USDA’s projections for 2021/22 include higher beginning and ending stocks.  Higher beginning stocks reflect a lower crush forecast for 2020/21...

USDA’s outlook for 2021/22 U.S. corn is for a modest reduction in beginning stocks because of ethanol and export demand.  The forecast season-av...

USDA’s outlook for the new 2021/22 U.S. wheat crop is for higher production. All wheat yield is 50.7 bushels per acre, up 0.7 bushels from last month...

Wheat:  Note – First week of the New Crop year: Hence, Net sales of 325,900 MT for the 2021/2022 marketing year, which began June 1, were primar...

The markets started the day bullishly for corn and soybeans but with losses in wheat. Post the USDA WASDE report things changed. Larger soybean stocks flip...

JBS is back in the news this week as the company made two announcements; first, that it would be adding 300,000 head of capacity at its Omaha and Grand Isl...

Jul 21 Corn closed at $6.99/bushel, up $0.0825 from yesterday's close.  Jul 21 Wheat closed at $6.8375/bushel, up $0.015 from yesterday's close. ...

Transatlantic Reconciliation The U.S. – EU consultations this week surrounding the China-focused G-7 meeting likely has the politicians ahead of some...

Relatively Few Significant Changes for Soy in USDA WASDE Report Some expected the June monthly WASDE update released today to make substantial changes to t...

THE OPEN July beans:  7 higher July meal: .70 higher July soyoil;  37 higher July corm:   6 higher July wheat:  7 lower The market...

GOOD MORNING, Prices are mixed featuring higher soy and corn, lower wheat.   Could it be a foreshadowing of themes to come for the day?  The...

  SPREADS August crush trades to 87c/bu while oilshare trades to 47.0%.   The July/Nov bean inverse falls to new lows of 1.12 1/2c from 1.15...

The CBOT was primarily focused on the ongoing index fund roll and positioning for tomorrow’s WASDE. Prices opened lower and traded that direction unt...

Bipartisan Enemy U.S. Congressional Democrats and Republicans cannot agree on an infrastructure investment package but when it comes to competing with Chin...

The UN’s Global Goals for Sustainable Development are largely being written by NGO’s from rich countries, which is making some of the world&rsq...

Macroeconomics Food Inflation Up in May, First Time Since January  With live hog and retail pork prices nosediving, food inflation remained in negativ...

Russian Grain Markets: 31 May-4 June 2021 The Russian domestic grain market showed chaotic movement due to many factors both domestic and export oriented...

THE OPEN July beans: 8 lower July meal:  2.50 lower July soyoil:  54 lower July corn:  3 lower July wheat:  10 1/4 lower Prices opened...

SPREADS August crush trades up to 84c/bu while oilshare prices trades to 46.89%. Spreads are firmer with Jul/Nov bean inverse strengthening up to 1.28 1/4c...

GOOD MORNING, Prices opened a touch softer as positioning in front of Thursday's report takes place and the spreads continue to bounce around as Day 3 of t...

Monday evening’s crop conditions supported CBOT trade on Tuesday, and the market opened higher overnight and added gains from there. Wheat was an ear...

Dangerous Jobs French President Emmanuel Macron was reportedly slapped in the face by a disgruntled citizen near the city of Valence. That makes the job of...

Food Chain Resiliency and Meat Industry. USDA announced today that it would spend $4 billion to “strengthen critical supply chains” and in the...

U.S. flour exports were down slightly for the first quarter of the year, but that is generally par for the industry. Turkey produces one-third the volume o...

Jul 21 Corn closed at $6.8/bushel, up $0.0075 from yesterday's close.  Jul 21 Wheat closed at $6.85/bushel, up $0.05 from yesterday's close.  Jul...

THE OPEN July beans:  9 higher July meal:  2.00 higher July soyoil:  94 higher July corn:  1 higher July wheat:   5 3/4 highe...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Tunisia’s government expects the grain crop this year will be 1.07 MMT of durum wheat,...

GOOD MORNING, Trade opens into positive territory to start the PM session, with conditions poorer than expected and hot and dry forecasts continuing in are...

SPREADS August crush trades to 81c/bu while oilshare trades at 46.76%.  July/Nov bean spreads firms off lows of 1.17 1/4c, with an inverse high at 1.2...

The CBOT gapped higher at Sunday night’s open after a weekend of hot, dry weather and reductions in the Brazilian corn crop. December corn opened abo...

Reports indicated that the global pandemic caused a resurgence in the consumption of orange juice under the belief that its high vitamin C content strength...

Jul 21 Corn closed at $6.7925/bushel, down $0.035 from yesterday's close.  Jul 21 Wheat closed at $6.8/bushel, down $0.0775 from yesterday's close.&nb...

Background: EU politicians are challenged finding compromises on CAP reform that concurrently meet the objectives of the Farm to Fork and Green Deal. There...

Corn Argentina’s corn harvest is moving faster now that the soybean harvest is nearing its end. Over the past two weeks, farmers harvested 7 percent...

