According to the latest Short Term Energy Outlook (STEO), U.S. petroleum production is forecast to hit 13.41 million barrels per day (bpd) in 2025 due prim...

Grains Wheat Argentina’s wheat crop continues to show good development across most of the country. While some areas remain affected by flooding, favo...

Negotiating Positions Ukrainian President Volodymyr Zelensky is being joined in Washington today by EU leaders as they discuss with President Trump the nex...

Regional News The Association of German Cooperatives (DRV) raised its forecast for the German grain harvest from 41.7 MMT to 43.0 MMT, up 10 percent from t...

Friday’s CFTC report showed managed money traders paring back their slightly bearish combined bets across the ag space. The past several weeks have f...

Markets were higher in the overnight and were all green at the open this morning. By the end of the session, most remained higher except meal and HRS. It w...

The U.S. dollar has declined in value by 6.8 percent over the course of 2025, despite rising from its July lows. Typically, the value of the dollar strengt...

Export Sales and Shipments for August 1-7, 2025.  Wheat: Net sales of 722,800 metric tons (MT) for 2025/2026 were down 2 percent from the previous wee...

After a three-day rally, the soybean complex drifted lower, wheat continued its bearish decline, and corn miraculously escaped another day of damage. ...

Red meat and poultry production total estimates were down for August in the latest WASDE report. Beef production for the year was estimated at 25.926 billi...

The CBOT on Wednesday saw grains make a slight recovery and correction from Tuesday’s WASDE-induced selloff while the soybean market extended the bul...

Dec 25 Corn closed at $3.9725/bushel, up $0.0275 from yesterday's close.  Sep 25 Wheat closed at $5.0725/bushel, up $0.0225 from yesterday's close.&nb...

BRICS Unload President Trump has slow walked or balked at negotiating trade agreements with Brazil, India and South Africa. The supposed reasons include un...

Russian Grain Markets: 4 – 8 August 2025 The speed of the harvesting campaign was the key price driver. Improved harvesting pace in the Centre and Bl...

The August WASDE is almost always a market-moving event for at least one commodity, and Tuesday’s report was no different. Tuesday’s trade star...

Consumption Taxes This analyst erroneously implied that value added taxes are cumulative through the supply chain when in fact any VAT paid on an input is...

USDA reduced their estimate for U.S. soybean production for 2025/26 to 4.3 billion bushels, down 43 million. U.S. ending stocks are forecast at 290 million...

USDA’s first survey-based corn yield forecast is a record 188.8 bushels per acre, which is 7.8 bushels higher than last month’s projection. U.S...

USDA increased their estimate for U.S. wheat exports by 25 million bushels to 875 million on the continued strong pace of sales and shipments, particularly...

The Bureau of Labor Statistics (BLS) released the CPI for July this morning. The CPI was up 0.2 percent for the month and 2.7 percent year-over-year. The r...

Dec 25 Corn closed at $3.945/bushel, down $0.1325 from yesterday's close.  Sep 25 Wheat closed at $5.05/bushel, down $0.1 from yesterday's close. ...

Mediterranean/Middle East/North Africa/Africa – MEA Region Iraq’s Agriculture Ministry announced that the planting of wheat and barley will be...

The U.S. – China tariff war truce technically expires tomorrow and in negotiating its extension, President Trump decided to signal his hope that Beij...

Dec 25 Corn closed at $4.0775/bushel, up $0.0225 from yesterday's close.  Sep 25 Wheat closed at $5.15/bushel, up $0.005 from yesterday's close. ...

The National Corn Growers Association (NCGA), along with 25 state associations, sent a letter on 1 August to USTR Jamieson Greer, Commerce Secretary Howard...

Wheat and Boosting Production Margins With 6.7 million hectares sown, the 2025/2026 season wheat crop has been planted and it marks one of Argentina’...

After yesterday’s baseless bounce, today’s trading involved some retracement on a lack of fresh inputs. There was yet another flash corn export...

