Regional News Kazakhstan and Egypt are working to negotiated trade terms that would allow wheat to trade from the former country to the latter. The tw...
Articles
CFTC COT Report Analysis
Through 15 October, funds reversed their short covering trends and emerged as net sellers in the soybean, corn, and soymeal markets after the bearish Octob...
Summary of Futures
Dec 24 Corn closed at $4.0475/bushel, down $0.02 from yesterday's close. Dec 24 Wheat closed at $5.7275/bushel, down $0.1675 from yesterday's close.&n...
Market Commentary: Harvest Pressure Outweighs Demand
There was modest to lower volume generally today, except in wheat where there was a gang beating. Wheat closed lower in the overnight, opened lower this mo...
Food Inflation and the Food Service Sector
September retail sales rose slightly more than expected and the underlying details of the report were solid. Sales rose 0.4 percent in September versus a c...
Cow-Calf Margins Outperform Forecasts, Imply Herd Rebuilding
With the start of the fall weaning and marketing program for most of America’s cow-calf producers, we’re starting to see the first realized profits for the...
Export Sales
Export Sales and Shipments for the period October 4-10, 2024.Wheat: Net sales of 504,100 metric tons (MT) for 2024/2025 were up 16 percent from the previou...
Market Commentary: Turnaround Thursday on Exports, Weather
Bears started out the week in full control of the CBOT, but their grip loosened on Thursday and bulls managed to post at turnaround in several markets. Chi...
Summary of Futures
Dec 24 Corn closed at $4.0675/bushel, up $0.02 from yesterday's close. Dec 24 Wheat closed at $5.895/bushel, up $0.045 from yesterday's close. No...
Livestock Roundup: A Look at Cattle Herd Rebuilding
As WPI reported yesterday, the total supply of beef per capita is up this year over last based on imports and heavier slaughter weights; both are related t...
Oilseed Highlights: Under Pressure but Hovering
The MarketToday’s IGC report increased the growth in global soybean carryout and thus reinforced the bearish trend in the November futures contract. There...
State Control of Markets – Russia; State Control of Markets – U.S
State Control of MarketsRussia’s agriculture ministry recently “suggested” that grain exporters not sell wheat internationally below the minimum price of $...
Summary of Futures
Dec 24 Corn closed at $4.0475/bushel, up $0.035 from yesterday's close. Dec 24 Wheat closed at $5.85/bushel, up $0.055 from yesterday's close. No...
Market Commentary: Corn Rallies on Export Sales; Bean Bears Return in Heavy Options Trade
The CBOT was mixed on Wednesday with corn rising after the USDA reported “flash” export sales of over 1.9 MMT of corn to Mexico and unknown destinations co...
The Black Sea Regional Analysis
Russian Grain Markets: 7 – 11 October 2024The world has been watching the 2024 Russian grain harvest forecasts, especially wheat production. The Russian Mi...
Asymmetric on Tariffs
Most economists are clear in describing tariffs as a border tax. Their impacts include increasing costs on consumers and reducing trade, and thus self-harm...
Market Commentary: Bears Win Again, but Crush Report Buoys Soybeans
Bears were in control of the CBOT for the second straight day with very few bullish news items seeming to exist on the horizon. Between improving weather f...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Algeria decided to bar French companies from its wheat import tenders due...
Planned Website Downtime Wednesday, 16 October
WPI is completing a series of upgrades to our website that will require about 50 minutes of downtime on Wednesday, 16 October starting at 12:00 PM EDT. The...
Red Meat and Poultry Situation
As WPI reported last week, the October WASDE increased its projection for beef production by 205 million pounds on higher slaughter and heavier carcass wei...
Farm Subsidies on the March
Subsidies can increase output and there are many ways to subsidize an industry, but that doesn’t mean that countries should do it. Cost o...
Summary of Futures
Dec 24 Corn closed at $4.0125/bushel, down $0.07 from yesterday's close. Dec 24 Wheat closed at $5.795/bushel, down $0.0575 from yesterday's close.&n...
Market Commentary: Bears Gain Control; Soybeans End Below $10, Corn Breaks Support
Bears regained control of the CBOT ag market trade on Monday, seemingly not because of the WASDE but rather because of shifting weather forecasts and appar...
