trade negotiations is to reduce the barriers to cross-border transactions, but some want to use the “modernization” of NAFTA to actuall...

Black Sea Regional Analysis

Russian grain prices once again fluctuated insignificantly in RUB expression, but they decreased in USD expression as the ruble continued to weaken. Meanwh...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

2017/18 U.S. Wheat Outlook

A great abundance of wheat supplies in the U.S. and a record-large volume in the world were the dominant features in 2016/17 that resulted in relatively lo...

Market Commentary

Grain and soy futures prices firmed in rather active overnight trade, and a similar pattern followed in the day session. Shrinking spring wheat production...

House Appropriators Release Ag Funding Bill

Tomorrow the House Appropriations Committee’s subcommittee on Agriculture will consider farm and food program spending for FY 2018.The House Appropriations...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Middle East, Mediterranean and Africa Regional Analysis

Turkey is seeking changes to its customs union with the EU. Industrial goods are currently covered, and there is talk of possibly adding agricultural produ...

EU-Japan; NAFTA +/-; Kowtowing; Budget Bobbing

EU negotiators are reportedly anxious to close a free trade agreement with Japan. Meanwhile, a report by the Congressional Research Service identifies the...

Market Commentary

Corn, soybeans and Minneapolis wheat futures traded higher overnight, while KC and Chicago wheat traded lower. Markets then traded slightly higher all day...

232; Modi Monday; By Christmas; Don't Say Doha

The Trump administration is expected to release its Section 232 report late this week. The U.S. agriculture community is concerned that extrajudicial actio...

Border Adjustment Tax Idea Is Fading

Two of the top leaders in Congress, the speaker and the House Ways and Means Committee chairman, are running into stiff opposition to their border adjustme...

Status of Barley and Oat Crops

The focus on the northern Plains drought has been on its potential impact on hard red spring wheat production, and that is important for several reasons. H...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Southeast Europe Regional Analysis

The GASC purchased 55,000 MT of Ukrainian wheat and 120,000 MT of Romanian origin last week, paying $207-209/MT CNF for 25 July-10 August shipment. There w...

Mercosur Regional Analysis

Brazil’s soybean market is rebounding after weeks of weakness, and soybean production estimates are finalized in Argentina. Soybeans Brazil Brazil’s market...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Distrust; TTIP Phoenix; Self-Flagellation

Japan is cool toward a bilateral free trade agreement with the U.S. after Prime Minister Shinzo Abe expended his political capital last year on the TPP. Ne...

Wheat Keeps Getting More Interesting

As spring crop ratings plunged again last week and hard red winter wheat protein levels continue to be a concern, issues with wheat production outside of N...

Indian Subcontinent Regional Analysis

The overall sowing of pulses crops in India is down 33.74 percent as of 23 June versus a year ago. Farmers are facing challenging planting decisions as som...

Market Commentary

It is tough to have a corn or soybean rally in June when temperatures are below normal and there is at least some precipitation in the forecast. Wheat, led...

Trump on Ag: Rhetoric and Reality Gap

President Trump gave a speech in Iowa this week focusing heavily on ag, especially biofuels issues, but it is what was between the lines that raises some c...

New Season for USDA Reports

On 30 June, the new season of USDA reports gets well underway. USDA may have a longer history of reporting on world agriculture than any other entity, and...

Market Commentary

The decline of corn and soybean futures prices in overnight trading accelerated during the day session as the July contracts for both moved below technical...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Selective Free Trade; GMO Suit; Salty; Local

EU leaders have spent ample time criticizing the “America First” message of Donald Trump and proclaiming faith in free trade, but their message will be dif...

Cattle on Feed; Fat Fight

Last month's feeder calf placements data points to a changing supply situation for the beef market next quarter. Similarly, feedlots' fed cattle marketings...

Market Commentary

Trading volume overnight was better than might be indicated by the lack of price movement, but it was unimpressive during the day session. Later during the...

China In-Country Analysis

Two factors enabled the Canadian pork industry to greatly benefit in the past year from a surge in exports to China, hitting a record of nearly 314,000 MT...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Black Sea Regional Analysis

Ukraine's milling wheat prices continued to decrease on the domestic market during the week of 12-16 June, reflecting the end-of-season trend. However, exp...

Middle East, Mediterranean and Africa Regional Analysis

Experts in South Africa are saying that the bumper 2017 grain crops will lead to lower prices for dairy products, meat and other grain-dependent items. Bec...

An Important Three Weeks

While the grain and soy complex markets have already been in the early throes of a weather market, the next three weeks will provide a wide variety of fres...

Ethanol Stocks and Exports Up, Domestic Use and Margins Down

Driving demand for fuel has been slower than expected so far this year, and refinery runs are increasing. This means exports and inventories of petroleum p...

Regulating Food; License; African Contrasts

Efforts to reduce consumptive diseases has produced a slew of regulatory responses, including labeling, taxes and educational efforts. However, a study com...

Market Commentary

Corn and soy complex futures traded rather quietly overnight with minimal price changes. However, wheat prices moved higher again. During the day session,...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Southeast Europe Regional Analysis

The Bulgarian feed wheat price has increased sharply since last week as it followed the MATIF wheat futures rally. Consequently, the spread between that an...

Is U.S. Weather the Only Game in Town?

Markets have been concentrating on the start to the U.S. growing season, and that will continue to be the dominant market factor for the next 30-60 days. H...

Mercosur Regional Analysis

Old crop wheat prices have been depressed for months now, mainly due to exporters’ big long positions and slow, small Brazilian demand. Argentine wheat is...

Narrowing the Fed’s Balance Sheet

In addition to raising the federal funds rate at its 13-14 June, the Federal Reserve addressed the issue of how it will roll off its massive holdings of se...

Market Commentary

It was interesting that corn’s losses were being blamed on a better weather outlook, but that same forecast didn’t push soybeans lower. The soy complex was...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Where Ag Finds Itself on Trade

Who could have predicted the situation in which the U.S. ag sector now finds itself with Mexico and China?As the saying goes, “Don’t judge a book by its co...

Market Commentary

Minneapolis wheat futures took the lead again in overnight trade, and that pattern followed through at the day session opening. The uncertainty today was t...

It’s Weather Time

It is now past the prime reproductive period for small grains (spring wheat, durum, barley, oats, etc.), and the critical weather period for corn and soybe...

Indian Subcontinent Regional Analysis

The federal and state governments have been unable to buy grain/oilseeds/pulses at the declared MSP, and GOI wants the private sector to lower the prices o...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

State of the Food Economy

Word that Amazon is buying Whole Foods sent shock waves through a food industry already wobbling from the enormous changes being incurred. First and foremo...

2016/17: A Year for Exports

The U.S. contributed to the world production records in 2016/17 by harvesting its own record corn and soybean crops. Also impressive has been the continued...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Milk Shake; Beef Hurdles; NAFTA Issues; Shorts

USDA Secretary Sonny Perdue appeared to be referencing the ultrafiltered milk issue when he stated that Canada’s dairy processing schemes were key to the f...

