Regional News  Most of Europe and the Black Sea remain in a rainfall deficit with drought increasingly severe in parts of southeast Europe and western...

Wheat Argentina’s wheat production for the coming campaign is being divided into three regions. The northern end of the country reduced planted area...

THE OPEN November beans:  5 3/4 lower December meal:  .40 lower December soyoil:  39 lower December corn:  2 1/4 lower December wheat:&...

SPREADS Dec crush trades to 94.73c/bu while oilshare falls to 33.70%.  Nov/Jan beans move out to 4 1/2c from 3 3/4c, while Jan/March inverts to 9 1/4c...

GOOD MORNING, Prices started the evening mixed but turned lower by morning.  Harvest weather over the next two weeks appears to be perfect.  Curr...

The CBOT continues to scream higher with Chinese buying of U.S. corn and soybeans underpinning prices. Managed money funds have been aggressive buyers as t...

There are three key pots of money for agriculture support: a second round of CFAP, additional relief for COVID, and the regular budget. One has been settle...

ICT’s Importance A decline in the growth rate of total factor productivity is common in mature economies even as government policies seek to accelera...

Dec 20 Corn closed at $3.785/bushel, up $0.0325 from yesterday's close.  Dec 20 Wheat closed at $5.75/bushel, up $0.1875 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...

THE OPEN November beans:  9 higher December meal:  3.50 higher December soyoil:  7 higher December corn:  1 higher December wheat: ...

Starches and protein are the largest caloric components of the western diet and WPI analyzes them all day long. Notably, the onion is one of the most impor...

GOOD MORNING, The charts continue to throw off bullish technical signals, so the funds are buying the open and running with it.  The continuing report...

SPREADS Dec crush trades to 92.15c/bu while oilshare trades to 34.24%.  Dec/March corn trades to 8 1/4c from 8 3/4c, while Dec/Dec narrows to 11 1/2c...

The market has been on a tear and it is all based on current demand from China and speculation that it will continue. Current demand prompts news articles...

Post-November Economy Fiscal recklessness has its limit, and this will come home to roost. Having already borrowed and spent $3 trillion to revive the COVI...

The final 2019 dairy utilization data from USDA released this week shows that per capita conumption of milk is at an historic high of 650 pounds. Annual d...

Dec 20 Corn closed at $3.7525/bushel, up $0.035 from yesterday's close.  Dec 20 Wheat closed at $5.5625/bushel, up $0.1425 from yesterday's close.&nbs...

China Urged to Prioritize Corn, Wheat and Rice Production Over Soybean Production Speakers at this year’s China Soybean Industry International Summit...

THE OPEN November beans:  2 1/4 lower December meal:  .40 lower December soyoil:  3 lower December corn:  1 14/ lower December wheat:&n...

Wheat:  Net sales of 335,700 metric tons (MT) for 2020/2021 were down 31 percent from the previous week and 42 percent from the prior 4-week average...

GOOD MORNING, Prices were stronger with beans rallying higher as more rumors of Chinese business hit the wires.  The outlook for China's bean and corn...

SPREADS Dec crush trades to 88.99c/bu while oilshare trades to 34.91%.  Dec/Dec corn trades from 16 1/2c back out to 18 3/4c.  Dec/March corn tra...

Grain and soy futures markets often pose more questions than answers. In terms of trade volume and volatility that is a good thing since it is questions no...

Previous Status Quo EU Director General for Trade Sabine Weyland says bilateral relations with the U.S. need to be improved, but not through more liberaliz...

The CBOT drifted lower overnight with corn and soybeans testing technical support. That weakness was short-lived in soybeans, however, as rumors of Chinese...

Dec 20 Corn closed at $3.7175/bushel, up $0.0575 from yesterday's close.  Dec 20 Wheat closed at $5.42/bushel, up $0.0375 from yesterday's close. ...

  THE OPEN November beans:  6 1/2 higher December meal;  3.90 higher December soyoil:  15 higher December corn:  1 higher December...

Livestock China Furthers Stimulates Live Hog Production and Risks Grow China’s Ministry of Agriculture and Rural Affairs (MARA) recently announced an...

Russian Grain Markets: 7-11 September 2020 Domestic Russian market wheat and barley prices mainly grew due to export demand. Corn prices were stable in the...

SPREADS Dec crush trades to 89.25c/bu while oilshare trades lower down to 34.66%.  Dec/Dec corn trades slightly weaker from 20 1/2c to 22 1/4c, while...

GOOD MORNING,  Funds were net sellers across the board yesterday on overbought concerns and the fact that for once beans could not turn the rally back...

Now halfway through the month of September, the CBOT is looking like the rally is ending, or at least on pause for a while. Row crops and wheat were lower...

The Federal Reserve Open Market Committee is meeting today and tomorrow, where it will revise its latest economic forecasts for the year and release its pl...

Dec 20 Corn closed at $3.66/bushel, down $0.035 from yesterday's close.  Dec 20 Wheat closed at $5.3825/bushel, down $0.075 from yesterday's close.&nb...

Revolutionizing EU Agriculture The European Public Heath Alliance says agricultural support and promotion should end its focus on competitiveness and inste...

It is noted that rice imports by Nigeria are declining, with increased border protections and larger domestic production to blame. However, the same dynami...

THE OPEN Nov beans:  2 3/4 higher Dec meal:  .30 higher Dec soyoil:  40 higher Dec corn:  1 1/2 lower Dec wheat:  4 3/4 lower The...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Egypt intends to have a commodity exchange in place for the first half of 2021. The exchange will t...

