The market opened today as it had closed from the previous night’s session, with double digit declines in many contracts. An hour into today’s...

Early reactions to President Trump’s tariff war are as expected. Major foreign trading partners are expressing shock and assuring Washington that if...

Yesterday, President Trump imposed reciprocal tariffs, stating: My fellow Americans, this is Liberation Day. April 2, 2025, will forever be remembered as t...

Export Sales and Shipments for March 21-27, 2025. Wheat: Net sales of 340,000 metric tons (MT) for 2024/2025 were up noticeably from the previous week and...

The Market  Prior to the Liberation Day tariffs that President Trump announced late Wednesday, oilseed markets were seeing noted strength due to renew...

May 25 Corn closed at $4.5775/bushel, down $0.04 from yesterday's close.  May 25 Wheat closed at $5.3925/bushel, down $0.0125 from yesterday's close.&...

President Trump declared 2 April as “Liberation Day” for U.S. trade policy, which is funny because the policies have nothing to do with liberat...

“Reciprocal” Tariffs President Trump’s political opponents acknowledge he is a great marketer and his multi-day hype of a “Liberati...

Russian Grain Markets: 24 – 28 March 2025 The Russian Ministry of Agriculture once again announced revised figures for the 2024 crop including occupi...

The CBOT was mostly higher following the all-important Prospective Plantings and Grain Stocks reports with traders looking to price in emerging factors now...

May 25 Corn closed at $4.6175/bushel, up $0.045 from yesterday's close.  May 25 Wheat closed at $5.405/bushel, up $0.035 from yesterday's close. ...

Trump’s tariff threats are said to be causing uncertainty, though its intent is transparent. One thing tomorrow’s release of the tariff plan wi...

USDA Retirement: USDA employees have until 8 Apil to decide whether to participate in the administration's so-called deferred resignation program. USDA emp...

Near-record negative margins for beef packers continue to dominate discussion of livestock industry margins this week. Beef packer profits rebounded slight...

Mediterranean/Middle East/North Africa/Africa – MEA Region There is very little information on the Middle East and North Africa due to the end of Ram...

May 25 Corn closed at $4.5725/bushel, up $0.04 from yesterday's close.  May 25 Wheat closed at $5.37/bushel, up $0.0875 from yesterday's close. ...

The big news in commodity markets Monday was the release of USDA’s Prospective Plantings and Grain Stocks reports, the former of which offered the ag...

Liberation Day Minus One The Trump team is said to be weighing 20 percent across the board tariffs, reducing the share of U.S. funding of the WTO, and crit...

President Trump said yesterday, his reciprocal tariffs will launch this Wednesday, calling it “Liberation Day.” Those new tariffs will affect "...

Argentina Continues to Face Weather Instability   Argentina remains in a period of climate instability, with frequent heavy rains, strong winds,...

The attached PDF offers graphical depiction and analysis of the latest USDA Grain Stocks data for key commodities. The data is, of course, taken from the q...

Friday’s CFTC report showed continued selling activity from managed money funds in the grain and oilseed sector. The action was expected, given the w...

It was all red this morning, except of course soyoil. Even lean hog futures were negative despite the relatively bullish USDA Hogs & Pigs report after...

May 25 Corn closed at $4.5325/bushel, up $0.0325 from yesterday's close.  May 25 Wheat closed at $5.2825/bushel, down $0.0375 from yesterday's close.&...

Argentine soybean farmers are selling their crop at the slowest pace in 10 years as producers bet on the likely effects of libertarian President Javier Mil...

The March Hogs and Pigs report offered the industry a much-needed look at what the supply situation is and is likely to be for the coming year. As WPI read...

Export Sales and Shipments for March 14-20, 2025.   Wheat: Net sales of 100,300 metric tons (MT) for 2024/2025 were down noticeably from the prev...

May 25 Corn closed at $4.5/bushel, down $0.0125 from yesterday's close.  May 25 Wheat closed at $5.32/bushel, down $0.0325 from yesterday's close.&nbs...

Futures traded bearishly mixed. The start of the trade war, the possible hiatus in the Ukraine war, static weather conditions, and major USDA reports to be...

USDA released its quarterly Hogs and Pigs report today. The inventory of all hogs and pigs on 1 March was 74.5 million head. This was down slightly from 1...

The Market  The big movement in oilseed markets this week is the rally in soyoil futures, which are up 4 percent from last week. The market has rallie...

The CBOT bears were in control of markets again on Wednesday and drove corn and wheat futures lower with significant technical developments. Fresh news rem...

May 25 Corn closed at $4.5125/bushel, down $0.065 from yesterday's close.  May 25 Wheat closed at $5.3525/bushel, down $0.08 from yesterday's close.&n...

