Embarrassing Distortions Populists in the U.S. Congress are once again going after Big Ag, and as usual with faulty figures. Some are calling on the Federa...

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

USDA released its monthly Cattle on Feed report today; the inventory of cattle and calves on feed was 12 million, 2 percent above May 2021, and the highest...

Jul 22 Corn closed at $7.7875/bushel, down $0.045 from yesterday's close.  Jul 22 Wheat closed at $11.6875/bushel, down $0.3175 from yesterday's close...

Soybeans added almost 59 cents/bushel this week and closed back above $17/bushel indicating demand remains strong even as carryover is predicted to rise. S...

Export Sales for May 6-12, 2022 Wheat:  Net sales of 8,500 metric tons (MT) for 2021/2022--a marketing-year low--were down 40 percent from the previou...

Commodity traders should be grateful they are not equity traders. The broader economy presents less certainty than agricultural balance sheets that will ta...

USDA will release its Cattle on Feed report tomorrow. Analysts’ pre-report estimates peg the total number of cattle on feed as of 1 May at 101.5 perc...

Jul 22 Corn closed at $7.8325/bushel, up $0.0175 from yesterday's close.  Jul 22 Wheat closed at $12.005/bushel, down $0.3025 from yesterday's close.&...

Conglomerate Vision Agribusinesses are paying attention. They along with oil companies are being blamed for inflation via gouging. There is an effort to ra...

The CBOT was sharply lower for the day with corn and soyoil breaking technical support levels while soybeans pulled back but maintained their recent tradin...

Public Health Case Count Falls Further, Economic Impact Worsens The trailing seven-day average for new COVID-19 cases and related deaths has continued to d...

Misdiagnosed U.S. Treasury Secretary Janet Yellen said this week that, “Higher food and energy prices are having stagflationary effects, namely depre...

Jul 22 Corn closed at $7.815/bushel, down $0.1925 from yesterday's close.  Jul 22 Wheat closed at $12.3075/bushel, down $0.4675 from yesterday's close...

Global food security is supposed to be broadly at risk but acute tightness in grain stocks is more limited to wheat. Global rice stocks are about the same...

Russian Grain Markets: 9-13 May 2022 Most businesses were closed from 1-9 May as Russians celebrated Soviet holidays. Trade has now resumed and there is a...

The CBOT traded a generally bullish day with wheat futures forging a classic bullish day on the charts. Wheat futures opened higher, traded sharply lower t...

USDA announced yesterday the details of a $10 billion package of disaster loss crop payments passed by Congress last year; the plan passed in September (wh...

World leaders express great concern that the level of world food insecurity is worsening under the weight of the Russian war on Ukraine. Then there are the...

Jul 22 Corn closed at $8.0075/bushel, down $0.0875 from yesterday's close.  Jul 22 Wheat closed at $12.775/bushel, up $0.3 from yesterday's close.&nbs...

Multilateral is Dead; Long Live Plurilaterals Former WTO Director-General Roberto Azevêdo said this week that the ability of the organization to achi...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egyptian officials have requested exemption from India’s recent exp...

Jul 22 Corn closed at $8.07/bushel, down $0.025 from yesterday's close.  Jul 22 Wheat closed at $12.67/bushel, up $0.195 from yesterday's close. ...

Over the weekend, India announced a ban on wheat exports following the massive heat waves that have severely hurt the country’s yields. Before the ba...

Friend-shoring Agriculture When the EU-U.S. Trade and Technology Council (TTC) platform was launched last fall, there was no war in Ukraine, and there was...

President Biden has announced his intention to nominate Alexis Taylor as Undersecretary for Trade and Foreign Agricultural Affairs. Taylor has served as th...

Wheat Amid controversy and conflicting opinions, the Argentine government authorized the planting and commercialization of transgenic (genetically modified...

Regional News  Drought in Europe is becoming increasingly concerning with projections for EU wheat yields deteriorating. Areas of western Europe and t...

The U.S. Federal Reserve is trying to accomplish a so-called soft-landing of the economy back down to a low inflation, modest growth, low unemployment scen...

