Small Ideas U.S. Treasury Secretary Scott Bessent said the objective is to reduce the role of the government. This makes sense considering the explosion in...

As expected, Friday’s CFTC report showed managed money funds to be aggressive net sellers across the ag complex due to tariff concerns, widespread &l...

May 25 Corn closed at $4.6925/bushel, up $0.0525 from yesterday's close.  May 25 Wheat closed at $5.5125/bushel, down $0.0275 from yesterday's close.&...

After reacting to a fire hose of developments earlier this week, ag futures had little new fundamental input today except a brief hiatus in the trade war...

The recent volatility in oilseed markets has caused the three legs of the U.S. soybean crush to see interesting and divergent dynamics in 2025. Soybean fut...

Economists predicted that the number of jobs added last month would be 160,000 ahead of the employment report, however, the actual figure was lower than ex...

Despite mostly lower markets in the overnight, the open this morning was slightly in the green but moved strongly higher after the Trump Administration ann...

New trade disruptions, such as the 25 percent tariffs on Canadian feeder cattle, could possibly lead to more cattle being kept on pasture in Canada, which...

May 25 Corn closed at $4.64/bushel, up $0.0825 from yesterday's close.  May 25 Wheat closed at $5.54/bushel, up $0.0575 from yesterday's close. ...

Export Sales and Shipments for February 21-27, 2025  Wheat: Net sales of 338,700 metric tons (MT) for 2024/2025 were up 26 percent from the previous w...

The Market  The CBOT soy complex saw dramatic volatility over the past week due to the impact of U.S. tariffs against Canada, Mexico, and China and Ch...

May 25 Corn closed at $4.5575/bushel, up $0.0425 from yesterday's close.  May 25 Wheat closed at $5.4825/bushel, up $0.115 from yesterday's close.&nbs...

CBOT markets were higher after hints of tariff relief for Canada and Mexico emerged from Washington, D.C. Tuesday night and early Wednesday. White House sp...

Russian Grain Markets: 24 – 28 February 2025 During the last week of February, the market remained bullish with some regional deviations. Milling whe...

Eggs are in the news due to avian influenza reducing the total supply and inelastic demand causing prices to skyrocket. However, the impacts are felt even...

The CBOT saw aggressive selling pressure on Tuesday after China, Canada, and Mexico announced retaliatory tariffs against U.S. exports, including food and...

It’s tariff day! President Trump followed through on his plan to impose tariffs on various imported products across the economy. At 12:01 a.m. EST to...

May 25 Corn closed at $4.515/bushel, down $0.0475 from yesterday's close.  May 25 Wheat closed at $5.3675/bushel, down $0.11 from yesterday's close.&n...

Tariff Tuesday As usual, there is some agreement with Donald Trump on his goal, in this case – improved terms of trade for a country running a perpet...

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s Central Bank has left interest rates unchanged, with the main operational in...

Production margins across the livestock industry were mostly higher last week, except for the beef packing sector and closeout feedlot margins. Beef packer...

The CBOT saw pressure develop overnight and continue through the day session as The Global Times reported that China is preparing retaliatory measures agai...

As President Trump gears up to roll out his sweeping tariff plans tomorrow, Agriculture Secretary Brooke Rollins is promising farmers she’ll be &ldqu...

Argentina’s Corn and Wheat Market Update The central and southern regions of Argentina’s agricultural area have received abundant rainfall in r...

Regional News  Ukraine’s all-grain exports are down 1 percent YTD through February at 29 MMT. February shipments fell 40 percent from the same m...

May 25 Corn closed at $4.5625/bushel, down $0.1325 from yesterday's close.  May 25 Wheat closed at $5.4775/bushel, down $0.08 from yesterday's close.&...

Last week, managed money funds were primarily net sellers across the ag space but overall volumes were relatively muted. The selling was most consistent an...

After presidential tariff notices, a bearish USDA outlook report, improved South American weather, and a softening economy, the only major agricultural fut...

Yesterday, Judge William Alsup, of the U.S. District Court for the Northern California District, said the USDA firings were likely unlawful and ordered tha...

  Following the USDA’s Ag Outlook Forum and the release of the agency’s initial 2025/26 outlooks, WPI has updated our major crop forecasts...

May 25 Corn closed at $4.695/bushel, down $0.115 from yesterday's close.  May 25 Wheat closed at $5.5575/bushel, down $0.0675 from yesterday's close.&...

USDA’s annual Outlook conference started today, and it held no surprises by affirming the likely outcome of the current corn/soybean price ratio and...

Today is the 2025 USDA Outlook Conference, a fitting time to look at commodity forecasts for the upcoming year. Below is USDA’s outlook for the lives...

May 25 Corn closed at $4.81/bushel, down $0.125 from yesterday's close.  May 25 Wheat closed at $5.625/bushel, down $0.1725 from yesterday's close.&nb...

