Wheat Thanks to the recent good weather, Argentina’s wheat harvest keeps moving from north to south and total harvest has reached 15 percent of the a...

Dec 23 Corn closed at $4.7725/bushel, up $0.1325 from yesterday's close.  Dec 23 Wheat closed at $5.79/bushel, up $0.0375 from yesterday's close. ...

U.S. President Biden and Chinese President Xi will meet in San Francisco on Wednesday to discuss key geopolitical issues and “managed trade.” T...

Through 9 November, Ukraine’s grain harvest reached 90 percent of the total area and spanned 9.84 million hectares (MHa). The total crop is 51.275 MM...

The WASDE’s bearish implications continued to push CBOT futures lower on Friday with funds finding little reason to abandon short positions in corn a...

Dec 23 Corn closed at $4.64/bushel, down $0.04 from yesterday's close.  Dec 23 Wheat closed at $5.7525/bushel, down $0.055 from yesterday's close.&nbs...

The “four corners” of the Congressional Agriculture Committees – the respective chairmen and ranking minority members of the House and Se...

The Market Large flash export sales, the smallest U.S. soybean production in five years, and the lowest domestic stocks in eight years could not overcome t...

China Teed Up President Biden meets with Chinese leader Xi Jinping next week outside the APEC meeting. Bloomberg suggests there could be a quid pro quo wit...

Soybeans: USDA’s outlook for 2023/24 is higher U.S. ending stocks, up 25 million on higher yields, to 245 million bushels. The U.S. season-average so...

Corn: USDA’s outlook for 2023/24 is higher U.S. ending stocks by 45 million bushels to 2.2 billion. The season-average corn price received by produce...

Wheat: USDA’s outlook for 2023/24 is for higher U.S. ending stocks by 14 million bushels to 684 million. The projected 2023/24 season-average U.S. fa...

  Export Sales and Shipments for October 27 to November 2, 2023 Wheat:  Net sales of 354,300 metric tons (MT) for 2023/2024 were up 29 percent fr...

Dec 23 Corn closed at $4.68/bushel, down $0.08 from yesterday's close.  Dec 23 Wheat closed at $5.8075/bushel, down $0.115 from yesterday's close.&nbs...

Futures closed mostly lower with USDA’s mid-session November WASDE report causing a drop-off on higher production and stocks.  U.S. Wheat Incr...

Today’s WASDE report trimmed red meat and broiler production by about 0.4 percent with reductions in all species. Compared to last month, fed cattle...

The November WASDE usually isn’t a major market-moving event, but you wouldn’t know that from how CBOT futures reacted just one day before the...

Biotech for Environment Greens and others in the European Parliament reportedly reacted badly to rapporteur Jessica Polfjärd's initiative that would b...

Dec 23 Corn closed at $4.76/bushel, up $0.075 from yesterday's close.  Dec 23 Wheat closed at $5.9225/bushel, up $0.22 from yesterday's close.  J...

In today’s Black Sea report, WPI’s analyst points out that Russia and Kazakhstan, and particularly Russia are supplanting Canada as a supplier...

Russian Grain Markets: 30 October–3 November 2023  As of 30 October, Russia harvested 140.2 MMT of grains in bunker weight which is 9.8 MMT less...

The CBOT started Tuesday on a firmer note but, except for soymeal, gave up ideas of higher trade as technical resistance and fund selling dominated the day...

Trade Policy Developments The Biden Administration is making several adjustments to its major trade policy initiatives. First, while hosting a meeting last...

As has been well documented in the news over the past week, the Federal Reserve’s Federal Open Market Committee (FOMC) kept the federal funds rate un...

South Korea has had a problem. Its farmers insist on growing rice while its consumers are increasingly switching consumption to wheat-based products. For t...

The CBOT was mostly higher for the day with corn and wheat finding small gains on light buying interest while soybeans jumped higher on export demand and a...

The Non-Sucralose-Coated Sugar-High A recent poll indicating President Biden is in some reelection trouble even against Donald Trump doesn’t change t...

While the overall trend for corn has been lower, soybean futures stayed in backwardation longer than corn contracts. As confidence grows in new crop prospe...

