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...

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...

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...

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. ...

Despite bearish supply and demand outlooks coupled with the ongoing selloff in global equity markets, the CBOT’s major grain and oilseed markets turn...

Too long; didn’t read, so summarized here.  Successful Farming: Farmers are trying new things. We are looking at the data from new harvest metho...

Wheat The Buenos Aires Grain Exchange said the wheat planting has ended with a total seeded area of 6.3 Mha, aligning it with other private estimates of 6...

Representatives Mike Carey (R-Ohio) and Ann Kuster (D-New Hampshire) last month introduced the Biodiesel Tax Credit Extension Act of 2024 that would extend...

Regional News  Russia’s ag ministry says the country exported a record volume of 70 MMT of grain in 2023/24 but that total will fall to 60 MMT f...

Friday’s CFTC report shows that funds were – through Tuesday’s data reporting deadline – cautiously covering shorts in corn and soy...

The CBOT saw some light short covering in corn, wheat, and soybeans develop after this week’s deeply bearish trade that brought new contract lows in...

The Market With expectations of higher U.S. soybean output this season than officially suggested thus far, new crop positions printed new contract lows thi...

Dec 24 Corn closed at $4.0325/bushel, up $0.0475 from yesterday's close.  Sep 24 Wheat closed at $5.39/bushel, up $0.07 from yesterday's close. ...

Corn, the soy complex, and cattle futures each saw extended weakness in Thursday’s CBOT trade with the crop markets coming under pressure from favora...

Export Sales and Shipments for July 19-25, 2024 Wheat:  Net sales of 286,600 metric tons (MT) for 2024/2025 were down 7 percent from the previous week...

Although the Biden Administration is pushing quasi-trade agreements like APEP and IPEF, they are only expected to impact the movement of goods and services...

Dec 24 Corn closed at $3.985/bushel, down $0.0125 from yesterday's close.  Sep 24 Wheat closed at $5.32/bushel, up $0.0475 from yesterday's close.&nbs...

Tyne Morgan of the U.S. Farm Report points out that U.S. farm income is facing its largest drop in value in 2024 and its largest ever two year drop in real...

Labor is still playing a role in cattle markets as it has since the COVID interruptions in 2020, and the labor shortage during the high beef demand period...

This growing season’s major crops were already looking good, and now weather conditions are improving. If that doesn’t spell bearish, how about...

Activists Lose As of this week, there are 136 statewide ballot measures to be voted on this November in 39 different states. That is down more than 15 perc...

Dec 24 Corn closed at $3.9975/bushel, down $0.0525 from yesterday's close.  Sep 24 Wheat closed at $5.2725/bushel, up $0.0325 from yesterday's close.&...

U.S. cow-calf producers are facing unprecedented economic incentives to expand the beef herd with expected production margins hitting record highs this yea...

Russian Grain Markets: 22–26 July 2024 This season Russia will fail to produce a record crop despite an earlier harvesting campaign. The Ministry of...

Better-than-expected crop ratings and shifting global weather forecasts sent the CBOT lower again on Tuesday. Monday’s Crop Conditions report showed...

Summarized policy ideas under current debate. Technology Revolutions: The U.S. has not missed many (computers, space, nuclear power, semiconductors, solar,...

Dec 24 Corn closed at $4.05/bushel, down $0.0725 from yesterday's close.  Sep 24 Wheat closed at $5.24/bushel, down $0.07 from yesterday's close. ...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Turkey’s year end wheat stocks are expected to drop by 61 percent d...

The CBOT started the week with a collapse in soybeans and the broader soy complex in early trade that pulled corn and wheat lower as well. Soybeans, soyoil...

More than 50 years after direct genetic modification was first identified, and nearly three decades after GMO crop production began in the U.S., it is stil...

Dec 24 Corn closed at $4.1225/bushel, up $0.0225 from yesterday's close.  Sep 24 Wheat closed at $5.31/bushel, up $0.075 from yesterday's close. ...

The Federal Reserve starts its July meeting tomorrow and has now received the last key data. The Personal Consumption Expenditure (PCE) prices – the...

Regional News  Kazakhstan’s grain harvest is expected to coincide with heavy rains forecast for the next few weeks, which will likely cause a si...