SOYOIL:  USDA's outlook is for global oilseed production in 2022/23 to be 647.1 million tons, rising 50.3 million from last marketing year when drough...

SOYMEAL: USDA’s outlooks is for the U.S. soybean crush in 2022/23 to be 2.26 billion bushels, up 40 million from the 2021/22 forecast.  Domestic...

SOYBEANS:  USDA’s outlook is that the U.S. soybean crop in 2022/23 will be at 4.64 billion bushels, up 5 percent from last year.  U.S. endi...

CORN:  USDA’s outlook is that the U.S. corn crop will be 14.5 billion bushels, down 4.3 percent from last year. The corn yield is projected at 1...

WHEAT:  USDA’s outlook for 2022/23 is for higher U.S. wheat prices. U.S. 2022/23 wheat supplies are projected down 3 percent, as lower beginning...

The CBOT was sharply higher in trade that continued the bullish reaction to Thursday’s WASDE report. All three wheat classes and new crop corn future...

Jul 22 Corn closed at $7.8125/bushel, down $0.1025 from yesterday's close.  Jul 22 Wheat closed at $11.775/bushel, down $0.0125 from yesterday's close...

Novel and Magnanimous Ukraine has 20 MMT of grain that need to be exported over the next three months before the next crop comes off the fields and needs a...

Add diesel fuel supplies to market anxieties over shortages and high prices. Diesel hit all-time record prices this week. Both gasoline and diesel rose sha...

WASDE Key Points Everything in oilseeds world goes higher: Global oilseed production at 647 MMT (+8 percent). Global soymeal production (4.25 percent) and...

Poor spring planting conditions forced USDA to throw its usual cautiousness to the wind as the May WASDE affirmed a bull market. The market firmed ahead of...

Jul 22 Corn closed at $7.915/bushel, up $0.03 from yesterday's close.  Jul 22 Wheat closed at $11.7875/bushel, up $0.6575 from yesterday's close. ...

Size Informs Policy The policy wonk contingency hoping to refocus the 2023 farm bill on small farms and growing fruits and vegetables should note where Pre...

Retail price inflation continues to be an unwieldy political problem for the Biden Administration – especially prices at the gas pump and grocery she...

Export Sales for April 29-May 5, 2022.  Wheat:  Net sales of 14,100 metric tons (MT) for 2021/2022--a marketing-year low--were down 88 percent fr...

The CBOT was higher the day before the May WASDE with traders turning more bullish amid persistently challenging weather forecasts for the world’s ma...

Jul 22 Corn closed at $7.885/bushel, up $0.1325 from yesterday's close.  Jul 22 Wheat closed at $11.13/bushel, up $0.2025 from yesterday's close. ...

Jurisdictional Mayhem According to the Constitution, the U.S. Congress has the power to regulate trade among the several states, but it does not have the o...

Public Health China Double Downs On Zero COVID-19 Strategy As with its public attitude toward Russia’s invasion of Ukraine, China’s leadership...

Food prices have increased but not as much as energy costs. The latest CPI data shows food at home increased year-on-year in April by 10.8 percent, and by...

Russian Grain Markets: 2-6 May 2022 Russian grain traders have continued to decrease their bids in the Black Sea and Azov Sea ports which are now 100 perce...

The CBOT posted a soft rebound on Tuesday with corn, KCBT wheat, and soybeans edging higher to end with small gains for the day. Funds were modest net buye...

Reprieve on Emissions Data At the request of U.S. farm groups, the Securities and Exchange Commission (SEC) has extended the deadline for public comments o...

Food safety lawyer Shawn Stevens points out that the incidence of food borne illnesses in the U.S. have been in decline. The number of incidents dropped du...

Jul 22 Corn closed at $7.7525/bushel, up $0.0325 from yesterday's close.  Jul 22 Wheat closed at $10.9275/bushel, up $0 from yesterday's close. ...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt has begun to harvest trial plantings of GMO wheat that is expected...

Macro markets melted down again on Monday as rising interest rates and inflation cause a sustained effort to reprice assets and their relative risk. Its im...