GOOD MORNING, Prices continue to remain well bid with no reversal signals in sight.  China continues to be around the market, Black Sea vegoil values...

SPREADS November crush trades to 74.68c/bu while oilshare is slightly over 35.0% to 35.12%.  Dec/Dec corn trades from 19 1/2c to 20 1/2c, while Dec/Ma...

The CBOT was mostly higher to start the week with soybeans and soyoil extending their rallies. Corn and wheat were firmer but posted a relatively lackluste...

It’s 50 days until the 2020 election. USDA is expected to announce the terms of the second round of CFAP payments this week and the Senate Democrats...

Branstad Departs Former Iowa governor and U.S. Ambassador to China Terry Branstad is departing his post in Beijing. Some call it a perilous time to leave g...

Dec 20 Corn closed at $3.695/bushel, up $0.01 from yesterday's close.  Dec 20 Wheat closed at $5.4575/bushel, up $0.0375 from yesterday's close. ...

China claims that its pig herd is now down 20 percent from before ASF decimated its stock, but USDA places the country's pork production down 33 percent. P...

Wheat The wheat market has become interesting over the past few weeks. At the beginning of September, the core agricultural area received an average of 25...

THE OPEN November beans:  6 1/2 higher December meal:  .10 higher December soyoil:  59 higher December corn:  3/4 higher December wheat...

Regional News  Weather patterns across much of Europe and the Black Sea remain lodged in a hot, dry trend causing likely delays and reductions in wint...

SPREADS October crush trades to 73.82c/bu while oilshare trades to 34.78%.  Spreads are slightly weaker today with Nov/Jan trading out to 3 3/4c from...

GOOD MORNING, Prices closed on a firm note and extended gains once more overnight as funds now establish long positions across the board.  November be...

The September WASDE failed to offer truly bullish surprises, but you wouldn’t know that from the CBOT’s reaction. The soy complex ended sharply...

Reports leaked out of the Administration this week that President Trump has directed EPA to deny all of the so-called gap year small refinery exemption pet...

 The soybean oil price forecast is 32.0 cents per pound, up 2 cents...

The soybean meal price is projected at $315 per short ton, up 25 dollars. ...

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

Soybeans – USDA reduced the estimated yield from 53.3 to 51.9 bushels per acre.  Beginning stocks for the 2020/21 season were also reduced. ...

Tough Time for WTO Robert Zoellick was U.S. Trade Representative (USTR) before he ran the World Bank and he knows a thing or two about politics and Washing...

Corn – USDA reduced U.S. corn ending stocks for 2020/21.  The average U.S. yield was reduced from 181.8 to 178.5 bushels per acre.  U.S.cor...

Dec 20 Corn closed at $3.685/bushel, up $0.035 from yesterday's close.  Dec 20 Wheat closed at $5.42/bushel, down $0.0625 from yesterday's close. ...

Wheat – USDA left U.S. wheat supply and demand outlook unchanged.   The 2020/21 global wheat outlook is for higher stocks - supplies were r...

Today’s September WASDE report reflects important adjustments in the projected ending stocks for corn, soybeans, and wheat. Overall, global stocks of...

Wheat:  Net sales of 484,400 metric tons (MT) for 2020/2021 were down 17 percent from the previous week and 14 percent from the prior 4-week average.&...

THE OPEN November beans:  8 higher December meal:  2.80 higher December soyoil:  17 higher December corn:  2 1/4 higher December wheat:...

SPREADS October crush trades to 63.09c/bu while oilshare sits just under 35.0% at 34.48%.  Nov/Jan bean spread firms into 3 12c from 4c as the bull ma...

GOOD MORNING, Prices are higher across the board this morning as positive technical price action continues and the bull market rolls on.  Beans, meal,...

The July monthly export data show both beef and pork down from year-ago levels but up from June. Compared to June, beef exports were up 36 percent in volum...

The market is frothy. Tomorrow’s USDA WASDE report could affirm today’s relatively bullish sentiment, or it could break it on fundamentals. The...

Dec 20 Corn closed at $3.65/bushel, up $0.0475 from yesterday's close.  Dec 20 Wheat closed at $5.4825/bushel, up $0.045 from yesterday's close. ...

Transatlantic Protectionism III The EU issued its “Strategic Foresight” report and it lays the groundwork for potentially more protectionism. I...

U.S. New Crop Soybean Export Sales Above Pace of 2016/17 As of today, U.S. exporters have reported to USDA the sale of 25.997 MMT of soybeans for export in...

THE OPEN November beans: 1/2 lower December meal:  .30 higher December soyoil:  2 lower December corn:  1 1/2 higher December wheat:  6...

These days we can sympathize with commercial grain and soy traders and fund managers as they try to figure out what futures prices and cash prices are like...

GOOD MORNING, Prices are mostly firmer with wheat leading the way in terms of market strength, which has allowed corn to trade higher.  Report day is...

SPREADS October crush trades to 72c/bu while oilshare trades to 34.49%.  Nov/Jan beans remain firm at 4 1/4c from 4 1/2c, vs. values that were out to...

Vertical Energy Temasek Holdings and Bayer announced an investment in vertical agriculture in Singapore. It should be noted that their focus is on producin...

The CBOT traded a relatively quiet day with corn consolidating and wheat attempting to turn lower before support entered on a break below key moving averag...

Some analysts have long argued that Chinese policymakers made a trade-off decision by favoring domestic corn production and soybean imports. Basically, the...

Macroeconomic Trends Food Inflation Falls in August, Remains Above 10 Percent Following a 2.2 percent increase in July, food prices fell in August to an an...