The soy complex has been under broad pressure over the past week with soyoil leading to the downside charge on weaker energy and outside vegoil markets, co...

Export Sales and Shipments for February 14-20, 2025  Wheat: Net sales of 269,000 metric tons (MT) for 2024/2025 were down 50 percent from the previous...

May 25 Corn closed at $4.935/bushel, down $0.0075 from yesterday's close.  May 25 Wheat closed at $5.7975/bushel, down $0.08 from yesterday's close.&n...

The CBOT was broadly lower on Wednesday with fund selling and a lack of bullish news or inputs pushing values into the red. Wheat was the biggest loser for...

Jones Act on Steroids The Jones Act (Merchant Marine Act of 1920) requires that shipping between U.S. ports involve U.S.-built, owned, flagged and manned v...

Russian Grain Markets: 17 – 21 February 2025 The market remained bullish with some regional deviations. Corn and barley prices are frozen. The export...

The CBOT was mostly lower on Tuesday with risk-off trade and seasonal factors driving most of the day’s action. The markets are also seeing a good bi...

May 25 Corn closed at $4.9425/bushel, down $0.0275 from yesterday's close.  May 25 Wheat closed at $5.8775/bushel, down $0.0575 from yesterday's close...

Most nations pursue food self-sufficiency in the name of food security. This seemed silly when trade liberalization and comparative advantage promised more...

Planting season is still several weeks away, which means the acreage balance is still in flux, however, multiple factors could shift how acres are traded a...

Mediterranean/Middle East/North Africa/Africa – MEA Region Saudi Agricultural and Livestock Investment Company (SALIC) has increased its ownership in...

Production margins across the livestock industry were broadly lower last week, with weaker profits in the beef and pork packing sectors leading the way. Be...

Crop markets were lower to start the week with harvest progress in South America and increasingly favorable weather there weighing on values. Too, the Expo...

Zhu Zengyong, an analyst and researcher with the state-backed Chinese Academy of Agricultural Sciences, said on Monday that there is no more room for pork...

Corn Crop Update Argentina’s corn crop continues to struggle against high temperatures and sporadic rainfall. By the end of last week, many areas nee...

Mar 25 Corn closed at $4.825/bushel, down $0.0875 from yesterday's close.  May 25 Wheat closed at $5.935/bushel, down $0.105 from yesterday's close.&n...

Pesticide Policy: New and controversial Secretary of HHS, Robert F. Kennedy, Jr. says “Nothing is off limits” including agricultural chemicals...

In the week following the February WASDE, managed money traders’ sentiments towards the ag markets  changed relatively little. Funds perhaps mos...

The last session of this holiday shortened trading week was much like the week itself, mixed with mostly declines. Though hogs, HRS and soymeal all had gai...

U.S. Cattle on Feed on February 1, 2025 was down one percent from a year ago. The total was 11.7 million head in feedlots with a capacity of 1,000 or more...

Export Sales and Shipments for February 7-13, 2025. Wheat: Net sales of 532,700 metric tons (MT) for 2024/2025 were down 7 percent from the previous week,...

USDA released the monthly Cattle on Feed report today. The total cattle on feed inventory was 11.7 million head, at 99 percent of last year. Placements in...

Mar 25 Corn closed at $4.9125/bushel, down $0.0675 from yesterday's close.  Mar 25 Wheat closed at $5.9/bushel, up $0.045 from yesterday's close. ...

U.S. consumer spending patterns have undergone several significant shifts since the COVID-19 pandemic, and the food industry was no different. Since the pa...

There was lower volume in much of the market today, except in soybeans where there was a healthy double-digit gain. Market inputs are steady for the moment...

Mar 25 Corn closed at $4.98/bushel, up $0.005 from yesterday's close.  Mar 25 Wheat closed at $5.855/bushel, down $0.065 from yesterday's close. ...

USDA’s monthly Cattle on Feed report will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory on feed to...

The Market  The major action in global oilseed markets this past week has been in the vegoil realm, where tightening global supplies have pushed price...

Mar 25 Corn closed at $4.975/bushel, down $0.045 from yesterday's close.  Mar 25 Wheat closed at $5.92/bushel, down $0.1275 from yesterday's close.&nb...

The CBOT was mostly lower Wednesday as a stronger U.S. dollar and a general "risk-off" mentality drove the day’s weaker trade. Wheat futures saw the...

Rollins versus Kennedy With a vote of 72 – 28, Brooke Rollins became the 33rd U.S. Secretary of Agriculture and she achieved the fifth best Senate ap...

Russian Grain Markets: 10 – 14 February 2025 The market remained bullish with some regional deviations. Corn and barley prices froze along with expor...