Despite claims by U.S. Farm Bill critics like Senator Cory Booker (D-New Jersey) that the American food system is “broken,” Congress will not r...

Jul 22 Corn closed at $7.72/bushel, down $0.1275 from yesterday's close.  Jul 22 Wheat closed at $10.9275/bushel, down $0.1575 from yesterday's close...

The UN’s Food and Agriculture Organization says 25 MMT of exportable grain are stuck in Ukraine and threatening global food security. Canadian Prime...

Corn Argentina’s corn harvest continues to move at a slow pace as producers are still focused on harvesting soybeans and the corn still has high mois...

Regional News  Ukrainian President Zelenskiy called on the international community to end the Russian blockade of Ukraine’s export ports to avoi...

The CBOT ended the week on a mixed note with the soy complex continuing its selloff with additional pressure from sharp losses in palm oil futures. Corn wa...

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

Production At a critical time when the world needs more oilseeds, humans and Mother Nature are conspiring against it. Excessively wet conditions have delay...

Jul 22 Corn closed at $7.8475/bushel, down $0.1275 from yesterday's close.  Jul 22 Wheat closed at $11.085/bushel, up $0.02 from yesterday's close.&nb...

Geopolitics Rule During the Cold War, U.S. military planners trumped efforts by American agriculture to challenge the trade distorting effects of the EU&rs...

Action elsewhere was modest but there was large volume in the wheat pits with a second day in a row of strong closes. Corn and soybeans gained a few pennie...

Jul 22 Corn closed at $7.975/bushel, up $0.0325 from yesterday's close.  Jul 22 Wheat closed at $11.065/bushel, up $0.3 from yesterday's close. ...

Last week’s hearings over proposed cattle market reforms took up nine hours across two days in both chambers of Congress. These hearings, like the si...

Food Policy Confusion The White House announced that it will host the first conference on hunger, nutrition, and health in over 50 years in September. The...

Export Sales for April 22-28, 2022. Wheat: Net sales of 118,800 metric tons (MT) for 2021/2022 were up noticeably from the previous week and up 53 percent...

CBOT futures ended the day mostly higher with wheat leading the way amid rumors of an export ban from India and poor Oklahoma HRW yields. The wheat strengt...

Public Health COVID-19 Cases and Deaths Slow, Lockdown in Beijing Widens In an effort to avoid the chaotic nature of the lockdown in Shanghai and other maj...

Jul 22 Corn closed at $7.9425/bushel, up $0.0125 from yesterday's close.  Jul 22 Wheat closed at $10.765/bushel, up $0.31 from yesterday's close. ...

Issue Loser Frans Timmermans, the EU’s Executive Vice President, and lead cheerleader for the European Green Deal is insisting that there will be no...

If global grain markets are in turmoil, the fertilizer market is going to precipitate a crisis. The International Food Policy Research Institute held a con...

Russian Grain and Oilseed Markets: 25-29 April 2022 The Russian Ministry of Agriculture estimates the 2022 grain crop at 123 MMT mostly due to an additiona...

The CBOT was mostly lower in two-sided trade with the soy complexed leading the way lower. Soymeal fell to a three-month low as charts and technical condit...

Inflation Trumps Trade Policy USTR Katherine Tai threw in the towel this week and conceded that reducing tariffs on Chinese goods is among the Biden Admini...

Jul 22 Corn closed at $7.93/bushel, down $0.105 from yesterday's close.  Jul 22 Wheat closed at $10.455/bushel, down $0.1 from yesterday's close. ...

Back in January, U.S. wheat growers were demanding that USTR file a WTO case against India for exceeding its de minimis limit of subsidies capped at 10 per...

In April, the Biden Administration’s EPA announced that it would provide a temporary waiver for year-round E15 (see WPI’s article about the imm...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Much of the region is closed until 5 May due to post Ramadan Muslim holid...

Jul 22 Corn closed at $8.035/bushel, down $0.1 from yesterday's close.  Jul 22 Wheat closed at $10.555/bushel, down $0.0025 from yesterday's close.&nb...