THE OPEN July beans:  24 higher July meal:  4.50 higher July soyoil: 120 pts higher July corn:  14 higher July wheat:  6 higher The mar...

Regional News  Europe’s weather is trending pleasantly warmer after a cool start to the growing season. Temperatures will be above normal for mo...

GOOD MORNING, The markets are higher across the board, with soyoil futures into new ctr highs.  Hot and dry weather forecasts verify, sending prices s...

SPREADS August crush trades to 86.98c/bu while oilshare trades to 46.44%.   The official index roll begins today and spreads are weaker.  Ju...

The CBOT finished the week on a high note with funds and speculative traders buying heading into a weekend that is forecast to be hot and dry for the U.S...

The May jobs data came out; there was an increase in private payrolls of 559,000 jobs. At any other time, other than post COVID era, that would be bullish...

Jul 21 Corn closed at $6.8275/bushel, up $0.2075 from yesterday's close.  Jul 21 Wheat closed at $6.8775/bushel, up $0.115 from yesterday's close.&nbs...

Line Speed Hogwash The United Food and Commercial Workers Union achieved their goal of obtaining the Biden Administration’s support for a federal dis...

Wheat:  Net sales reductions of 33,300 metric tons (MT) for 2020/2021 were down noticeably from the previous week and from the prior 4-week average. C...

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

THE OPEN July beans:  21 higher July meal:  3.40 higher July soyoil:  120 pts higher July corn:  13 1/2 higher July wheat:  8 1/2...

GOOD MORNING,  Prices started the PM session in the plus column after breaking down from a higher start yesterday.  Each different weather predic...

SPREADS August crush trades to 78c/bu while oilshare trades to 45.60%.  July/Nov bean inverse drops to 1.43c from 1.49 1/4c, and from highs that were...

Excellent early crop ratings but excessive dryness, then a chance of showers that may or may not occur – the one certainty is uncertainty and today&r...

The cyber attack on JBS sent a shock through the markets, but JBS was already re-opening plants on Wednesday. Today’s estimated slaughter was back up...

Jul 21 Corn closed at $6.62/bushel, down $0.13 from yesterday's close.  Jul 21 Wheat closed at $6.7625/bushel, down $0.1125 from yesterday's close.&nb...

Punish the People Like consumers elsewhere in the world, Indians are now paying about double for vegetable oil what they paid a year ago. This is a bargain...

India Considering Proposal to Lower Vegoil Import Tariff Rates The government of India yesterday indicated it is considering reducing tariff rates for impo...

THE OPEN July beans:  20 higher July meal:  1.40 higher July soyoil: 84 higher July corn 7 higher July weather:  6 higher The markets opened...

SPREADS August crush trades higher to 45.94% while crush trades to 81c/bu.  Spreads are softer in corn, with July/Dec trading down to 1.00 3/4c invers...

GOOD MORNING, Prices are higher overnight as funds return as buyers on hot and dry weather conditions and bullish technicals.   In the lead are s...

The CBOT started Wednesday’s session lower in overnight trade but stronger energies and soyoil pulled soybeans higher for the day. Grains were weaker...

Industry Resilience When COVID hit and food supply chains were disrupted by the shift to consuming food at home instead of from institutional providers, cr...

Among the animal proteins, only milk has lower GHG emissions than poultry eggs. This is because in a sense, they are both renewable farm products. A cow pr...

Jul 21 Corn closed at $6.75/bushel, down $0.1375 from yesterday's close.  Jul 21 Wheat closed at $6.875/bushel, down $0.06 from yesterday's close.&nbs...

Livestock China’s Live Hog Market Face Uncertainties, Nears Breakeven Point According to the Ministry of Agricultural and Rural Affairs’ (MARA)...

Russian Grain Markets: 24-28 May 2021 The Russian domestic grain market reacted to the introduction of the new “floating” export duty effective...

THE OPEN July beans:  11 higher July meal:  stray July soyoil:  140 pts higher July corn:  1 lower July wheat:  2 3/4 higher Big s...

SPREADS August oilshare trades to 44.82% while crush trades up to 82c/bu.   Jly/Nov bean inverse reached a six-week low trading down to 1.45 1/2c...

GOOD MORNING, Precise are mixed overnight with a better condition rating for corn creating a minor pullback at the start of the PM session.  Beans con...

The CBOT opened sharply higher on Tuesday following a long, holiday weekend that saw U.S. weather forecasts deteriorate significantly. Spring wheat (Minnea...

This morning we posted an alert on the cyber-attack on JBS IT infrastructure in North America and Australia. The attack happened over the weekend and the c...

The marathon trilogue negotiations between the European Commission, European Parliament, and the European Council failed to achieve agreement on revisions...

Jul 21 Corn closed at $6.8875/bushel, up $0.32 from yesterday's close.  Jul 21 Wheat closed at $6.935/bushel, up $0.3 from yesterday's close.  Ju...