Dec 23 Corn closed at $4.7725/bushel, up $0 from yesterday's close.  Dec 23 Wheat closed at $5.7575/bushel, up $0.0325 from yesterday's close.  J...

As WPI noted on 5 October, the first case of highly pathogenic avian influenza (HPAI) since April 2023 was reported in South Dakota. So far in October, the...

Wheat Argentina’s wheat harvest now covers 10 percent of the total area with an average yield of 1.1 MT/ha. It's important to remember that the harve...

The CBOT offered a few surprises to end the week with the major grain markets ending higher with strong buying interest. Corn futures posted a 7-cent gain...

New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol)...

Yesterday was the deadline for Canadian grocery retailers to submit a “comprehensive plan” to the federal government on how to reduce grocery p...

The Market The January soybean contract closed out the week with an overall gain of 32.25 cents, the best of any grain crop contract, and is now priced at...

AI versus GMO Political leaders gathered in Bletchley Park at the invitation of UK Prime Minister Rishi Sunak and agreed to a global dialogue on regulating...

Dec 23 Corn closed at $4.7725/bushel, up $0.0725 from yesterday's close.  Dec 23 Wheat closed at $5.725/bushel, up $0.07 from yesterday's close. ...

Export Sales and Shipments for October 20-26, 2023. Wheat:  Net sales of 275,600 metric tons (MT) for 2023/2024 were down 24 percent from the previous...

SRW managed a second day higher, and soybeans continued their rally over $13/bushel, but corn prices still dragged lower. Meanwhile, the livestock market w...

PPE Your Meat President Biden’s Midwest tour included a Christmas tree of presents to rural America. He echoed USDA Secretary Vilsack’s concern...

Dec 23 Corn closed at $4.7/bushel, down $0.05 from yesterday's close.  Dec 23 Wheat closed at $5.655/bushel, up $0.0375 from yesterday's close. ...

Last week’s Livestock Roundup noted that heifers on feed were up 1 percent from last October, an indicator that the liquidation cycle is not over.&nb...

The CBOT was mixed in light volume at mid-week with traders finding little inspiration for bullish or bearish trades. Wheat futures turned higher overnight...

Biden Rural Outreach A politician going into the geography of the opposition is usually connoted as a sign of strength. Nothing in the Biden presidency pol...

Dec 23 Corn closed at $4.75/bushel, down $0.0375 from yesterday's close.  Dec 23 Wheat closed at $5.6175/bushel, up $0.055 from yesterday's close.&nbs...

White commodities is an American euphemism for three crops, cotton, rise, and sugar, that are all white in color and each have statutory programs considere...

Russian Grain Markets 23–27 October 2023  As of 27 October, winter crops were planted over 18.5 Mha versus the 20 Mha planned by the government...

CBOT ag commodities traded mostly sideways on Tuesday while bulls and bears wait for headline(s) to help move the markets. Wheat saw perhaps the greatest a...

Gatun Lake, the artificial lake which discharges water into the locks of the Panama Canal, for transit between the Atlantic and the Pacific is down to the...

Coercion Beholder U.S. Supreme Court Justice Potter Stewart famously said in a 1964 case that he could not define hard core pornography “But I know i...

Dec 23 Corn closed at $4.7875/bushel, up $0.005 from yesterday's close.  Dec 23 Wheat closed at $5.5625/bushel, down $0.0975 from yesterday's close.&n...

China has been on a wheat buying binge, reportedly picking up 2 MMT of Australian wheat in October and another 2.5 MMT of French wheat. It is surprising th...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Israel said that any ships damaged by the current conflict will be fully...

The CBOT was mostly lower to start the week with corn futures drifting sideways while soymeal and soybeans pulled back from recent strength. Wheat futures...

Dec 23 Corn closed at $4.7825/bushel, down $0.025 from yesterday's close.  Dec 23 Wheat closed at $5.66/bushel, down $0.095 from yesterday's close.&nb...

Economic Coercion Australia’s trade minister is in China where a rapprochement in relations is underway. Beijing had earlier sought to punish Austral...