The CBOT waivered near contract and all-time highs in various commodities on Monday with better weather forecasts in the U.S. offering pressure. Moreover,...

Ministry of Truth The U.S. Supreme Court refused to hear a case involving the ag gag rule in the state of Kansas, effectively allowing surreptitious filmin...

U.S. officials are headed to Kenya to resume free trade negotiations and while there they ought to talk about the source of Nairobi’s food insecurity...

The U.S. Bureau of Economic Analysis (BEA) reported Friday that Q1 2022 GDP dropped 1.4 percent and the Q4 2021 GDP was revised to 6.9 percent. Analyst&rsq...

Regional News  Ukraine is claiming that Russian forces have stolen “several hundred thousand tonnes” of grain from Ukrainian areas occupie...

Wheat  There are interesting dynamic’s with Argentina’s old crop wheat. The first is an escalation in demand, not only from Brazil but als...

Light volume trade, profit taking, and spread reversals led to a mixed CBOT on Friday. Wheat futures were sharply lower as showers across the Plains booste...

The Administration is asking Congress for $33 billion to address food shortages caused by the war in Ukraine and to assist Ukraine. Of that total, $500 mil...

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

Jul 22 Corn closed at $8.135/bushel, up $0 from yesterday's close.  Jul 22 Wheat closed at $10.5575/bushel, down $0.3 from yesterday's close.  Ju...

Risky Trade How much Ukraine produces, and exports are critical questions for global agricultural markets. With its own Black Sea ports blocked, some grain...

Indonesia put the turd in the punch bowl this week and caused vegetable oil futures to rocket to record highs. Its export embargo of palm oil is temporary...

Jul 22 Corn closed at $8.135/bushel, up $0.0125 from yesterday's close.  Jul 22 Wheat closed at $10.8575/bushel, down $0.055 from yesterday's close.&n...

There was much to contemplate today and that was reflected in the unsettled nature of various contracts and the mixed finish. Leading wheat and soybean con...

The final numbers from livestock marketing for red meat production are in for 2021. Cash receipts are up 23 percent from 2020 to $101 billion. Cattle were...

Aid Dependency Many poorer nations are dependent of foreign aid, including food donations, but so are some agriculture groups. Because of the war in Ukrain...

Export Sales for April 15-21, 2022. Wheat:  Net sales of 32,300 metric tons (MT) for 2021/2022 were up 23 percent from the previous week, but down 65...

Jul 22 Corn closed at $8.1225/bushel, up $0.1075 from yesterday's close.  Jul 22 Wheat closed at $10.9125/bushel, down $0.0375 from yesterday's close...

U.S. farmers are being patient marketing old crop corn and soybean stocks amid ongoing weather concerns in the U.S. Cash soy crush margins are near record...

Unfair Bullfight A hearing yesterday by the U.S. Senate Agriculture Committee over the marketing of cattle was less equal than it appeared. Legislation spo...

Proponents claim that Cuba’s agricultural imports from the U.S. could double this year to $500 million. They have increased by 72 percent in the firs...

Public Health COVID-19 Cases and Deaths Rise as Beijing Prepares for Lockdown  After reaching a low of 25 novel coronavirus related deaths per day on...

Russian Grain Markets: 18-22 April 2022 The Russian Ministry of Agriculture reported that the first 3.5 Mha of spring crops have been planted out of 53.6 M...

The CBOT was mixed and primarily focused on the weather – both in the U.S. and Brazil – on Tuesday. The most recent Crop Progress report offere...

The Senate Agriculture Committee today had a hearing on cattle markets. Tomorrow, the House Agriculture Committee will convene a hearing on the same topic...

Truth About Food Safety FDA Commissioner Robert Califf is on Capitol Hill this week testifying on his agency’s reported inability to move forward on...

Jul 22 Corn closed at $8.015/bushel, up $0.035 from yesterday's close.  Jul 22 Wheat closed at $10.95/bushel, up $0.225 from yesterday's close. ...

StatsCanada released the results of its survey of farmers on their planting intentions this year. The survey was conducted during March and, given developm...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION The end of Ramadan means that the Middle East and North Africa will be on...

