The Market Tuesday’s USDA WASDE report took a toll on soybeans. There was an attempted reversal in trading the next two-days, but today’s marke...

Dec 23 Corn closed at $4.7625/bushel, down $0.0425 from yesterday's close.  Dec 23 Wheat closed at $6.0425/bushel, up $0.105 from yesterday's close.&n...

Just over a year ago (29 August), WPI reported on the California Air Resources Board (CARB) having finalized a rule that would effectively outlaw the sale...

The certainty that comes with USDA WASDE numbers inevitably fades during subsequent trading sessions as the focus shifts to what some might derisively call...

Skewing Farm Output The activist group Farm Action is usually slaying mythical creatures like Big Ag or the $750 million checkoff programs used by farm org...

Looking at the recently released meat price spreads from USDA can provide some hints as to what is going on in the livestock and wholesale meat markets. Re...

Dec 23 Corn closed at $4.805/bushel, down $0.0175 from yesterday's close.  Dec 23 Wheat closed at $5.9375/bushel, down $0.035 from yesterday's close.&...

Export Sales and Shipments for September 1-7, 2023 Wheat:  Net sales of 437,900 metric tons (MT) for 2023/2024 were up 18 percent from the previous we...

Corn and soybeans staged reversals to yesterday’s WASDE-driven declines while wheat continued tacking higher on the report’s forecasted decline...

CBAMing Meat The EU is scheduled to soon publish a revised animal welfare directive that could impact suppliers in other countries. Much the way Brussels f...

Dec 23 Corn closed at $4.8225/bushel, up $0.0575 from yesterday's close.  Dec 23 Wheat closed at $5.9725/bushel, up $0.0975 from yesterday's close.&nb...

Russian Grain Markets: 4–8 September 2023  Russian grain markets remained bearish, however, export volumes of all agricultural commodities from...

USDA reduced U.S. soybean stocks for 2023/24 to 220 million bushels, down 25 million from last month.  Global soybean ending stocks are reduced 0.2 mi...

USDA made slight increases in U.S. corn for 2023/24 - U.S. corn outlook is for slightly larger supplies and use unchanged.  The result is ending stock...

USDA made no changes in total U.S. wheat for 2023/24.  Global supplies are projected to decline 7.2 million tons to 1,054.5 million, primarily on lowe...

Dec 23 Corn closed at $4.765/bushel, down $0.0925 from yesterday's close.  Dec 23 Wheat closed at $5.875/bushel, up $0.03 from yesterday's close. ...

The September WASDE report has now come and gone, and we are here to pick up the pieces. In general, the bears got to celebrate National Chocolate Milkshak...

Mexico’s Transition The U.S. effort at near-shoring has demand for Mexican warehouses and industrial parks surging. However, one deficit may be energ...

Most eyes on today’s WASDE were looking at the crop side since this is the first report with field test data. That feedback, however, is important to...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Israel reportedly signed a wheat supply agreement with Azerbaijan and Uzb...

Speculators have been reducing their market exposure for the last several sessions but today still had some unique attributes: Higher volume in corn, SRW,...

India’s Curious G20 Outcome The GATT was derided for being the General Agreement to Talk and Talk and former U.S. ambassador to India Ken Galbraith s...

Dec 23 Corn closed at $4.8575/bushel, up $0.02 from yesterday's close.  Dec 23 Wheat closed at $5.845/bushel, down $0.1125 from yesterday's close.&nbs...

The Federal Open Market Committee (FOMC) will meet this month to discuss the next step in monetary policy. As it stands now, the Federal Fund Futures marke...

Wheat Since our last report, there have been some rains in much of the agricultural region that was affected by drought, especially in the Nucleus region a...

With mostly average to lower trading volumes and narrow trading ranges, there is some speculative comfort ahead of USDA’s September WASDE arriving ju...