Dec 25 Corn closed at $4.055/bushel, down $0.015 from yesterday's close.  Sep 25 Wheat closed at $5.145/bushel, down $0.0375 from yesterday's close.&n...

On 23 July, the Environmental Protection Agency (EPA) announced that three formulations of the pesticide dicamba would be open to a 30-day comment period t...

Unlike in previous days, commodity futures opened higher today and sustained upward momentum. There was some short covering and some correction from over-s...

Export Sales and Shipments for July 25-31, 2025 Wheat: Net sales of 737,800 metric tons (MT) for 2025/2026 were up 25 percent from the previous week and fr...

The beef sector experienced a week of record-breaking prices, and depressed packer margins for the week ending 1 August. Live cattle were a record $244.41...

Dec 25 Corn closed at $4.07/bushel, up $0.0575 from yesterday's close.  Sep 25 Wheat closed at $5.1825/bushel, up $0.0975 from yesterday's close. ...

There were few fundamental inputs, but today’s agricultural futures markets established new contract lows for corn, SRW and HRS. There was a new cont...

VAT versus Trump Tariffs Most imports into the U.S. will face an average 15 tariff under Trump trade policy. Critics and news reports warned of disastrous...

Dec 25 Corn closed at $4.0125/bushel, down $0.0075 from yesterday's close.  Sep 25 Wheat closed at $5.085/bushel, up $0.0025 from yesterday's close.&n...

Russian Grain Markets: 28 July – 1 August 2025 The harmonizing of July old crop and new crop pricing is coming to an end. As harvesting continues wit...

There was higher volume today trading corn and hogs, and lower volume in the soy complex and SRW.  New contract lows were printed for corn, SRW, and H...

Infuriating Ingratiation Based on European press reports, the terms of the transatlantic trade deal (see Tariffs as a Tax) are less objectionable than the...

Dec 25 Corn closed at $4.02/bushel, down $0.05 from yesterday's close.  Sep 25 Wheat closed at $5.0825/bushel, down $0.085 from yesterday's close.&nbs...

There are a lot of issues working against the snack world right now from tariffs to cocoa and sugar prices, to the Make America Healthy Again (MAHA) ban on...

Mediterranean/Middle East/North Africa/Africa – MEA Region Sri Lanka’s cereal imports in 2025 are seen increasing by about 10 percent to 1.6 MM...

Dec 25 Corn closed at $4.07/bushel, down $0.0375 from yesterday's close.  Sep 25 Wheat closed at $5.1675/bushel, up $0 from yesterday's close.  N...

It was a contrast of a mostly higher day but with new contract lows for corn and all three wheats. Corn wilted from private forecasts of big yields, and ex...

Politics of Tariffs The U.S. Court of Appeals for the Federal Circuit in Washington heard legal arguments last week regarding Donald Trump’s use of t...

Weather Disrupts Argentine Corn Harvest  Heavy rains have compounded weeks of high humidity in Buenos Aires province, marking July as the wettest in t...

USDA has opened a comment period on its agency reorganization plan. Comments will be accepted until 26 August. The plan is similar to that of the first Tru...

It was a mixed and quiet close to the market after a week of mostly price declines. There were new contract lows scored by front month SRW and HRS. Soybean...

President Trump signed an executive order yesterday unveiling a massive overhaul of U.S. tariff policy, introducing a series of new tariff rates for U.S. t...

Dec 25 Corn closed at $4.1075/bushel, down $0.03 from yesterday's close.  Sep 25 Wheat closed at $5.1675/bushel, down $0.065 from yesterday's close.&n...

November soybean futures’ recent move below the psychologically important $10.00 threshold has triggered concerns about weakness there affecting othe...

Dry Bulk Markets  The dry bulk market rally of the past two weeks has ended with rates turning softer this week. The Capesize sector – which lea...

Export Sales and Shipments for July 18-24, 2025 Wheat: Net sales of 592,100 metric tons (MT) for 2025/2026 were down 17 percent from the previous week, but...

December corn closed higher for a second session in a row, no doubt aided by the daily export sales reported by USDA. By contrast and since its recent high...