China; COOL; Cattle Outside of Feedlots

One of China's requirements in its agreement regarding U.S. beef shipments is traceability, and Senator Jon Tester (D-Montana) has noted this is a model fo...

Market Commentary

Overnight losses were gradually reduced during the day session. Today’s futures market price action suggests that traders are still concerned that hot, dry...

Black Sea Regional Analysis

Ukrainian sunflower seed oil prices fell on the domestic market and remained stable on the export market, influenced by two developments. Meanwhile, grain...

China In-Country Analysis

Although China’s yuan continued to gain ground on the U.S. dollar, last week’s landed price of imported soybeans rose $5/MT to $402/MT. The ave...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Wheat markets tried hard to keep the rally going today, but the effort ran out of steam in the face of light selling from recent longs taking profits. Corn...

Unsustainable Splintering; Farm Policy Splintering; Robotic Benefit

The U.S. rural credit entity Farmer Mac issued its quarterly report called The Feed, which indicates that wage rates have risen faster in production agricu...

Outlook for U.S. Spring Wheat

Grain and soy market futures prices have mostly been moving up or down for the past two weeks, and the star performer has been MGEX spring wheat futures. B...

Middle East, Mediterranean and Africa Regional Analysis

The latest USDA/FAS report is projecting Turkey’s 2017/18 soybean imports will be up by about 400,000 MT over 2016/17 forecasts of 2.45 MMT. Domestic produ...

Details of U.S.-China Beef Deal Reached

The beef industry is still reviewing the new regulations for resuming shipments to China, and that analysis will lead to assumptions about export volumes n...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Grain and soy prices moved higher across the board overnight as several developments caught traders' attention. Their reactions were tempered, however, by...

Weather Market Vagaries

Markets were down rather hard today. They started lower in the Sunday evening session, and those losses accelerated once today’s trading session got underw...

Southeast Europe Regional Analysis

The Egyptian GASC purchased 240,000 MT of Russian wheat and 120,000 MT of Romanian origin over the weekend, paying $204.02-206.40/MT CNF for 10-20 July shi...

Market Commentary

A little less heat and perhaps a bit more rain coupled with a slightly bearish USDA supply/demand report last week brought sellers to the soy complex today...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

House Ag Committee Dubious About Eliminating Food Aid Programs

The president’s budget proposed draconian cuts to international food aid programs, but Congress is skeptical.The president’s FY 2018 budget proposal (see A...

Import Substitution; Biofuel’s Contribution; Hunger’s Roots

Encouraging domestic production is better than imposing import barriers, although relying on the market and comparative advantage is even better. Import Su...

Mercosur Regional Analysis

Based on CNF prices, Brazil's soybeans traded for June at $1.06N China and for July at $1.17N. Eexporters there are checking export margins daily to determ...

Market Commentary

After being lower overnight, the market was kept tentative today by that along with a few other issues. In addition, it must be remembered that this is Fri...

Political Economy; Consolidation; Impeachment

8 June was quite eventful with the Conservative government of Theresa May taking a beating in the polls and Donald Trump, whether he realizes it or not, bl...

Uninspiring USDA Reports

Not much inspiration was expected from today’s USDA reports, and that’s exactly what they delivered. However, there are a few important factors to keep in...

Higher Number of Smaller Cattle Impacts Beef Production

How much longer will cattle trend toward lighter slaughter weights?Today’s WASDE report lowered earlier estimates of total 2017 beef production based on li...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Indian Subcontinent Regional Analysis

Minimum Support Prices (MSPs) have been increased in each of the three years of the Modi government. While perhaps a good political tool, these higher pric...

Transition and Turmoil

The first week of June is usually when grain and soy markets shift their attention to the growing of U.S. spring-sown crops, a transition that has been tum...

Unlocking Infrastructure; Weighing Food Aid

The lock and dam system in the U.S. is a crumbling mess, and the industry has been split on how to fix it. Whether or not Trump’s plan breaks that divide,...

Market Commentary

The grain and soy market’s bullish drumbeat continued to roll overnight. Prices then moved still higher as trading resumed during the day session, and MGEX...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

China In-Country Analysis

China's average domestic corn price remained steady at RMB 1,670/MT ($245.23/MT) last week, but that market is facing mounting pressure with more state-res...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Balkanized Food; Projected Welfare

Donald Trump receives ample criticism from Europeans for his “America First” proclamations, but the only difference is his transparency since n...

Market Commentary

There is no doubt that we are in a full-fledged weather market just now, one that developed rapidly enough to catch noncommercial shorts. When July corn pu...

Black Sea Regional Analysis

Russian grain prices mostly remained unchanged or grew slightly as Ag Minster Aleksandr Tkachov revised his 2017 grain production forecast on 1 June. Meanw...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

USA versus PRC; Taxes before Building; Sugar Solution

Former five-time Malaysian Prime Minister Mahathir Mohamad contradicts Donald Trump by saying that the remaining countries in the Trans-Pacific Partnership...

Oilseed Highlights; Sunseed Production; New Palm Oil Varieties

The company SMART Tbk has developed two new clones of oil palms via conventional breeding techniques, and they have been shown to produce much higher yield...

U.S. Sugar Industry Abandons Deal with Mexico

Despite a detailed agreement that addresses almost all U.S. concerns over Mexican sugar imports, the U.S. industry does not support the pact.U.S. Commerce...

Wheat on the March

Old habits are often hard to break, but bearish fund managers are undoubtedly becoming nervous about their short wheat positions and probably with good rea...

Market Commentary

The overnight session was relatively quiet with barely average trading volumes and prices that were mixed but without much change. Then today it was the su...

Middle East, Mediterranean and Africa Regional Analysis

It is being suggested that most of South Africa’s possible 3 MMT of maize exports this year will be used in East Africa, although some countries there will...

Spring Wheat Supplies Getting Smaller

Weather is quickly starting to raise concerns about the northern Plains spring wheat production potential, and the simple explanation is that it has become...

NAFTA Sweeteners: Let’s Make a Deal

After nearly two-and-a-half years of trade negotiations over sugar, last month the U.S. commerce secretary put a hard deadline on the talks. A deal now app...

Market Commentary

The week started with a wildly unexciting day in the markets. News was scarce, as the price movement verified. The widening drought across the northern Pla...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Mercosur Regional Analysis

The Brazilian soybean market has moved even further into the spot positions. As exporters need to use their facilities, several trading houses went short b...

Southeast Europe Regional Analysis

The Black Sea market remained about unchanged last week for the old crop and about $2 firmer for the new crop. Two factors have helped the July/August pric...