Given current tight global rice stocks and high prices (see graph below), the question is how much wheat will be substituted for food or feed use. Rice pri...

There’s no shortage of issues forcing market and policy participants to keep their heads on a swivel, both near term and over the horizon. The follow...

Wheat After Argentina’s recent presidential election and in anticipation of the runoff election, the current government extended the possibility for...

Regional News  Sweden’s 2023/24 grain production is expected to total just 4.4 - 4.5 MMT, down 1 MMT from 2022/23 and the lowest level in 30 yea...

Dec 23 Corn closed at $4.8075/bushel, up $0.015 from yesterday's close.  Dec 23 Wheat closed at $5.755/bushel, down $0.04 from yesterday's close. ...

The CBOT largely followed its existing trends into the weekend, which meant rallies in soymeal and soybeans, new contract lows in wheat, and sideways trade...

The Market CBOT December soymeal hit a new contract high today at 448.4 and with a gain of $12.19 at the close, the value is 442.4/ST, a 4.3 percent gain f...

New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol)...

The House Republicans finally came around to electing a new Speaker, Representative Mike Johnson of Louisiana. Johnson said he’d like the House to pa...

The market opened mostly in the green this morning after overnight markets showed small gains for corn, soybeans, soymeal, and all three wheats. About mid-...

As WPI reported, last Friday’s Cattle on Feed report was a bearish surprise. Inventory on feed was 101 percent of last year and September placements...

Dec 23 Corn closed at $4.7925/bushel, down $0.0075 from yesterday's close.  Dec 23 Wheat closed at $5.795/bushel, up $0.11 from yesterday's close.&nbs...

Export Sales and Shipments for the period October 13-19, 2023.   Wheat:  Net sales of 363,700 metric tons (MT) for 2023/2024 were down 43 pe...

The CBOT was heavily influenced by fresh forecasts for beneficial rains in South America over the next two weeks. Rains will offer relief to drought-afflic...

September 2023 total red meat and poultry stocks were up fractionally from August but were 8 percent below September 2022 as beef and pork stocks continue...

Dec 23 Corn closed at $4.8/bushel, down $0.04 from yesterday's close.  Dec 23 Wheat closed at $5.685/bushel, down $0.12 from yesterday's close. ...

Farm Bill Schedule Congressman Mike Johnson (R-Louisiana) appears poised to capture the position of House Speaker. If successful, he will prove the axiom t...

Russian Grain Markets: 16–20 October 2023  As of 20 October, Russian farmers harvested grains and pulses from 44.6 Mha which is in line with las...

The Brazilian share of China’s corn imports over the past three months has been nothing short of impressive. It can be argued that U.S. corn should h...

The CBOT was mostly lower on Tuesday amid favorable weather forecasts for South America and a general lack of news. The market with the most interesting ac...

Dec 23 Corn closed at $4.84/bushel, down $0.0625 from yesterday's close.  Dec 23 Wheat closed at $5.805/bushel, down $0.0675 from yesterday's close.&n...

On 16 October, WPI reported that USDA was poised to create a new export promotion program, the Regional Agricultural Promotion Program (RAPP). The program...

Wide Divide Ahead of MC 13 All sides remain far apart at a WTO senior officials meeting looking for deliverables at the coming MC12 meeting in Abu Dhabi in...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan’s Economic Coordination Committee approved the importation...

EU olive oil and U.S. oranges are each having a challenging year. Beyond that the similarities are few. The EU produces 60 percent of the world’s oli...

Last week’s trade saw major ag commodities rally on bullish technical developments with corn, soybeans, and soymeal all topping key chart points. Tha...

USMCA GMO Corn Panelists The U.S. and Mexico have agreed on the three jurists that will decide on Washington’s complaint about AMLO’s GMO corn...

Dec 23 Corn closed at $4.9025/bushel, down $0.0525 from yesterday's close.  Dec 23 Wheat closed at $5.8725/bushel, up $0.0125 from yesterday's close.&...

Argentina held its national election yesterday, including the multi-candidate presidential race. The results are in: no candidate garnered the necessary 45...

