Mar 21 Corn closed at $4.9175/bushel, up $0.08 from yesterday's close.  Mar 21 Wheat closed at $6.54/bushel, up $0.12 from yesterday's close.  Ma...

Double-cropping farmers in Mato Grosso have more than double the incentive to get their soybeans harvested now. The minority that gambled and seeded their...

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

THE OPEN March beans:  24 higher March meal:  4.10 higher March soyoil:  76 higher March corn:  3 1/2 higher March wheat:  12 high...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Egypt reports that the revenues from the Suez Canal are down by about 3 percent in 2020 to $5...

GOOD MORNING, Prices are higher with Chicago wheat posting new contract highs, while other markets are entering into a good bounce as well.  There wer...

SPREADS March crush drops to 78c/bu while oilshare trades to 33.29%.  Spreads which were stronger remain in congestive mode.  The July/Dec corn i...

The CBOT rallied sharply overnight with corn and soybeans posting new contract highs. March corn traded to just under $5.00/bushel while soybeans neared $1...

On Sunday, the U.S. House of Representatives convened the 117th Congress and narrowly re-elected Representative Nancy Pelosi (D-California) as Speaker amid...

Trucks and GMO’s The Mexican government’s decision to ban glyphosate and eventually imports of genetically modified corn in 2024 is being met w...

Mar 21 Corn closed at $4.8375/bushel, down $0.0025 from yesterday's close.  Mar 21 Wheat closed at $6.42/bushel, up $0.015 from yesterday's close.&nbs...

The bull market in Chicago continues with no end in sight. Each day that affirms excessively dry weather in South America coupled with signals of strong Ch...

Corn The Argentine government surprised the world last week by announcing a suspension of new corn export sales through 1 March, the end of the old crop ma...

Regional News  The biggest news in the European markets over the past two weeks was the EU-UK free trade deal. The deal means that trade of most commo...

THE OPEN March beans:  29 higher March meal:  6.50 higher March soyoil:  109 pts higher March corn:  7 3/4 higher March wheat:  5...

GOOD MORNING, It's a new year as fund buying activity propels prices to new contract highs on continuing concerns over South American production levels.&nb...

SPREADS March crush falls to 92.93c/bu while oilshare trades to 33.14%.  Corn spreads are part of the bull market price action, with July/Dec trading...

The WPI team extends our best wishes to you and your families for a healthy and happy New Year. Thank you for your faithful readership, we are looking forw...

It was no surprise given the dynamics but the last day of the year trading session was unusual for its volume (especially in corn) and its overall bullishn...

Mar 21 Corn closed at $4.84/bushel, up $0.095 from yesterday's close.  Mar 21 Wheat closed at $6.405/bushel, down $0.0025 from yesterday's close. ...

Prognosticators are signaling a lot of consensus around some key issues going into the new year. When everyone agrees, the usual advice is to run for shelt...

Wheat:  Net sales of 520,600 metric tons (MT) for 2020/2021 were up 32 percent from the previous week and 4 percent from the prior 4-week average.&nbs...

The slaughter numbers for last week (see the table at the end of the report) show the impact of the Christmas holiday, which fell on a Friday. There was no...

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

After opening lower for everything except HRS and lean hogs on news of a settlement in the Argentine port/crush workers strike, all major row crop contract...

There is easy agreement that COVID-19 was the worst thing about 2020, and it hopefully goes away soon. But many of the other topics we discussed and analyz...

Russian Grain Markets: 21-25 December 2020 Russian domestic market wheat prices continued to decrease but at a slower rate than last week. Producers haven&...

Livestock Public Data Reflect Scale of Investment in Hog Sector In 2020 Based on recent public records from China’s securities exchanges and other so...

Mar 21 Corn closed at $4.745/bushel, up $0.085 from yesterday's close.  Mar 21 Wheat closed at $6.4075/bushel, up $0.2225 from yesterday's close. ...

THE OPEN March beans:  5 1/2 lower March meal:  4.60 lower March soyoil:  38 lower March corn:  1/2 lower March wheat:  1 1/2 high...

2020 was a year of unprecedented volatility in ag markets and life in general, and the cow/calf sector did not escape this pattern. Rising feed costs throu...

WPI's monthly publication features a review of the past month's market and policy analysis articles. This issue looks at global food supplies, the directio...

GOOD MORNING, Ags are generally lower to begin the session, with the soy complex showing more weakness than grains.  The strike was settled in Argenti...