Asia’s Trump; Science Battle; Trade and Emission Rhetoric

Donald Trump was elected as the anti-establishment candidate in the U.S., and now Moon Jae-in is fulfilling that role as the new leader of South Korea. His...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

WTO Changes; #1; Psychoanalyzing Trump

Donald Trump declared the WTO a disaster, and U.S. Trade Representative Robert Lighthizer says he wants to fix it. However, it is other members who are mov...

Indian Subcontinent Regional Analysis

GOI's notification of a new ban on the trading of cattle for slaughter is impacting a number of sectors in addition to farmers' income. There has been oppo...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Economic Data for the Fed to Consider

A summary of positive economic data will be on the agenda for the Federal Reserve’s June meeting to decide on further interest rate hikes.The Federal Reser...

Market Commentary

Markets were quiet much of the Thursday night session, but they gained a little steam early this morning and closed higher. USDA's announcement of a sale t...

The Gospel According to Crop Ratings

USDA's weekly crop ratings report can  be a valuable tool if market participants use them as a guide and not as a scientifically factual, reliable yie...

Record Cattle on Feed; Holy Cow: Indian Cattle Ban

The dynamics between fed cattle marketings and placements are analyzed with their implications for next quarters' beef demand and pricing. Feedlot turnover...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

The Changing Grain Business

The grain business has substantially changed in many ways over the years, some of which can make achieving satisfactory profitability more difficult and co...

Market Commentary

One need only look at today’s price action to determine that markets had very little to trade on other than a generally improving weather outlook into mid-...

Interstate Barriers; Thank Trump; Product Evolution

Donald Trump pulled the U.S. out of the Paris agreement, and now states, municipalities and companies are declaring their own effort to reduce emissions. I...

Black Sea Regional Analysis

Turkish exporters are insisting that all Russian agricultural products be limited to 20-25 percent of the total volume of imports because of one specific c...

News Interpretations; Doud; Impeachment; Consolidation

A decision by the U.S. Supreme Court  regarding ink cartridges could have implications for GM seeds and many other products, and its refusal to hear a...

China In-Country Analysis

As China continued to intervene in its currency market, the cost of imported soybeans fell by $2/MT to $404/MT last week. Meanwhile, changes in the average...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Market Commentary

Although it may lack much long-term significance, yesterday's weekly crop condition report finally gave markets something to trade on. Soybean futures trad...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Market Commentary

Grain and soy markets turned slightly weaker as trading resumed last night. That continued into the day session this morning, and it soon accelerated under...

Reading Between Merkel-Trump

The transatlantic war of words is unsettling, but it is long overdue. Germany previously ignored the all too subtle Obama administration’s request to meet...

E15 Answer to Shrinking Ethanol Market

Looking ahead over the next eight years, it becomes clear that there will be less gasoline used in the transportation sector, which in turn means less oppo...

The Trending Summer Season

Each Memorial Day holiday marks the beginning of the U.S. summer growing season for spring-planted crops, and there are several observations related to cer...

Middle East, Mediterranean and Africa Regional Analysis

The Zimbabwean government is pushing ahead with plans for mandatory food fortification beginning 1 June 2017, including maize and wheat flour. Millers are...

Market Commentary

Corn and wheat were slightly higher overnight with the soy complex slightly lower. Those trends continued today, but the changes then became noticeably lar...

Indian Subcontinent Regional Analysis

An increase in the MSP for pulses incentivized farmers to expand their plantings, and 2016/17 production is projected at a record 22.4 MMT. However, those...

Transatlantic Discussions; Currency Adjustment

The People’s Bank of China tried to use a more market-oriented approach to tying the value of the yuan to the U.S. dollar, but that is changing. Transatlan...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Barley Now A Specialty Crop

Barley acres have taken a significant brunt of the corn and oilseed acreage expansion in the U.S. and Canada, and there are a number of reasons why.The U.S...

Trumped Agenda; Ignore the Previous; Political Animals; China Cynic

China’s Commerce Ministry has issued a report on trade relations with the U.S. and publicizes the government’s commitment to increase imports from America...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Grain and soy futures prices edged slightly higher in quiet, low volume overnight trade. The slight overnight firmness evaporated first on indications of i...

U.S. Winter Wheat Issues

With tightening supplies of HRW and concerns about new crop quality, it is reasonable to ask what is going on in the KC HRW futures market.U.S. winter whea...

Black Sea Regional Analysis

Ukraine's  milling wheat prices fell across both the domestic and export markets for several reasons, a trend followed by its feed wheat prices. Meanw...

Kill People, Save Bugs; Consumer Miscalculation

Farmer and seed producer Mark Scholl spoke today at a Farm Foundation forum on food and agriculture regulations, lamenting that it now takes nearly twice a...

China In-Country Analysis

Entering the fourth week of the current round of state-reserved corn auctions, total sales of over 10 MMT have exceeded market expectations. Meanwhile, the...

Market Commentary

The day’s most active futures market was MGEX spring wheat. With building evidence that this year’s HRW crop will likely be unusually low in protein conten...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

In true “Turnaround Tuesday” fashion, soybean, corn and wheat futures gave back all of Monday’s gains plus more. Soymeal futures fell about $1.50, and soyo...

Uncertainties Ahead

Agricultural futures markets live for and exist on uncertainty since that is what creates volatility, which is their lifeblood. All the usual sources of do...

Trump Submits Budget Plan with Farm Bill Reforms

The 2018 Farm Bill debate just got a jump start with the submission of the president’s budget plan that includes a number of related reform proposals...

Taxicology; Adriukaitus Grows; Bittman Bitter

U.S. tax reform has caused fissures within fissures, and the House leadership’s border adjustment tax (BAT) is notably front and center with the effect on...

Middle East, Mediterranean and Africa Regional Analysis

Egypt’s GASC has raised the minimum protein requirements on its wheat tenders, and some indicate this may be a problem for one particular origin. Meanwhile...

Mercosur Regional Analysis

Argentine farmer selling stands at around 20 percent of the crop. However, the market dried up after the Brazilian political scandal moved the CBOT lower...

The Complexities of Wheat

Wheat has been the whipping boy of the market for the past several years and the short leg of every spread. Unlike corn and soybeans, which are the same ar...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

The Trump Budget’s Unusual Unveiling

The Trump administration’s FY 2018 budget proposal is expected this week, but the lack of political marketing is curious.The White House is scheduled to re...

Market Commentary

Markets traded steady to slightly higher overnight in average volume. Additional buying surfaced at today’s openings, taking wheat, corn and soybeans to mo...

Complex Agenda; Muddle and Muddle; Quote of the Week

While the Trump administration notified Congress this week of its intent to renegotiate NAFTA, starting a 90-day window before the talks begin, trade polic...

Indian Subcontinent Regional Analysis

As India transitions into the new Goods & Services Tax (GST) regime to be rolled out 1 July, the tax rates for various goods have been announced. Meanw...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Are Lower Broiler Exports to OPEC an Object Lesson for NAFTA?

