The U.S. will celebrate Labor Day on Monday, 2 September, and the U.S. markets as well as our office will be closed that day. The next Ag Perspectives will...

Dec 24 Corn closed at $4.01/bushel, up $0.05 from yesterday's close.  Dec 24 Wheat closed at $5.515/bushel, up $0.0275 from yesterday's close.  N...

There has been a spate of favorable economic news. Orders for durable goods were up 9.9 percent in July, mostly on orders for new aircraft. This was the bi...

No Right to Complain Farmers in Nebraska, Iowa, Florida, and Alabama have no right to complain about Mexico’s attempt to ban GMO corn imports, nor GM...

Soyoil futures have seen a dramatic few years with a huge rally in 2020 sending the market to new record highs by 2022 amid the expectations for higher dem...

Thursday and Friday are the last two days of the month with a three-day weekend present to kick off September, which helped create a “risk off”...

Dec 24 Corn closed at $3.96/bushel, up $0.0525 from yesterday's close.  Dec 24 Wheat closed at $5.4875/bushel, up $0.0725 from yesterday's close. ...

Export Sales and Shipments for August 16-22, 2024. Wheat:  Net sales of 532,100 metric tons (MT) for 2024/2025 were up 8 percent from the previous wee...

The Market The soy complex followed last week’s modest gains with a larger move upward thus far this week. The funds are still near a record short bu...

No BS Labeling USDA issued notice yesterday that companies making environment and animal welfare claims on meat product packaging show more evidence of the...

USDA released the U.S. Canada Hog Inventory Report yesterday. The U.S. data is based on the quarterly Hogs and Pigs Report which is as of the second quarte...

The CBOT was mixed on Wednesday with wheat futures following through on Tuesday’s bullish technical reversal after Stats Canada forecast a 34-MMT all...

Policy Adaptation Europeans reacted to the regulatory over-prescriptiveness emanating out of Brussels by voting early this summer to reduce the number of G...

Dec 24 Corn closed at $3.9075/bushel, down $0.02 from yesterday's close.  Dec 24 Wheat closed at $5.415/bushel, up $0.06 from yesterday's close. ...

What do Germany and U.S. agriculture have in common? They may both be in recession. U.S. net cash farm income is in record decline, having fallen nearly 37...

Russian Grain Markets: 19–23 August 2024 Kazakhstan announced they will close the borders with Russia for wheat from now until 31 December. This will...

The CBOT saw technical trade emerge and dominate the day, which sent corn, wheat, and soybeans higher after a weak overnight start. The day’s strengt...

Wheat 180 Concerned that wheat modified using biotech would cause the collapse of U.S. wheat’s overseas markets, growers wrote a policy in 2008 (late...

Dec 24 Corn closed at $3.9275/bushel, up $0.0625 from yesterday's close.  Dec 24 Wheat closed at $5.355/bushel, up $0.105 from yesterday's close. ...

Regardless of the outcome of the U.S. election, policymaking in 2025 and beyond will play out in an environment shaped by the federal budget deficit and na...

USDA’s Cold Storage report for July showed the volume of beef and pork continuing to decline. There is a natural seasonal decline as the summer barbe...

MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Regional Updates Iranian wheat farmers are complaining that the government has not yet pai...

The CBOT was mixed on Monday with corn scoring new contract lows after Friday’s crop tour’s record-breaking yield forecast while wheat was on t...

Wheat  On 20 August, rainfall ranged from 2-10 millimeters across almost the entire province of Buenos Aires, the agricultural region of La Pampa, and...

This month the California Air Resources Board (CARB) issued a proposal to modify the Low Carbon Fuel Standards (LCFS), including a cap on the use of soyoil...

Dec 24 Corn closed at $3.865/bushel, down $0.045 from yesterday's close.  Dec 24 Wheat closed at $5.25/bushel, down $0.03 from yesterday's close. ...