SPREADS March crush trades down to 91.64c/bu while oilshare trades down to 32.94% from values over 33.0%.  The July/Dec corn spread inverted to 33 3/4...

The CBOT traded sharply higher with corn, soybeans, soyoil, and soymeal all posting fresh contract highs. Soybeans traded to gains of nearly 40 cents, buoy...

USDA will issue its next WASDE report on 12 January and many in the trade expect its final numbers for corn and soybeans for the current marketing year to...

Decarbonization Plans The incoming Biden Administration promises aggressive action to address climate change, which has the rapt attention of U.S. agricult...

The Dietary Guidelines for Americans 2020-2025 was jointly published today by the U.S. Departments of Agriculture and Health and Human Services (HHS). Thes...

Mar 21 Corn closed at $4.66/bushel, up $0.095 from yesterday's close.  Mar 21 Wheat closed at $6.185/bushel, up $0.0425 from yesterday's close. ...

THE OPEN March beans:  2 1/2 lower March meal:  2.20 lower March soyoil:  17 lower March corn:  1/4 lower March wheat:  1 higher T...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Reports in Nigeria say that the backlog for vessel discharge can be as long as one month and...

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

GOOD MORNING, Prices are mostly lower coming into today's session, though corn begins very close to its contract highs.  The markets were mostly overb...

SPREADS March crush trades down to 98c/bu while oilshare trades to 33.27%.   The July/Dec corn inverse moves into new highs at 29 1/2c from 28 1/...

March Corn closed at $4.565 March Wheat closed at $6.1425 March HRW Wheat closed at $5.77 March HRS Wheat closed at $5.7675 March Soybeans closed at $12.57...

CBOT markets opened higher overnight with corn and soybeans posting new contract highs. The ongoing strike in Argentina, combined with disappointing weeken...

Although Walmart sells more groceries, Kroger is the largest grocery chain in the U.S. and some things on its list of documented food trends in 2020 will c...

Security Loses its Luster The incoming Biden Administration will find geopolitics more difficult to navigate. Hanns Mull of the German Institute for Intern...

The biggest factors in Argentina’s grain markets have been holiday-shortened trading weeks, which have kept things quiet. The port strike is in its 1...

President Trump has twice, since 22 December, reversed course on the $1.4 trillion omnibus appropriations and $908 billion COVID relief legislation. After...

THE OPEN March beans: 4 3/4 higher March meal:  4.20 higher March soyoil:  20 lower March corn:  2 1/2 higher March wheat:  7 1/2 lower...

GOOD MORNING, The markets will open mixed but not before corn, soyoil, and beans post new contract highs.  The bull markets continue on the back of co...

SPREADS March crush trades to 1.02c/bu while oilshare trades to 32.88%.  Bullspreads remain firm with July/Dec corn inverse trading up to 28c from 26c...

Respecting the Christmas Day holiday, there will be no Ag Perspectives report on Friday, 25 December. WPI wishes everyone a joyous and safe holiday. We wil...

Soybeans started the day higher and quickly posted a new contract high while corn was mostly steady until late day strength triggered buy-stops. Funds were...

It is Christmas Eve and U.S. commodity futures markets close 75 minutes earlier than usual. The cost of this 29 percent reduction in trading time is likely...

Yesterday’s Hogs and Pigs report showed total inventory at 77.5 million head, 99 percent of 1 December 2019. The breeding herd was 6.28 million head,...

Besmirch Strategy Fails Activists called it an acute health threat, orchestrated petitions and demanded that institutions only serve domestic pork. Despite...

Soy Export Sales Highlights The week ending 17 December was not a good one for U.S. soybean export sales, but not a bad one for soyoil and soymeal export s...

Wheat:  Net sales of 393,700 metric tons (MT) for 2020/2021 were down 27 percent from the previous week and 34 percent from the prior 4-week average.&...

Livestock China’s Live Hog Price Up More Than 15 Percent in Q4 With China’s national average live hog price finishing last week at its highest...

Note: CME and CBOT markets will close early tomorrow at approximately 1:00 PM ET.  Corn and soybeans posted fresh contract highs on Wednesday, despite...

Russia’s rising agricultural commodity prices have prompted various export restraints and now there is an announced plan for increased production, of...

Mar 21 Corn closed at $4.435/bushel, up $0.035 from yesterday's close.  Mar 21 Wheat closed at $6.17/bushel, up $0.0575 from yesterday's close. ...