Lower oil export earnings for OPEC countries have affected U.S. broiler exports; is there a lesson for the NAFTA renegotiations?We’ve long argued that the...

Market Commentary

CBOT soybean prices recovered today as political fears in the U.S. and Brazil were calmed. Wheat futures were higher, and one can now logically make a bull...

Corn Bullish – Maybe?

The corn market has been clearly bearish with analysts talking about record supplies amid increasing world production and greater competition for export sh...

Ag Review: China's Soyoil Problem

WPI Agribusiness Subsector Outlook   A brief review of WPI’s past Bull/Bear calls and industry stock price performance. WPI Bull/Bear Leani...

Trading Politics

Commercial and noncommercial traders are accustomed to the difficulties and uncertainties involved in trading agricultural futures markets. However, all th...

Market Commentary

The tale of two presidents and their political problems has dominated grain and soy complex markets for the last two days, and they have had a notable impa...

Chinese Chicken; Cheese Please

One lawmaker’s concerns over chicken imports may be a hurdle for U.S. beef access to China. Meanwhile, its growth in exports shows cheese is a new trend in...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Green Waste; NAFTA Nonsense; Chocolate; Stocks; Obvious

After ruling out imposing tariffs on ethanol imports from the U.S. due to concerns about retaliation, the Brazilian government will require that importers...

China In-Country Analysis

Although China's landed price of imported soybeans fell $2/MT to $411/MT last week as the national inventory climbed slightly, another factor pushed the do...

Black Sea Regional Analysis

Russia's domestic grain prices continued to drop (in RUB) across most regions, and grain exports from its seaports during 5-11 May were significantly lower...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Rural Downgrade; Facebook Science

USDA Secretary Sonny Perdue should find it easy to explain his proposed removal of the undersecretary for rural development position and budget cutting, an...

Market Commentary

Commodity markets were supported in general by the sinking U.S. dollar, which hit a six-month low today and has now given back its entire post-election ral...

Market Commentary

Grain and soy futures trade was either dull as dishwater or exciting, depending on what one’s interest might be. KC wheat was a bit more interesting today,...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Middle East, Mediterranean and Africa Regional Analysis

To protect its local crop, Morocco has reintroduced a significant tariff on soft wheat imports until the end of 2017. As in the past, tariff levels will be...

A Fundamentally Mixed Bag

The supply side of the 2017/18 U.S supply/demand balance is being molded by crop production prospects. However, the demand side is being fashioned by quite...

Ethanol Industry’s E15 Game Plan

The ethanol industry’s regulatory and legislative strategy to gain approval for E15 either by regulation or legislation is outlined.While E15 has been gene...

So Special; Science Disrupters; Wisely Beyond Friends

Demands by NGO groups in Europe to “fix the broken CAP” proved too much for even Phil Hogan, the most civil EU farm commissioner. So Special Demands by non...

China Opens to U.S. Beef – for Real This Time

The U.S. and China have reached a trade deal, which includes U.S. beef access to the Chinese market for the first time in almost 14 years. What can be expe...

Mercosur Regional Analysis

Low demand is the main reason for the lack of movement in Argentina's FOB corn market, and there are a few factors causing domestic and Brazilian consumers...

Market Commentary

Corn and wheat markets were under some selling pressure in the Sunday night session with soybeans slightly higher on very light trading volume. Selling the...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Singapore Silly; Wrong-Way Ag; Tuna Test; NAFTA/Commodities

The world’s third-largest financial capital and the country with the world’s second-largest volume of external trade per capita doesn’t trust trade. How el...

Southeast Europe Regional Analysis

The wheat market in Romania and Bulgaria was quiet last week without any trades reported. Some parcels of both origins' 12.5 percent wheat are offered in t...

Soybeans Bullish – Seriously?

The soy complex continues to be the energizer of agricultural markets. However, Its rallying would seem to be impossible in the face of another record worl...

Very High Benchmarks – Can They Be Reached?

USDA’s May reports contained yield and production estimates for spring crops still being planted, so there are several important items to watch and conside...

Market Commentary

USDA's friendly wheat and soybean estimates weren’t enough to spook the funds to cover lengthy short positions. They headed into this weekend short wheat,...

Indian Subcontinent Regional Analysis

With a goal of doubling Indian farmers’ income by 2022, agriculture needs land reforms. This will require an increase in productivity and a move away from...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Channeling Le Trump; Real Deal; Pungent Policy; Day Late

Much of U.S. agriculture has been hyperventilating that Donald Trump is going to get into a trade war and the resulting trade retaliation is going to hurt...

Trends and Consequences

While USDA's 2017/18 projections of early May are vulnerable to a multitude of moving variables that will ultimately determine the actual outcome, they can...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Market Commentary

Soybeans were a few pennies higher in overnight trading, while corn futures hung around just below unchanged. During the day session, however, prices for b...

Policy Mélange

U.S. wheat will plunge 21 percent this year to the lowest level in nearly a century. The industry blames foreign trade barriers for its plight, but there i...

Oilseed Highlights: WASDE; China Soybean Update

USDA’s WASDE report of yesterday included some interesting changes to the oilseed sector forecasts for 2016/17 as well first projections for 2017/18 that a...

WASDE Recap; Nervous Cattle Markets

The May WASDE trimmed red meat and poultry production estimates but raised them for 2018. Meanwhile, cattle futures are deescalating quickly amid broad mar...

Black Sea Regional Analysis

The Russian holidays of 1-2 May and 8-9 May will influence grain prices, although market reaction will be delayed. Meanwhile, there were two other developm...

Money and Hypocrites; Shrinking Yield Folly; Nanny NaNa; Rigged

Overcoming their geopolitical concerns in the region and lingering animosity over WWII atrocities, the finance ministers for China, Japan and South Korea m...

China In-Country Analysis

China’s domestic corn market remained solid last week despite ongoing pessimism over the quality of the auctioned state-reserve corn. There are only...

China In-Country Analysis

China’s domestic corn market remained solid last week despite ongoing pessimism over the quality of the auctioned state-reserve corn. There are only...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Today’s WASDE with its projections for 2017/18 did not generate much market excitement. As might be expected, though, the corn market showed the biggest re...

The May WASDE

Although some of the 2017/18 projections varied from trade expectations, today’s WASDE did not offer anything of a serious market-moving nature. Neverthele...

Pork Farrow-to-Finish Forecast

This will again be a record year for pork production, but the impact of that along with more pigs and hogs is not as bearish as it may seem.This will again...

Middle East, Mediterranean and Africa Regional Analysis

Millers in Kenya are saying that they have not purchased all of the government’s released maize because of one cost-related issue. Meanwhile, the governmen...

Sweet and Pesticide Battles; EU Policy Clash; WTO Impasse

The election of Emmanuel Macron to the French presidency was viewed as a vote of support for broader Europe, but that doesn’t mean a lack of policy clashes...