Wheat  According to the Buenos Aires Grain Exchange, Argentina’s wheat planting reached 98.5 percent of the expected 6.3 Mha last week, with som...

As expected, short-covering was the major theme from the latest CFTC Commitments of Traders report, which showed that managed money funds backed off from t...

Most of the major agricultural commodity contracts opened today’s trading session in the red and stayed that way to the close. Only feeder cattle and...

Dec 24 Corn closed at $4.1/bushel, down $0.1075 from yesterday's close.  Sep 24 Wheat closed at $5.235/bushel, down $0.1425 from yesterday's close.&nb...

Non-Meat: In a first, a Europe-based company has sought EU approval to market lab-grown meat, in this case fake foie gras. Some member states have already...

Recently, WPI has received requests from a few clients to provide some analysis on the cocoa market.   Clearly, there is a reason for this reques...

June 2024 total red meat and poultry stocks were up slightly from May but 5.4 percent below June 2023 levels due to sharp declines in poultry and pork stoc...

Export Sales and Shipments for July 12-18, 2024 Wheat:  Net sales of 309,300 metric tons (MT) for 2024/2025 were down 47 percent from the previous wee...

The headline for the CBOT on Thursday was the unexpected surge in soymeal export sales that boosted that market and new crop soybeans to strong gains for t...

Dec 24 Corn closed at $4.2075/bushel, up $0.0275 from yesterday's close.  Sep 24 Wheat closed at $5.3775/bushel, down $0.0925 from yesterday's close.&...

The Market The soy complex is on something of a rebound this week. A weather premium is finally being added as the outlook is hot and dry for August when p...

As of 24 July, there have been 170 cases of HPAI in dairy herds across 13 States with the last being 22 July, in Colorado. The first confirmed case was 25...

The CBOT had relatively little fresh news upon which to trade Wednesday, which meant markets were largely at the mercy of fund positioning and existing tre...

Trump versus Harris Trade Policy While trade policy analysts assess the future of their vocation under either a Trump or Harris presidency, there is not a...

The International Grains Council recently increased its forecast for global flour trade by 11 percent to 16.1 MMT, though that would still be a decline of...

Dec 24 Corn closed at $4.18/bushel, up $0.0075 from yesterday's close.  Sep 24 Wheat closed at $5.47/bushel, up $0.0425 from yesterday's close. ...

Russian Grain Markets: 15–19 July 2024 Russia started harvesting several weeks earlier this season due to hot weather conditions and early maturity o...

After two days of exciting trade, the CBOT settled down a little on Tuesday to reflect more deeply on market fundamentals. Monday’s Crop Progress dat...

At the end of June, there were 97.335 million birds depopulated due to HPAI; more than 75 percent at 73.5 birds, were egg layers. So far this month accordi...

Dec 24 Corn closed at $4.1725/bushel, up $0.0225 from yesterday's close.  Sep 24 Wheat closed at $5.4275/bushel, down $0.0525 from yesterday's close.&...

U.S. Policy Battle The two major parties are past the battle over President Biden’s age and should move on to the policy differences. Democrats will...

In just four years, U.S. production of canola has expanded by 73 percent, albeit from a smaller base. The production of biodiesel and renewable diesel are...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iraq’s government announced record local wheat purchases of 6.3 MMT...

The CBOT was mostly higher for the day with the strength originating from the soybean market and spilling over into corn and soybeans. The soybean market d...

Dec 24 Corn closed at $4.15/bushel, up $0.1025 from yesterday's close.  Sep 24 Wheat closed at $5.48/bushel, up $0.0525 from yesterday's close. ...

Because the information superhighway is tl;dr, we did the work for you and summarized the most relevant. Economic Growth: It is not just the result of buil...

Rice prices have begun to normalize after spiking recently due to India fearing a shortage and imposing export restrictions. This sparked panic buying and...

The 2024 election cycle has been unique from the outset, and it just got more so with President Joe Biden opting to step aside. This came after more than t...

Wheat Argentina’s 2024/25 new crop wheat campaign is already 95 percent sown, but the last plots are struggling to finish. The lack of surface moistu...

Regional News  Russia set a new record for wheat exports in MY 2023/24, with the country shipping 55.3 MMT of grain and accounting for 26.1 percent of...