Regional News  Drought in Romania has affected over 2 Mha of wheat, corn, rapeseed, and sunflower seed with about 40 percent of the crops having been...

Some are raising concerns that cooler temperatures and excess late season rain have caused quality problems for the typically high protein/strong gluten sp...

He who smelt it, dealt it. This vulgar framing nonetheless holds an underlying truth. Politicians are concurrently demagoguing about high food prices and w...

Friday’s CFTC report showed funds continuing to expand their short position in soybeans and added about 8.5 percent to their net position last week...

• U.S. Cattle on Feed totaled 11.1 million head on August 1, 2024 - slightly above 2023.  • Placements in feedlots during July totaled 1.70...

The only real market mover on this last trading day of the week was the Fed’s nod to rate cuts. It is still bearish in grains, and the soy complex co...

USDA released the monthly Cattle on Feed report today. Total inventory and marketings were as expected, but placements were up above the pre-report consens...

Dec 24 Corn closed at $3.91/bushel, down $0.025 from yesterday's close.  Dec 24 Wheat closed at $5.28/bushel, down $0.075 from yesterday's close. ...

Following recent client requests, WPI provides the following overview of the cotton market, its basic structure and recent trends, and a short outlook for...

The CBOT was sharply lower on Thursday with the Canadian rail workers strike and forecasts of record-breaking yields emboldening bears. Wheat futures score...

Dec 24 Corn closed at $3.935/bushel, down $0.0475 from yesterday's close.  Dec 24 Wheat closed at $5.355/bushel, down $0.085 from yesterday's close.&n...

USDA will release its Cattle on Feed report tomorrow; the consensus pre-report analysts’ estimate is for the inventory of cattle on feed as of 1 Augu...

The Market Soybeans had been rebounding from last Friday’s new contract low but news from the Pro Farmer crop tour of seeing record high pod counts c...

Export Sales and Shipments for August 9-15, 2024. Wheat:  Net sales of 492,700 metric tons (MT) for 2024/2025 were up 45 percent from the previous wee...

Dec 24 Corn closed at $3.9825/bushel, up $0.0025 from yesterday's close.  Dec 24 Wheat closed at $5.44/bushel, down $0.125 from yesterday's close.&nbs...

The CBOT saw mixed trade on Wednesday with wheat futures seeing the most interesting trade as they posted double-digit losses amid weak European markets an...

U.S. Agriculture’s Downfall Technically, Democratic presidential nominee Kamala Harris has no fingerprints on her Party’s Convention policy pla...

Global wheat ending stocks have been on a steady decline since 2017/18. Global corn ending stocks have also declined and nothing compares to the relatively...

Regional News  Romania’s government announced a drought compensation program for farmers that will range from €200-250/ha with the total ai...

Russian Grain Markets: 12–16 August 2024 Crop Outlook As of 13 August, Russian farmers produced 69 MMT of grains from 20.6 Mha versus 73.5 MMT from 1...

The big themes from Tuesday’s CBOT trade were that wheat continues to find slow, cautious support amid a weaker U.S. dollar and troubles in Argentina...

The Congressional Budget Office (CBO) has scored the House Agriculture Committee’s farm bill at $322.973 billion over budget over 10 years, and $15.3...

Dec 24 Corn closed at $3.98/bushel, down $0.0225 from yesterday's close.  Sep 24 Wheat closed at $5.33/bushel, up $0.0475 from yesterday's close. ...

China Developments For a second day in a row, China bought U.S. soybeans now totaling nearly a half million tons early this week, not counting sales to unk...

Concerns about faltering U.S. dairy exports last year have now subsided as growth has returned to the sector. This despite: production growth leveling of...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s recent massive wheat tender did not generate the 3.8 MMT of...

In 2000, the American punk rock band Sugarcult released a song called “Bouncing Off The Walls” that featured the chorus line “I’m b...

As WPI reported last week, inflation – particularly food inflation – has been ensconced in the 2024 election campaign. The USDA released its fo...