On With the 2017/18 Crop Cycle

USDA’s May WASDE is always interesting and, dare we say it, entertaining. Besides the usual old crop (2016/17) updates of U.S. and world supply/demand bala...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Overnight trade seemed paralyzed by the prospect of Wednesday’s May WASDE. Markets then perked up some during the day session with a little more price acti...

Market Commentary

U.S. agricultural markets opened steady Sunday evening before gradually turning slightly easier on light volume. They then became markedly lower this morni...

USDA’s May Reports – More Questions than Answers?

USDA's May series of reports will be released this Wednesday. These represent its first attempt to project the supply/demand estimates for MY 2017/18 and a...

Southeast Europe Regional Analysis

Algeria announced a tender today for July shipment, and the most likely origins are France, Germany and the Baltic. While the Black Sea new crop wheat for...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Competitiveness Agenda

The days when governments controlled the sale and purchase of commodities are long past. Moreover, certain tools of that era have either been eliminated or...

Mercosur Regional Analysis

The Brazilian soybean market showed huge movement during the past few weeks, especially in the June position. The interesting dynamic has recently been the...

Rough Night in Jericho

Rough Night in Jericho is the name of an old western movie. As the title implies, things didn’t go as expected, and so it was with the wheat market this we...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Nose Cutter; Prohibition; Talent Loss

Mexican Senator and presidential candidate Armando Rios Piter has a way for his country to regain its dignity in the face of insults from Donald Trump: buy...

Biodiesel Dumping Case Moving Forward

The USITC is considering punitive duties after finding “reasonable indication” of economic harm from Argentine and Indonesian biodiesel imports.The United...

Market Commentary

The one-day weather scare in wheat and the cold weather/planting issues across the Corn Belt didn’t alter the funds’ bearish stance. Meanwhile, the soy com...

Indian Subcontinent Regional Analysis

While India's edible vegetable oil imports are down and oil exports are up, reducing its forex exposure, the country will continue to depend on those parti...

Market Commentary

There was widespread weakness in many commodity markets today with grain and soy complex futures joining the march toward lower prices. Overall trading vol...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Questions Seeking Answers

Every business enterprise faces a changing multitude of questions, and agriculture is no different. Some of the questions, though, are a bit different this...

A Week Full of Crazy: Snowflake Edition

Last week was fully of crazy news for the livestock and meat sector with much of it involving snowflakes, both real and of the college variety. Blizzard Sn...

Rapid-Fire Summaries

U.S. Commerce Secretary Wilbur Ross says that concessions agreed by the NAFTA partners during TPP negotiations can serve as a starting point for updating t...

Financial Stress; TTIP Lite

The attorney general for the state of New Mexico has launched a political witch hunt into beef processing companies, claiming ranchers are hurt by their si...

Market Commentary

Trading during the day session was quiet, and price action was choppy. The corn market does not seem to know what to do, so it trades narrow ranges in whic...

Black Sea Regional Analysis

Prices continued to drop overall on the Russian grain markets, although there were slightly different patterns in a few regions. Meanwhile, Ukrainian grain...

China In-Country Analysis

According to China Customs data, 181,900 MT of pork were imported in February, an increase of 153.8 percent compared with the same month a year ago. The on...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Market Commentary

Overnight trade of grain and soy futures was not quite as frenetic as yesterday. Corn futures then traded in about an 8-cent range today, mostly to the red...

How Sugar Could Spark NAFTA Renegotiations by June

The U.S. has set a hard deadline on the U.S.-Mexico sugar trade talks, backed up by a possible re-imposition of duties on Mexican sugar. Will that be the d...

A Few Random Thoughts

As the new month begins, there are a number of concerns and issues related to agricultural production and/or trade.We begin the Merry Month of May, as the...

Middle East, Mediterranean and Africa Regional Analysis

Iraq’s Kurdish wheat farmers are very upset that the government only intends to buy 500,000 MT of their 1.8 MMT production. The government says that it doe...

Flawed; Sour; Wrong; Double-Dealing; Implications

Japanese Deputy Prime Minister Taro Aso had earlier warned that the U.S. might not get as good a deal bilaterally with Japan than it would by simply rejoin...

Southeast Europe Regional Analysis

The market in Spain was quiet last week with local old crop barley being the cheapest available feed grain. The feed wheat there is competitive versus corn...

Ignorance and Contradictions

Newly-minted USDA Secretary Sonny Perdue needs to tell his Commerce Department counterpart Wilbur Ross to mind his own portfolio. Meanwhile, former USDA Se...

A New Month, A New Market

Funds increased all their short positions last week in the face of what looked like a bullish weather outlook over the weekend. While it will be several we...

Congress Strikes Deal on Government Funding Package

Congress has struck a deal on a funding bill to keep the government open through the end of FY 2017, and it also addresses many ag policy issues that WPI h...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Mercosur Regional Analysis

Farmer selling of corn in Argentina is still very slow and centered on nearby delivery months as well as expensive versus FOB prices. Exporters are paying...

Market Commentary

The funds started this week with a record-large short position in wheat, a big short in corn and moderate-to-small short positions in soybeans and soymeal...

Volatility and Growth; Money, Money, Money; Crops and NAFTA

The future of Transatlantic Trade and Investment Partnership (TTIP) negotiations remains uncertain given the ample number of distractions in both Washingto...

The U.S. Economy in March

How will the economy’s performance in March impact domestic food demand?Economic data for March has been compiled, and it shows a solid performance. That s...

Indian Subcontinent Regional Analysis

The federal government has issued recommendations for replacement of the old Agricultural Produce Market Committee (APMC) Act. The aim is to remove the mid...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Market Commentary

Markets were mostly steady overnight with KC wheat higher. Soybeans traded with 1-2 cent losses much of the day and made a run at unchanged in the last few...

More Things to Keep You Up at Night

There are a number of issues, many weather-related, currently affecting crops in the U.S. and around the world.The Kansas wheat crop quality tour will take...

Ag Review: Can Exports Save the Dairy Industry?

  WPI Agribusiness Subsector Outlook    WPI Bull/Bear Leanings for Agribusiness in 2017 A summary and graphical depictions of WPI’s ex...

CFTC-SEC Merger Proposal Rises Again

This merger concept tends to materialize in the wake of real or perceived financial crises, and it is being heard once more following the election of a hig...

Trump’s Flip-Flop on NAFTA Withdrawal

A look at what is at stake for the meat, livestock, poultry and dairy sector with regard to NAFTA as well as if/how it might be renegotiated.As Gary Blumen...

G-33 Miscalculates; Winners and Losers; Right and Wrong

The Group of 33 developing countries complained in Geneva that the Uruguay Round imposed “inequities and imbalances” between rich and poor countries. ...

Market Commentary

Trading was notably quieter overnight and today than has been the case during much of this week. While obviously nervous, markets are not quite sure what t...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

China In-Country Analysis

China’s average domestic corn price rose RMB 14/MT ($2.03/MT) to RMB 1,632/ MT ($237.20/MT) last week, driven by tight supplies of new corn and sever...