The latest CFTC Commitment of Traders report highlights the ongoing bearish sentiment for oilseed and grain markets with managed money traders remaining ma...

Dec 24 Corn closed at $4.0475/bushel, down $0.0025 from yesterday's close.  Sep 24 Wheat closed at $5.4275/bushel, up $0.075 from yesterday's close.&n...

Trading opened today’s session mostly in the green, except for feeder cattle, but late in the session corn and the soybean complex turned lower. Nota...

USDA released the monthly Cattle on Feed report today. Total inventory was up as expected, but a big drop in placements and a lower-than-expected volume of...

Recently, a WPI client asked if we could summarize the major factors that have driven commodity markets over the past several months. The goal is to succin...

Export Sales and Shipments for July 5-11, 2024.   Wheat:  Net sales of 578,500 metric tons (MT) for 2024/2025 were up noticeably from the pr...

Dec 24 Corn closed at $4.05/bushel, down $0.0675 from yesterday's close.  Sep 24 Wheat closed at $5.3525/bushel, down $0.04 from yesterday's close.&nb...

The CBOT saw a mixed day of trade with corn and soybeans seeing pressure from favorable U.S. weather outlooks and large supply expectations. Soybeans manag...

Doubling Down on Protectionism Typically, the party platforms crafted every four years by Republicans and Democrats are equally meaningless. Some of their...

The Market November soybeans traded at a new intrasession contract low of 1031.75/bushel on Thursday, a four-year low, but then bounced back and closed at...

Last week, WPI noted in a summer cattle market outlook that 14 percent of the cattle producing regions were in drought, compared to 38 percent last year, w...

Dec 24 Corn closed at $4.1175/bushel, up $0.03 from yesterday's close.  Sep 24 Wheat closed at $5.3925/bushel, up $0.085 from yesterday's close. ...

The CBOT saw generally quiet, steady trade at mid-week, but many players noted firmer undertones as futures stabilize or start to recover from deeply overs...

No Olive Branch In 2018, the U.S. began imposing 30-44 percent antidumping and countervailing duties on ripe olives originating in Spain. The EU was aghast...

Russian Grain Markets: 8–12 July 2024 Russian grain markets remained unmistakably bearish which is tradition at the peak of grain harvesting campaign...

Tuesday’s CBOT trade featured gains in corn and the soy complex with funds casually covering some of their massive short positions amid oversold tech...

On the eve of the Republican national nominating convention, Former President Trump has picked freshman Ohio Senator JD Vance, a one-time critic, to be his...

Dec 24 Corn closed at $4.0875/bushel, up $0.045 from yesterday's close.  Sep 24 Wheat closed at $5.3075/bushel, down $0.0175 from yesterday's close.&n...

Food Security Angst Norway announced that it would spend $6 million a year for five years to build up a 60–75-thousand-ton grain reserve, or a three-...

The latest OECD-FAO Agricultural Outlook plots the growth outlook to 2033 for the major animal proteins and with little surprise, poultry expands its lead...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan has banned the import of wheat and the export of wheat flour in...

The CBOT was sharply lower on Monday with markets seeing continued pressure from Friday’s generally bearish WASDE, favorable Midwest weather trends,...

Dec 24 Corn closed at $4.0425/bushel, down $0.105 from yesterday's close.  Sep 24 Wheat closed at $5.325/bushel, down $0.1825 from yesterday's close.&...

The July WASDE upped the projections for red meat production and trimmed the broiler forecast by 85 million pounds.  The beef forecast is up on heavi...

Grains  Weather  Argentina has faced extreme cold across the country for several days with temperatures well below 0 degrees Celsius for many hou...

Farm Bill Reassessment The chance of reauthorizing the farm bill this year was already looking unlikely but now it has shifted that way for new reasons. A...

It has been a volatile year for global sugar prices. They hit 27.95 cents/pound on 6 November 2023 – the highest since 1980. They fell 30 percent to...

CBOT futures had a relatively muted reaction to the USDA’s July WASDE as large U.S. and global new crop ending stocks damped much of any potential vo...

Dec 24 Corn closed at $4.1475/bushel, up $0.04 from yesterday's close.  Sep 24 Wheat closed at $5.5075/bushel, down $0.205 from yesterday's close.&nbs...