Biden Trade Policy Washington’s chattering class continue to speculate and opine on what President-Elect Joe Biden’s administration should do w...

Technical Perspectives will not be published on 24-25 December due to the Christmas holiday.  THE OPEN March beans:  7 1/2 higher March meal:&nbs...

The December Cold Storage report from USDA showed a surprising increase in beef stocks, largely driven by higher inventories in the West South Central regi...

Russian Grain Markets: 14-18 December 2020 The Russian domestic market wheat prices decreased due to the decision of the Russian government to introduce th...

Note: There will be no Technical Perspectives reports tomorrow, 24 December. GOOD MORNING, Prices are higher again this morning, reaching new contract high...

Note that there will be no Technical Perspectives reports on 24 and 25 December. SPREADS March crush trades to 1.08c/bu while oilshare trades to 32.73%.&nb...

Strong markets get tested and this one is no exception. There was some profit-taking, as expected, but then there was also a rebound with yet again new con...

Mar 21 Corn closed at $4.435/bushel, up $0.035 from yesterday's close.  Mar 21 Wheat closed at $6.17/bushel, up $0.0575 from yesterday's close. ...

Tomorrow’s Hogs and Pigs report from USDA will be highly interesting as it will reflect six months of post-COVID-19 impacts on the U.S. hog and pork...

Erroneous Focus The progressive left is emphasizing their dislike for the choice of Tom Vilsack for USDA secretary. Arguing he is too cozy with Big Ag and...

USDA will release its quarterly Hogs and Pigs report tomorrow. Pre-report estimates are that the total inventory as of 1 December will come in at 99 percen...

THE OPEN March beans:  6 higher March meal:  3.80 higher March soyoil:  24 higher March corn:  2 1/2 higher March wheat:  3 1/4 lo...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Iraq has devalued its currency by 20 percent, scrapping their old “official” exch...

GOOD MORNING, Technical rallies continue as gains build across the board with new contract highs in beans, meal, and soyoil.   The markets were m...

SPREADS March crush trades lower to 94.77c/bu while oilshare trades to 32.59%.   The July/Dec corn inverse closes into recent highs of 23 3/4c fr...

Soybeans and corn rallied sharply to start the Christmas week as news from Brazil and Argentina remains supportive and there are few sell orders above the...

Congress reached a deal on government funding for the rest of FY 2021 ($1.4 trillion) and to provide another COVID relief package totaling $900 billion. Tw...

Mar 21 Corn closed at $4.4/bushel, up $0.025 from yesterday's close.  Mar 21 Wheat closed at $6.1125/bushel, up $0.03 from yesterday's close.  Ja...

Coming Currency War The dollar is now nearly 13 percent weaker than it was earlier this year and possibly headed lower based on massive deficit spending. T...

Moscow’s introduction of export constraints on major commodities is only part of the story of the return of the world’s breadbasket. The change...

Wheat Argentina’s Grain Receivers, Oil Workers, and Oil Federation unions have been striking for nearly two weeks now, complicating grain and oilseed...

THE OPEN March beans: 4 3/4 higher March meal:  3.30 higher March soyoil:  73 lower March corn:  2 1/4 lower March wheat:  6 1/2 lower...

Regional News  Once again, the biggest driver of market activity in the Black Sea and European markets is the impact of Russia’s various export...

GOOD MORNING, Welcome to the winter solstice, which is the shortest day of the year.  For stargazers, Jupiter and Saturn will appear in the sky, the c...

SPREADS March crush trades down to 97.28c/bu while oilshare trades down to 32.43%.  Spreads hit new highs in corn where profit-taking was noted. ...

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

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 12.0 million head on&...

USDA released its Cattle on Feed report today, confirming almost perfectly with pre-report expectations  The inventory of cattle in feedlots with a ca...

The soy complex rallied sharply on Friday buoyed by bullish fundamental factors and strong technical indicators/buying. Malaysian palm oil futures posted a...

Mar 21 Corn closed at $4.375/bushel, up $0.05 from yesterday's close.  Mar 21 Wheat closed at $6.0825/bushel, down $0.005 from yesterday's close. ...

Moving on from the WTO Often it is what people say when they are leaving a job that has the most meaning. Departing U.S. Ambassador to the WTO Dennis Shea...

Except for the dip early this past summer, global vegetable oil prices have been on a year-long steady trajectory higher. This is especially true for sunfl...

THE OPEN March beans: 9 1/2 higher March meal:  2.70 higher March soyoil:  7 lower March corn:  1/4 higher March wheat:  2 1/2 lower Th...