Black Sea Regional Analysis

Ukraine's domestic crude sunflower oil prices remained stable last week with current offers within $820-832/MT EXW. However, they are likely to start falli...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

The day session saw trading volume fade some as the market tried to hang onto yesterday’s gains. There was more fund short covering in wheat, and those mar...

NAFTA Threat; Digitized Future

Withdrawing from NAFTA could lead to a trade war that will harm agriculture, and former Farm Bureau President Bob Stallman today emphasized a focus on impr...

Confirmation Bias; Jousting Northward; Corn Irony

The Trump administration imposed punitive duties on softwood lumber imports from Canada, and some see it as an opening offensive ahead of NAFTA renegotiati...

Middle East, Mediterranean and Africa Regional Analysis

The MENA region has been the major destination for Black Sea wheat, but more of it is expected to flow elsewhere because of one development. Meanwhile, rep...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

All the potential weather adversity has seemed to finally awaken fund managers holding huge short futures positions in Chicago wheat and corn as well as a...

Ag Weighs in on Tax Reform

Congress and the administration are preparing tax reform proposals to be considered this year. In that regard, the House Agriculture Committee convened a h...

Increasing Market Volatility

The signs of budding potential weather scares are already beginning to show, and it seems quite likely that this will be another year when futures price vo...

Market Commentary

One would typically assume a slow planting pace coupled with what appears to be a very wet forecast would be supportive to corn and negative to soybeans. H...

Exchanging Youth; Wishy-Washy Standards; Circumstance Informs

The recent U.S. National Organic Standards Board meeting reportedly ended in confusion, revealing how the use of subjective standards gives rise to philoso...

Cattle on Feed Report: Record-High Placements for March

The dynamics between fed cattle marketings and placements are analyzed with their implications for next quarters' beef demand and pricing. Feedlot turnover...

Mercosur Regional Analysis

The Argentine soybean market was very active last week as four cargoes were traded, two CNF and two FOB. One full May shipment was traded at $0.98N CNF and...

A Few Surprises in Canada’s Acreage Estimates

Stats Canada released its first planting intentions estimates for 2017 last Friday, and there will be some enormous acreage swings in the U.S. neighbor thi...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Overstated and Misunderstood; Self-Defeating Ag Policy

As if he’d never paid a second of attention to bilateral trade issues before running for president, Donald Trump suddenly realizes that Canada operates a s...

Indian Subcontinent Regional Analysis

While GOI is continuing to procure local wheat for the MY 2017/18 program, imports are still feasible despite the 10 percent duty with one particular origi...

A Look at U.S., Canadian and World Barley Supplies

The 31 March USDA planting intentions reports indicated notable changes ahead for U.S. barley acreage, and there are several reasons why.Barley acres in th...

Federal Funding Deadline for Government Shutdown Nears

With the deadline to pass a federal funding bill in the offing, Congress is revisiting a strategy employed in 2014 that kept the government open.A week fro...

Market Commentary

Markets were steady to slightly higher overnight and in good volume. One development then continued to pressure corn today as wheat tried to mount a brief...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Nationalism; TTIP; VAT Benefit

Donald Trump’s effort to initiate a “Buy American; Hire American” obligation is economic nationalism at its rawest, but it is hardly unique. Nationalism Ab...

Market Commentary

In overnight trade, soybeans were helped by firmer Asian markets with corn and wheat prices also slightly higher. Daytime selling then pushed prices into t...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Two Sides to Every Story

There can be no denying that today’s supply/demand fundamentals tell a very bearish story, but there are factors, both real and potential, that just might...

Red Meat Recap and Margin Outlook; Cattle on Feed

Last month's feeder calf placements data points to a changing supply situation for the beef market next quarter. Similarly, feedlots' fed cattle marketings...

China In-Country Analysis

China has set a goal of expanding its biofuel portfolio, not only to absorb the massive corn reserves but also to diversify its energy platform. However, i...

DEIP the Canucks; Trump PO’d at TPA

Canadian Ambassador to the U.S. David McNaughton may be correct that his country’s pricing policy on ultrafiltered milk may be WTO legal, but that doesn’t...

Black Sea Regional Analysis

Turkey's recently-introduced import duty on some agricultural products from Russia has reportedly already caused some damage in the sphere of its grain and...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Market Commentary

After trading an inside day, the soybean market managed to hold onto some of its small session gains with soyoil as the engine. Meanwhile, all three wheat...

Only American; State and Local; Reversals; Poor Luddites

Donald Trump’s recent reversals on foreign policy positions that he took during the campaign (NATO obsolete; Russia friend/China enemy; Syria unimportant)...

Smaller Birds, Bigger Demand

Broiler slaughter weights are below year-ago levels for the first time in three years, and demand is up ahead of the traditional seasonal growth trend.Acco...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Palm oil futures dropped another 1 percent overnight to a new eight-month low, which pulled soyoil futures down as well. Dalian corn and soy complex future...

Middle East, Mediterranean and Africa Regional Analysis

USDA-FAS indicates Turkey’s wheat stocks could drop to less than a two-week supply, the lowest level in more than 50 years. This is not totally attributabl...

Uneven Outlook for U.S. Wheat Classes

The 2017/18 crop cycle will be somewhat of an historic year for U.S. wheat in that the total area planted to all classes will be the smallest since 1919. M...

Wheat Market Still on Life Support

The primary reason for longer-term optimism in the wheat market is that U.S. planted wheat acreage will be the smallest since 1919, and there are two numbe...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Soybeans traded 5-6 cents higher early in the Sunday evening session, but those gains couldn’t be sustained either overnight or today. Corn followed the sh...

Mercosur Regional Analysis

April and May corn basis have started to heat up in Argentina due to several factors. There are still some shorts in the market, and those with port logist...

Trump’s Twists; Mergers; Economy and Crops

This is a busy week with bilateral exploratory trade talks in Tokyo where American expectations are high and the Japanese are resistant as Prime Minister S...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Southeast Europe Regional Analysis

The EU reported 231,000 MT of wheat were exported last week and once again corrected the previous week’s total. Now Turkey has been actively buying high pr...

China and U.S. Meat Exports; GIPSA Rule

China will increase its meat imports this year, potentially including U.S. beef. Meanwhile, USDA action this week has further delayed the livestock marketi...

Weather Scare Season

As the 2017/18 new crop cycle gets underway in the Northern Hemisphere, it is inevitable that new weather scares will emerge to energize or torment market...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Market Commentary

Grain and soy futures markets ended this short trading week in fair fashion. Soybeans and corn closed higher, and wheat finished with the winter wheat cont...

Import Substitution; CAP War; Back to Bite; CRISPR’s Threat

Japan is proposing to remove food products from eligibility for duty-free entry under the Generalized System of Preferences (GSP). This is intended to addr...