The requirement in the U.S. for country-of-origin labeling became effective in 2008 and by 2015 legislators were writing its repeal. The way it had been de...

THE OPEN July beans: 27 higher July meal:  5.40 higher July soyoil;  97 higher July corn:  20 3/4 higher July wheat:  18 1/2 higher The...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Grain importers in the region were very interested in Russia’s announcement of its new...

Just three weeks after the Colonial Pipeline that supplies about 45 percent of the gasoline to the U.S. East Coast was hit by cyber hackers, the largest me...

SPREADS August crush trades at 74.58c/bu while oilshare is 44.12%.  Jly/Nov bean inverse drops to 1.53 3/4c from 1.58 3/4c as traders will have to beg...

GOOD MORNING, As we move into the month of June, traders will continue to watch weather and demand.  Prices regrouped last week after dropping to mont...

Monday, 31 May is a U.S. holiday, and the markets and our office will be closed. Please note that the next Ag Perspectives will be published on Tuesday, 1...

The CBOT was lower to end the week with quiet trading heading into the long, U.S. Memorial Day weekend. Bulls booked some profits after yesterday’s l...

Fast Reversal On Wednesday, U.S. Trade Representative Katherine Tai told Reuters that, “It’s impossible to predict the organic development of a...

The White House released the President’s Budget today; it is a $6 trillion dollar package that picks up where the COVID pandemic relief spending left...

Mexico’s Deputy Central Bank Governor Irene Espinosa is doing what many other politicians do when they want innocence from a problem – blame gl...

Jul 21 Corn closed at $6.5675/bushel, down $0.0775 from yesterday's close.  Jul 21 Wheat closed at $6.635/bushel, down $0.1275 from yesterday's close...

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

Due to the Memorial Day holiday, there will be no Technical Perspectives reports today. The next reports will be on Tuesday, 1 June 2021...

Markets do not often hit their daily trading limit, but corn got there today and there were mostly bulls across the complex. The trade had driven prices do...

The U.S. beef cutout is still at elevated levels and cattle prices are in the doldrums as capacity and labor issues create a kink in the value chain. Botto...

WPI's monthly publication features a review of the past month's market and policy analysis articles. This month we examine issues surrounding market demand...

Jul 21 Corn closed at $6.645/bushel, up $0.4 from yesterday's close.  Jul 21 Wheat closed at $6.7625/bushel, up $0.2775 from yesterday's close. ...

Bipolar World Returns Russia and China have been presenting a united front to the West, but the West has not been reciprocating, until now. President Biden...

U.S. Soy Export Sales Highlights Today’s USDA/FAS export sales report indicated exporters made moderate export sales of U.S. soybeans and soymeal in...

THE OPEN July beans: 2 higher July meal: 2.00 higher July soyoil:  35 higher July corn:  8 higher July wheat:  10 higher The markets opened...

Wheat:  Net sales of 29,500 metric tons (MT) for 2020/2021 were down 76 percent from the previous week and 58 percent from the prior 4-week average.&n...

GOOD MORNING,  Prices were mixed with the grains firmer vs. the soy complex, but after export sales all rallied into the close.  For bulls, the g...

SPREADS August crush trades to 74c/bu while oilshare trades to 44.51%.  July/Nov beans traded down to .52 1/4c inverse from 1.59c.  July/Dec meal...

The CBOT started the day weaker, but end-users stepped up in the corn market and created enough strength to force a higher close. As such, the corn market...

Jul 21 Corn closed at $6.245/bushel, up $0.0425 from yesterday's close.  Jul 21 Wheat closed at $6.485/bushel, down $0.08 from yesterday's close. ...

Antitrust Dust European antitrust officials have been busy, and their latest target is a large but declining giant called Coca Cola. The investigation migh...

Pandemic Growing Uncertainty Over COVID-19’s Origin Deepens Rift Despite the hot start for U.S. agricultural exports to China in 2021, Beijing’...

Russian Grain Markets: 17-21 May 2021 Russian domestic grain markets did not see any major price shifts, and although the market continued to show bullish...

THE OPEN July beans:  5 lower July meal: 3.00 lower July soyoil:  29 lower July corn:  3 lower July wheat:  10 lower The markets opened...

SPREADS August crush trades to 77c/bu while oilshare trades to 44.83%.  Bean bull spreads are firmer with Jly/Nov trading up to 1.69c from 1.61c. ...

GOOD MORNING, Prices continue to establish lower trading ranges with soyoil once again the leader to the upside.  It is typical that markets will foll...

On 16 November, after the election, we reported on the transition memo for USDA to provide “recommendations that can help the President hit the groun...

The CBOT fell sharply (except for soyoil, which seems to be living in its own little world) with funds quickly and aggressively liquidating long positions,...

The U.S. Commerce Department is doubling the tariff on softwood lumber imported from Canada to 18.32 percent. The hike is coming at a time of record lumber...