GOOD MORNING, Prices continue higher building on technical advances from Thursday's strong session.   Meal, beans, and soyoil futures all print n...

SPREADS March crush trades to 98.55c/bu while oilshare trades to 33.0%.   Jul/Dec corn inverse trades to 21 3/4c, new highs from 19 1/2c.  M...

Soy Export Sales Highlights Today’s USDA/FAS export sales report indicated a sharp uptick in export sales of U.S. soybeans in the week ending 10 Dece...

The day started with skepticism that there would be any breakthroughs other than perhaps soyoil. Most of what is known has already been priced into the mar...

Mar 21 Corn closed at $4.325/bushel, up $0.0525 from yesterday's close.  Mar 21 Wheat closed at $6.0875/bushel, up $0.1025 from yesterday's close.&nbs...

The final November retail sales data are in; Thanksgiving shopping dominates grocery sales and turkey is the key protein driver. This year, many groceries...

Stick Picked In U.S. agriculture, the head of USDA is sugar daddy, handing out checks, buying up surpluses and generally using carrots to obtain environmen...

THE OPEN March beans: 5 1/2 higher March meal:  2.50 higher March soyoil: 3 higher March corn:  1/4 higher March wheat:  4 3/4 higher The ma...

Wheat:  Net sales of 540,400 metric tons (MT) for 2020/2021 were down 12 percent from the previous week, but up 5 percent from the prior 4-week averag...

SPREADS March crush trades to 1.04c/bu while oilshare weakens to 32.96%.  The Jan/March bean spread trades back out to 4c-4 1/2c carry, while Jan/Marc...

GOOD MORNING,  Prices are mixed as consolidation activity continues, starting out firm but trading both sides of unchanged throughout the session.&nbs...

The CBOT opened higher with soybean futures once again pressing towards the key $12.00 level. Weakness in soyoil pulled the market lower, however, and both...

Offline is More Fun Today was the first day of this year’s online EU Agricultural Outlook Conference, but more fun was had in the sidebar chats of pa...

Sometimes officials overlook their own agency’s data and then misdiagnose a problem. This week, FAO Director General Qu Dongyu announced that 2021 wo...

Mar 21 Corn closed at $4.2725/bushel, up $0.025 from yesterday's close.  Mar 21 Wheat closed at $5.985/bushel, down $0.0125 from yesterday's close.&nb...

Livestock Dalian Commodity Exchange to Launch Hog Futures in January  After years of discussion, the long awaited unveiling of a new live hog futures...

Russian Grain Markets: 7-11 December 2020 Russian domestic market wheat prices decreased due to the the Russian government’s decision to introduce th...

THE OPEN March beans:  9 higher March meal:  5.50 higher March soyoil:  4 lower March corn:  3 1/2 higher March weather:  2 1/2 hi...

GOOD MORNING,  Prices are higher this morning, with new contract highs in soyoil and beans approaching the top end of its trading range.  Traders...

SPREADS March crush trades to 99.39c/bu while oilshare trades to 33.03%.  The July/Dec corn inverse strengthens back to 18c from 16c where it closes.&...

The CBOT traded mostly higher on Tuesday with the soy complex leading the way. Overnight gains in palm oil and yesterday’s new contract high in soyoi...

The cost of beef around the world is highly variable. While the average for 97 countries is $11.40/pound for a kilo of top round or back leg equivalent, it...

The EU has issued new regulatory restrictions mostly impacting American companies that could pose challenges for President-Elect Joe Biden. EU Competition...

THE OPEN March beans:  4 1/2 lower  March meal:  .30 higher March soyoil:  9 lower March corn: 2 1/2 lower March wheat: 4 1/2 higher Th...

We previously reported that the Trump Administration EPA would likely “punt” on issuing the 2021 required volume obligations (RVOs) rule and le...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  In Bangladesh, the “advanced income tax” on wheat imports has been lifted due to...

GOOD MORNING, Prices continue to chop back and forth, as the focus now remains squarely on South American production.  In the background, corn and bea...

SPREADS March crush trades to 93.91c/bu while oilshare trades to 33.52%.  The July/Dec corn inverse weakens to 15 1/2c from 17c this morning, while Ma...

The CBOT opened on a firm note but aggressive selling pressure in wheat sent that market sharply lower and capped gains in corn futures. Soyoil traded shar...