Trade War Maneuvering Wall Street trading sank lower on word that the White House will announce today tariffs on automobile imports. While some U.S. farm g...

Russian Grain Markets: 17 – 21 March 2025 Russian farmers started planting and fertilizing winter crops which is rather early for this time of the ye...

Bears were in control of the CBOT on Tuesday and sent corn, soybeans, and wheat all lower with several significant technical developments. Fresh fundamenta...

May 25 Corn closed at $4.5775/bushel, down $0.0675 from yesterday's close.  May 25 Wheat closed at $5.4325/bushel, down $0.05 from yesterday's close.&...

U.S. manufacturing energy consumption has continued to increase, according to the EIA’s recently released survey results for 2022. The agency conduct...

Transatlantic Provocations No one knows what to fully expect on 2 April and the launch of President Trump’s “Liberation Day.” Bill Reinsc...

Mediterranean/Middle East/North Africa/Africa – MEA Region Morocco’s rainfall has increased this year after the last two/three years of drought...

The big story in livestock industry margins continues to be the record-breaking weakness in beef packer profits, which fell another $50/head last week to -...

The CBOT saw a mostly quiet day to start the week with grains and the oilseed complex trading mostly sideways as traders await shifts in demand or any upda...

Hill Trade Advice:  The U.S. House Ways & Means’ Trade Subcommittee holds a hearing tomorrow on American trade negotiation priorities. Witne...

May 25 Corn closed at $4.645/bushel, up $0.0025 from yesterday's close.  May 25 Wheat closed at $5.4825/bushel, down $0.1 from yesterday's close. ...

The U.S. has imposed tariffs widely against a host of trading partners, and those partners have retaliated with duties of their own. AgWeb's March monthly...

Corn Market  Thanks to a week of minimal rainfall across Argentina’s agricultural region, the corn harvest is gaining momentum. Weekly progress...

The fundamentals are unchanged but there is a cloud overhead due to the impending tariff war and the headwinds that portends. So, the market today and all...

U.S. Cattle on Feed in U.S. feedlots with capacity of 1,000 or more head was 11.6 million head on March 1, 2025. The inventory was 2 percent below March 1,...

USDA released the monthly Cattle on Feed report today. The total inventory in feedlots of 1,000 head or more capacity is 11.6 million head, 98 percent of l...

May 25 Corn closed at $4.6425/bushel, down $0.0475 from yesterday's close.  May 25 Wheat closed at $5.5825/bushel, up $0.01 from yesterday's close.&nb...

Southern Plains cow-calf producers saw excellent profitability in 2024, which, by some measures, was the best in history. Current prices indicate that 2025...

Wheat was the ball and chain while corn was the balloon in today’s trading. The weekly USDA Export Sales report from USDA was notable for wheat with...

Export Sales and Shipments for March 7-13, 2025   Wheat: Net sales reductions of 248,800 metric tons (MT) for 2024/2025--a marketing-year low--we...

May 25 Corn closed at $4.69/bushel, up $0.07 from yesterday's close.  May 25 Wheat closed at $5.5725/bushel, down $0.0625 from yesterday's close. ...

The Market  The weekly Export Sales report was disappointing for soybeans as old crop net sales fell by half from the prior week and new crop net sale...

What a difference a year makes! No one will forget how out of balance cattle markets were in 2022 with margins steeply favoring the packer, while feedlots...

Except for the wheat market, the CBOT and CME largely continued their existing trends on Wednesday. Wheat futures offered perhaps the most interesting trad...

May 25 Corn closed at $4.62/bushel, up $0.0325 from yesterday's close.  May 25 Wheat closed at $5.635/bushel, down $0.015 from yesterday's close. ...

Today was National Agriculture Trade Day, an effort to boost awareness about the benefits of trade to the sector. However, the milestone also sparked debat...

Russian Grain Markets: 10 – 14 March 2025 Probably for the first time in recent history the Russian Ministry of Agriculture has announced crop produc...

Livestock industry margins were mostly lower last week as rising input costs crimped the profitability outlook. Declines were greatest for feedlot placemen...

Once again, the big action in the ag futures markets was in the cattle markets, where futures hit new contract and all-time highs for the second straight d...

The cattle marketing year is off to a strange start. In the first eight weeks of 2025, weekly carcass weights have averaged 40 pounds more than the same pe...

May 25 Corn closed at $4.5875/bushel, down $0.0225 from yesterday's close.  May 25 Wheat closed at $5.65/bushel, down $0.035 from yesterday's close.&n...

‘Dirty 15’ Treasury Secretary Scott Bessent said that the Trump Administration may provide one unique number as the newly applied general tarif...