Dec 20 Corn closed at $3.6025/bushel, down $0.015 from yesterday's close.  Dec 20 Wheat closed at $5.4375/bushel, down $0.005 from yesterday's close.&...

THE OPEN November beans:  3 higher December meal:  2.20 higher December soyoil:  32 lower December corn:  1 1/4 lower December wheat:&n...

Russian Grain Markets: 31 August – 4 September 2020 Domestic Russian market prices for wheat and barley mainly grew. Corn prices were quoted for the...

SPREADS October crush trades to 74.71c/bu while oilshare trades to 34.58%.   Dec/Dec corn trades from 24 1/2c to 25 3/4c, while Dec/March trades...

GOOD MORNING, As we head into Friday's report, expect to see more position-evening from corn and bean bulls who have put a good rally in their pocket. ...

The CBOT opened on a mixed note with early selling pressure developing in the soy complex. By the afternoon, however, continued demand corn and soybeans pu...

Faded Green Wave While politicians on both sides of the Atlantic boast of bold plans for environmental protection, executing their initiatives is proving m...

There are 56 days until the 2020 elections. In addition to the Presidential election, all 435 seats in the House of Representatives are up for consideratio...

Dec 20 Corn closed at $3.6175/bushel, up $0.0375 from yesterday's close.  Dec 20 Wheat closed at $5.4425/bushel, down $0.06 from yesterday's close.&nb...

U.S. agricultural imports have been rising at a 6.42 percent annual rate over the past 25 years. Mostly due to duty-free goods under NAFTA, but also from E...

THE OPEN November beans:  3 1/2 lower December meal:  2.30 lower December soy oil:  16 higher December corn:  1 1/3 higher December whe...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan reports that the second 65,000 MT shipment of wheat has arrived from the Ukraine and...

GOOD MORNING, Prices are mixed this morning after several markets traded to technical target highs before encountering profit-taking.  The reversal tr...

SPREADS Oct. crush trades to 65.40c/bu while oil share trades to 34.79%.  Dec/Dec corn trades from 22c out to 26 1/4c, while Dec/March trades from 9 3...

The U.S. will celebrate Labor Day on Monday, 7 September, and the U.S. markets as well as our office will be closed that day. As a result, we will not upda...

Monday is the U.S. Labor Day holiday – it marks several things, including the nominal end of summer. With the end of summer comes a drop in gasoline...

Dec 20 Corn closed at $3.58/bushel, up $0.0425 from yesterday's close.  Dec 20 Wheat closed at $5.5025/bushel, down $0.03 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...

CBOT ag markets were mostly higher as traders added risk premia to corn and soybeans heading into what looks like a dry weekend for the Corn Belt. Wheat fu...

R Realignment with Labor Organized labor has historically aligned with the Democratic Party while Republicans were associated with management. Donald Trump...

Less than one month ago, the HRW and HRS leading contracts were at their record lows. The SRW leading contract hit its record low at the start of the marke...

Poor Advice for the Poor Former South African trade minister Rob Davies had some advice for developing countries that reflects the WTO’s leaderless,...

The uncertainty over yield and demand continues. The crop output side switches to bearish as improved rains are considered, but how much damage has there a...

USDA released its farm income forecast yesterday reflecting lower prices across the board for livestock and poultry. On the input expense side, purchases...

Dec 20 Corn closed at $3.5375/bushel, down $0.05 from yesterday's close.  Dec 20 Wheat closed at $5.5325/bushel, down $0.05 from yesterday's close.&nb...

Soy Export Sales Highlights Last week was a good one for exporters of U.S. soybeans and a fairly good one for soymeal exporters, according to today’s...

THE OPEN November beans: 2 higher December meal:  steady December soyoil:  29 higher December corn:  1 1/2 lower December wheat:  1 low...

Wheat:  Net sales of 585,400 metric tons (MT) for 2020/2021 were down 23 percent from the previous week, but up 4 percent from the prior 4-week averag...

NOTE: There will be no Technical Perspectives reports on 4 September. SPREADS  Nov. crush trades to 78.46c/bu while oilshare trades to 35.50%.  D...

GOOD MORNING,  Prices are mixed to higher this AM, with rainfall this week having a slightly dampening effect.  Beans are higher as more business...

During the past two decades one of the most important U.S. agricultural crop production trends has been the movement of corn and soybean plantings into tra...

Yesterday’s CBOT trends were reversed with the soy complex moving higher while wheat traded a steady, lackluster day. Corn and soybeans started the d...

In the year of COVID, it is difficult to assign precise reasons for changes in trade flows but following are some observations about U.S. agricultural trad...

Responding to Trump Protectionism European farm ministers answered Donald Trump’s “protectionism” with, well more protectionism. German F...

Dec 20 Corn closed at $3.5875/bushel, up $0.0075 from yesterday's close.  Dec 20 Wheat closed at $5.5825/bushel, down $0.0575 from yesterday's close.&...

Livestock China Meat Supply Projected to Increase in Last Quarter Of 2020 With the novel coronavirus largely contained and the economy firing on all cylind...

THE OPEN Nov beans:  5 1/4 lower Dec meal:     1.90 lower Dec soyoil:  12 higher Dec corn:  2 1/2 lower Dec wheat: ...

Russian Grain Markets: 24-28 August 2020 The domestic Russian market prices for wheat, barley and rye changed insignificantly. Corn prices started moving d...

SPREADS  October crush trades to 79.41c/bu while oilshare trades to 35.0%.  Nov/Jan beans trades from 5 3/4c to 6 1/4c.  Dec/March corn trad...