Grain futures were weaker overnight following the long weekend and after President Trump announced a reciprocal tariff policy. The markets bounced back Tue...

After getting a slow start to the nomination process, Brooke Rollins is now the confirmed USDA Secretary, by virtue of a 72-28 confirmation vote last week...

Mar 25 Corn closed at $5.02/bushel, up $0.0575 from yesterday's close.  Mar 25 Wheat closed at $6.0475/bushel, up $0.0475 from yesterday's close. ...

EU’s Agriculture Vision The EU’s draft proposed “Vision” for agriculture will be released tomorrow and it is said to be “farm...

Managed money traders’ sentiments shifted last week, according to the latest CFTC report. Funds who had previously been bullish soybeans and corn, sh...

Mediterranean/Middle East/North Africa/Africa – MEA Region The 2025 dates for Ramadan are estimated to be 28 February until 30 March. The actual date...

There were surprisingly only modest trading volumes in this last trading session before a three-day holiday. There was no rush to escape positions. The liv...

Monday, 17 February, is a U.S. holiday. The CME/CBOT will be closed along with our offices in observance of the President’s Day holiday. The next Ag...

Mar 25 Corn closed at $4.9625/bushel, up $0.0275 from yesterday's close.  Mar 25 Wheat closed at $6/bushel, up $0.2225 from yesterday's close.  M...

Anyone following the hog and pork markets recently has seen the volatility that preceded the recent surge to new contract highs, and the lack of consensus...

Last Wednesday, the Mexican government formally repealed an import ban on genetically modified corn after the U.S. successfully argued the measure violated...

Wheat opened higher but the rest of the board was seeing red at the open. The market mood is cautious given improved weather in South America and uncertain...

Beef production is now forecast at 26.632 million pounds, an increase of 775 million pounds (+3 percent) from the January forecast. Before taking this numb...

Mar 25 Corn closed at $4.935/bushel, up $0.0325 from yesterday's close.  Mar 25 Wheat closed at $5.7775/bushel, up $0.035 from yesterday's close. ...

Export Sales and Shipments for January 31-February 6, 2025.  Wheat: Net sales of 569,600 metric tons (MT) for 2024/2025 were up 30 percent from the pr...

With the February WASDE in the rearview mirror and traders having contemplated the numbers for a while, the CBOT markets showed mixed reactions to the fund...

Mar 25 Corn closed at $4.9025/bushel, up $0.0625 from yesterday's close.  Mar 25 Wheat closed at $5.7425/bushel, down $0.0275 from yesterday's close.&...

India Concessions U.S. President Donald Trump and Indian Prime Minister Narendra Modi meet tomorrow at the White House. Trump says other countries treat th...

Russian Grain Markets: 3 – 7 February 2025 The market remained bullish. Farmers keep sitting on grains expecting a better price amid rumours that end...

The ag markets were mostly higher heading into the February WASDE on hopes of bullish adjustments to U.S. exports and smaller ending stocks, as well as cut...

Federal Reserve Chairman Jerome Powell said last month that he would not resign from his position, even if asked to by Trump. Since the President did not m...

U.S. Africa Relations The Biden Administration started but failed to complete regional agreements like the Indo-Pacific Partnership for Prosperity (IP3) an...

Mar 25 Corn closed at $4.84/bushel, down $0.075 from yesterday's close.  Mar 25 Wheat closed at $5.77/bushel, down $0.025 from yesterday's close. ...

USDA made no change to U.S. ending stocks of soybeans for the 2024/25 season. The season-average soybean price is projected at $10.10 per bushel, down 10 c...

USDA made no change to U.S. ending stocks of corn for the 2024/25 season. The projected season-average farm price is raised 10 cents to $4.35 per bushel. G...

USDA made a small reduction in ending stocks of U.S. wheat by 4 million bushels to 794 million but are 14 percent above last year. The season-average farm...

President Trump’s tariffs on steel and aluminum imports are mostly pure protectionism. Canada, Brazil and Mexico are the main suppliers, not the stat...

Mediterranean/Middle East/North Africa/Africa – Mea Region Turkey’s wheat imports and exports are lower in 2024/25 due to restrictions by the T...

U.S. meat packer margins fell further last week as beef and, to a lesser extent pork, values contracted while animal procurement costs remain high. WPI&rsq...

Traders spent most of Monday preparing for the February WASDE report to be released Tuesday at Noon ET, which meant that the CBOT saw mostly weaker or rang...

China is set to implement retaliatory tariffs on a variety of U.S. goods starting as soon as today, further intensifying trade tensions between the two eco...

Greer Approval Jamieson Greer is expected to win approval from the Senate Finance Committee tomorrow to become the next U.S. Trade Representative. His hear...

Mar 25 Corn closed at $4.915/bushel, up $0.04 from yesterday's close.  Mar 25 Wheat closed at $5.795/bushel, down $0.0325 from yesterday's close. ...