Market Commentary

It was the day after the April WASDE, but the approaching long Easter weekend (CME grain markets are closed Friday) seemed to have had a greater impact on...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Trump Manipulates Currency; Government Mishandles Data

U.S. government statistical agencies would like farmers to automatically share the data they collect via their electronic precision agriculture (PA) equipm...

China In-Country Analysis

China's monthly food inflation entered negative territory in February for the first time since 2009. Meanwhile, prices for animal protein, including pork,...

Black Sea Regional Analysis

Russian oilseed prices continued to decline overall, but Ukraine's were mostly stable with just a few drops noted along with some increases. Its crude sunf...

The April WASDE

USDA’s April WASDE unsurprisingly carried forward the theme of growing supplies of grains and soybeans in the U.S. and the entire world. While it is all to...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Oilseed Highlights: Forecasts; South American Planting Intentions

Today’s USDA/WASDE report included several changes of pertinence to the oilseeds sector. Meanwhile, one particular development will challenge South America...

Senators’ Polling Numbers and the Farm Bill

Will political polling back home impact the Senate Agriculture Committee’s drafting of the farm bill?As former House Speaker Thomas “Tip” O’Neill (D-Massac...

NAFTA Strategies; Self-Flagellation; Xenophobic Soda; Bombs for Beans

The government of Canadian Prime Minister Justin Trudeau is still trying to figure out what to expect and how to position itself in the upcoming renegotiat...

Middle East, Mediterranean and Africa Regional Analysis

Grain experts in South Africa are saying that the very large increase in the maize crop there and drop in maize prices could push farmers into a money-losi...

Market Commentary

 Some of USDA’s fresh numbers released in today's April WASDE were tilted more bearishly than analysts predicted, but none were extreme enough to caus...

100 Days’ High Risk; Le Pen Predictions; Automation

Donald Trump and Xi Jinping created a U.S.-China Comprehensive Dialogue that has 100 days to show progress or all hell breaks loose. Trump made a wise dipl...

Market Commentary

Wheat, corn and soybean markets were steady to a bit higher at the start of trading Sunday night. That trend continued through the night and into today’s o...

Southeast Europe Regional Analysis

The EU reported that 237,000 MT of soft wheat were exported last week as the total since the campaign started remains notably lower than a year ago. Meanwh...

U.S. Dairy Calls for Trade Action Against Canada

A new milk pricing regulation implemented in Canada on 1 April has the U.S. dairy industry calling for the Trump administration to take action against that...

No Bullish News Tomorrow

USDA will release its April WASDE report with supply/demand revisions tomorrow, but it is almost impossible to make a case for why any of those numbers wil...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Mercosur Regional Analysis

Brazil’s soybean market rebounded last Friday after nearly three weeks of steady declines, driven by the presence of one important variable. This week’s pr...

Indian Subcontinent Regional Analysis

Following the landslide victory of the Bharatiya Janata Party (BJP) in Uttar Pradesh, there is hope that the government will be able to move forward with p...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Market Commentary

Grain and oilseed markets were unaffected by the events in the Middle East. Corn, wheat and soybeans all finished the night session within a penny of uncha...

U.S. Corn Outlook

The 31 March USDA planting intentions report confirmed what most analysts expected. The big question is whether the acreage reduction will be enough to app...

Ethanol Stocks at All-Time High

Ethanol stocks have hit a record high, while production is still exceeding 1 million barrels/day despite the seasonal slowdown.Ethanol production dropped s...

Xi-Trump Summit; Missed Chance

The most notable outcome of the meeting between the U.S. and Chinese presidents is the lack of fireworks. Meanwhile, business groups developed a wish list...

Market Commentary

 Open interest in corn, soybeans and wheat futures were all higher following yesterday’s activity, which suggests that noncommercials were adding to s...

U.S. Agriculture’s Stake in China

While U.S. relations with China are tense, due in no small part to President Trump’s harsh rhetoric and threats, U.S. grain and soybean producers have quit...

Nominations; Government Shutdown

The U.S. Senate is now scheduled to vote on the nominations for USDA secretary and USTR after returning from the Easter recess. Notably, support for the la...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Records for Hogs and Pigs Report

USDA released its quarterly Hogs and Pigs report, which showed the swine herd was still larger than a year ago despite a small drop during the December 201...

Slay Monetary Monster; Slay Agriculture Monster

Donald Trump will be tempted to raise the issue of currency manipulation when he meets with Chinese President Xi Jinping, but he would be barking up the wr...

China In-Country Analysis

After closing out 2016 with a solid November and a record December, U.S. sorghum exports to China began 2017 by setting a new record for the month of Janua...

Market Commentary

Aside from higher Asian futures levels and Chinese buyers’ rush to extend their coverage of Brazilian soybeans, a few troubling weather trends also brought...

Black Sea Regional Analysis

Russia's grain prices continued to fall due to domestic factors as well as Turkey’s introduction of an import duty, but Ukraine's grain  prices remain...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Canada’s Fakery; Japanese Reality; Trump Jobs; TTIP Death

Canadian Finance Minister Bill Morneau warned New York business leaders at a World Economic Forum event against a proposed U.S. border adjustment tax. Mean...

Soybeans Move Further West and North

The westward movement of soybeans in the U.S. has been occurring for many years as hardier, shorter-season varieties have been developed. That is expected...

COOL a Priority for Both NAFTA and State Law

Just a year after country-of-origin-labeling (COOL) was repealed, beef and pork producers are seeing plans to revive it come from the Trump administration...

Market Commentary

Grain and soy markets struggled to find enough traction for a rally overnight and today. Corn, soybeans and wheat all traded above Monday’s closes at some...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Middle East, Mediterranean and Africa Regional Analysis

Turkey and Russia are expected to hold discussions soon regarding the rescinding of duty-free status for certain imports from the latter. The loss of those...

The Battered Soybean Market

It is hard to recall when the soybean market has been so battered by an avalanche of bearish news and inputs over the course of a month’s time. However, th...

Southeast Europe Regional Analysis

South Korea purchased 125,000 MT of optional origin feed wheat for July/August shipment at an average price of $188.50/MT CNF, reflecting about $160/MT FOB...

Federal Reserve Portfolio Management

The Federal Reserve has made clear that it recognizes the need to address its balance sheet. How it does this, though, remains the question.New York Federa...

Market Commentary

Corn, wheat and soybean futures all started 2-3 cents higher Sunday evening and basically held at those levels for the balance of the night session. Chicag...

The Soy Complex Must Fight Some Bearish Numbers

Last Friday’s USDA soybean quarterly stocks and planting intentions numbers were bearish, but there are several variables in the projections for next year...

Trump Fumbles on China; Russia FDI; Other Trade

A pro-active liberalization agenda in Geneva by Russia would be out of character, and so its proposal on foreign investment is underwhelming, yet still uni...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Mercosur Regional Analysis

Rains delayed soybean and corn harvest progress in South America last week, creating the possibility of significant market impacts later. The rally in CBOT...