GOOD MORNING, Prices are on a back and fill mission, with trading ranges now being carved out from the top of the market.  The key reversal in soyoil...

The CBOT opened higher with support coming from USDA daily “flash” export sales announcements. Corn and soybeans started to weaken by mid-morni...

China Acquiescence Jeffrey Gerrish, the former deputy USTR for the Trump Administration is now back at his old law firm Skadden Arps and has little reason...

Reports from Brazil indicate that the government is leaning toward extending the TRQ for U.S. ethanol imports for 90 days (the TRQ expired yesterday). Ther...

Dec 20 Corn closed at $3.58/bushel, up $0.0025 from yesterday's close.  Dec 20 Wheat closed at $5.64/bushel, up $0.1175 from yesterday's close. ...

China has been purchasing significant volumes of corn at the same time it sits on the majority of the world’s surplus carryover of the grain. Its pol...

THE OPEN Nov beans:  1 higher Dec meal:  .30 lower Dec soyoil:  3 lower Dec corn:  1/2 lower Dec wheat:  1 higher Prices opened mo...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan’s Competition Committee (CCP) has said that the government should reduce its r...

SPREADS October crush trades down to 77.95c/bu while oilshare trades to 35.0% on a market pullback.  Dec/March corn trades into 9 1/2c from 10 1/4c.&n...

GOOD MORNING, Prices are mixed this AM with gaps filled in beans and still waiting in corn as the markets find some profit-taking heading into the Septembe...

The CBOT once again opened higher with expectations for further reductions in crop condition ratings fueling buying activity. Deliveries against September...

As Europe transitions to a low carbon economy amid COVID-related disruptions, there are rising concerns about developing shortages of basic materials. The...

Initial unemployment claims topped 1 million for the second week in a row after previously declining below that psychological line. Total initial claims we...

Dec 20 Corn closed at $3.5775/bushel, down $0.015 from yesterday's close.  Dec 20 Wheat closed at $5.5225/bushel, up $0.035 from yesterday's close.&nb...

The flood of easy money from the U.S. Federal Reserve intended to prop up the economy in the face of COVID-19 should be inflationary. The Fed has tipped it...

THE OPEN November beans:  11 1/2 higher December meal:  3.20 higher December soyoil:  50 higher December corn:  3 3/4 higher December w...

Regional News  Last week (27 August), the European Union removed its tariffs on maize imports into the EU. The tariff was reduced to €0.28/MT on...

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers such topics as the commodity markets and...

Barley Argentina’s final barley planted area is between 850,000 and 900,000 hectares, down 1 million from 2019. Assuming all goes well this growing s...

SPREADS October crush trades to 83.18c/bu while oilshare trades to 35.45%.   Corn spreads tighten with Dec/Dec narrowing into 19c from 21 1/2c, w...

GOOD MORNING, Welcome to first notice day, and the last day of the month.  Traders may choose to take profits today, as the bull has had a great run f...

USDA sent a reminder out to growers and producers today that there are two weeks left to apply for CFAP payments. As of Monday 24 August, there have been 5...

Another Leader Down The announcement that Japanese Prime Minister Shinzö Abe will resign to focus on a chronic health issue was a shock and could be d...

The soy complex held most of the CBOT’s excitement today as soybeans and soymeal rallied sharply. Soyoil marked a new high for its move but ended sli...

U.S. dairy producers demanded this week that the Trump Administration ensure that Canada and Mexico adhere to their commitments for market access under the...

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

Dec 20 Corn closed at $3.5925/bushel, up $0.0075 from yesterday's close.  Dec 20 Wheat closed at $5.4875/bushel, down $0.02 from yesterday's close.&nb...

THE OPEN November beans:  4 1/2 higher December meal:  2.90 higher December soyoil:  5 lower December corn:  3/4 lower December wheat:&...

SPREADS October crush pops up to 84.27c/bu while oilshare trades firmer to 35.66%.  Dec/March corn trades into 10 3/4c from 11c, while Dec/Dec trades...

GOOD MORNING, The markets have been on a good roll to the upside.  Corn may now only have a net short 90K or so, but the commitment-of-trader's report...

It was all green at the open except for cattle and that was pretty much the day. It is a trifecta, the perfect storm, when droughty weather threatens, ther...

Last week, USDA released the combined U.S. and Canada livestock inventory report, which added a little additional clarity on the hog and pork situation. US...

Dec 20 Corn closed at $3.585/bushel, up $0.0425 from yesterday's close.  Dec 20 Wheat closed at $5.5075/bushel, up $0.11 from yesterday's close. ...

Glyphosate on Steroids It only takes emotive-based fear to elicit demands for glyphosate to be banned so at least there is a fact-based rationale for COVID...

Brazil Considering Temporary Suspension of Tariffs on Soybeans The Brazilian Agriculture Ministry today indicated it is considering temporarily removing im...

THE OPEN November beans: 10 higher December meal:  4.00 higher December soyoil:  40 higher December corn:  3 3/4 higher December wheat: ...

Wheat:  Net sales of 764,100 metric tons (MT) for 2020/2021 were up 46 percent from the previous week and 41 percent from the prior 4-week average.&nb...

It seems as though grain and soy markets have been struggling under the weight of very large supplies and stagnant demand forever. No doubt this is an exag...

GOOD MORNING The market continues to be about weather and demand.  Daily announcements for beans to China continues, and is the primary catalyst drivi...