Jul 21 Corn closed at $6.2025/bushel, down $0.37 from yesterday's close.  Jul 21 Wheat closed at $6.565/bushel, down $0.0575 from yesterday's close.&n...

THE OPEN: July beans: 8 higher July meal: 1.40 lower July soyoil: 75 higher July corn: 3 1/2 lower July wheat: 2 higher The markets opened as called but...

When it comes to almonds, the U.S. is the world’s largest producer by far. It produces over 80 percent of the world’s almond crop. However, whe...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  The owners of the container ship that blocked the Suez Canal – Ever Given – are c...

NOTE: Technical Perspectives from WPI will not be published Friday, May 28, 2021. SPREADS August crush trades at 75c/bu while oilshare declines t...

NOTE: Technical Perspectives from WPI will not be published on May 28, 2021. Good morning -  Prices traded higher overnight led by soyoil, w...

The CBOT started the week on a weaker note with funds taking a more defensive position after last week’s selloff. Nearly all CBOT contracts were lowe...

Productivity Impacts The Kansas City Federal Reserve kicked off its annual conference on agriculture with this year’s topic seemingly a little tin ea...

British farmers are upset that their government may give access to the UK market to beef from Australia. They argue that they are not competitive against t...

The EPA is floating a trial balloon of maintaining the 2020 RVOs for 2021 and 2022. In April, a group of Senators urged EPA to add 500 million gallons to t...

Jul 21 Corn closed at $6.5725/bushel, down $0.0225 from yesterday's close.  Jul 21 Wheat closed at $6.6225/bushel, down $0.12 from yesterday's close.&...

Corn Argentina  Argentina’s corn harvest is progressing slowly but gaining speed. Harvest gained 3 percent last week, bringing the total to 27.6...

NOTE: LCF will be closed May 28.   THE OPEN July beans:  7 3/4 lower July  meal:  2.30 lower Juy soyoil:  45 lower Jul corn: ...

Regional News  Ukraine’s 1 May grain stocks totaled 9.5 MMT in 2021, up 0.18 MMT from the same period in 2020. Notably, wheat stocks were up 8 p...

SPREADS August crush atrades to 79.80c/bu while oilshare trades to 43.60%.  July/Nov bean inverse firms from its lows of 1.63 1/4c to trades up to 1.7...

GOOD MORNING, Prices were lower overnight as a combination of good weather and poor technical closes created more fund long liquidation.  The trend co...

1. United States Cattle on Feed Up 5 Percent  2. Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of...

The CBOT ended the week on a down note with low trading volume. The soy complex recovered slightly around noon but finished the day lower with mild losses...

While the EU is developing a command-and-control approach toward making farming more climate friendly, the newly announced Biden Administration approach is...

USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.7 million head, 105 percent...

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

Jul 21 Corn closed at $6.595/bushel, down $0.05 from yesterday's close.  Jul 21 Wheat closed at $6.7425/bushel, down $0.01 from yesterday's close.&nbs...

Argentina’s restriction on beef exports to control domestic inflation and political upheaval could raise issues over reliability as a supplier. Howev...

THE OPEN July beans:  12 lower July meal:  2.20 lower July soyoil:  89 lower July corn:  8 lower July wheat:  6-7 lower The market...

SPREADS August crush trades to 81c/bu while oil share trades to 43.51%.  Bean inverses are weaker with July/Nov trading down to 1.60c from 1.65 3/4.&n...

GOOD MORNING, Prices started mixed overnight, but mostly on the defensive led by beans and soyoil futures. This morning we are seeing another round of end-...

Some say it is hard to know the top of a market, but the funds think they’ve seen it and this Friday’s Commitment of Traders report is likely t...

USDA will release its monthly Cattle on Feed report tomorrow. Pre-report estimates from the industry peg the total number of cattle on feed as of 1 May 103...

U.S. Soy Export Sales Highlights Today’s USDA/FAS export sales report indicated the week ending 13 May was another slow one for export sales of U.S...

THE OPEN July beans:  1 3/4 lower July meal:  2.00 higher July soyoil:  1.40 lower July corn:  3 higher July wheat:  1/4 lower Pri...

Exporters for the period May 7-May 13, 2021. Wheat:  Net sales of 121,000 metric tons (MT) for 2020/2021 were up noticeably from the previous week and...

GOOD MORNING, Prices found early strength at the open on a follow-through comeback for July corn which closed unchanged after opening sharply lower yesterd...

SPREADS July crush trades to 74c/bu while oilshare trades to 44.52%.   The July/Nov bean inverse trades to 1.69c, off the low of 1.66c, and up to...

The CBOT tumbled again on Wednesday amid increased chatter about a near-term market top. July and November soybeans violated technical support at the open,...

Jul 21 Corn closed at $6.5825/bushel, up $0 from yesterday's close.  Jul 21 Wheat closed at $6.7925/bushel, down $0.1875 from yesterday's close. ...

Livestock Challenges Mount for China’s Hog Producers Ongoing problems with breeding sows, the cost of piglets, falling live hog prices, and the high...