The CBOT was mixed on Monday with the soy complex trading sharply lower after Indonesia’s President clarified that the country’s palm oil expor...

Following is an update on the impact and ongoing issues related to the outbreaks of highly pathogenic avian influenza (HPAI). Since the first detection in...

U.S. – China Rift There is a split within Washington policy circles over the continuation of Donald Trump’s tariffs on Chinese goods. Backing t...

Jul 22 Corn closed at $7.98/bushel, up $0.09 from yesterday's close.  Jul 22 Wheat closed at $10.725/bushel, down $0.0275 from yesterday's close. ...

Corn Argentina The pace of corn harvesting improved last week and with a 3.8 percent weekly progress, the total harvested area reached 23.2 percent of the...

U.S. Cattle on Feed up 2 percent - cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head...

The CFTC was mostly lower to end the week with funds emerging as profit-takers in corn, soybeans, and Chicago wheat. The soyoil market scored a new contrac...

USDA released its monthly Cattle on Feed report today; the inventory of cattle and calves on feed was 12.1 million, 2 percent above April 2021, and the hig...

RECPie for Nothing Philippines Trade Assistant Secretary Allan B. Gepty gave assurance that the Regional Comprehensive Economic Partnership (RCEP) and its...

Jul 22 Corn closed at $7.89/bushel, down $0.0625 from yesterday's close.  Jul 22 Wheat closed at $10.7525/bushel, down $0.0125 from yesterday's close...

Russia’s war on Ukraine continues to impact agricultural commodity markets and especially vegetable oils. Sunoil hit a record price of $2,570/MT in R...

Wheat is headed for a haircut this week while soybeans remain in the catbird seat, but the sum of the day was a pause with some profit-taking. Chicago has...

Export Sales for April 8-14, 2022.  Wheat:  Net sales of 26,300 metric tons (MT) for 2021/2022--a marketing-year low--were down 73 percent from t...

USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 April at 100.3 pe...

May 22 Corn closed at $7.9925/bushel, down $0.165 from yesterday's close.  Jul 22 Wheat closed at $10.765/bushel, down $0.21 from yesterday's close.&n...

WTO at the Firefight WTO Director General Ngozi Okonjo-Iweala is headed to Washington ahead of the planned MC-12 meeting but she will not like what she fin...

The CBOT waivered on Wednesday with weakness continuing from Tuesday’s trade early in the day. Wheat futures weighed on other markets as better chanc...

Jul 22 Corn closed at $8.1/bushel, up $0.1025 from yesterday's close.  Jul 22 Wheat closed at $10.975/bushel, down $0.115 from yesterday's close. ...

Worker Centric Paradox The Biden Administration has called for a “worker centric” trade policy but USTR Katherine Tai is complaining about a de...

Public Health COVID-19 Case Count Up, Deaths Fall, Lockdowns Spread Since the end of March, the trailing seven-day average of novel coronavirus cases in Ch...

Russian Grain Markets: 11-15 April 2022 The Russian Ministry of Agriculture reported expectations that spring crops will be planted on 81.3 Mha of land, an...

Commodity futures opened rather volatile, dancing around both sides of nowhere before settling down to a mixture of some profit-taking, and a breather base...

Yesterday, WPI reported on the forecast for dairy for 2022., noting that this month’s WASDE raised the all-milk price forecast for 2022 to a record h...

Dishonorable Food Eddy Wax in Politico points out that Western agribusiness companies continue to operate in Russia despite the war on Ukraine. Ukrainian P...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s GASC is reportedly considering buying wheat directly from s...

The CBOT was sharply higher with continued dry weather in the southern Plains pushing wheat higher while corn scored new contract highs on fund buying and...

This month’s WASDE raised the all-milk price forecast for 2022 to a record high at $25.80/cwt. That was an increase of $0.75/cwt from the March WASDE...

May 22 Corn closed at $8.1325/bushel, up $0.23 from yesterday's close.  Jul 22 Wheat closed at $11.2875/bushel, up $0.2425 from yesterday's close.&nbs...