SPREADS Oct. crush trades to 84.08c/bu while oilshare trades to 35.45%.   Dec/March corn trades into 10 1/2c from 11 1/2c, while Dec/Dec trades f...

The CBOT opened higher as called with soyoil and soybeans trading to new highs. Wheat prices continued to firm as charts remain supportive and unconfirmed...

Dec 20 Corn closed at $3.5425/bushel, down $0.0025 from yesterday's close.  Dec 20 Wheat closed at $5.3975/bushel, up $0.0425 from yesterday's close.&...

Rational Trade Dependence Global trade has begun to rebound but there remains a great deal of misunderstanding about its economic role. President Donald Tr...

The relative competitiveness of different origins changes over time based on productivity, plus supply and demand. The charts below document relative FOB p...

THE OPEN November beans:  2 1/2 higher December meal:  .40 higher December soyoil:  14 higher December corn:  2 1/4 lower December whea...

Livestock Leading Hog Producing Provinces See Strong Recovery With China’s nationwide sow inventory standing at 37.65 million head at the end of July...

Russian Grain Markets: 17-21 August 2020 Grain prices on the domestic Russian market didn’t change much in ruble expression but decreased in U.S. dol...

SPREADS October crush drops to 85.56c/bu while oilshare trades back over 35.0% to 35.20%.  Dec/Dec corn trades from 27 3/4c out to 29 1/2c, but firmer...

GOOD MORNING, Funds purchased a good chunk of corn on Tuesday to the tune of 30K contracts.  The gap-higher trade in corn Tuesday implied that there w...

The CBOT finished sharply higher Tuesday, driven largely by three factors: yesterday’s decline in corn ratings, Chinese export purchases, and a dry M...

In an event at a produce packaging facility in North Carolina yesterday, President Trump announced another $1 billion for the Food Box distribution program...

Purchases are Real China's Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer spoke last night, and the result is bullish the market. Whil...

Yet another flawed study criticizes large scale farms and wrongly equates them with greater environmental damage. Kimberly Nicholas of the Lund University...

Dec 20 Corn closed at $3.545/bushel, up $0.095 from yesterday's close.  Dec 20 Wheat closed at $5.355/bushel, up $0.0775 from yesterday's close. ...

THE OPEN November beans:  8 higher December meal:  3.90 higher December soyoil:  9 lower December corn:  7 higher December wheat: ...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA The seventh cargo of wheat from India to Afghanistan has arrived in Iran’s Chabahar port for...

SPREADS October crush trades to 91.38c/bu, while oilshare trades to 34.86%.  Corn spreads are firmer with Dec/Dec moving into 28 1/4c from 30c, and vs...

GOOD MORNING, Prices begin the morning mixed with soyoil and corn moving to new highs.  Soyoil futures did see profit-taking once new highs were place...

The CBOT was mixed to start the week with corn and soybeans posting lackluster days. The wheat market continued last week’s strength early in the ses...

The attached PDF shows WPI's summary analysis and intrepretation for the latest Cold Storage report, published 24 August 2020 by the USDA. Briefl...

The expiration and/or renewal date of the current TRQ for ethanol imports into Brazil is rapidly approaching; the current TRQ expires on 31 August. As we r...

Dec 20 Corn closed at $3.45/bushel, up $0.045 from yesterday's close.  Dec 20 Wheat closed at $5.2775/bushel, down $0.0725 from yesterday's close.&nbs...

Tightening Payment Limitation The 2018 Farm Bill expanded the types of family members that are eligible for USDA farm payments to include first cousins, ni...

Data from the first half of 2020 shows the pandemic’s impact on trade with U.S. agricultural exports down 3 percent compared with the same period in...

Regional News  In its latest crop outlook, the EU commission largely reduced yield projections for 2020 summer crops, due to drought that started in e...

Wheat Argentina’s wheat crop is suffering from a cold, dry winter. Many areas have not received meaningful rains since June and the crop is suffering...

THE OPEN November beans:  5 3/4 higher December meal:  1.90 higher December soyoil:  23 higher December corn:  2 3/4 higher December wh...

SPREADS October crush trades down to 90.90c/bu while oilshare improves to 35.0%.  Sep/Dec corn narrows into 13 1/4c from 14c, while Dec/Dec trades int...

GOOD MORNING, Prices are higher across the board this morning on weather forecasts, with positive macros lending a hand.  Corn is higher this morning...

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

The CBOT traded a rather uninspiring day to end the week, with corn and the soy complex largely chopping sideways. Wheat traded a mixed day early with the...

USDA released its Cattle on Feed report today; the inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.3 head, that is 102 percent...

U.S. Cattle on Feed is up 1.5 percent for feedlots with capacity of 1,000 or more head totaled 11.3 million head on August 1, 2020. This is the highest Aug...

Transatlantic Not Dead President Trump avowed to help Maine’s lobster fishermen who confront high tariffs in China and Europe, in part due to his own...

Trading grain is not as sexy now as it was back in 2007-2008, but it could be worse. Orange juice futures were a big deal in 1983 when the movie Trading Pl...

Dec 20 Corn closed at $3.405/bushel, up $0.0125 from yesterday's close.  Dec 20 Wheat closed at $5.35/bushel, up $0.065 from yesterday's close. ...

THE OPEN November beans: 1/4 higher December meal:  .80 higher December soyoil:  .8 lower December corn:  1 1/2 higher December wheat: ...

SPREADS Oct. crush trades to 94.25c/bu while oilshare trades to 34.43%.   Corn spreads are firmer with SEp/Dec narrowing into 13 3/4c from 14 1/2...