USDA released its Egg Products report yesterday. Shell eggs broken totaled 199 million dozen during June 2025, down 2 percent from June 2024, but 2 percent...

Dec 25 Corn closed at $4.1375/bushel, up $0.015 from yesterday's close.  Sep 25 Wheat closed at $5.2325/bushel, down $0.005 from yesterday's close.&nb...

The CBOT showed mixed trends across its major ag markets on Wednesday with corn and KC wheat finding some short covering that stabilized values and led to...

Friday’s Tariffs Brazil and India are two of the bigger countries facing President Trump’s tariff escalation this Friday, and both will receive...

Dec 25 Corn closed at $4.1225/bushel, up $0.0125 from yesterday's close.  Sep 25 Wheat closed at $5.2375/bushel, down $0.06 from yesterday's close.&nb...

Russian Grain Markets: 21 – 25 July 2025 During the fourth week of the new 2025/26 season, the export market was still the driving force behind prici...

Dec 25 Corn closed at $4.11/bushel, down $0.03 from yesterday's close.  Sep 25 Wheat closed at $5.2975/bushel, down $0.0875 from yesterday's close.&nb...

The theme for this week’s grain markets seems to be that of favorable weather, big crops, and increasingly bearish sentiment. That was certainly the...

Trump Trade Squeezes It did not help the EU’s trade negotiating position in Scotland this past Sunday when its leaders had just come from China where...

President Trump and EU President Ursula von der Lynen announced on Sunday that they reached an outline of a Cooperation Agreement on Reciprocal, Fair and B...

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s Mostakbal Misr (Future of Egypt) may not be able to buy grain from Ukraine a...

Beef packer margins fell $68/head last week and marked the third straight week of declines to end near -$220, which is back among the worst margins in the...

The big news for Monday’s ag market trade wasn’t the U.S.-EU trade deal, but rather continued favorable weather in the U.S. Midwest that will b...

Dec 25 Corn closed at $4.14/bushel, down $0.05 from yesterday's close.  Sep 25 Wheat closed at $5.385/bushel, up $0.0025 from yesterday's close. ...

Humiliating U.S. trade talks with China this week are not expected to net anything more than an extension of the current standoff, which means nothing for...

Argentina Export Tax Update  The government this week announced a definitive — not temporary — reduction in export taxes for a series of a...

The Make America Healthy Again (MAHA) movement, spearheaded by the Secretary of Health and Human Services Department includes a lot of transformational goa...

Friday’s CFTC report showed managed money traders continuing to oscillate between slightly bullish and slightly bearish thinking. The past several we...

Markets opened today pretty much where they ended in the overnight and pretty much stayed that way all day, which is to say in the red. And it did so prett...

USDA released two key reports on the cattle market today, the Cattle on Feed report and the July Cattle Inventory report.  The Cattle Inventory report...

Dec 25 Corn closed at $4.19/bushel, down $0.0175 from yesterday's close.  Sep 25 Wheat closed at $5.3825/bushel, down $0.0325 from yesterday's close.&...

U.S. Cattle on Feed is down 2 percent annually at 11.1 million head on July 1, 2025.  Placements in June totaled 1.44 million head, 8 percent below 20...

Dy Bulk Markets  Again this week, the bullish story is the rapid rise in Capesize vessel freight values with demand for Australian iron ore driving mo...

Today’s trading opened with a head scratcher after USDA reported 135 KMT of U.S. corn sold to China. There isn’t any corn import demand in Chin...

Export Sales and Shipments for July 11-17, 2025  Wheat: Net sales of 712,200 metric tons (MT) for 2025/2026 were up 44 percent from the previous week...

Dec 25 Corn closed at $4.2075/bushel, up $0.0325 from yesterday's close.  Sep 25 Wheat closed at $5.415/bushel, up $0.01 from yesterday's close. ...

WPI offers the following analysis as a continuation of last week’s work examining mispricing opportunities in agricultural futures. Readers may recal...