THE OPEN July beans:  26 lower July meal:  1.80 lower July soyoil:  205 pts lower July corn:  6 1/2 lower July wheat:  17 lower Th...

Russian Grain Markets: 10-14 May 2021 Corn, barley, and wheat prices on the domestic market continued to grow while rye prices decreased. Apart from the gl...

GOOD MORNING, Prices were on the defensive once again as the markets continued to leak lower as funds liquidate more length.  Would note that outside...

SPREADS July crush trades to 82c/bu while oilshare trades to 44.85%.  Bean inverses weaken while corn inverses strengthen.  Jul/Nov bean spread i...

It might be the rhythm method if funds are withdrawing but in a market in which there are few fundamentals pushing the trade outside of its technical bound...

Packing capacity has been an issue not only for cattle and beef production, but for broilers also. Production is also slowed by various issues like labor a...

U.S. hog and pork markets exploded this year with pork prices challenging the COVID-19 pandemic highs and hog values challenging record highs set during th...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  In Egypt, the Sues Canal Authority has announced plans to deepen and widen the southern stret...

THE OPEN July beans:  7 higher July meal:  .30 higher July soyil:  84 higher July corn:  9 1/2 higher July wheat:  6 3/4 higher Th...

CPTPP Appeal China’s aggressive effort to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) may be having an uni...

GOOD MORNING, Turn-around Tuesday is here and values are higher on a combination of short-covering, bargain - hunting, and pricing activity.  July soy...

SPREADS August crush trades to 96c/bu while oilshare trades t. 443.39%.  July oilshare trades to 45.67%. July/Nov beans traded from 1.90 3/4c to 1.95c...

The CBOT was mixed to start the week with little conviction from buyers or sellers. Corn futures tried to rally but lacked much follow-through buying inter...

Anti-Meat Campaign The number of media articles against consuming meat and poultry is beginning to spike. They cover the range of arguments served up by ve...

Last Monday, principals of several cattle producer groups met in Phoenix at a meeting convened by the Livestock Marketing Association (LMA). Participants i...

Jul 21 Corn closed at $6.525/bushel, up $0.0875 from yesterday's close.  Jul 21 Wheat closed at $6.9975/bushel, down $0.075 from yesterday's close.&nb...

Corn Argentina Farmers are still focused on harvesting soybeans, which means the corn harvest is progressing very slowly and is delayed versus the prior ye...

After more than a year of sharply rising prices, softwood lumber is finally starting to show some cracks. Due to circumstances related to COVID, softwood l...

THE OPEN July beans:  10 higher July meal:  6.00 higher July soyoil:   20 pts higher July corn:  8 higher July wheat:  4 1/2...

SPREADS August crush trades to 88c/bu while oilshare trades to 43.29%.  Bull spreads are rallying again with July/Nov beans trading back to 1.95 1/2c...

GOOD MORNING, Prices will open mixed after all were trading lower at one point during the PM session.   July open interest continued to drop, as...

One day after shutting one of the most important waterways in the world, the U.S. Coast Guard reopened the Mississippi River near Memphis, Tennessee for ri...

EU Gets Nutrition Right It looks messy, with fights over food labeling, red light systems versus front of package, etc. But EU policymakers see the rise in...

There’s been a lot of media coverage of inflation since the April consumer price index (CPI) report. Consumer prices rose 0.8 percent in April, the f...

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

This year has seen higher commodity prices spiked by tighter ending stocks for some key commodities. However, reductions unique to this year relative to th...

Jul 21 Corn closed at $6.4375/bushel, down $0.31 from yesterday's close.  Jul 21 Wheat closed at $7.0725/bushel, up $0.0575 from yesterday's close.&nb...

THE OPEN July beans:  20 higher July meal:  8.30 higher July soyoil:  82 higher July corn:  9 higher July wheat:  20 1/2 higher Th...

SPREADS July crush trades to 73c/bu while oilshare trades higher to 43.61%.   July/Nov bean inverse bounces to 2.00c with a low of 1.84c.  J...

GOOD MORNING, Funds headed for the exits as charts started to build in resistance leading to selling yesterday, triggering sell-stops.  Funds sold 16,...

Okay, the market is not dull, but it is sometimes difficult to explain. Except for wheat, the sharp sell-off appears as an over-reaction to yesterday&rsquo...

USDA raised its total red meat and poultry production forecast for the year in yesterday’s WASDE report. Broilers were down based on year-to-date sla...

Jul 21 Corn closed at $6.7475/bushel, down $0.4 from yesterday's close.  Jul 21 Wheat closed at $7.015/bushel, down $0.2825 from yesterday's close.&nb...

Greening GMO’s The European Court of Justice correctly lumped all genetic modification technologies into one heap and now the technology is being car...

Minimal U.S. Soy Export Sales Last Week Today’s USDA/FAS export sales report indicated exporters of U.S. soybeans, soymeal, and soyoil made only smal...