Mediterranean/Middle East/North Africa/Africa – MEA Region Tunisia and Algeria are seeing swarms of desert locusts coming from Libya on current stron...

The CBOT saw wheat lead the way higher as traders are increasingly concerned about dry weather in the U.S. Southern Plains, as well as parts of the Black S...

May 25 Corn closed at $4.61/bushel, up $0.025 from yesterday's close.  May 25 Wheat closed at $5.685/bushel, up $0.115 from yesterday's close.  M...

The House of Representatives and the U.S. Senate have both passed the full-year Continuing Appropriations Act, which would fund the government under a cont...

Corn Harvest Progress and Crop Conditions Rain has slowed the corn harvest across much of Argentina’s central region, with progress advancing just 1...

Regional News  Egg shortages and rising prices are not just a feature of U.S. agriculture right now, German and northern European markets broadly are...

The first 100 days of the second Trump presidency doesn’t end until 30 April and is a meaningless metric because Donald Trump’s initiatives wil...

Last week’s CFTC report showed some interesting an unexpected trends. First, despite the technical bounce in corn futures, funds cut 36 percent of th...

There was little in terms of new fundamentals today, and on generally lower volume the board saw mixed trading and results. It was a big week for HRW as th...

May 25 Corn closed at $4.585/bushel, down $0.0675 from yesterday's close.  May 25 Wheat closed at $5.57/bushel, down $0.055 from yesterday's close.&nb...

Brazilian soybean farmers will reap an even bigger crop in the 2024/25 season than previously expected, according to forecasts released by the Brazilian cr...

The U.S. grain export industry – and the transportation sector broadly – are increasingly concerned about the USTR’s proposed Section 301...

The market is facing many knowns and unknowns. How President Trump’s tariff war will proceed is top among the unknowns, though it cannot be good unti...

May 25 Corn closed at $4.6525/bushel, up $0.045 from yesterday's close.  May 25 Wheat closed at $5.625/bushel, up $0.085 from yesterday's close. ...

Historical red meat and poultry supply and use estimates are adjusted to reflect revisions in slaughter, inventory, cold storage, and production data. Tota...

The Market  Of course, the big news in oilseed markets this past week has revolved around tariffs and retaliatory tariffs – most notably China a...

The CBOT was mostly lower on Wednesday as the lack of big changes in the March WASDE effectively amounted to ammunition for bears. Bull markets need to be...

May 25 Corn closed at $4.6075/bushel, down $0.095 from yesterday's close.  May 25 Wheat closed at $5.54/bushel, down $0.0275 from yesterday's close.&n...

Russian Grain Markets: 3 – 7 March 2025 The Russian Ministry of Agriculture forecasts this year's total planted area to be higher than the previous y...

Tariff Waste Now that Trump tariffs are going into full swing, the question is for what objective? The President says other countries treat America unfairl...

Livestock industry margins were mostly steady/higher last week, with the notable exception of beef packer margins. Beef processing profits fell $20/head la...

Today’s March USDA WASDE report did nothing to temper the bearish mood in both commodity and equity markets. Volume was light ahead of the WASDE rele...

Soybeans: USDA’s March estimates for the U.S. 2024/25 season are unchanged this month. The season-average soybean price is projected at $9.95 per bus...

Corn: USDA’s March estimates for the U.S. 2024/25 season are unchanged from last month – and the season-average corn price received by farmers...

Wheat: USDA reduced U.S. wheat exports for the 2024/25 season by 15 million bushels and increased imports by 10 million bushels.  The result is that U...

May 25 Corn closed at $4.7025/bushel, down $0.0175 from yesterday's close.  May 25 Wheat closed at $5.5675/bushel, down $0.0575 from yesterday's close...

Q1 GDP growth is expected to be negative, per the Atlanta Fed “GDPNow.” Spending data is still generally positive through January, however, con...

The second Trump administration has roiled global markets in just its first few weeks in office, with some of the biggest impacts coming from the applicati...

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s change in government wheat importation is said to have led to market confusi...

May 25 Corn closed at $4.72/bushel, up $0.0275 from yesterday's close.  May 25 Wheat closed at $5.625/bushel, up $0.1125 from yesterday's close. ...

Pre-WASDE positioning and reactions to various tariffs and retaliatory tariffs drove much of the market’s action on Monday. The big news was China&rs...

Last night, Canada selected a new prime minister-elect, as Justin Trudeau's reign, since November 2015, comes to a close amid a trade war with the U.S. On...

Wheat  In February, rainfall in Argentina’s core agricultural region averaged 222 mm, nearly double the 30-year historical average for the month...

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...