GOOD MORNING, Prices are mixed this morning, with oilshare weaker and wheat prices firmer but closing on trading range lows.  Rumors of business have...

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 August...

Trading is bracketed by bearish crop yields and passable weather on one side, and reasonable demand on the other. The former prevailed today in corn, soy a...

Tale of Two Stories The U.S.-China bilateral meeting is reportedly back on, assuming President Trump does not interfere again. He doesn’t want to tal...

Dec 20 Corn closed at $3.3925/bushel, down $0.005 from yesterday's close.  Dec 20 Wheat closed at $5.285/bushel, up $0.065 from yesterday's close.&nbs...

Soy Export Sales Highlights Today’s USDA export sales report was both positive and somewhat disappointing. Sales of soybeans for the upcoming marketi...

THE OPEN November beans:  7 lower December meal:  2.10 lower December soyoil:  42 lower December corn:  1 1/2 lower December wheat:&nbs...

Wheat:  Net sales of 523,000 metric tons (MT) for 2020/2021 were up 42 percent from the previous week, but down 8 percent from the prior 4-week averag...

We note with interest that several financial advisory services have begun to tout commodities as something an investor might consider adding to his portfol...

GOOD MORNING, Price action remains dominated by weather forecasts and demand.  Weather forecasts appear to moderate and offer potential rainfall in wh...

SPREADS October crush trades to 93.27c/bu while oilshare slides to 34.53%.  Sep/Dec corn continues to weaken trading out to 15c from 14 3/4c carry, wh...

The CBOT was mixed once again with row crops mostly steady unenthusiastic trade as the market awaits the Iowa and Illinois Pro Farmer tour results. Wheat f...

Dec 20 Corn closed at $3.3975/bushel, down $0.02 from yesterday's close.  Dec 20 Wheat closed at $5.22/bushel, up $0.045 from yesterday's close. ...

Belarus is in the news, and not in a good way. The country’s leader since the fall of the Soviet Union (28 years) has been Alexander Lukashenko, also...

Livestock China’s Live Hog Supply Improves for 10th Consecutive Month July figures from China’s Ministry of Agriculture and Rural Affairs (MARA...

Russian Grain Markets: 10-14 August 2020 Wheat prices on the domestic Russian market mainly grew, especially in Siberia. Corn prices either remained stable...

THE OPEN November beans: 1 higher December meal:  .40 lower December soyoil:  21 higher December corn:  1 1/2 lower December wheat:  3...

SPREADS Oct. crush trades to 92.58c/bu while oilshare trades to 34.90%.  Sep/Dec corn spreads remain extremely active with large volumes.  Sep/De...

GOOD MORNING, Trade continues to pullback and define trading ranges off the overall lows.  Funds added to corn and meal shorts yesterday and bean/soyo...

The CBOT was mostly red on Tuesday as wheat reversed its direction from Monday and posted 6-9 cent losses. Corn was stronger initially but was pulled lower...

Pro-Europe Dems The last four of the 80-page Democratic Party Convention Platform is on U.S. trade policy. It has plenty of language excoriating unfair for...

Process-based trade rules are a slippery slope since perceptions of efficacy can vary greatly. Since global fisheries are being depleted at a rapid rate, t...

Dec 20 Corn closed at $3.4175/bushel, down $0.03 from yesterday's close.  Sep 20 Wheat closed at $5.075/bushel, down $0.09 from yesterday's close.&nbs...

THE OPEN November beans:  1 lower December meal:  .80 lower December soyoil:  24 higher December corn:  1 higher December wheat: ...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  A group of Pakistan flour mills reportedly booked 60,000 MT of Black Sea wheat for September...

SPREADS October crush trades to 94.98c/bu while oilshare trades to 34.48%.   Dec/Dec corn trades from 32 1/4c to 33 1/2c, vs. values that were as...

GOOD MORNING, Prices this morning begin slightly lower for everything but soyoil on profit-taking and better than expected ratings for corn and beans. ...

The CBOT finished sharply higher on Monday, with dry weekend weather starting and supporting what turned into a day of technical buying. Funds were aggress...

The latest polling from Iowa, per Monmouth University’s survey taken 30 July-3 August, shows President Trump with a three-point lead over Democratic...

Trade Finance Hole The U.S. Export-Import Bank votes to authorize up to $450 million in coverage to include agricultural commodities sold to Iraq. The offi...

At least anecdotally, some food industry lawyers report a drop-off in food borne illness litigation cases this year. Official data is reported by the Cente...

Dec 20 Corn closed at $3.4475/bushel, up $0.0675 from yesterday's close.  Sep 20 Wheat closed at $5.165/bushel, up $0.165 from yesterday's close. ...

Soybeans Market Overview Soybean markets were not as active last week as they were two weeks ago. China secured additional cargoes of U.S. soybeans for Oct...

THE OPEN November beans:  9 higher December meal;  3.60 higher December soyoil:  39 higher December corn:  5 higher September wheat:&nb...

GOOD MORNING, Prices are firmer this morning on positive technical signals from last week’s August WASDE report, drier weather over the next two week...

SPREADS Oct. crush trades to 93.36c/bu while oilshare trades to 34.44%.    Sep/Dec corn trades from 13 1/4c to 14c, while Dec/Dec trades from 32c...

It was a modest day in the pits with wheat in the green and corn and soybeans in the red. After yesterday’s profit-taking there was leveling out toda...

According to the Monthly Treasury Statement issued by the Department of Treasury, USDA has spent about $149.53 billion so far this fiscal year. That means...