Export Sales and Shipments for August 25-31, 2023   Wheat:  Net sales of 370,300 metric tons (MT) for 2023/2024 were up 13 percent from the...

The Supreme Court will be hearing a potentially significant tax case in the upcoming 2023-2024 session which starts next month, Moore v United States. In a...

The Market The September USDA WASDE will be issued on Tuesday, 12 September and most analysts believe the agency will reduce the average soybean yield from...

Dec 23 Corn closed at $4.8375/bushel, down $0.025 from yesterday's close.  Dec 23 Wheat closed at $5.9575/bushel, down $0.04 from yesterday's close.&n...

There was direction in the market today, but some of it was a little surprising. There was some higher volume but only in soyoil and live cattle. To call c...

Industrial Planning Issues The U.S. and EU are reportedly working on a plan to jointly impose tariffs on excess steel production from China. Hopefully it g...

With the Labor Day holiday behind us it is timely to look at the hog and pork market. Slaughter the week before Labor Day was down 4.3 percent – thou...

Dec 23 Corn closed at $4.8625/bushel, up $0.005 from yesterday's close.  Dec 23 Wheat closed at $5.9975/bushel, down $0.0925 from yesterday's close.&n...

Tuesday’s surprise (but not entirely unexpected) decline in U.S. corn and soybean conditions ratings, in tandem with more Russian attacks on Ukrainia...

India’s Day in the Sun The G20 meeting occurs this coming weekend in the New Delhi convention center and India is making the most of its central role...

Dec 23 Corn closed at $4.8575/bushel, down $0.0025 from yesterday's close.  Dec 23 Wheat closed at $6.09/bushel, up $0.0975 from yesterday's close.&nb...

A drop in U.S. beef exports is corresponding with the cattle cycle fall in production. U.S. beef production is falling by a half million tons, with domesti...

Russian Grain Markets: 28 August–1 September 2023  Russian grain markets finally signaled that the new crop is calling the shots on the market...

The CBOT started the holiday-shortened week in a lackluster manner with the soy complex sinking lower, largely on weaker palm oil values and soymeal delive...

Worker-Centric Comments The Biden Administration complains that U.S. trade policy has historically focused on increasing transactions and lowering consumer...

To feed the world, countries need to have more arable land than is needed to feed the domestic population and have a higher yield or crop output per unit o...

Dec 23 Corn closed at $4.86/bushel, up $0.045 from yesterday's close.  Dec 23 Wheat closed at $5.9925/bushel, up $0.0375 from yesterday's close. ...

The Senate is back in session today; the House of Representatives will return on 12 August. Top of the Congressional agenda will be funding the federal gov...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt and India are discussing a possible arrangement for the trade of Eg...

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 CBOT was mostly flat in quiet trade to end the week with traders showing little concern for a weekend of hot, dry weather for most of the crop-growing...

The U.S. will celebrate Labor Day on Monday, 4 September, and the U.S. markets as well as our office will be closed that day. The next Ag Perspectives will...

Dec 23 Corn closed at $4.815/bushel, up $0.0325 from yesterday's close.  Dec 23 Wheat closed at $5.955/bushel, down $0.065 from yesterday's close.&nbs...

The Market The soy complex lost value this week but the overall trend remains up. In fact, November soybeans almost moved over $14/bushel early this week...

Later this month, USDA will release the quarterly Hogs and Pigs report sizing up the swine herd as of 1 September. There are a lot of reasons – none...

It was another day of the weather and Chicago working at cross purposes. Continued heat and dryness are expected to knock corn and soybean yields lower but...

U.S. Trade Representative Katherine Tai is pushing back at critics of the Biden Administration’s withdrawal from decades of trade liberalization. She...

Dec 23 Corn closed at $4.7825/bushel, down $0.025 from yesterday's close.  Dec 23 Wheat closed at $6.02/bushel, down $0.05 from yesterday's close.&nbs...