There are many similarities between the U.S. and EU, but many differences as well. When the common currency euro was introduced in 1999, it was valued at t...

Market Overview and Election Results  Last week there was very little activity in the markets leading up to Sunday’s elections. The government c...

Milling Wheat  Wheat prices have trended higher in the past two weeks with multiple storylines helping push values higher. First, better-than-expected...

U.S. Cattle on Feed was up 1 percent on October 1, 2023 for cattle and calves in feedlots with capacity of 1,000 or more head - to total totaled 11.6 milli...

The only certainty of the past week is that soymeal is going stratospheric. But corn, soybeans, and wheat took a breather today.  For the week: Decem...

USDA released the monthly Cattle on Feed report today; the total inventory of cattle on feed in feedlots of 1,000 head or more capacity was 11.6 million he...

The Market It was quite a week for soymeal. The December contract rose an impressive 8.69 percent to 423.90/ST, pulling soybeans along with it. November so...

Dec 23 Corn closed at $4.955/bushel, down $0.095 from yesterday's close.  Dec 23 Wheat closed at $5.86/bushel, down $0.08 from yesterday's close. ...

Export Sales and Shipments for October 6-12, 2023.   Wheat:  Net sales of 632,800 metric tons (MT) for 2023/2024 were down 3 percent from th...

Markets traded mostly in the red during the first half of the day’s and then corn, soybeans/meal and wheat turned right-side up. There are a lot of m...

USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 September at 99.8...

Dec 23 Corn closed at $5.05/bushel, up $0.13 from yesterday's close.  Dec 23 Wheat closed at $5.94/bushel, up $0.1375 from yesterday's close.  No...

Elbow for an Eye Legislation aimed at China has been introduced in the U.S. Congress to restrict foreign ownership of farmland. However, it is more nimble...

Strength developed at the CBOT on Wednesday with another strong rally in soymeal helping pull soybeans higher and, in turn, support the corn market as well...

Speaking at the World Dairy Summit, USDA Secretary Vilsack repeated his concern about the declining number of farms and farmers in America, and in a relate...

Dec 23 Corn closed at $4.92/bushel, up $0.03 from yesterday's close.  Dec 23 Wheat closed at $5.8025/bushel, up $0.0975 from yesterday's close. ...

Russian Grain Markets: 9–13 October 2023  After weeks and weeks of bearish sentiments the market is finally coming to relative stability because...

The CBOT was mixed on Tuesday with a surge in soymeal futures helping pull soybeans higher amid a lack of fresh fundamental commodity news. Indeed, the big...

Elections and Policy Congressman Jim Jordan came up 20 votes short in his first-round effort to secure the Speakership of the U.S. House. Some farm state R...

Dec 23 Corn closed at $4.89/bushel, down $0.01 from yesterday's close.  Dec 23 Wheat closed at $5.705/bushel, down $0.0675 from yesterday's close.&nbs...

Pasture conditions are deteriorating as 2023 comes to a close and the grazing season closes out. This has potential implications for the rebuilding of the...

Israel is not the agricultural export powerhouse like Ukraine, but it is a supplier of high quality and high value fruits and vegetables. The country is 95...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iran has proposed to Russia that grain shipments can be made from Russia...

The soy complex was the upside leader at the CBOT to start the week with a bullish NOPA report driving the markets. NOPA reported a record-large September...

Dec 23 Corn closed at $4.9/bushel, down $0.0325 from yesterday's close.  Dec 23 Wheat closed at $5.7725/bushel, down $0.025 from yesterday's close.&nb...

Technology Battle Ahead This year’s release of various AI models has prompted some political leaders to call on the Biden Administration to begin neg...

The House of Representatives will hold a vote for a new Speaker tomorrow; at this point, the process of electing a Speaker has used up 15 of the 45 days th...

Sorghum  Little has been said about the sorghum crop in Argentina, but it is having a very particular year. The 2023 crop produced 2.5 MMT according t...

China made a rare purchase of U.S. wheat and is on track to make record overall purchases this year. Domestic consumption of wheat has been growing at a 2...

New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol)...