THE OPEN July beans:  20 lower July meal:  6.20 lower July soyoil:  64 lower July corn:  17 lower July wheat: 7 1/2 lower The markets o...

Wheat:  Net sales of 30,300 metric tons (MT) for 2020/2021 were down noticeably from the previous week and down 61 percent from the prior 4-week avera...

SPREADS July crush trades to 74c/bu while oilshare trades to 42.68%.  Inverses remain well supported with July/Nov beans trading to 1.95c to 2.08c.&nb...

GOOD MORNING, Prices are lower across the board on profit-taking heading into the weekend.  The USDA report has come and gone, and we are left looking...

SOYOIL: Soybean oil is expected to hold a higher share of the crush value as prices are buoyed by increased use of soybean oil as a feedstock in an expandi...

SOYMEAL: soybean crush for 2021/22 is projected at 2.2 billion bushels, up 35 million from the 2020/21 forecast, reflecting favorable crush margins. ...

SOYBEANS:  The 2021/22 outlook for U.S. soybeans is for lower supplies, lower exports, higher crush, and higher ending stocks compared with 2020/21.&n...

CORN: The corn crop is projected at 15.0 billion bushels, up from last year on higher area and a return to trend yield.  The yield projection of 179.5...

WHEAT:  The initial outlook for 2021/22 U.S. wheat is for smaller supplies, higher domestic use, lower exports, and reduced stocks.  Supplies are...

Today’s USDA WASDE report was not what the trade thought, and yet it was not caught flat-footed. To some degree this is because years of guessing wro...

Border Tax Rationalized There are both economic and geopolitical reasons being presented for why the G-7 (U.S., Canada, EU, and Japan) should pursue a comm...

Livestock China’s Live Hog Producers Confront the Scissors Effect Record feed costs, historically high piglet prices, biosafety costs, and declining...

Jul 21 Corn closed at $7.1475/bushel, down $0.075 from yesterday's close.  Jul 21 Wheat closed at $7.2975/bushel, down $0.12 from yesterday's close.&n...

THE OPEN July beans:  19 higher July meal:  1.40 higher July soyoil:  99 higher July corn:  1 higher July wheat:  5 lower The mark...

The June ethanol futures contract hit a record high last week at $2.29/gallon but that may not have a lasting effect on exports. The market has been in rec...

Russian Grain Markets: 3-7 May 2021 Corn, barley, and wheat prices on the domestic market grew following global trends. The export milling wheat average pr...

SPREADS July crush falls to 74.32c/bu while oilshare trades higher to 42.24%.  Bull spreads see more strength with Jul/Nov beans trading up to 2.04 3/...

GOOD MORNING, The bulls continue to roll on with more strength overnight emanating from a strong close and reversal from Monday's weakness that more or les...

CORN July 2021 ($/bu) $7.2225 WHEAT July 2021 ($/bu) $7.4175 HARD RED WINTER WHEAT July 2021 $7.1050 HARD RED SPRING WHEAT July 2021 $7.7050 SOYBEANS July...

The CBOT started the day lower with continued fund liquidation in the major ag commodities. End-users, however, stepped up and offered support at key techn...

Tomorrow, USDA releases its monthly WASDE report. Last month’s report projected red meat and poultry production in 2021 to be 100.7 percent of 2020...

Free with a Twist A group of U.S. Congressional Democrats are proposing universal free meals to all school children. The massive expansion in federal food...

Brazilian ethanol prices have been rising, which has usually been good for U.S. ethanol exports. Bloomberg reports that increased demand for transportation...

THE OPEN July beans:  10 higher July meal:   6.20 higher July soyoil:  13 lower Jul corn:  12 higher July wheat:  10 higher T...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  The Muslin holy month of Ramadan ends this week and is followed by the Eid al Fitr celebratio...

  SPREADS   July crush is trading at 84.58c/bu while oilshare trades to 41.69% as it continues to correct.  July /Nov bean spread bounces ba...

GOOD MORNING, After remaining mostly steadfast in their fund positions over the last few weeks, the funds finally decided to liquidate a portion of their p...

The CBOT ended sharply lower on Monday with corn and wheat leading the downside move. Both markets had achieved strongly overbought levels last week and we...

Jul 21 Corn closed at $7.1175/bushel, down $0.205 from yesterday's close.  Jul 21 Wheat closed at $7.305/bushel, down $0.3125 from yesterday's close.&...

Money Games SEC Chairman Gary Gensler is a familiar face to the agriculture community, having chaired the CFTC during the Obama Administration. He is repor...

On Friday, the Colonial Pipeline, which is the largest refined product pipeline in the U.S., running 5,500 miles from Texas to New Jersey, was attacked by...

The activist community wonders why there can be food waste and hungry people at the same time. They want the rich countries to solve the problem, but it is...

Corn Argentina  Argentina’s weather has been ideal for harvesting but farmers are still focused on soybeans. This week’s corn harvest prog...