Evolving Biden Trade Policy  Last year the Biden Administration was said to be focusing on prioritizing enforcement in trade policy and not negotiatin...

Corn Argentina saw just a three-day week last week with the truckers’ strike and the Friday closure of the CBOT. There were, therefore, no arrivals o...

Using trade as a bullying tool did not start and end with Donald Trump. Most recently, Russia’s Vladimir Putin limited food exports to so-called &ldq...

May 22 Corn closed at $7.9025/bushel, up $0.0675 from yesterday's close.  Jul 22 Wheat closed at $11.045/bushel, down $0.1675 from yesterday's close.&...

Tomorrow, 15 April is a holiday for the CBOT/CME markets in observance of Good Friday. Please note that our office will also be closed. The next Ag Perspec...

It was generally low volume in the futures market today as traders focus on the three-day holiday and the Goldman roll is no longer around to move the numb...

We’re a week out from the April Cattle on Feed report; as noted on 25 March, the 1 March Cattle on Feed report showed record monthly inventories for...

U.S. Treasury Secretary Janet Yellen sent a stark warning to China this week. She basically threatened China economically if it continued to tacitly suppor...

Export Sales for April 1-7, 2022   Wheat:  Net sales of 96,100 metric tons (MT) for 2021/2022 were down 39 percent from the previous week an...

The CBOT ended sharply higher on Wednesday with corn and wheat leading the way. Higher energy values helped soyoil futures score new contract highs, despit...

Bipolar World Countries were already divided before Russia’s war on Ukraine, but the conflict has brought it into plain sight. The WTO has been unabl...

May 22 Corn closed at $7.835/bushel, up $0.0725 from yesterday's close.  Jul 22 Wheat closed at $11.2125/bushel, up $0.0875 from yesterday's close.&nb...

Public Health COVID-19 Case Count in Shanghai Continues to Surge According to various news reports and social media, government officials in Shanghai have...

Russian Grain Markets: 1-8 April 2022 During the first week of April, the Russian grain market was predominantly bearish especially on the export front. On...

Oilseed prices may have peaked for now, but the bull market is impacting consumption and production. We say “may” because the Rosario Grains Ex...

The CBOT rallied sharply Tuesday with news that the Biden Administration will allow E15 ethanol use, news which buoyed corn futures. The Biden Administrati...

Sunday is the Easter holiday; traditionally it is a high point for lamb consumption and production increases leading into the holiday. But the last two wee...

May 22 Corn closed at $7.7625/bushel, up $0.1175 from yesterday's close.  Jul 22 Wheat closed at $11.125/bushel, up $0.235 from yesterday's close.&nbs...

The Russian war on Ukraine has shorted the EU energy market and forced resumed use of coal. This in turn has driven up the need for more carbon allowances...

Politics and not economics drove the White House announcement today to approve year-round E15 fuel sales under an emergency waiver of the Clean Air Act&rsq...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt soybean/soymeal forecasts by USDA FAS show an increase in soybean i...

May 22 Corn closed at $7.645/bushel, down $0.0425 from yesterday's close.  Jul 22 Wheat closed at $10.89/bushel, up $0.3075 from yesterday's close.&nb...

The CBOT started the week on a high noted in early trade, but the soy complex quickly turned lower and pulled old crop corn futures lower too. Wheat was th...

According to the Purdue University/CME Ag Economy Barometer, farmers’ outlook is at its lowest level post COVID. The index was 113 in March, which is...

Corn Argentina’s corn harvest continues to advance and confirms that yields will be below initial expectations and highly varied. Last week, farmers...

Food Safety Trouble An extensive research effort by Politico on food regulation at the U.S. Food & Drug Administration reveals a troubled agency. Among...

One reason that Vladimir Putin invaded Ukraine was a sense of immunity against reprisal due to external dependence on Russia’s energy supplies and fo...

Regional News  Ukraine’s UGA grain traders’ union said it looks for the country’s wheat harvest to fall 45 percent to 18.2 MMT this...

