Key Market Developments While tariffs were not addressed directly in the State of the Union, trade policy remains steady. Reports during today’s sess...
Articles
Policy Roundup
Fuzzy Math Among President Trump’s various assertions in last night’s State of the Union address was that tariffs would someday replace the inc...
Summary of Futures
May 26 Corn closed at $4.42/bushel, up $0.035 from yesterday's close. May 26 Wheat closed at $5.6975/bushel, down $0.035 from yesterday's close. ...
European Market Analysis
Regional News On 20 February, Germany confirmed its first case of Newcastle disease in 18 years, after a commercial turkey flock in Neißemü...
Black Sea Regional Analysis
Russian Grain Markets: 16–20 February 2026 During the week under review, the Russian grain market showed localized volatility across interior regions...
Market Commentary: Soybeans Rally on PNW Export Rumors; Grains Ease on Profit Taking
The soy complex was the upside leader again on rumors of Chinese purchases of U.S. soybeans from the PNW, as well as some harvest and quality issues in Bra...
China Market Analysis
Farm Policy Next week is China’s annual ‘Two Sessions’ (the People’s Congress plus a consultative body) where Beijing releases its...
Supreme Court Ruling on Tariffs: Out with Old, In with New
Last Thursday, the Supreme Court of the United States upheld a lower court ruling that the tariffs imposed under the International Emergency Economic Power...
Summary of Futures
Mar 26 Corn closed at $4.2775/bushel, up $0.0025 from yesterday's close. May 26 Wheat closed at $5.7325/bushel, down $0.005 from yesterday's close.&n...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Tunisia’s 2026 winter crop planting started a little late due to a lack of rainfall,...
Livestock Industry Margins
Beef packer margins deteriorated sharply last week, with estimated net margins falling to -$330.80/hd, down $60.58/hd week over week. The Choice cutout hel...
Market Commentary: SCOTUS Ruling, South America Weather Send CBOT Lower
The CBOT turned lower on Monday, with the back-and-forth action of the Supreme Court and President Trump regarding tariffs on foreign imports driving volat...
Tariff Confusion Fun; Practical Judgements and Threats to Food; Glypho Confusion; Food Inflation
Tariff Confusion Fun Reactions to the U.S. Supreme Court’s ruling that general use of tariffs is not within the President’s authority under the...
Summary of Futures
Mar 26 Corn closed at $4.275/bushel, up $0 from yesterday's close. May 26 Wheat closed at $5.7375/bushel, down $0.065 from yesterday's close. M...
Mercosur Regional Analysis
Corn Rains finally arrived across much of Argentina’s agricultural region, halting the crop deterioration seen in recent weeks. The core corn and soy...
Cattle on Feed Report: Bullish Outlook
USDA’s monthly cattle on feed report was released Friday. The total number of cattle on feed in feedlots with 1,000 head or more capacity was 11.5 mi...
CFTC COT Report Analysis
Friday’s CFTC report showed funds expanding long positions across the major ag futures contracts for the fifth straight week. Funds added 95,000 cont...
Cattle on Feed - Feb 1, 2026
U.S. Cattle on Feed in feedlots totaled 11.5 million head on February 1, 2026 - 2 percent below Feb 1, 2025. Placements in feedlots during January to...
Export Sales
Export Sales and Shipments for February 6-12, 2026. Wheat: Net sales of 288,000 metric tons (MT) for 2025/2026 were down 41 percent from the previous...
Market Commentary: Outside Market Noise, but Fundamentals Prevail
Overall economic data released earlier on Friday presented a mixed picture, and that was followed by a long-expected court ruling on Trump tariffs. This we...
Summary of Futures
Mar 26 Corn closed at $4.275/bushel, up $0.0175 from yesterday's close. May 26 Wheat closed at $5.8025/bushel, up $0.135 from yesterday's close. ...
IEEPA Tariffs Struck Down, Outlook for Livestock and Poultry
The U.S. Department of Agriculture (USDA) Agricultural Outlook Forum is taking place this week, covering key agricultural topics, unveiling the 10-year lon...
Thoughts on USDA Ag Outlook Numbers
The USDA’s annual Agricultural Outlook Forum (AOF) featured the agency’s first look at the 2026/27 balance sheet for the major U.S. crops and l...
Transportation and Export Report
Dry bulk ocean freight markets are once again seeing diverging trends across the Atlantic and Pacific basins. Key to this divergence is the Chinese Lunar N...