In Q1, U.S. pork exports to Mexico grew by 11 percent year-over-year according to the U.S. Meat Export Federation (USMEF). That’s despite U.S. export...
Articles
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Bangladesh is expected to have a record maize crop in 2025 due to increases in planting ma...
Livestock Industry Margins
Meat packer margins improved for the first time in several weeks last week with gains in beef and pork prices offsetting gains in market animal values. Bee...
Summary of Futures
Jul 25 Corn closed at $4.475/bushel, up $0.04 from yesterday's close. Jul 25 Wheat closed at $5.29/bushel, up $0.04 from yesterday's close. Jul...
Market Commentary: Short Covering, Weather, Exports, and Weak Dollar Lift CBOT
The CBOT turned higher to start the week with wheat, corn, soybeans, and soy oil, all finding their way to higher ground amid a mix of factors. The big new...
Fake is Out
Health and Human Services Secretary RFK, Jr. wants to stop demand for fake food colorings and Americans are slowing demand for fake food products. The dema...
I Don’t Care; Rebalancing U.S. – Japan Trade
I Don’t Care That is likely President Trump’s attitude toward the WTO General Council’s castigation of his tariff war. Understandably, WT...
Moody’s Downgrades U.S. Debt
On Friday, Moody’s downgraded the U.S, credit worthiness and warned about rising levels of government debt and a widening budget deficit, cutting its...
Mercosur Regional Analysis
Corn Farmers remain focused on the soybean harvest at the expense of executing fieldwork for corn. With favorable weather over the past few day...
European Market Analysis
Regional News The weather for the UK and northern Europe remains a major concern for crops. The UK is currently experiencing its driest year of the 2...
CFTC COT Report Analysis
Friday’s CFTC report showed that managed money traders are becoming split on their views for the grains and oilseeds complexes going forward. Funds w...
Market Commentary: CBOT Falls as Big Crops Get Bigger
The CBOT was mostly bearish on Friday under the primary theme that big crops get bigger. That is true of Brazil’s safrinha production, the outlook fo...
U.S. Agriculture Crisis
U.S. farmers’ export markets were challenging before the trade war, and they are not coming back. It is time for Plan B. The trade agreement still be...
Summary of Futures
Jul 25 Corn closed at $4.435/bushel, down $0.05 from yesterday's close. Jul 25 Wheat closed at $5.25/bushel, down $0.0775 from yesterday's close.&nbs...
Policy Quick Hits
The following is a rundown of some key issues impacting agriculture: Reconciliation: The reconciliation bill passed through the Agriculture Committee on a...
Freight Market Updates and WPI Freight App
Transportation and Freight Market Comments Dry Bulk Markets Dry bulk markets continue to drift sideways or lower as they wait for improved cargo dema...
Export Sales
Export Sales and Shipments for May 2-8, 2025 Wheat: Net sales of 58,600 metric tons (MT) for 2024/2025 were down 16 percent from the previous week, but up...
Market Commentary: Corrections from Oversold/Overbought, Big Crops, Facts and Rumors
There was again a lot to unpack in today’s trade action, and not all of it was pretty. Big Crops: There is no getting around the fact that favorable...
Livestock Round Up: Cattle Shortage Still Affecting Prices
Cattle supply still matters. USDA has announced the suspension of live cattle, horse, and bison imports from Mexico due to recent detections of New World S...
Oilseed Highlights: RVO Rumors Sink Soyoil; Sesame Demand Slows
The Market There were four big “stories” for oilseeds markets to follow this past week: the U.S.-China trade negotiations, the May WASDE...
Summary of Futures
Jul 25 Corn closed at $4.455/bushel, up $0.03 from yesterday's close. Jul 25 Wheat closed at $5.2475/bushel, up $0.075 from yesterday's close. ...
Market Commentary: Tax Credit Hopes Bouy Soyoil; Wheat Gains on Weather; Cattle Turn Bearish
Weather and Congressional tax policy were at the forefront of futures traders’ minds on Wednesday and these two factors drove much of the day’s...
Pesticide Assault; WTO Attacks U.S.; African Future
Pesticide Assault The Wall Street Journal reported that RFK, Jr.’s intent to ban all pesticides is running into opposition from other officials in th...
Wheat Problem Areas
As noted yesterday, global wheat consumption has been growing faster than the expansion in production. Sometimes it takes non-agricultural researchers to l...
Black Sea Regional Analysis
Russian Grain Markets: 5 – 9 May 2025 Crop Outlook 2025 Russian analysts from IKRAR increased the wheat production forecast in Russia by 1.3 MMT to r...
Summary of Futures
Jul 25 Corn closed at $4.425/bushel, down $0.055 from yesterday's close. Jul 25 Wheat closed at $5.1725/bushel, up $0.02 from yesterday's close. ...
Market Commentary: Wheat Reverses Course; Soyoil Rallies on Possible Tax Extension
The CBOT was mixed trade Tuesday following the May WASDE and USDA’s first complete look at the U.S. and world 2025/26 balance sheets. With the WASDE&...