SOYOIL: In the April 2022 WASDE, USDA is forecasting increased exports and lower ending stocks. Despite relatively high soybean oil prices, export sales ha...

SOYMEAL: in the April 2022 WASDE, USDA is forecasting that lower U.S. soybean meal exports will be offset by slightly higher domestic disappearance. Soybea...

SOYBEANS: In the April 2022 WASDE, USDA is forecasting increased U.S. exports and seed use, and lower ending stocks. Soybean exports are raised 25 million...

CORN: In the April 2022 WASDE, USDA is forecasting unchanged U.S. ending stocks due to offsetting changes to feed and residual use and corn used for ethano...

WHEAT: In the April 2022 WASDE, USDA reduced U.S. exports by 15 million bushels, to 785 million, as the U.S. remains uncompetitive to most markets.  P...

CBOT markets firmed heading into the April WASDE and continued their strength thereafter, despite a relatively benign USDA report. USDA stuck to its measur...

War on Words Autocratic regimes can be dystopian and filled with censorship. Russia’s Vladimir Putin has ordered information sources to not call his...

May 22 Corn closed at $7.6875/bushel, up $0.11 from yesterday's close.  May 22 Wheat closed at $10.515/bushel, up $0.315 from yesterday's close. ...

WASDE Meets Expectations Today’s release of the April USDA WASDE was not as interesting as last week’s Prospective Plantings report but that is...

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

Today’s WASDE forecast for total red meat and poultry production was down from last month based on a slightly higher beef production forecast, but mo...

Owning the Passage Russia is still able and will be able to export commodities. Sanctions do not include food. No one will deny countries like Egypt access...

After several days of adding war premiums and one day before a USDA WASDE report, the market was mostly uneventful today. Volume was up in corn, soybeans a...

Narrow Thinking First COVID and now the war in Ukraine have reinvigorated protectionism and thoughts of self-sufficiency. However, economists studying the...

May 22 Corn closed at $7.5775/bushel, up $0.0125 from yesterday's close.  May 22 Wheat closed at $10.2/bushel, down $0.1825 from yesterday's close.&nb...

While beef retail prices have cooled a bit in the U.S. from last year’s record domestic demand, export demand remains exceptional. Beef exports total...

Export Sales for March 25-31, 2022.   Wheat:  Net sales of 156,300 metric tons (MT) for 2021/2022 were up 65 percent from the previous week,...

This is the second in a three-part series of reports from WPI’s analysts in Ukraine. This article involves their opinion of Ukrainian agriculture in...

May 22 Corn closed at $7.565/bushel, down $0.0325 from yesterday's close.  May 22 Wheat closed at $10.3825/bushel, down $0.07 from yesterday's close.&...

After sharp rallies Monday and Tuesday, traders booked CBOT profits on Wednesday heading into Thursday’s Goldman roll and CONAB report and the USDA A...

Great Power Struggle Deceased U.S. Senator John McCain called Russia a “gas station masquerading as a country” but it is also a major grocery s...

Cultural History April Kicks Off with Annual Qingming Festival or Ancestors’ Day China’s domestic market began the first full week of April on...

Highly pathogenic avian influenza (HPAI) continues to wreak havoc. So far this week (and it is only Wednesday), APHIS announced an outbreak in Texas in a c...

This is the first of a three-part special series of reports from WPI’s analysts in Ukraine. The first installment looks at what the war’s impac...

Russian Grain Markets: 28 March-1 April 2022 Last week the domestic market went bearish. Prices for staple grains plummeted to relatively traditional level...

Yesterday’s Crop Progress report from USDA showing five-year lows in winter wheat conditions ratings put a bid under KCBT and CBOT wheat Tuesday. Com...

NBT Beats GMO As in Europe, genetically modified crops have been controversial in India where only Bt cotton is approved for cultivation. However, scientis...

Borscht is considered comfort food in Russia and the cost to make it is reportedly rising. Bloomberg reports that since the start of the war, the cost of c...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Turkey, Iran, Egypt, Israel, and South Africa are target countries in the...

The CBOT rallied to start the week after news broke out this weekend of Russian shelling and bombardments of Ukrainian grain storage facilities and export...