Early voting in the two Georgia Senate runoff races begins today. Georgia is one of the few states with special election rules, where there is no primary a...

Biden Trade Policy Some of Washington’s top trade policy wonks opined last week on what they think should be the policy approach of President-Elect J...

Mar 21 Corn closed at $4.24/bushel, up $0.005 from yesterday's close.  Mar 21 Wheat closed at $5.965/bushel, down $0.18 from yesterday's close. ...

Regional News  The biggest factor in European (and global) wheat markets this week is the rumor and analysis of Russia’s likely wheat export quo...

The U.S. was once the largest wheat flour exporter in the world followed by Canada, but that trade now belongs to a different part of the world – Sou...

Wheat Warm weather is allowing the Argentine wheat harvest to move more quickly now, registering a weekly progress of 13.6 percent last week. Presently, 53...

THE OPEN Jan beans:  9 1/4 higher Jan meal:  .40 higher Jan soy oil:  60 higher March corn:  1 1/2 higher March wheat:  9 lower Th...

SPREADS March crush trades to 90.91c/bu while oilshare trades higher to 33.50%, above last week's 33.0% level.  Jan/March beans spreads widened out to...

GOOD MORNING, Prices are mixed, higher corn and beans on lighter rains in South America than expected, which will be followed by a period of dryness. ...

News that Russia will be applying export duties, quotas, or potentially a combination of both to its wheat market and potentially other food-related produc...

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

End of Capitalism The end of capitalism has been declared more than once throughout history, but it is under assault. A Wall Street Journal article today b...

The U.S. is well into the second wave of COVID cases and a number of states are reinstituting shutdowns and quarantines, especially targeting restaurants,...

Mar 21 Corn closed at $4.235/bushel, up $0.0225 from yesterday's close.  Mar 21 Wheat closed at $6.145/bushel, up $0.18 from yesterday's close. ...

The markets are bullish and global food prices are rising but stocks of wheat, corn, and soybeans are ample. Over the past 40 years, the world’s popu...

THE OPEN Jan beans: 3 higher Jan meal:  .70 lower Jan soyoil:  7 higher March corn:  1 1/2 lower March wheat:  7 1/2 higher Wheat price...

GOOD MORNING, Prices are mixed this morning with the largest feature a rally in wheat.  Russian officials are considering imposing a wheat export tax...

SPREADS March crush trades to 90.67c/bu while oilshare trades above 33.0% to 33.42%.  The July/Dec corn inverse falls to 14c from 17 1/2c, and values...

Wheat:  Net sales of 616,500 metric tons (MT) for 2020/2021 were up 38 percent from the previous week and 42 percent from the prior 4-week average.&nb...

The soybean oil price is forecast at 36 cents per pound, up 1.5 cents with cash prices reaching the highest level in the past six years...

The soybean meal price is projected at $370 per short ton, up 15 dollars...

soybean ending stocks for 2020/21 are projected at 175 million bushels.  If realized, ending stocks would be the lowest since 2013/14. Soybean and soy...

U.S. corn supply and use outlook is unchanged from last month.  The projected season-average farm price is unchanged at $4.00 per bushel. ...

The outlook for 2020/21 U.S. wheat is for unchanged domestic use, higher exports, and lower ending stocks. The season-average farm price is unchanged at $4...

The WASDE report was largely neutral but the bulls got ahead of themselves beforehand and then got put on the defensive after its release. The WASDE didn&r...

USDA held total red meat and poultry production steady in today’s WASDE. Broiler production was reduced 0.33 percent from last month based on hatcher...

Mar 21 Corn closed at $4.2125/bushel, down $0.025 from yesterday's close.  Mar 21 Wheat closed at $5.965/bushel, up $0.1325 from yesterday's close.&nb...

Thoughtless Londoners First Canadian Prime Minister Justin Trudeau came out in support of India’s protesting farmers and now thousands protest in Lon...

Soy Export Sales Highlights Today’s USDA/FAS export sales report indicated exporters of U.S. soybeans had moderate success in the week ending 3 Decem...

THE OPEN Jan beans:  11 1/2 higher Jan meal:  3.90 higher Jan soyoil:  65 higher March corn:  2 3/4 higher March wheat:  11 higher...

SPREADS March crush trades to 93.18c/bu while oilshare trades back over 33.0% to 33.22%.   Spreads firm this AM with Jan/March beans trading into...

GOOD MORNING, Report time and we will be more informed after we see the numbers.  Wheat gets a boost from comments from Russia about trying to contain...