With the October WASDE now in the rearview mirror, the CBOT markets are starting to shift their focus to export trends and harvest progress. Friday’s...

USDA Secretary Tom Vilsack reportedly is asking farm groups how many farmers and how much farmland have gone away since 1981. He then cites the number of f...

Dec 23 Corn closed at $4.9325/bushel, down $0.0275 from yesterday's close.  Dec 23 Wheat closed at $5.7975/bushel, up $0.0825 from yesterday's close.&...

As WPI covered on 28 September, that month’s USDA Hogs & Pigs report surprised to the upside, which led to USDA forecasting more pork production...

The Market Due to the strong yesterday from USDA’s October WASDE report, November soybeans ended the trading week up 14.25 cents. It traded intrasess...

USDA kept their estimate unchanged at 220 million bushels for U.S. soybean ending stocks. The estimate for U.S. production was reduced 42 million on lower...

USDA reduced their estimate for U.S. corn ending stocks by 110 million bushels to 2,111 million bushels for 2023/24. This is still a healthy ending stocks,...

USDA increased U.S. wheat ending stocks by 55 million bushels to 670 million, up 15 percent from last year. The season-average farm price is reduced $0.20...

This summary is based on reports from exporters for the period September 29-October 5, 2023. Wheat:  Net sales of 652,000 metric tons (MT) for 2023/20...

Dec 23 Corn closed at $4.96/bushel, up $0.08 from yesterday's close.  Dec 23 Wheat closed at $5.715/bushel, up $0.155 from yesterday's close.  No...

WPI analyst Matt Herrington called it correctly when he referred to yesterday’s market as the calm before the WASDE storm. It should be noted that th...

There were mixed reactions to today’s CPI report for September, though it pushed Wall Street into its first sell-off in four days. U.S. core inflatio...

Most eyes on today’s WASDE were looking at the crop side since this is a critical month with harvest underway.  However, there were a few items...

The CBOT was mostly calm before Thursday’s October WASDE – a report that often produces volatile reactions from the market. Corn and wheat drif...

Godwin’s Law and Food Attorney and author Mike Godwin noted that the longer a discussion grows on social media, the increased likelihood someone will...

Dec 23 Corn closed at $4.88/bushel, up $0.025 from yesterday's close.  Dec 23 Wheat closed at $5.56/bushel, down $0.025 from yesterday's close. ...

Analysts at Rabobank looked at future food needs in Sub-Saharan Africa and concluded that wheat imports will increase and so will the need for milling capa...

Russian Grain Market: October 2-6, 2023 Bearish sentiments prevailed as the market became volatile from a variety of factors. On the one hand, there are am...

The CBOT was mostly lower on Tuesday with wheat futures dropping sharply after there was no official confirmation of Monday’s rumored large export sa...

A new report out of Virginia Tech University concludes that increasing agricultural productivity is not enough to meet demand for global ag production by 2...

Dec 23 Corn closed at $4.855/bushel, down $0.0275 from yesterday's close.  Dec 23 Wheat closed at $5.585/bushel, down $0.1425 from yesterday's close.&...

Zhang Hongzhou at Nanyang Technical University in Singapore says that geopolitical tensions, war, and climate change have refocused China on food self-suff...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Algeria’s wheat crop, according to the recent FAO report, will be d...

Heading into the October WASDE that will be published on Thursday, 12 October, WPI offers the following assessment of supply and demand expectations for th...

As WPI readers already know, Saturday morning brought news that Hamas and Hezbollah fighters from Gaza launched an unprecedented attack on Israel and captu...

Political Hacks on Prices Food price inflation continues to torment consumers and ignoring its monetary policy-based roots, agribusiness remains a convenie...

Dec 23 Corn closed at $4.8825/bushel, down $0.0375 from yesterday's close.  Dec 23 Wheat closed at $5.7275/bushel, up $0.045 from yesterday's close.&n...

USDA/FAS forecasts Vietnam’s feed demand to grow to 26.6 MMT. This is largely pushed by a 3.3 percent expansion in pig production, and poultry rising...

As the farm bill plays out – eventually - an interesting consumer survey was released last month by Purdue University’s Center for Food Demand...