High Non-GMO Bar; Brexit and Trumpism

European Court of Justice Advocate General Michal Bobek had some difficult-to-swallow guidance for member states when it comes to GMOs – use science. High...

USDA Reports versus Expectations

The bearish acreage number for soybeans in today's USDA reports wasn't helped by the 1 March quarterly stocks estimate. Meanwhile, corn and wheat markets s...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Indian Subcontinent Regional Analysis

The government of India (GOI) addressed several trade matters as it issued decisions regarding import duties on wheat, pulses and sunflower seeds as well a...

Draft Outline for NAFTA Renegotiation

The Trump administration has prepared a draft letter notifying Congress of its intent to renegotiate NAFTA, which spells out the objectives while pledging...

Market Commentary

The morning trade reflected the expectations for today's USDA reports with corn and wheat continuing higher and soybeans lower. The amplitude of the market...

Accounting for Hedges

The concept of establishing a futures position that was equal but opposite to a position in the cash commodity, first practiced by buyers and sellers of gr...

Cattle on Feed; McDonald’s Going to Fresh Beef

Last month's feeder calf placements data points to a changing supply situation for the beef market next quarter. Similarly, feedlots' fed cattle marketings...

NAFTA Goals; Faulty WTO; Secession

A draft text of Trump administration negotiating objectives for modernizing NAFTA reflects an undramatic change from the Obama administration’s trade polic...

Market Commentary

Grain and soy prices were lower overnight, receiving no help from Asian markets with Dalian meal and corn futures both weaker and Malaysian palm oil plungi...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Black Sea Regional Analysis

Turkey's introduction of import duties on certain goods from Russia has driven the latter to a nearby, alternate source for sunflower oil. Meanwhile, Ukrai...

Dairy Competition; Pest Friendly; No Brexit Trade; Unsweet

EU chief negotiator on Brexit Michel Barnier says there will be no trade deal with Britain if London decides to impose weaker regulations than the Continen...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Options Strategies for the Prospective Plantings Report

Given the market volatility that often follows the Prospective Plantings report, several options strategies exist to profit from extreme market movements...

Black Sea Regional Analysis

Russian Grain Markets: 20-24 March 2017Market TrendsPrices continued to fall due to domestic factors as well as Turkey’s introduction of import duties for...

China In-Country Analysis

New shipment arrivals have helped restore the drop-off in imported soybean stocks that occurred through the first three weeks of March. As with soymeal inv...

Market Commentary

As might be expected with major USDA reports due mid-session Friday, trading was muted today with slow volume and small price changes. If there was a marke...

Market Commentary

It was a very dull day of trading in which commercials were largely hands off and funds were net buyers of minor quantities. Collectively, managed funds ha...

Influencing Grain and Soy Prices Ahead

This Friday’s USDA reports are an important influence on grain and soy price action for the next three months, but there are other factors looming that can...

Brazilian Meat Scandal in Perspective

While the effects of the Brazilian meat scandal are still unfolding, following are some perspectives on its impacts.While the effects of the Brazilian meat...

India Informs Trump; Kettle of Fish; Nominations/Economy

U.S. catfish farmers have spent years attacking the imported competition as being produced with harmful and illegal chemicals. Now a recent finding that ha...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Middle East, Mediterranean and Africa Regional Analysis

Egypt has advised that the maximum allowable moisture level of 13.5 percent for imported wheat will be maintained until November 2017, at which time it wil...

Japan’s Leverage; Local Food Hoax

U.S. agriculture and industry hope to claw back the market access that they had come close to gaining in Japan with the TPP by negotiating the same terms i...

What Do We Do Now, Ollie?

Laurel & Hardy originally posed the question, “What do we do now, Ollie?” However, it remains relevant today for participants in the grain markets. Giv...

Market Commentary

The selling pressure continued across the wheat markets, and the soybean market was underwater all day today as the downtrend continues to gain some moment...

Mercosur Regional Analysis

Corn has been the favorite of the South American market for the second week in a row with large volumes traded. The Argentine harvest advanced to 16 percen...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Southeast Europe Regional Analysis

Although Russian wheat prices continued to erode, the overall effects were tempered by a firmer ruble. Bulgarian farmers have started planting corn, but th...

Perdue Confirmation Hearing Recap

Sonny Perdue’s confirmation hearing focused on budgets, crop insurance and trade, but it may still be some time before he’s finally confirmed and longer st...

Indian Subcontinent Regional Analysis

India is facing a possible tight sugar supply situation with lower-than-expected production and higher-than-expected demand. India is considering import du...

No Honor; Regulators Trusted

Reducing greenhouse gas emission while concurrently growing economically is difficult, thus encouraging cheating or changing the rules. Elsewhere, green gr...

Usitc Petitioned To Look At Biodiesel Dumping In U.S.

The biodiesel industry filed an antidumping and countervailing duty petition against Argentina and Indonesia, just as the EU did in 2013, and is now recons...

Soybean & Corn Export Forecasts Are Too Low

With enough corn and soybeans committed for export thus far in the marketing year to account for 98.5 and 83 percent of USDA’s projections, respectively, U...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Market Commentary

Corn and soy complex markets were weaker to finish the week as fund selling continued. Chicago wheat gained on fund buying relating to improving export pro...

DDGS Outlook

Despite a prolonged struggle to gain higher prices, DDGS merchandisers are reporting significant buying interest when FOB prices near $150/MT. WPI’s econom...

World Wheat Trade Risks

Whether the search for a suitable risk management tool for Black Sea wheat will ever exist is unclear, though the competition to create such an instrument...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Job Challenges; Agribusiness Structure

Different policy impacts of different cabinet appointments create outsized contrasts to confirmation hearings. Elsewhere, the KC Fed focuses on agribusines...

Brazilian Meat Scandal, Growth in U.S. Red Meat Consumption

A meat inspection bribery scandal has taken one of the world’s largest meat exporters out of the global market – the same exporter who gained when the U.S...

Market Commentary

In spite of bullish Export Sales report numbers for corn and soybeans, lack of commercial support left grains and oilseeds market drifting lower. Today’s r...

Market Commentary

Technical support helped soybean futures prices bounce off of session lows by 4-5 cents as they traded both sides before closing. Meanwhile, wheat futures...

Golden Goose; Notable Studies

Mexico is threatening to retaliate against adverse trade measures adopted by the Trump administration, and U.S. agriculture is justifiably concerned. Mexic...

Black Sea Regional Analysis

While most Ukrainian feed grain prices remained stable, feed barley and corn prices moved in different directions. However, Russian grain prices continued...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

China In-Country Analysis

China’s estimated soymeal inventory totaled 773,300 MT as of 10 March, a significant drop from the previous week and even more so from a year ago. Lo...

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