Bilateral Postponed A planned consultation between China and the U.S. scheduled for tomorrow has been postponed, reportedly due to a scheduling conflict. T...

Dec 20 Corn closed at $3.38/bushel, up $0.0375 from yesterday's close.  Sep 20 Wheat closed at $5/bushel, down $0.0375 from yesterday's close.  N...

July is a critical month for corn and soybeans are made in August so short of freak events like last week’s derecho, this year’s crops are near...

THE OPEN November beans:  3 3/4 lower December meal:  1.20 lower December soyoil:  8 lower December corn:  1 1/2 lower September wheat:...

SPREADS  Oct. crush trades to 92.80c/bu while oilshare declines to 34.88%.  Corn spreads are slightly weaker with Dec/Dec trading from 33 1/4c ou...

GOOD MORNING, Prices are settling back in trading ranges with some profit-taking and hedge selling on this week's corn, bean, and meal rally.   ...

Yesterday’s bump in the market was because USDA’s WASDE report was not as bearish as feared. Today’s jump is harder to explain - it seems...

U.S. Soy Export Sales Highlights Today’s USDA export sales highlights confirmed the week ending 6 August was a fantastic one for exporters of U.S. so...

Yesterday’s WASDE showed USDA’s red meat and broiler production forecast down slightly from last month’s forecasts with lower projected p...

Dec 20 Corn closed at $3.3875/bushel, up $0.115 from yesterday's close.  Sep 20 Wheat closed at $4.9675/bushel, up $0.055 from yesterday's close. ...

Carou-Selled When carousel retaliation (periodically changing the products targeted for trade retaliation) was introduced in 2000, the goal was to increase...

THE OPEN Nov beans:  12 higher Dec meal:  5.00 higher Dec soyoil:  2 higher Dec corn:  6 higher Sep wheat:  1/2 lower The markets...

Wheat:  Net sales of 367,900 metric tons (MT) for 2020/2021 were down 39 percent from the previous week and 45 percent from the prior 4-week average.&...

Last week we asked the rhetorical question “how big is big” as it applies to the U.S. and world grain and soybean supply and demand estimates f...

GOOD MORNING, The rally from yesterday continued overnight for all the markets except for wheat.   After the close, the FSA acres were a bit of a...

SPREADS Oct crush trades to 93.78c while oilshare trades to 34.99%.  Dec/Dec corn narrows into 31c from 35 1/2c, while Sep/Dec trades from 2 3/34c out...

Harris on Food U.S. Senator Kamala Harris (D-California) is Mr. Biden’s selection for vice president on his ticket and she is your garden variety Dem...

With just about every human malady, someone is blaming a food or group of foods as the source of the disease. However, these assertions are merely associat...

The CBOT finished higher in the wake of a WASDE report that featured record large U.S. corn and soybean yields. The report was not quite as bearish as pre-...

Dec 20 Corn closed at $3.2725/bushel, up $0.0375 from yesterday's close.  Sep 20 Wheat closed at $4.9125/bushel, down $0.0375 from yesterday's close.&...

  The soybean oil price is forecast at 30.0 cents per pound, up 1 cent...

Soybean crush is also raised, mainly reflecting increased soybean meal exports.  The soybean meal price is forecast at $290 per short ton, down 10 dol...

USDA forecasts U.S. soybean production at 4.425 billion bushels, up 290 million on higher yields.  Harvested area is forecast at 83.0 million acres, u...

 USDA forecasts U.S. corn production at 15.3 billion bushels, up 278 million from the July projection.  The season’s first survey-based cor...

USDA raised U.S. wheat production 14 million bushels to 1,838 million as increased Hard Red Spring (HRS) and Durum production more than offsets lower winte...

Macroeconomics Food Prices Up by 13.2 Percent in July For the second straight month, the cost of food in China was up year-on-year by double digits. Follow...

THE OPEN November beans:  2 higher December meal:  .40 lower December soyoil:  37 higher December corn:  steady September wheat: ...

Russian Grain Markets: 3-7 August 2020 Wheat prices on the domestic Russian market moved in different directions. The changes were moderate or insignifican...

SPREADS Oct. crush trades to 95.46c/bu while oilshare trades to 34.94%.   Corn spreads tighten a bit with Dec/Dec trading into 36 1/2c from 37 3/...

GOOD MORNING, Prices are mixed heading into trade with a recovery in soyoil.  The August 12 WASDE, which includes the use of farmer surveys, is out at...

The National Oilseed Processors Association released a study today on the impact of COVID-19 on soybean crushers and farmers. The study shows that the valu...

Yesterday’s “derecho” weather event that brought hurricane-force winds to parts of Iowa, Illinois, Wisconsin, and Indiana likely caused 2...

Presumptive Democratic presidential candidate Joe Biden announced his pick for vice president today, but the far larger question is what would he do about...

Dec 20 Corn closed at $3.235/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $4.95/bushel, up $0.04 from yesterday's close.  No...

USDA tends not to “over-guess” a crop in August and the October WASDE tends to be closer to a crop’s final numbers, but this year is baff...

THE OPEN November beans:  2 lower December meal:  .40 lower December soyoil:  14 lower December corn:  1 1/2 higher September wheat:&nb...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  The government of Lebanon has said that while the Beirut grain silos were destroyed, there sh...

SPREADS Sep/Dec corn spreads continue to have heavy volume, with nearly 80K traded Monday, and is trading from 12 1/4c to 12 1/2c today.  The spread t...

GOOD MORNING, Prices are mixed this morning, with grains higher on short-covering.  The massive wind storm that impacted the US, along with slightly l...