Corn Significant rainfall fell across almost the entire Argentine agricultural region last week, with the highest accumulations in the core corn and soybea...

Milling Wheat  Global wheat prices were higher last week as concerns about the 2024/25 Russian supply and export program increase as well as concerns...

The CFTC report featured more bullish sentiments from managed money traders with funds slightly expanding a massive long position in corn and adding length...

Today’s trading was mostly lower based on South American weather and the ever-present tariff threat. Overall, the first week in February 2025 experie...

Mar 25 Corn closed at $4.875/bushel, down $0.0775 from yesterday's close.  Mar 25 Wheat closed at $5.8275/bushel, down $0.05 from yesterday's close.&n...

With the USDA’s annual Ag Outlook forum happening at the end of this month and planting season a little more than four weeks away for parts of the U...

The Trump Administration’s placement of the U.S. Agency for International Development on ice has sparked a firestorm in Washington. Critics of the ag...

The upheaval in the market early this week caused by the head fake on tariffs has subsided and the focus has now returned to fundamental supply and demand...

Export Sales and Shipments for January 24-30, 2025.  Wheat: Net sales of 438,900 metric tons (MT) for 2024/2025 were down 4 percent from the previous...

Mar 25 Corn closed at $4.9525/bushel, up $0.02 from yesterday's close.  Mar 25 Wheat closed at $5.8775/bushel, up $0.155 from yesterday's close. ...

The big news in the ag commodity markets Wednesday was the pullback in soybean futures as traders remain wary of the political tensions and tariff developm...

Mar 25 Corn closed at $4.9325/bushel, down $0.0125 from yesterday's close.  Mar 25 Wheat closed at $5.7225/bushel, down $0.0475 from yesterday's close...

Divergence of Markets Food away from home has been outpacing food at home as the cost of human services has written. The categories on the rise include mea...

Russian Grain Markets: 27 – 31 January 2025 The market remained bullish, however, the dynamics and stability varied from region to region. Prices in...

Markets were encouraged by the fact both Canada and Mexico were able to secure 30-day delays on Trump’s tariff plans, which offers hope the duties ar...

Unbridled Confidence As President Trump’s tariffs were about to go into effect on Canada and Mexico, a farmer representative gave assurance that they...

Mar 25 Corn closed at $4.945/bushel, up $0.0575 from yesterday's close.  Mar 25 Wheat closed at $5.77/bushel, up $0.1025 from yesterday's close. ...

MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Turkey’s monthly inflation rate increased by 5.03 percent in January while the 12-mo...

Livestock producer margins were mostly higher last week as gains in physical cattle prices and deferred hog futures supported profitability expectations. F...

News of President Trump’s tariffs against China, Mexico, and Canada drove the agricultural and macroeconomic markets on Monday with seemingly every t...

Agencies and Buildings Donald Trump’s flurry of actions to upset the status quo in Washington is upsetting bureaucrats, but perhaps not Democrats. Wh...

Mar 25 Corn closed at $4.8875/bushel, up $0.0675 from yesterday's close.  Mar 25 Wheat closed at $5.6675/bushel, up $0.0725 from yesterday's close.&nb...

Export Tax Update The reduction in export taxes has not yet had the expected impact of boosting farmer sales of grain and soybeans. The main issue is that...

The CFTC report was in line with expectations again as it showed funds still engaged in the expected buying in corn and across the soy complex. Funds expan...

President Trump’s announcement that he will impose 25 percent tariffs on Canada and Mexico starting tomorrow eclipsed concerns about South American w...

USDA released its January Cattle Inventory report today. The U.S. cattle herd is still in a contraction phase.  The total inventory of all cattle and...

Tariff Follies Begin There is playing from strength, like having the leverage of oversized trade deficits, and then there is overplaying one’s hand...

Mar 25 Corn closed at $4.82/bushel, down $0.0825 from yesterday's close.  Mar 25 Wheat closed at $5.595/bushel, down $0.07 from yesterday's close.&nbs...

Today’s trading session pretty much followed the overnight with wheat notching a third day of gains but traders taking a breather on corn, beans, and...

Tomorrow, the USDA will release its January Cattle Inventory Report. Given USDA’s decision to drop the July mid-year report due to budget constraints...

Export Sales and Shipments for January 17-23, 2025 Wheat: Net sales of 456,100 metric tons (MT) for 2024/2025 were up noticeably from the previous week and...

Mar 25 Corn closed at $4.9025/bushel, down $0.0675 from yesterday's close.  Mar 25 Wheat closed at $5.665/bushel, up $0.04 from yesterday's close.&nbs...

The CBOT was mostly higher on Wednesday due to the bullish influences of wheat and corn. The two grains saw support from Black Sea and South American weath...