For the past few weeks, hot weather has impacted feeder cattle sales to feedlots; that’s something that is likely to show up in the Cattle on Feed re...

        Export Sales and Shipments for August 18-24, 2023. Wheat:  Net sales of 329,100 metric tons (MT) for 2023/2024 were down 1...

The CBOT was lower on Wednesday, but it wasn’t because of a favorable shift in the U.S. weather. Rather, it was – or at least it seemed to WPI...

Dec 23 Corn closed at $4.8075/bushel, down $0.06 from yesterday's close.  Dec 23 Wheat closed at $6.07/bushel, up $0.065 from yesterday's close. ...

lt seemed good as inflation dropped from 9.1 percent in June 2022 to 3 percent in July 2023. Some politicians credited the Inflation Reduction Act, at leas...

Euractiv reports that 30 percent of the agricultural exporters in Albania have gone bankrupt. The cause? The rapid appreciation of the national currency, t...

Russian Grain Markets: 21–25 August 2023  Russian grain markets remained under pressure from a good crop, however, export duties decreased to al...

The CBOT was entirely red across the major ag commodities Tuesday as weak technical conditions and better than expected crop conditions pressured trader se...

The recent BRICS+ meeting in South Africa highlighted some of the animosity toward a world order long dominated by countries comprising just a minority of...

There is a lot of discussion around energy use and emissions from the agriculture and food sectors. There are three types of emissions that various models...

Dec 23 Corn closed at $4.8675/bushel, down $0.095 from yesterday's close.  Dec 23 Wheat closed at $6.005/bushel, down $0.165 from yesterday's close.&n...

Norway will reportedly begin spending $6 million/year through the end of the decade to purchase 15,000 MT grain each year for a strategic reserve. Although...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan’s wheat harvest of 27.5 MMT this year is still about 2.6 M...

The CBOT was mixed to start the week with soybeans surging early on the hot, dry conditions last week and forecast for this week, with an added boost from...

Federal Reserve Chairman Jerome Powell delivered his address to the Federal Reserve’s annual policy conference in Jackson Hole, Wyoming on Friday. La...

Unlike grains, oilseeds and livestock products, the U.S. is increasingly import dependent for fresh vegetables. About one-third of the U.S. fresh vegetable...

Dec 23 Corn closed at $4.9625/bushel, up $0.0825 from yesterday's close.  Dec 23 Wheat closed at $6.17/bushel, down $0.0475 from yesterday's close.&nb...

Regional News  Insurance companies involved in offering policies for Russian oil traversing the Black Sea have increased premiums by 1 percent to 1.2-...

Wheat The trend for Argentina’s wheat fields is that good plots continue to improve while stressed crops continue to worsen. The country saw rain las...

Dec 23 Corn closed at $4.88/bushel, down $0.0025 from yesterday's close.  Dec 23 Wheat closed at $6.2175/bushel, down $0.1 from yesterday's close.&nbs...

If not for the ProFarmer Crop Tour, most observers would be looking outside of the agricultural commodity markets for some entertainment this week. And the...

USDA released its August food CPI forecast today; the expectation for the rest of the year is range bound with a mid-point of 5.9 percent. The most interes...

His Excellency Hyperbole In group dynamics, all manner of threats are used to try and compel action. These include setting deadlines, threatening adverse c...

The Market The switch in early August to more promising weather for U.S. soybeans has now turned back hot and dry with reasonable impacts on prices. For th...

Export Sales and Shipments for August 11-17, 2023   Wheat:  Net sales of 406,000 metric tons (MT) for 2023/2024 were up 13 percent from the...

You are reading this report to better understand the issue of risk. This might make you unusual since the Global Financial Literacy Excellence Center repor...

Dec 23 Corn closed at $4.8825/bushel, down $0.0225 from yesterday's close.  Dec 23 Wheat closed at $6.3175/bushel, down $0.08 from yesterday's close.&...