THE OPEN July beans:  1 lower July meal:   .80 lower July  soyoil:  14 lower July corn:  5 lower July wheat:  15 lower&n...

Regional News  Favorable rains forecast for Europe in the coming week will aid winter crop development and help recently planted spring crops establis...

SPREADS July crush trades to 88.94c/bu while oilshare trades to 42.18%.   Spreads are higher this morning with July/Nov bean inverse firming to 1...

GOOD MORNING, The overnight markets were in correction mode for the PM session, led by wheat as better weekend rains were noted.  The markets closed m...

The CBOT ended sharply higher on Friday afternoon with corn, soybeans, wheat, and soyoil all posting new contract highs. Early trade was muted/lower as USD...

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

Designed Obsolescence: According to NielsenIQ, 50 of the 52 food categories it tracks are more expensive than a year ago, with butter and milk being the on...

Jul 21 Corn closed at $7.3225/bushel, up $0.135 from yesterday's close.  Jul 21 Wheat closed at $7.6175/bushel, up $0.085 from yesterday's close. ...

A good topic for Friday is the big picture outlook of what is on the horizon, the so-called “30,000-foot view” so named because that is the cru...

Matthew Klein (Barrons) and Michael Pettis (Peking University) have authored the book, Trade Wars are Class Wars. In it, they argue that countries like Ger...

THE OPEN July beans: 7 higher July meal:  3.20 higher July soyoil:  84 higher July corn: 7 1/2 higher July wheat:  11 higher The market open...

GOOD MORNING, Overnight prices were once again higher on technical follow-through to the upside of new contract highs.  Wheat and meal remain the exce...

SPREADS July crush trades to 86c/bu while oilshare trades to 43.09%.   July /NOv bean inverse falls to 1.52 3/4c from 1.60 1/2c while July/Dec me...

Jul 21 Corn closed at $7.1875/bushel, up $0.1025 from yesterday's close.  Jul 21 Wheat closed at $7.5325/bushel, up $0.0875 from yesterday's close.&nb...

It was another elevated day in the agricultural commodity markets. New contract highs were set in soft-red wheat, lean hogs, December corn, July Malaysian...

COVID-19 made a mess of things in the cattle and beef markets. Things are starting to normalize, but the ride is bumpy – and made even bumpier by poo...

Inverses in Support Developing countries want the WTO to impose new disciplines on agricultural domestic supports by rich countries. They correctly argue t...

Soy Export Sales Highlights Today’s USDA/FAS export sales report for the week ending 29 April indicated exporters of U.S. soybeans, soymeal, and soyo...

Market Trends U.S. Ag Exports to China See Best 1st Quarter Since 2014 Courtesy of booming corn, soybean, wheat, sorghum, meat, almond, and pecan shipments...

THE OPEN July beans:  17 higher July meal:  3.30 higher July soyoil:  1.13 higher July corn: 3 1/2 higher July wheat:  7 lower The mark...

Wheat:  Net sales reductions of 95,600 metric tons (MT) for 2020/2021--a marketing-year low--were down noticeably from the previous week and from the...

GOOD MORNING, Prices will open mixed with weaker wheat against strength elsewhere on the board.  This has become a technically driven market as prices...

SPREADS July oilshare trades to 43.05% while crush trades up to 92c/bu.  Spreads recover after selling off to some lows for beans with Jly/Nov trading...

The CBOT flinched early as USDA announced that China cancelled 140,000 MT of corn export bookings from the U.S., but later rallied on strong cash markets a...

Jul 21 Corn closed at $7.085/bushel, up $0.1175 from yesterday's close.  Jul 21 Wheat closed at $7.445/bushel, up $0.1775 from yesterday's close. ...

Stupid Cycle Putnam Investment’s chief investment officer, Shep Perkins, says we are at the beginning of a multi-year super cycle for agricultural co...

April Trading Volume Falls on Lower Feed Demand Following a blistering first quarter, futures trading volume on the Dalian Commodities Exchange (DCE) fell...

THE OPEN July beans:  10 higher Julu meal:  2.00 higher July soyoil:  34 higher July corn:  1 lower July wheat:  1 higher The mark...

Russian Grain Markets: 26-30 April 2021 Corn, barley, and wheat prices on the domestic market grew following global trends. The export milling wheat averag...

SPREADS July crush improves to 90c/bu while oilshare trades to 42.99%.  Inverses have come down a touch, led by corn.  July/Dec corn inverse trad...

GOOD MORNING, Funds continue to buy the market and are now long an estimated 180K beans, 50K meal, 106K soyoil, 390K corn, and even wheat.   On M...

Yesterday’s price weakness was met with renewed buying interest in the overnight session that carried markets higher. Strength continued into the day...

Due Diligence Criticism A piece in Politico by Europe-based reporters Eddy Wax and Sarah Anne Aarup entitled, “How Brussels Wants to Make Your Shoppi...

Ethanol exports in March were 133 million gallons and more than a third of that went to China. The 48.3 million gallons exported to China is the second hig...