Interconnected Biodiesel Mess Markets are globalized and so when the U.S. has border measures against Chinese steel or EVs, more get diverted to the Europe...

CME corn and soybean prices rebounded today with the December corn contract price back over $4/bushel but November soybeans still under the $10 threshold a...

Dec 24 Corn closed at $4.0025/bushel, up $0.0775 from yesterday's close.  Sep 24 Wheat closed at $5.2825/bushel, down $0.0175 from yesterday's close.&...

Wheat  Currently, 85 percent of Argentina’s wheat crop is in normal to good condition, reflecting a nearly 10 percent decline from the previous...

Friday’s CFTC report was in line with expectations as it showed minimal net fund activity with managed money traders remaining heavily short the majo...

The weather is bearish, except for spring wheat, and speculators are record short. Even having the cheapest grain in the world cannot spark enough new dema...

Dec 24 Corn closed at $3.925/bushel, down $0.045 from yesterday's close.  Sep 24 Wheat closed at $5.3/bushel, up $0.0175 from yesterday's close. ...

On 29 July, the U.S. Department of Energy (DOE) announced that it has purchased 4.65 million barrels of crude oil to be delivered to the Strategic Petroleu...

As WPI readers know, the U.S. stock markets have recently seen heightened volatility due to surprising macroeconomic data and trends, including unemploymen...

Third Time’s a Charm After losing appeals before the Ninth and Eleventh Courts of Appeal, Bayer won a unanimous decision from the Third Circuit Court...

Soymeal was the only major CBOT ag market to see significantly higher trade with the rest of the grains and oilseed sector either holding steady or scoring...

Food inflation has made its way into the Presidential campaign. In a rally in Michigan yesterday, Republican Vice Presidential candidate Senator J.D. Vance...

Dec 24 Corn closed at $3.97/bushel, down $0.0375 from yesterday's close.  Sep 24 Wheat closed at $5.2825/bushel, down $0.065 from yesterday's close.&n...

The Market The soy complex continues its trek lower with November soybeans down 34.1 cents (-3.4 percent) thus far this week, December soymeal down $2.70 (...

Dec 24 Corn closed at $4.0075/bushel, up $0.035 from yesterday's close.  Sep 24 Wheat closed at $5.3475/bushel, up $0.06 from yesterday's close. ...

The CBOT and CME markets were mostly higher on Wednesday with soybeans and soymeal seeing a surprise turnaround in the afternoon after scoring new contract...

Vietnam FTA USDA’s Foreign Agricultural Service notes that the U.S. is the largest trading partner with Vietnam that lacks a free trade agreement. Th...

A relatively minor crop, just a little over 2 MMT of oats are globally traded each year. Still, it is an important niche and yet seemingly in decline. This...

Russian Grain Markets: 5–9 August 2024 Crop Outlook Russian analysts woke up to the fact that grain production reported from farms is higher than ori...

Leverage at all Cost Activists have asked the Biden Administration to end the use of economic sanctions against other countries, saying they amount to a co...

The aftermath of the August WASDE saw the major ag CBOT contracts push lower, with the greatest weakness concentrated in the soy complex. There was really...

Dec 24 Corn closed at $3.9725/bushel, down $0.0425 from yesterday's close.  Sep 24 Wheat closed at $5.2875/bushel, down $0.08 from yesterday's close.&...

The global production of oranges is nearly five times greater than the output of lemons and limes. Their distribution is different as well. Over a third of...

A bill has been introduced in the House of Representatives that would require the U.S. Energy Information Administration (EIA) to add sustainable aviation...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iraq’s wheat production is estimated by the Iraq Wheat Board to be...

The WASDE held more than a few surprises on Monday with USDA offering hope for the beleaguered corn market to the extent that futures posted a bullish key...

Balancing Offense and Defense All growers of all crops are not necessarily competitive even in a large agriculture country. Major U.S. row crop growers hav...