The BRICS Group, a club of nations with the goal of tilting the international order away from the West, has invited six countries to join and make it an un...

Where do livestock issues fit into the coming farm bill debate? With the exception of dairy programs, livestock is always a moving target. In the 1996 farm...

July 2023 total red meat and poultry stocks were down from June and were 4.2 percent below July 2022 as beef and pork stocks continue to tighten. Once agai...

The CBOT was higher to start the day after Russia attacked more Ukrainian export and grain infrastructure in Odesa and the country’s Danube River por...

BRICS Differ In the adjacent article on BRICS Dominate, it is noted how the five key countries (Brazil, Russia, India, China, South Africa) meeting this we...

The BRICS countries (Brazil, Russia, India, China, South Africa) meeting in South Africa are being noted for contributing a higher share (31.5 percent) to...

Dec 23 Corn closed at $4.905/bushel, up $0.11 from yesterday's close.  Dec 23 Wheat closed at $6.3975/bushel, up $0.1225 from yesterday's close. ...

Russian Grain Markets: 14–18 August 2023  Russian grain markets remained under the pressure of a good crop, higher freight rates, and ever-growi...

The soil moisture-sapping Midwest heatwave is still ongoing, but you might not know that from the CBOT’s action on Tuesday. Both corn and soybeans &n...

Last week, WPI previewed the Farm Computer Usage and Ownership report. It has been released and is worth a re-visit given the implications for precision ag...

Rejecting Progress Two decades ago, the WTO held its Fifth Ministerial in Cancún, Mexico. At the time, Mexico’s campesinos or peasant farmers...

Dec 23 Corn closed at $4.795/bushel, down $0.03 from yesterday's close.  Dec 23 Wheat closed at $6.275/bushel, up $0.02 from yesterday's close. ...

Washington goes paranoid over import dependence on microchips and EV’s, but not food despite a recent trade deficit in grub. Nations that have experi...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s GASC said it is ready to act as a re-export center for Russ...

The U.S. weather was just as hot and dry over the weekend as expected and this week’s outlook is unchanged with scorching temperatures predicted for...

Dec 23 Corn closed at $4.825/bushel, down $0.105 from yesterday's close.  Dec 23 Wheat closed at $6.255/bushel, down $0.135 from yesterday's close.&nb...

Follow the Rhetoric The term “global warming” evolved to “climate change” and then to “climate crisis.” Each new framin...

The COVID supply chain meltdown created anxiety over the availability of agricultural inputs. This compelled many operators to look forward and lock in the...

Argentina has an upcoming Presidential election in October. Candidates in Argentina run in an open, or what is called in the U.S. a “jungle,” p...

Macroeconomics After Argentina’s elections and currency devaluation, it experienced another week filled with rumors and uncertainty. Financial and pa...

Milling Wheat  Pressure in the American futures markets continued to drive world wheat values lower last week, with the exception for Friday’s s...

The CBOT was almost uniformly higher to end the week as crop markets are increasingly concerned about the coming two-week weather forecast. The next week w...

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

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 million head...

USDA reported that U.S. Cattle on Feed was down 2 percent to on August 1, 2023 to total 11 million head in feedlots with capacity of 1,000 or more head.&nb...

Dec 23 Corn closed at $4.93/bushel, up $0.0725 from yesterday's close.  Dec 23 Wheat closed at $6.39/bushel, up $0.2375 from yesterday's close. ...

The Market Early August delivered cooler air and rain showers, setting up good survival conditions for what is expected to be a return of heat and dryness,...

Friends on IPEF The Washington Post is generally a friendly newspaper when it comes to the Biden Administration but even it could not countenance the White...

For the bull’s, let us count the ways: Midwest weather has turned back hot and dry. Russia is blowing up Ukraine’s grain export capacity; the...

Dec 23 Corn closed at $4.8575/bushel, up $0.0425 from yesterday's close.  Dec 23 Wheat closed at $6.1525/bushel, down $0.0775 from yesterday's close.&...