Politics: Will 2024 Election Yield an Unprecedented Triple Flip?
The 2024 election is three weeks from tomorrow. This cycle has been unusual. The campaign started as a Biden versus Trump rematch of the 2020 campaign, the...
European Market Analysis
Regional News Political tensions between Algeria and France reportedly prompted the former country to exclude its traditionally favored European trad...
Mercosur Regional Analysis
Wheat After weeks of anticipation, rains finally arrived in the most needed areas of Argentina. At the beginning of the week, the central and norther...
Summary of Futures
Dec 24 Corn closed at $4.0825/bushel, down $0.075 from yesterday's close. Dec 24 Wheat closed at $5.8525/bushel, down $0.1375 from yesterday's close...
Going up with a Bang
A futures contract that persistently moves up or down by just a penny or two each day imposes its own burden on the market. While speculators are said to p...
CFTC COT Report Analysis
Through 8 October, funds continued to exit their formerly massive short positions in corn and soybean futures and now hold a small fraction of that commitm...
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...
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...
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...
Market Commentary: Only Pork Survives the WASDE Intact
The U.S. crop situation for 2024/25 was largely firmed up by today’s USDA October WASDE report. Net, net – there is a lot of grain available. N...
WASDE Outlook for Livestock: More Beef
Today’s WASDE increased the price outlook for 2024 fed steers after dropping it in September. The September WASDE dropped the fed steer price b...
Summary of Futures
Dec 24 Corn closed at $4.1575/bushel, down $0.0275 from yesterday's close. Dec 24 Wheat closed at $5.99/bushel, down $0.0475 from yesterday's close.&...
Cocoa Market Update: Prices Rise as Stocks Fall
At the end of July 2024, WPI published an article looking at the drivers of the cocoa market’s massive rally in 2023 and 2024 and that offered an out...
Market Commentary: Wheat Rises as Russia Considers Export Ban; Cattle Extend Rally
The CBOT saw wheat emerge as the upside leader for the day with multiple bullish stories offering support, including one from Reuters that indicates Russia...
Oilseed Highlights: Pre-WASDE but Relatively Firm
The Market The soybean market has been sliding heading into tomorrow USDA October WASDE report. The trade has positioned itself in the middle of the Septem...
Summary of Futures
Dec 24 Corn closed at $4.185/bushel, down $0.025 from yesterday's close. Dec 24 Wheat closed at $6.0375/bushel, up $0.0475 from yesterday's close.&nb...
Livestock Roundup: Red Meat Exports
August trade data was released yesterday. High prices of U.S. beef exports have kept exports down. Compared to August 2023, total exports were 102,682 MT,...
Market Commentary: CBOT Trades Weather and WASDE Expectations
Trade at the CBOT on Wednesday was dominated by two factors: global weather and preparations for the October WASDE report, which will come out on Friday. T...
Policy Potpourri
Good Many Organisms: The Nobel Prize in Chemistry was awarded this week to scientists at Google DeepMind using AI to predict the structure of proteins and...
Say Cheese!
Ilena Peng from Bloomberg has written about the expansion of U.S. cheese exports. Former French President Charles de Gaulle once noted that his country has...
Summary of Futures
Dec 24 Corn closed at $4.21/bushel, up $0.0025 from yesterday's close. Dec 24 Wheat closed at $5.99/bushel, up $0.0425 from yesterday's close. ...
Black Sea Regional Analysis
Russian Grain Markets: 30 September – 4 October 2024 The first week of September proved bullish in European Russia and slightly bearish in the Asian...
Market Commentary: Brazil Rains, Crude Oil Selloff Sink Soy Complex; Cattle Extend Rally on Beef Demand
Trade at the CBOT was mostly lower on Tuesday with the soy complex leading the way south as weather models show more promising rains for South America. Soy...
War on Food Companies; Holding Back the Future
War on Food Companies Market skeptics like U.S. Senator Elizabeth Warren (D-Massachusetts) have stepped up their attack on food companies by accusing them...
Summary of Futures
Dec 24 Corn closed at $4.2075/bushel, down $0.0525 from yesterday's close. Dec 24 Wheat closed at $5.9475/bushel, up $0.0225 from yesterday's close.&...