The CBOT settled higher ahead of the December WASDE with soybeans emerging as the early upside leader. Wheat futures posted strong gains for the day as wel...

The Trump Administration started a more robust process of conditioning the offer of nonreciprocal import tariff relief to developing countries under the Ge...

Paying for Greener Food The drive toward conditioning food imports on sustainable farming practices is frightening developing countries and thus provoked t...

Mar 21 Corn closed at $4.2375/bushel, up $0.04 from yesterday's close.  Mar 21 Wheat closed at $5.8325/bushel, up $0.1325 from yesterday's close. ...

Macroeconomic Trends Food Prices in November Decline Year-On-Year For the first time since January 2018, average monthly food prices in China were down on...

THE OPEN Jan beans:  11 higher Jan meal:  4.00 higher Jan soyoil:  13 higher March corn:  2 3/4 higher March wheat:  2 1/2 higher...

Russian Grain Markets: 30 November-4 December 2020 Russian domestic market wheat prices moved in different directions, but the changes were moderate. Proce...

SPREADS March crush falls to 91.52c/bu while oilshare falls to 32.89%.  March/May corn trades from 2 3/4c to 3 1/4c carry, while July/Dec corn prices...

GOOD MORNING, Prices are mostly higher as the mission lately is to walk prices back towards trading range lows to confirm they are indeed value levels.&nbs...

Sustainability Rises The USDA transition team for President-Elect Joe Biden is emphasizing increased conservation efforts for the industry. After U.S. agri...

The CBOT declined broadly on Tuesday as fund liquidation and weak chart conditions won out against end user pricing/importer buying. Funds were net sellers...

According to the U.S. Energy Information Administration, at the end of November, U.S. distillate inventories fell to 145.8 million barrels, which was back...

Under the US-Mexico-Canada Agreement (USMCA), Ottawa was to improve management of its dairy import TRQ’s and end Class 6 and 7 dairy pricing discipli...

Mar 21 Corn closed at $4.1975/bushel, down $0.0425 from yesterday's close.  Mar 21 Wheat closed at $5.7/bushel, down $0.075 from yesterday's close.&nb...

THE OPEN Jan beans: 10 lower Jan meal:  3.80 lower Jan soyoil:  58 lower March down:  2 1/2 lower March wheat: 3 1/4 lower The markets opene...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Egypt’s Agriculture Ministry says that about 3.63 million acres (3.5 million feddans) w...

SPREADS Goldman roll continues with the Jan/March bean spread continuing to capitulate trading out to 5 1/4c from 4 1/2c.  Dec/March corn remains narr...

GOOD MORNING, Trading ranges for heading into the December 10 WASDE report at 11:00 central time.  Prices bounce as traders are expecting the trend of...

The CBOT opened sharply weaker on Sunday night, but that weakness attracted bottom-picking and end-user buying that turned markets around. In total, the CB...

Last week we reported on the deliberations for a continuing resolution appropriations bill and the policy debate on the next round of COVID. As noted, the...

Mar 21 Corn closed at $4.24/bushel, up $0.035 from yesterday's close.  Mar 21 Wheat closed at $5.775/bushel, up $0.02 from yesterday's close.  Ja...

All/Any Trade Agreements University of Sydney sociologist and foreign policy columnist Salvatore Babones calls the recently agreed Regional Comprehensive E...

Maize is harder to grow, or at least harder to grow well. Crop yields vary tremendously across the hundreds of countries where grown but the disparity is m...

Wheat Last week’s rains slowed the wheat harvest, which advanced 9 percent last week. Argentina’s wheat crop is 40 percent harvested with yield...

Regional News  Reports from Russia suggest that nearly one-quarter of the winter wheat crop is in poor condition, the highest such rating since 2013.&...

THE OPEN Jan beans:  10 /14 lower Jan meal:  3.00 lower Jan soyoil:  42 lower March corn:  3 3/4 lower March wheat:  7 1/2 lower T...

SPREADS March crush trades to 95.81c/bu while oilshare trades to 33.19%.   Dec/March corn trades to 3 1/2c carry from 4c, while March/May trades...

GOOD MORNING, Better rains in SA and a quiet China export picture weighed on the markets overnight.  Whether the rains are sufficient is a question, b...

The CBOT ended lower with profit taking and technical weakness pressuring futures. Corn and wheat were the downside leaders, and the corn market marked a b...