USDA’s monthly Cattle on Feed report will be released tomorrow, along with the biannual July Cattle Inventory report for the first time in two years...

The CBOT tried to rally early on Wednesday after traders had the opportunity to react to the U.S.-Japan trade deal, but a lack of details left markets wond...

15 Percent and Certainty The U.S. trade agreement with Japan announced late yesterday was likely Prime Minister Shigeru Ishiba’s final act. Financial...

Dec 25 Corn closed at $4.175/bushel, down $0.005 from yesterday's close.  Sep 25 Wheat closed at $5.405/bushel, down $0.09 from yesterday's close.&nbs...

Russian Grain Markets: 14 – 18 July 2025 The new 2025/26 season export market is the driving force behind pricing patterns asking for more goods at t...

CBOT futures saw mixed trade Tuesday with summer row crops pulling back amid a favorable Midwest weather forecast while wheat turned higher on slow sales f...

Ready for War Europe has not won a kinetic war without U.S. help, but one German official quoted by the Wall Street Journal boasted, “If they [U.S.]...

Dec 25 Corn closed at $4.18/bushel, down $0.0425 from yesterday's close.  Sep 25 Wheat closed at $5.495/bushel, up $0.0725 from yesterday's close.&nbs...

The July CPI showed that retail egg prices have steadily dropped this year, down 7.4 percent from June, but still remain 27.3 percent higher than last year...

Mediterranean/Middle East/North Africa/Africa – MEA Region A BRICS spokesman said that in light of the consolidation of companies in the grain trade,...

Beef packer margins fell over $100/head for the second straight week to hit - $151/head, which is among the worst margins in the past decade. The culprit f...

Grain and oilseed markets pulled back to start the week after favorable showers fell across the U.S. over the weekend. The moisture revived crop prospects...

Outside markets are counting on trade deals or another TACO (Trump Always Chickens Out) come 1 August. Since the 7 July announcement of the small window to...

Dec 25 Corn closed at $4.2225/bushel, down $0.055 from yesterday's close.  Sep 25 Wheat closed at $5.4225/bushel, down $0.04 from yesterday's close.&n...

Japanese Prime Minister, Shigeru Ishiba has vowed to stay on as Prime Minister despite his coalition government losing its majority in the upper house afte...

Export  Taxes The topic of export taxes continues to spark debate in Argentina, particularly soybean taxes. The return to a 33 percent rate for soybea...

Friday’s CFTC report showed managed money shifting into a slightly more bearish stance in the ag space as they added 25,490 contacts (37 percent) to...

Dec 25 Corn closed at $4.2775/bushel, up $0.0675 from yesterday's close.  Sep 25 Wheat closed at $5.4625/bushel, up $0.1275 from yesterday's close.&nb...

The market was green across the board in grain and oilseed in the overnight and mostly finished that way in the day session except for soyoil, where profit...

The June retail sales report beat consensus expectations, rising 0.6 percent. Moreover, it was a strong report, with 10 out of 13 of the sales categories i...

The biggest question in the cattle and beef markets lately has been “when does the rally stop?” after beef values and fed and feeder cattle pri...

Dry Bulk Markets The Capesize market is up more than 80 percent from last week’s report due to greatly improved iron ore demand in the Atlantic. Ther...

Export Sales and Shipments for July 4-10, 2025.  Wheat: Net sales of 494,400 metric tons (MT) for 2025/2026 were down 13 percent from the previous wee...

It was a somewhat quirky day as grains took their lumps and soyoil supported beans. There was a new contract low in HRW, low volume trading corn and livest...

Dec 25 Corn closed at $4.21/bushel, down $0.03 from yesterday's close.  Sep 25 Wheat closed at $5.335/bushel, down $0.0775 from yesterday's close.&nbs...

In many ways, human nature is fascinated with the future – predicting what will and what could be and formulating plans accordingly. This is one fact...

Per USDA’s annual Cattle Inventory report, the total number of cattle and calves in the U.S. as of 1 January was at its lowest point in more than 70...