It is reported that EU potato production has fallen by 37 percent over the past 20 years. This is consistent with U.S. potato production falling by 10.6 pe...

Today’s WASDE made marginal changes to the projections for red meat and broiler production for the second half of the year.    The beef fo...

Dec 24 Corn closed at $4.015/bushel, up $0.065 from yesterday's close.  Sep 24 Wheat closed at $5.3675/bushel, down $0.0575 from yesterday's close.&nb...

Regional News  International demand for wheat has picked up after the recent decline in prices with Egypt and Algeria issuing large tenders last week...

Wheat  After several weeks of waiting, rain finally fell over much of Argentina’s wheat-planted area, bringing relief to many producers. However...

Friday’s CFTC report showed funds more aggressively covering shorts in the grains and oilseed sector heading into the August WASDE. The most notable...

Midwest commodity futures had a bearish but mild week relative to the volatility on Wall Street. Volume in general trended lower as the week progressed and...

This week, EPA extended (effective as of today) the summertime waiver for E15 until 29 August. Note the summer driving season – when E15 would otherw...

Dec 24 Corn closed at $3.95/bushel, down $0.02 from yesterday's close.  Sep 24 Wheat closed at $5.425/bushel, up $0.05 from yesterday's close.  N...

Two weeks ago, WPI published an article looking at the supply-side factors in the cocoa market and what has been driving the massive price rally. With this...

*** Developer Note ***This app is deprecated as of 13 August 2024 and will no longer be updated. Ocean Freight Comments - 9 August 2024By Matt Herring...

Export Sales and Shipment for July 26-August 1, 2024 Wheat:  Net sales of 274,000 metric tons (MT) for 2024/2025 were down 4 percent from the previous...

Dec 24 Corn closed at $3.97/bushel, down $0.0375 from yesterday's close.  Sep 24 Wheat closed at $5.375/bushel, down $0.0075 from yesterday's close.&n...

The CBOT was once again mostly red for the day with traders preparing for the August WASDE and generally expecting large crops and ending stocks for the 20...

This past week’s slaughter at 593,000 was down 7,000 head from the previous week and down 22,000 from last year. The fed cattle portion of the weekly...

The Market The Board continued its bearish trend over the past five days of trading, though at a shallower pace. November soybeans hit a new contract low t...

The CBOT/CME was mostly lower at midweek as traders prepare for what is expected to be a bearish WASDE report next week. The favorable shift in the U.S. we...

Dec 24 Corn closed at $4.0075/bushel, down $0.045 from yesterday's close.  Sep 24 Wheat closed at $5.3825/bushel, down $0.05 from yesterday's close.&n...

Two Georgia Congressional officials, Senator Jon Osoff and Rep. Sanford Bishop, have introduced legislation that would extend crop loss payments to seasona...

Russian Grain Markets: 29 July–2 August 2024 Russian Vice Premier Patroushev announced that Russia is 40 percent done with harvesting small grains. T...

If Monday’s trade as all about the macro market meltdown, then Tuesday’s trade was about returning to normal. Global equity, bond, and currency...

Politics and Trade Democratic Presidential candidate Kamala Harris picked Minnesota Governor Tim Walz to be her vice president nominee on the ticket and he...

Dec 24 Corn closed at $4.0525/bushel, down $0.0175 from yesterday's close.  Sep 24 Wheat closed at $5.4325/bushel, up $0.0375 from yesterday's close.&...

USDA is making another $300 million available to U.S. agricultural export marketers under the Regional Agricultural Promotion Program (RAPP). The program w...

Vice President Kamala Harris has picked Minnesota Governor Tim Walz as her running mate a week before the Democrat National Convention in Chicago. Walz is...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s Ministry of Supply has increased its selling price of wheat...

Dec 24 Corn closed at $4.07/bushel, up $0.0375 from yesterday's close.  Sep 24 Wheat closed at $5.395/bushel, up $0.005 from yesterday's close. ...