The Senate Budget Committee will hold a hearing tomorrow entitled “Corporate Profits are Soaring as Prices Rise: Are Corporate Greed and Profiteering...

War and the Food Fight The intra-EU debate over F2F was bubbling under the surface but like lava flowing out of a rupture in the earth’s crust, Russi...

May 22 Corn closed at $7.505/bushel, up $0.155 from yesterday's close.  May 22 Wheat closed at $10.1025/bushel, up $0.2575 from yesterday's close.&nbs...

The U.S. rice industry motivated its politicians to attack USTR Katherine Tai last week as she made the rounds on Capitol Hill. The main point of their ire...

Corn Argentina’s corn harvest continues to progress at a solid pace and has reached almost 15 percent of the planted area. This is slightly below the...

Regional News  Ukraine increased its forecast of area to be sown to spring crops to 13.4 Mha, which would be down 3.5 Mha from 2021. The latest foreca...

May 22 Corn closed at $7.35/bushel, down $0.1375 from yesterday's close.  May 22 Wheat closed at $9.845/bushel, down $0.215 from yesterday's close.&nb...

The CBOT capped a volatile week with aggressive bear spreading in corn and sharply lower days in wheat and soybeans. The USDA’s reports from Thursday...

Yesterday, President Biden announced what will be his Administration’s third release of oil from the Strategic Petroleum Reserve (SPR) and it will be...

Ukraine Changes Agriculture CoBank analysts say that the war in Ukraine will have long term impact on grain markets. Indeed, if one just considers the foll...

The big news of the week is USDA’s Prospective Plantings report showing farmers plan to sow more acres to soybean than to corn. If that outcome is re...

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

The larger than usual volume across many contracts puts the exclamation point on today’s market action. USDA’s Prospective Plantings and Quarte...

USDA released its quarterly Hogs and Pigs report for December through February. The report was bullish showing contraction across the herd.   Th...

May 22 Corn closed at $7.4875/bushel, up $0.1075 from yesterday's close.  May 22 Wheat closed at $10.06/bushel, down $0.2125 from yesterday's close.&n...

New World Order Challenges posed to the West by both China and Russia has President Biden and geopolitical experts talking about a new world order. There h...

Export Sales for March 18-24, 2022.   Wheat:  Net sales of 95,000 metric tons (MT) for 2021/2022 were down 39 percent from the previous week...

Public Health Coronavirus Lockdown Hits Shanghai, Case Rates Fall With rapid spread of the COVID-19 Omicron variant, health authorities in China have impos...

May 22 Corn closed at $7.38/bushel, up $0.1175 from yesterday's close.  May 22 Wheat closed at $10.2725/bushel, up $0.13 from yesterday's close. ...

Vlad-atility is volatility caused when the market places too much value in what Vladimir Putin might be implying. Yesterday’s commodity lows were asp...

Offense is Defense USTR Katherine Tai knew that she would be facing some strong agriculture voices when she appears this week before the House and Senate c...

Regional Update Ukraine: Planting  According to the Ministry of Agriculture, as of 24 March, in 11 regions of Ukraine, spring grains and oilseeds were...

The CBOT saw significant selling pressure and long liquidation after “constructive peace talks” developed between Russia and Ukraine early on T...

USDA’s survey-based Costs and Returns analysis for U.S. crops will not be updated until 2 May 2022, but it already looks like farming is more profita...

The USDA’s quarterly stocks and planting intentions numbers will be released on Thursday. Given the volatile situation globally, drought impacts, and...

May 22 Corn closed at $7.2625/bushel, down $0.2225 from yesterday's close.  May 22 Wheat closed at $10.1425/bushel, down $0.4275 from yesterday's clos...

USTR Sleeps Too Much With hearings before House and Senate trade panels over the next two days, USTR Katherine Tai suddenly says she has “serious con...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Saudi Arabia’s National Grain Co intends to build a new grain termi...

Risk-off ahead of the Grain Stocks and Prospective Plantings reports was the theme du jour. The soy complex and wheat futures led the CBOT lower with corn...