Jul 21 Corn closed at $6.9675/bushel, up $0.1725 from yesterday's close.  Jul 21 Wheat closed at $7.2675/bushel, up $0.0875 from yesterday's close.&nb...

The use of wheat as animal feed is expected to hit a 25-year high in 2021. As noted by Carl Zulauf of Ohio State University, it is the ratio of the price o...

THE OPEN July beans:  17 higher July meal:  4.90 higher July soyoil:  92 higher July corn:  14 higher July wheat:  8 3/4 higher Th...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Saudi Grains Organization (SAGO) said it will begin selling its grain silos during 2021. SAGO...

GOOD MORNING, Prices are higher in the PM session after yesterday's defensive price action.   Much of the world was closed Monday with others out...

SPREADS July crush trades to 83.30c/bu while oilshare is at 43.25%.  July /Nov beans find support at 1.77c with a rally back to 1.83c.  May/July...

May kicked off with Saturday’s running of the 147th Kentucky Derby, arguably the most famous horse race in history, and the Medina Spirit won with a...

Technical Barriers on Steroids A WTO report indicates that regulatory costs account for 14 percent of trade costs, but that share is about to get much high...

The ag and food supply chain is recovering from COVID and at least two key aspects of that process are becoming policy debates. The first is the ongoing di...

Jul 21 Corn closed at $6.795/bushel, up $0.0625 from yesterday's close.  Jul 21 Wheat closed at $7.18/bushel, down $0.1675 from yesterday's close.&nbs...

Sosland Publishing notes that the pandemic boosted pasta and therefore durum wheat consumption. Exports by Italy jumped 30 percent and Strategie Grains not...

Corn Argentina Farmers are still focused on harvesting soybeans, which means the corn harvest is progressing very slowly and is delayed versus the prior ye...

THE OPEN July beans:  18 higher July meal:  2.50 lower July soyoil:  2.10 higher July corn:  20 3/4 higher July wheat:  7 3/4 high...

We regret to inform long-time Ag Perspectives readers of the passing of Robert Kohlmeyer. Bob had a long and prolific career, first with Cargill and then w...

Regional News  Black Sea weather patterns are trending cold and dry. Temperatures are too cold for crop growth and a large portion of the central whea...

SPREADS July crush trades to 91.92c/bu while oilshare jumps to 43.14%.  July/Nov beans posts a new high at 2.00c with a low of 1.89 1/2c, while May/Ju...

GOOD MORNING, Prices are higher across the board on technical follow-through from Friday's strong day of trade, with opening gaps in every market except me...

The last trading day of April saw the CBOT open lower and it looked like it would continue the week’s apparent theme of lower trade. Bears’ hop...

Losing to China The theme of President Joe Biden’s address to Congress this week was captured in his statement that, “China and other countries...

The media is abuzz over the recent uptick in American fast food chicken sandwich consumption and the resulting purported shortages. If there were a shortag...

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

In his address to Congress this week, President Biden laid out two major initiatives, the American Families Plan and the American Jobs Plan. According to a...

Jul 21 Corn closed at $6.7325/bushel, up $0.25 from yesterday's close.  Jul 21 Wheat closed at $7.3475/bushel, up $0.0575 from yesterday's close. ...

THE OPEN July beans:  9 lower July meal:  3.80 lower July soyoil:  57 lower July corn:  1/ higher July wheat:  9 1/2 lower The mar...

SPREADS July crush trades down to 83c/bu while oilshare trades at 41.58%.  Spreads are weaker with deliveries, with May/July beans trading to an inver...

GOOD MORNING, Prices are leaning lower in the overnight session as the much talked about first notice day is here.  Soyoil and beans traded lower into...

Volatility remains the best descriptor for the futures market as today saw a mixed opening, some see-sawing up and down, and finally a mixed closing. The c...

Agriculture policy is never a big component of the State of the Union address – if mentioned at all. However, as we wrote on Monday, “Given the...

Jul 21 Corn closed at $6.4825/bushel, up $0.0425 from yesterday's close.  Jul 21 Wheat closed at $7.29/bushel, up $0.0625 from yesterday's close. ...

Wheat:  Net sales of 223,600 metric tons (MT) for 2020/2021 were down 7 percent from the previous week, but up 73 percent from the prior 4-week averag...

GMO Battle Ahead The future of farming, which is to say producing enough food under the duress of climate change and with less burden on the environment wi...

WPI's monthly publication features a review of the past month's market and policy analysis articles. This month we examine issues surrounding livestock, th...

THE OPEN July beans:  9 higher July meal:  .20 lower July soyoil:  64 higher July corn: 3 3/4 higher July wheat:  1 3/4 lower The marke...

SPREADS July crush trades to 84c/bu while oilshare trades higher to 42.25%.  Spreads remain strong with July/Nov beans closing at the highs of 1.95 1/...

GOOD MORNING, The mission of the market is now to define trading ranges from our new ctr highs heading into the summer.  Increased talk of increased U...