The big news on the livestock side of today’s WASDE was USDA’s reduction in the fed cattle price forecast. Prices for 2024 were trimmed by $3/...

The Market Today’s USDA WASDE report should drive discussion, but it was mostly neutral. The 20-day moving average has begun to rise and November soy...

WASDE SOYBEANS: USDA increased their estimate for global soybean ending stocks by 0.3 million tons to 134.6 million as higher stocks for Argentina and Cana...

WASDE CORN: USDA’s outlook for 2024/25 U.S. corn is for smaller supplies and a modest decline in ending stocks to 2.1 billion bushels – a reduc...

WASDE WHEAT:  USDA increased their estimate for 2024/25 global wheat supplies by 1.5 million tons to 1,062.1 million as higher beginning stocks were m...

The CBOT was mostly higher on Wednesday as traders continued adjusting positions and preparing for the upcoming September WASDE report. Wheat was the upsid...

Africa’s population is on a trajectory that could double its size by 2050 to 2.5 billion, or a quarter of the global populace. The West (U.S., EU, Ja...

Tariffs were a hot topic in last night’s debate between the two U.S. presidential candidates. Trump first imposed tariffs, which Harris calls a sales...

Dec 24 Corn closed at $4.0475/bushel, up $0.005 from yesterday's close.  Dec 24 Wheat closed at $5.7925/bushel, up $0.05 from yesterday's close. ...

Russian Grain Markets: 2–6 September 2024 The Russian grain market is finally showing bullish sentiments. Adverse weather in Russia this season conce...

Twenty-three years ago, on September 11, 2001, the U.S. experienced one of the most tragic and influential days in the nation’s history. The events o...

Trading at the CBOT was mixed on Tuesday with expectations for the WASDE differing significantly. For corn and soybeans, traders and analysts are all in on...

Yesterday, WPI reported that several commodity organizations were in Washington to lobby on the farm bill. One of those groups was the National Pork Produc...

DEI and Trade Today was Day 1 of the annual WTO Public Forum. The sessions were started many years ago as the institution's response to critics. Each year...

Hitting the downside of the cattle cycle and having a higher value product based on a strong U.S. dollar has certainly reduced, but the trade has held up r...

Dec 24 Corn closed at $4.0425/bushel, down $0.03 from yesterday's close.  Dec 24 Wheat closed at $5.7425/bushel, up $0.0575 from yesterday's close.&nb...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s trade deficit in June dropped by 5.1 percent to $2.87 billi...

Dec 24 Corn closed at $4.06/bushel, down $0.0125 from yesterday's close.  Dec 24 Wheat closed at $5.69/bushel, up $0.005 from yesterday's close. ...

The CBOT started the week with a mood that was decidedly oriented towards preparing for the September WASDE report. Volume and price action were relatively...

Draghi versus Strategic Dialogue Mario Draghi issued his long-awaited report on European competitiveness that had been requested by the European Commission...

The current farm bill – the extended Agriculture Improvement Act of 2018 – expires in 10 days. With no practical window to pass a bill in 2024,...

Weather  Recent rains have benefited parts of Argentina, but not all areas received significant precipitation. The highest accumulations occurred in t...

Regional News  The EU is set to receive beneficial rains across its central region this week with some of that precipitation extending out into parts...

Friday’s CFTC report featured the expected trends in managed money funds’ activity, but the volume of trade and the degree of change in their p...

There were lots of mixed pressures on the market today, and this week overall. Outside markets were key among them. Trading volume was modest today, except...

Today’s jobs report was highly anticipated as a key benchmark before the Federal Open Market Committee (FOMC) meeting later this month and expected t...

Export Sales and Shipments for August 23-29, 2024. Wheat:  Net sales of 340,000 metric tons (MT) for 2024/2025 were down 36 percent from the previous...

Dec 24 Corn closed at $4.0625/bushel, down $0.045 from yesterday's close.  Dec 24 Wheat closed at $5.67/bushel, down $0.0775 from yesterday's close.&n...

India is attempting to pursue its climate goals through the expansion of biofuel blending into transportation fuels, but the dynamics of the country’...

The CBOT was mostly lower on Thursday as traders took a day to pause and reassess positions and the grain market outlook with just one day of trade left be...

Dec 24 Corn closed at $4.1075/bushel, down $0.02 from yesterday's close.  Dec 24 Wheat closed at $5.7475/bushel, down $0.06 from yesterday's close.&nb...

High cattle and beef prices are supporting imports. First, cattle imports through July are up 22.6 percent compared to last year. Imports from Canada are u...

The Market In this holiday shortened trading week, November soybeans are up 23.5 cents (2.35 percent). The rally in prices has caused deliveries to increas...

Yesterday, we took an initial and cursory look at the outcome of the EU’s Strategic Dialogue on farm support. Basically, it says move away from area...

The CBOT was higher once again with wheat, corn, soybeans, and soymeal all scoring new rally highs and bullish technical victories. In wheat in particular,...

Competitiveness versus Social Goals The EU completed a strategic dialogue on the future of the Continent’s agriculture and despite the June elections...

Dec 24 Corn closed at $4.1275/bushel, up $0.035 from yesterday's close.  Dec 24 Wheat closed at $5.8075/bushel, up $0.14 from yesterday's close. ...

The International Grains Council (IGC), Rabobank, and others have followed countries and companies moving into the pulses space. It is logical that plant-b...

Russian Grain Markets: 26–30 August 2024 Russian grain markets remained relatively stable; however, they are under pressure of a large crop and growi...

The CBOT was nearly uniformly higher following the U.S. Labor Day holiday with wheat, corn, and soybeans all scoring strong gains and meaningful bullish te...

Last week, USDA released an updated guideline for label claims on meat products as they pertain to how livestock is raised. Specifics included are claims r...

Dec 24 Corn closed at $4.0925/bushel, up $0.0825 from yesterday's close.  Dec 24 Wheat closed at $5.6675/bushel, up $0.1525 from yesterday's close.&nb...

Business Economics on Ballot The American economy largely relies on large corporations for generating growth and wealth. That engine is under attack on num...

The March 2025 No. 11 sugar contract rebounded last week but it is still down over 20 percent from its high. Analysts started the year expecting sugar pric...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Saudi Arabia’s Arabian Mills has set the share issue price range un...

Friday’s CFTC report was largely in-line with expectations as it showed mild short covering by managed money traders across the soy complex and corn...

This trading week marked a series of reversals, and the latest trend continued for the most part today. It was generally pre-holiday lower volume for corn,...

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...