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

Changing Policy Focus Elections have consequences and usually that means a change in policy focus. Congressional Democrats complain that President Trump ha...

Mar 21 Corn closed at $4.205/bushel, down $0.06 from yesterday's close.  Mar 21 Wheat closed at $5.755/bushel, down $0.09 from yesterday's close. ...

There are 23 committees in the House of Representatives; four have an outsized impact on agriculture, including Agriculture, Ways and Means, Appropriations...

The extremely dry conditions in Argentina illustrate the low level of irrigation in many countries around the world. In terms of number of irrigated hectar...

THE OPEN Jan beans:  2 1/2 lower Jan meal:  2.90 lower Jan soyoil:  42 higher March corn:  4 lower March wheat:  3 1/4 lower The m...

GOOD MORNING, Prices are continuing to chop back and forth in trading range activity.  Bulls want to see if this week's lows can hold.   Whe...

SPREADS March crush trades at 97c/bu while oilshare trades up to 32.97%.   Jan/March beans move from 1 1/2c to 2 1/2c carry.  March/May meal...

Demand and weather remain the two market movers, barring anything in next week’s USDA WASDE report that says otherwise. And then it is more likely to...

USDA released its 2020 Farm Income forecast yesterday. It has been a tough year for broilers. Receipts are expected to fall $6.7 billion (23.7 percent) in...

Told You So USDA’s ERS warned that the EU’s Green Deal Farm to Fork policy would lead to a decline in production but Brussels denied the negati...

Mar 21 Corn closed at $4.265/bushel, up $0.0275 from yesterday's close.  Mar 21 Wheat closed at $5.845/bushel, down $0.04 from yesterday's close. ...

U.S. Soybean Export Sales Down Sharply Last Week, But Exports Large Today’s USDA export sales report indicated exporters of U.S. soybeans, soymeal, a...

THE OPEN Jan beans:  5-7 higher Jan meal:  1.10 higher Jan soyoil:  52 higher March corn:  2 1/2 higher March wheat:  6 1/2 lower...

SPREADS March crush trades to 97.54c/bu while oilshare trades to 32.44%.   Jan/March beans trade at a 1 1/2c-2c carry.  Dec/March corn trade...

GOOD MORNING Prices are mostly higher with beans in the lead this morning as the markets attempt to define trading ranges heading into the December 10 WASD...

Wheat:  Net sales of 446,400 metric tons (MT) for 2020/2021 were down 44 percent from the previous week and 5 percent from the prior 4-week average.&n...

The CBOT is still trying to define new trading ranges and wheat and corn look to have accomplished that on Wednesday. Markets were steady/lower overnight a...

Yet another book is being written about the need for a strategic food reserve, this one by an organization with the “unbiased” name of “A...

Mar 21 Corn closed at $4.2375/bushel, up $0.03 from yesterday's close.  Mar 21 Wheat closed at $5.885/bushel, up $0.1125 from yesterday's close. ...

Livestock China’s Number Three Hog Producer Reports Strong Sow Recovery China’s third largest live hog producer, Zhengbang Technology Company L...

Uglier with a Smile President-Elect Joe Biden says he wants to normalize U.S. diplomacy following his predecessor’s bull in the china closet approach...

THE OPEN Jan beans:  14 lower Jan meal:  6.60 lower Jan soyoil:  25 lower March corn:  4 lower March wheat:  1/2 lower The markets...

Russian Grain Markets: 23-27 November 2020 The Russian domestic market wheat prices followed the trends of the previous week decreasing in southern regions...

SPREADS March crush trades to 95.48c/bu while oilshare trades to 32.47%.  Dec/March corn narrows into 5 1/4c from 6 1/4c, no deliveries.  March/M...

GOOD MORNING, Prices are still attempting to flesh out trading range lows, with technical reversal signals kicking off the liquidation.  Funds are lig...

Mar 21 Corn closed at $4.2075/bushel, down $0.0525 from yesterday's close.  Mar 21 Wheat closed at $5.7725/bushel, down $0.0775 from yesterday's close...

The CBOT attempted a dead-cat bounce overnight but turned lower during the day session. Wheat was the downside leader as weak technical conditions, and a l...

The lame duck session of Congress continues to work on a funding bill to meet the 11 December deadline when the current continuing resolution expires. More...

Ronald Reagan famously said, “If you want more of something, subsidize it; if you want less of something tax it.” Some countries are moving for...

War on Agribusiness President-Elect Joe Biden campaigned that he would help farmers “by strengthening enforcement of the Sherman and Clayton Antitrus...