Export Sales and Shipments for August 4-10, 2023 Wheat:  Net sales of 359,500 metric tons (MT) for 2023/2024 were down 37 percent from the previous we...

USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 August at 98.4 pe...

Refusing to be Boxed President Biden has likely done as much or more on the environment than any other White House occupant but that does not satisfy the z...

The CBOT turned higher on Wednesday with another Russian attack on Ukraine’s Danube River ports and a hot, dry weather forecast for the Midwest offer...

Dec 23 Corn closed at $4.815/bushel, up $0.06 from yesterday's close.  Sep 23 Wheat closed at $5.9775/bushel, down $0.0075 from yesterday's close.&nbs...

Russian Grain Markets: 7–11 August 2023  The Russian grain market was not following one clear trend. Partly because of the geographical spread o...

The Philippines Department of Agriculture announced the need to import another 500 KMT of rice. The country is already the second largest importer of rice...

The CBOT was sharply lower for the day with wheat, corn, and soybeans all breaking major technical support points. Yesterday’s better-than-expected C...

On Thursday of this week, USDA’s National Ag Statistics Service (NASS) will issue a relatively obscure report: Farm Computer Usage and Ownership. Que...

Trade Deficit Focus The U.S. trade deficit for goods and services declined slightly in June for the second month in a row but the overall annual number is...

Sub-Saharan Africa is very diverse and defies a singular stereotype. Income ranges from the Seychelles off the eastern coast at nearly $30,000 per capita,...

Dec 23 Corn closed at $4.755/bushel, down $0.1225 from yesterday's close.  Sep 23 Wheat closed at $5.985/bushel, down $0.175 from yesterday's close.&n...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Morocco’s National Federation of Millers has advised that current w...

The CBOT found a bit of strength following a generally bearish August WASDE with soybeans playing the role of upside leader on a newly hot, dry two-week Mi...

No Mr. Nice Guy President Biden has kept many of his predecessor’s market access barriers but some of his supporters said that at least it is “...

Dec 23 Corn closed at $4.8775/bushel, up $0.005 from yesterday's close.  Sep 23 Wheat closed at $6.16/bushel, down $0.1075 from yesterday's close.&nbs...

Exchange rates and the commodity trade are inextricably mixed. Multiple recent developments are forcing board room recalculations as to where forex is goin...

Political scientists and theoreticians have long debated the shape of the political spectrum; is it a straight line from left to right? Or is it a curve wh...

Macroeconomics and Politics This weekend, Argentina’s primary elections were held to determine candidates for the general elections scheduled for Oct...

Regional News  Moldova’s corn production for 2023 will triple in size from the prior year and reach 2.1 MMT, according to government estimates...

USDA reduced their estimate for U.S. soybean ending stocks to 245 million bushels, down 55 million from last month.  The first survey-based soybean yi...

USDA increased their estimate for 2023/24 U.S. corn outlook beginning stocks by 55 million bushels. However, the estimate for total supply declined more th...

USDA reduced their estimate for U.S. wheat production to 1,734 million bushels, down 5 million from last month as lower Other Spring and White wheat produc...

The much-anticipated August WASDE featured cuts to U.S. corn and soybean yields and production with smaller global ending stocks for corn, soybeans, and wh...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

Dec 23 Corn closed at $4.8725/bushel, down $0.09 from yesterday's close.  Sep 23 Wheat closed at $6.2675/bushel, down $0.11 from yesterday's close.&nb...

The Market Today’s USDA August WASDE was bullish because it showed fewer soybeans, and the market reacted by shaving almost 1 percent off the Novembe...

USDA’s annual crop land values and farm rents survey was released last week; crop land values in 2023 average $5,460 per acre. Farm real estate value...

Macroeconomics Food Costs See Sharp Drop in July After a Sizable Uptick in June Food prices have whipsawed this summer after seeing a steady climb in Q2. A...