Phase II Deal; EU Strategy; Mimicking EU
Phase II Deal U.S. Treasury Secretary Scott Bessent suggested that a phase-one deal may be a model for trade talks with China. It may be the only model tha...
Bearish Wheat Report, Bullish Foundation
USDA’s May WASDE report was perhaps surprisingly bearish wheat. Futures hit yet more new record lows again today. For the U.S., USDA found higher yie...
WASDE Soybeans - May 2025
USDA’s outlook for 2025/26 U.S. soybeans is for lower ending stocks: The U.S. share of global soybean exports is forecast at 26 percent - down from 2...
WASDE Corn - May 2025
USDA’s outlook for 2025/26 U.S. corn is for record supplies and total use: Higher ending stocks are expected to result from 15.8 billion bushels of c...
WASDE Wheat - May 2025
USDA’s outlook for 2025/26 U.S. wheat is for supplies to be up 2 percent from 2024/25 as higher beginning stocks more than offset lower production. T...
WASDE Livestock
The May WASDE included this disclaimer: Effective May 11, 2025, the USDA announced the suspension of live cattle, horse, and bison imports from Mexic...
Livestock Industry Margins
Meat packer margins worsened again last week as profits for both beef and pork packers declined. Beef packer margins were sharply lower and hit another rec...
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...
Summary of Futures
Jul 25 Corn closed at $4.48/bushel, down $0.0175 from yesterday's close. Jul 25 Wheat closed at $5.1525/bushel, down $0.065 from yesterday's close.&n...
Market Commentary: Market Movers Galore Move Markets
A tariff truce, export inspections, WASDE and crop progress. Monday was action packed and the much-anticipated USDA May WASDE report did not disappoint. In...
Mercosur Regional Analysis
Corn Argentina’s corn harvest continues to progress slowly, not only because the focus remains on soybeans — with more than 21 perc...
U.S. and China Agree to Cut Tariffs for 90 Days and Continue Negotiating
After weeks of Chinese denials that they were engaged in talks with the U.S on tariffs, the governments of the United States and the People’s Republi...
European Market Analysis
Regional News France and Romania are lobbying for stricter alignment of Ukrainian grain terms with EU standards. The move comes as concerns about log...
CFTC COT Report Analysis
Friday’s CFTC report highlighted funds’ increasingly bearish view on ag commodities with managed money traders emerging as net sellers across t...
Market Commentary: Good Weather, Unknown Trading Relations, Positioned for Monday
It was another day of trading in the green in the overnight for grains and the soy complex only to fail following through in the day session for wheat and...
Summary of Futures
Jul 25 Corn closed at $4.4975/bushel, up $0.0225 from yesterday's close. Jul 25 Wheat closed at $5.2175/bushel, down $0.075 from yesterday's close.&n...
Trade Deal with UK
Yesterday, President Trump announced from the Oval Office a trade deal “in principle” with the UK, the first of its kind following the reciproc...
Corn & Soybean Outlook: Riding Seasonal Patterns
With markets awaiting the May WASDE and USDA’s first comprehensive look at the 2025/26 crop balance sheets, many traders and analysts are looking for...
Market Commentary: Trade Deal, Retaliation List, Mixed Outcomes
Soybeans and soyoil held their gains from higher overnight closes, but the guidance of being higher to neutral overnight in corn, wheat and meal was reject...
Export Sales
Export Sales and Shipments for April 25-May 1, 2025. Wheat: Net sales of 69,700 metric tons (MT) for 2024/2025 were down 3 percent from the previous...
Summary of Futures
Jul 25 Corn closed at $4.475/bushel, down $0.0175 from yesterday's close. Jul 25 Wheat closed at $5.2925/bushel, down $0.05 from yesterday's close.&n...
Livestock Roundup: North American Beef and Pork Forecast
The U.S. beef cow herd stabilized somewhat in 2024. The average culling rate was 10.5 percent, but with a beef cow herd of 28 million, the cull rate would...
Oilseed Highlights: Markets Turn Lower on Growing Supply Expectations
The Market Soybean futures have mostly traded sideways over the past two weeks with trade policy uncertainty, favorable weather for the U.S. and Sout...
Market Commentary: Funds Remain Bearish Ag Space Despite U.S.-China Trade Talks
The CBOT turned higher overnight after late Tuesday announcement of a China/U.S. meeting in Switzerland to discuss tariffs and reduce trade tensions. The f...
It’s Complicated
This is a list of vignettes about the most consequential politician of our times. Donald Trump is not complicated if one just reads the rants of his oppone...
Summary of Futures
Jul 25 Corn closed at $4.4925/bushel, down $0.0625 from yesterday's close. Jul 25 Wheat closed at $5.3425/bushel, down $0.0175 from yesterday's close...
Black Sea Regional Analysis
Russian Grain Markets: 28 April – 2 May 2025 Russian audit, corporate finance, and consultancy company BEFL published a rating of Russia’s larg...
Market Commentary: Corn Firms on Surprise Export Demand; Soy Complex Drifts Lower
The CBOT was mixed on Tuesday following Monday’s drubbing across the grains and oilseeds markets. Tuesday saw continued selling pressure in the soy c...