The CBOT was mixed with corn and soybeans higher on short-covering and fundamental support heading into Wednesday’s WASDE. End-users were net buyers...

Values-Based Trading In the latest effort to block a trade agreement between the EU and Mercosur, activist groups Uplift and TASC issued a report claiming...

The last session of negotiations on COVID-19 relief legislation between Democratic House and Republican Senate leaders was on Friday, with no progress made...

Dec 20 Corn closed at $3.23/bushel, up $0.0225 from yesterday's close.  Sep 20 Wheat closed at $4.91/bushel, down $0.045 from yesterday's close. ...

The latest mantra from development specialists is concern about the future availability of water. It is an old topic but a durable one given the preciousne...

THE OPEN November beans:  1 higher December meal:  .20 higher December soyoil:  1 higher December corn:  1/4 higher September wheat:&nb...

Regional News  The biggest trends in the EU/Black Sea wheat markets this week are the fact that the Russian crop continues to grow while EU crop forec...

Corn Argentina’s corn harvest is coming to an end, per the Buenos Aires Grain Exchange. The yield averaged 8.1 MT/ha and total production came in at...

SPREADS Oct. crush to 94.02c/bu while oilshare is at 35.20%.  Sep/Dec corn trades from a low of 13c into 11 1/2c on heavy volume.    Dec/Dec...

GOOD MORNING, Prices were firmer overnight but have since turned lower.  Wheat futures are lower with larger production out of Russia and Canada, as w...

COVID Relief: Today was the target deadline for the next COVID relief package; that is not going to happen. Neither the Senate or House was in session toda...

The CBOT was sharply weaker heading into the weekend with many contracts posting new contract lows. September corn, December soymeal, and the first five li...

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

Dec 20 Corn closed at $3.2075/bushel, down $0.03 from yesterday's close.  Sep 20 Wheat closed at $4.955/bushel, down $0.0575 from yesterday's close.&n...

Trade on the Campaign Trail The two leading candidates for the U.S. presidency are making it clear that trade will be a central campaign topic, and it will...

THE OPEN November beans: 1 lower December meal:  .20 lower December soyoil:  23 lower December corn:  1/2 lower September wheat:  3 low...

The adage is that big crops get bigger – meaning USDA uses trendline yields for forecasting. But as evidence gathers that weather has been kindly, ea...

SPREADS Sep. crush trades to 91.62c/bu while oilshare trades at 25.32%.  The nearby corn spread Sep/Dec widens out to 12 1/2c from 12 1/4c, and values...

GOOD MORNING, Prices are mixed this morning, though all are sitting close to trading range lows except soyoil.   The uncertainties of upcoming tr...

Politicians can make a mess of things, but policymakers typically seek to solve problems. Politicians proclaim a new cold war between China and the U.S.; p...

Records are being set in lots of places and not in a good way if you are a bull. There will be record wheat in Canada and India and projected record corn a...

Dec 20 Corn closed at $3.2375/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.0125/bushel, down $0.095 from yesterday's close.&nb...

The June meat export totals were released by USDA today, with pork, broilers and beef all showing a drop from May and big drops from the 2020 high point in...

Wheat:  Net sales of 605,500 metric tons (MT) for 2020/2021 were down 11 percent from the previous week, but up 2 percent from the prior 4-week averag...

Soy Export Sales Highlights Today’s USDA export sales report indicated U.S. exporters of soybeans, soymeal and soyoil had good success in making expo...

THE OPEN Nov beans:  2 1/2 higher Dec meal:  .40 lower Dec soyoil:  41 higher Dec corn:  1/4 higher Sep wheat:  3 1/2 higher The m...

SPREADS Sep crush continues to improve its margin at 92.34c/bu and oilshare remains strong at 35.54%.  Sep/Dec corn trades out to 12 1/4c from 12c, an...

One might say that grain and soy futures markets are a function of relative sizes.  Fundamentally, their prices are moved by how big or small crop pro...

GOOD MORNING, Prices continue to trade mixed, with the major direction for most of the markets sideways to lower.  Funds are now estimated to be short...

The CBOT featured spread trade on Wednesday with corn and wheat gaining on soybeans. Traders were revering old bull soybean/wheat and soybean/corn spreads,...

A few members of the U.S. Congress have drafted legislation to restrict the use of farm chemicals based on organophosphates and neonicotinoids. The authors...

The value of gold has surpassed $2,000/troy ounce for the first time. It has climbed 32 percent in value thus far this year and, given the dovish stance of...

Dec 20 Corn closed at $3.2325/bushel, up $0.03 from yesterday's close.  Sep 20 Wheat closed at $5.1075/bushel, up $0.025 from yesterday's close. ...

Livestock Ministry of Agriculture Data Shows Hog Recovery on Track According to the latest market surveys from China’s Ministry of Agriculture and Ru...

THE OPEN November beans:  3/4 higher December meal:  .10 higher December soyoil:  1 lower December corn:  1 1/4 higher September wheat:...

Russian Grain Markets: 27-31 July 2020 Wheat prices grew in the European part of the domestic Russian market and decreased in the Ural regions and Siberia...

SPREADS Sep. crush trades to 90.35c/bu while oilshare trades back to 35.0%.  Sep/Nov beans trades from 2c to 2 1/2c carry.  Sep/Dec corn trades o...

GOOD MORNING, Prices continued to work lower post beneficial crop progress numbers.  Rising domestic and international crop estimates for wheat, (Russ...

The CBOT was sharply weaker for the second trading day in August. Continued excellent or improving spring crop conditions and private firm forecasts of rec...