Dec 23 Corn closed at $4.9625/bushel, up $0.02 from yesterday's close.  Sep 23 Wheat closed at $6.3775/bushel, up $0.0275 from yesterday's close. ...

Early pattern recognition on the CBOT today ahead of tomorrow’s August WASDE report - bottom line no drama. Volume was slack, except in lean hogs, an...

Last week, WPI reported on the ongoing fertility problems in the broiler breeding flock which is costly to the vertically integrated broiler sector that op...

Export Sales and Shipments for July 28-August 3, 2023. Wheat:  Net sales of 567,600 metric tons (MT) for 2023/2024--a marketing-year high--were up 35...

The CBOT was mixed at midweek with pre-WASDE positioning once again driving much of the day’s activity. Corn attempted to rally on short covering and...

Trade Without Industry If the Biden Administration were doing industry’s bidding, it would be negotiating trade agreements with real increases in mar...

Dec 23 Corn closed at $4.9425/bushel, down $0.045 from yesterday's close.  Sep 23 Wheat closed at $6.35/bushel, down $0.2125 from yesterday's close.&n...

The value of hogs has fallen 15 percent over the past year and Quebec, Canada’s largest pig producing province, is trying to shed animals. The plan i...

Russian Grain Markets: 31 July–4 August 2023  The Russian grain market was predominantly bearish except for corn and rye. Weak domestic currency...

The CBOT posted a mixed day in light volume trade with preparations for the August WASDE that will come out this Friday driving much of the market action...

U.S agricultural exports through May (the June data will be released on Thursday) show that among the 213 categories tracked for agriculture, exports are d...

Dec 23 Corn closed at $4.9875/bushel, up $0.03 from yesterday's close.  Sep 23 Wheat closed at $6.5625/bushel, down $0.0125 from yesterday's close.  Nov 23...

Ag Tech Adoption The confluence of complex demands on the global farming sector including food security, competitiveness, climate change and sustainability...

Debate around the reauthorization of the U.S. farm bill is focused on the legislation’s two major functions, domestic food assistance and farm price...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Turkey reports it will allow the export of both corn and durum wheat this...

Wheat futures rallied to start the week on increasing conflict in the Black Sea with Ukraine targeting Russian ocean vessels and adding new uncertainties t...

In the context of conventional grain supply and demand, anomalies stand out and that unique breakout currently belongs to sorghum. Also known as milo (grai...

Corn In addition to implementing a differential exchange rate for corn, exporters were granted a 240-day extension to fulfill export permits that had shipm...

Dec 23 Corn closed at $4.9575/bushel, down $0.015 from yesterday's close.  Sep 23 Wheat closed at $6.575/bushel, up $0.245 from yesterday's close.&nbs...

Regional News  India is reportedly considering importing as much as 9 MMT of wheat from Russia to fill its domestic needs, but WPI sources continue to...

Over the past four weeks diesel prices have started to rally moving toward harvest season. The question remains whether this is temporary or a longer-term...

In a twist on the recent Black Sea narratives, CBOT futures were higher overnight after Ukraine attacked Russian port infrastructure in the Crimean Peninsu...

As WPI has reported periodically, there are several policy requests for the Title I programs under the new farm bill. Most of them would add costs, such as...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

Dec 23 Corn closed at $4.9725/bushel, up $0.0375 from yesterday's close.  Sep 23 Wheat closed at $6.33/bushel, up $0.06 from yesterday's close. ...

The Market Prices generally decline in August ahead of the harvest and that is generally true right now. November soybeans fell 3.5 percent this week and h...

Pigs Better than People  House Agriculture Committee Chairman Glenn “GT” Thompson (R-Pennsylvania) says he will take the proverbial bull b...

When the close is not too far off the open, the trading range is small and the volume is light, the price must be right. Markets continued their quotidian...