Summary of Futures
Jul 25 Corn closed at $4.555/bushel, up $0.0125 from yesterday's close. Jul 25 Wheat closed at $5.36/bushel, up $0.0475 from yesterday's close. ...
Dollar Exchange Rate Impacts on Trade
President Trump is using tariffs to rectify what he asserts is the unfair practices by other countries. He also accuses trading partners of currency manipu...
Recession Watch
Real GDP dipped at a -0.3 percent annual rate in Q1, the first decline for any quarter since 2022. However, the main reason was that trade with other count...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Iran’s 2025 wheat production is being hurt by very dry weather. Rainfall up to Febru...
Livestock Industry Margins
Meat packer margins worsened last week for both the beef and pork sector as higher animal costs exceeded any gains in meat values. Beef packer margins fell...
Market Commentary: Corn Leads Grains Lower on Fund Selling; Cattle Hit New Highs Again
Except for the cattle markets, the CBOT was sharply lower to start the week with trade policy, favorable weather, and weak technicals and large noncommerci...
Summary of Futures
Jul 25 Corn closed at $4.5425/bushel, down $0.1475 from yesterday's close. Jul 25 Wheat closed at $5.3125/bushel, down $0.1175 from yesterday's close...
Trade Policy Contradictions
There are numerous trade policy contradictions, both between the U.S. and other countries, and within U.S. politics. Internationally, China worries about i...
Mercosur Regional Analysis
Corn It was another very short trading week in Argentina, with Thursday and Friday being national holidays. Argentina’s corn harvest continues...
FDA Approves PRRS Resistant Pigs
After years of research and a lengthy regulatory approval process, Genus Pig Improvement Company (PIC) has received clearance from the U.S. Food and Drug A...
European Market Analysis
Regional News The weather forecast for Europe and the Black Sea remain highly varied, though mostly optimistic for grain and oilseed production. Cond...
CFTC COT Report Analysis
Friday’s CFTC report showed that funds continue to lean bearish the ag space with money managers either paring back longs or expanding shorts. The on...
Market Commentary: Mostly a Low Volume, Higher Close Day
It was the lowest trading volume day of the week for grains and soybeans. It started with soyoil the only major contract trading lower, but by mid-session...
Summary of Futures
Jul 25 Corn closed at $4.69/bushel, down $0.0325 from yesterday's close. Jul 25 Wheat closed at $5.43/bushel, up $0.12 from yesterday's close. ...
Trade Deals Being Worked on With Japan, China, and the EU
Japanese trade negotiator Ryosei Akazawa is in D.C. to talk trade. During a two-hour meeting with various officials, including Treasury Secretary Scott Bes...
Cocoa Market Outlook: Prices Set to Cool as Production Increases
The outlook for the last half of the 2024/25 cocoa market is dominated by generally favorable weather and upward revisions to production estimates. Demand...
Export Sales
Export Sales and Shipments for April 18-24, 2025. Wheat: Net sales of 72,000 metric tons (MT) for 2024/2025 were down noticeably from the previous week and...
Market Commentary: Wheat Remains Weak, Corn and Soybeans Hold Their Own
It was modest volume trading grain and oilseeds today. Again, the lack of any new fundamental news has traders keeping their powder dry. USDA’s May W...
Summary of Futures
Jul 25 Corn closed at $4.7225/bushel, down $0.0325 from yesterday's close. Jul 25 Wheat closed at $5.31/bushel, up $0.0025 from yesterday's close.&nb...
Livestock Round Up: Broiler Outlook 2025
Broiler fundamentals continue to be favorable largely due to tight beef supplies and a more favorable value proposition versus the rest of the beef and por...
Oilseed Highlights: Crush Margins Improve
The Market Soybean crushing margins improved 5 percent this week as lower soybean costs offset a mild dip in soyoil values while soymeal prices were...
Market Commentary: Q1 GDP Slowdown Hits Equities, Cattle Markets; Grains Gain while Soybeans Slumber
The CBOT was mixed on Wednesday with grain and oilseed markets lacking much fresh fundamental news, other than weather updates and the first deliveries aga...
Monumental Task; Rushed Deal; Polypessimistic
Monumental Task Luke Lindberg appeared before the Senate Agriculture Committee yesterday to be interviewed for the position of USDA Under Secretary for Tra...
Summary of Futures
Jul 25 Corn closed at $4.755/bushel, up $0.0525 from yesterday's close. Jul 25 Wheat closed at $5.3075/bushel, up $0.0525 from yesterday's close.&nbs...
Black Sea Regional Analysis
Russian Grain Markets: 21 – 25 April 2025 Crop Outlook 2025 The spring planting campaign in Russia is in full swing. Fifty-six regions of Russia are...
Market Commentary: Cattle Extend Record Rally; Wheat Finds New Lows; Corn, Soyoil Collapse
The CBOT tried to rally overnight and posted some slight gains heading into the morning break, but thereafter the market quickly found selling pressure. Mo...
Summary of Futures
Jul 25 Corn closed at $4.7025/bushel, down $0.13 from yesterday's close. Jul 25 Wheat closed at $5.255/bushel, down $0.055 from yesterday's close.&nb...