THE OPEN Jan beans:  2 lower Jan meal:  .80 lower Jan soyoil:  5 higher March corn:  1/4 lower March wheat:  3/4 lower The markets...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  An electrical fire at the main grain silo in Tartous Syria has meant that 35,000 MT of wheat...

GOOD MORNING, The markets broke heavily on Monday and are attempting a recovery trade today.  The only question would be is this a dead-cat bounce aft...

SPREADS March crush trades to 97.71c/bu while oilshare trades to 32.40%.   No deliveries find Dec/March corn narrowing into 6c from 6 1/2c, while...

Heavy weekend rains for parts of South America took away a pillar of bullish support and sparked aggressive selling at the CBOT on Monday. March corn poste...

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

In addition to the Secretary of Agriculture and the U.S. Trade Representative, the Director of the Office and Management and Budget (OMB) is one of the mos...

Coming to a Farm Near You Sustainability is increasingly a policy goal in farming and the WTO negotiations over managing fisheries could eventually have im...

Mar 21 Corn closed at $4.26/bushel, down $0.0775 from yesterday's close.  Mar 21 Wheat closed at $5.85/bushel, down $0.21 from yesterday's close. ...

U.S. sorghum producers have long complained of playing second fiddle to corn. Although sorghum has lower production costs, only about 2.5 percent as much o...

Wheat Argentina’s wheat harvest is moving quickly and advanced 11 percent last week, reaching 31 percent total completion. The harvest is finished in...

Regional News  The current 7-day forecast for Europe favors widespread rainfall across the western and southeast regions, with heavy rain forecast for...

THE OPEN Jan beans:  11 lower Jan meal:  2.30 lower Jan soyoil:  60 lower March corn:  2 lower March wheat:  6 3/4 lower The marke...

GOOD MORNING Prices are mixed with new contract highs in corn, but everything lower this morning as head into first day and end-of-month profit-taking.&nbs...

SPREADS Jan oilshare trades to 32.42% while crush trades down to 99.40c/bu.  Jan/March beans trades from 1/2c to 1c carry, while Dec/March meal trades...

WPI's monthly publication features a review of the past month's market and policy analysis articles. This issue looks at the global and local impacts of th...

Mar 21 Corn closed at $4.3375/bushel, up $0.0625 from yesterday's close.  Mar 21 Wheat closed at $6.06/bushel, up $0.095 from yesterday's close. ...

The CBOT ended the U.S. Thanksgiving holiday week higher as strong export sales news, a weaker U.S. dollar, and continued dry weather in South America were...

President-Elect Joe Biden has not yet named his nominee to become U.S. Trade Representative (USTR) but there are plenty of breadcrumbs that suggest the per...

Thanksgiving week is typically the biggest travel week of the year, but recent COVID lockdowns following a new spike in cases lowered travel this year. Alt...

Since the start of 2020, the value of the nearby soybean contract has risen in value by over 25 percent. That compares to 7.28 percent for corn and 5 perce...

Mar 21 Corn closed at $4.275/bushel, down $0.05 from yesterday's close.  Mar 21 Wheat closed at $5.965/bushel, down $0.21 from yesterday's close. ...

U.S. markets, including the CBOT and CME, are closed for the U.S. Thanksgiving holiday on Thursday, 26 November 2020. Consequently, WPI’s offices wil...

Tomorrow, 26 November, is the U.S. national Thanksgiving holiday, a day designed to emphasize blessings while getting together with family and friends for...

CBOT markets traded higher overnight heading into the U.S. Thanksgiving holiday with soymeal posting new contract highs in the process. The day session, ho...

Agriculture’s Gig Workers A consortium of leftist, environmental and anti-meat activists is suing U.S. meat companies for marketing their products as...

Livestock Major Hog Producers Unveil Ambitious 2021 Goals One of the likely legacies of African Swine Fever (ASF) is the way it expedited a shift away from...

THE OPEN Jan beans:  1 higher Jan meal:  1.90 higher Jan soyoil:  38 higher March corn:  1 lower March wheat:  3/4 lower The marke...

In the world of global grain trading, commodities are deemed fungible, or mutually interchangeable. However, fungibility is a relative term since grain pri...

Russian Grain Markets: 16-20 November 2020 The Russian domestic wheat prices decreased in some regions (mainly southern) due to a decrease in export prices...

SPREADS  Jan crush trades to 1.05c/bu while oilshare trades to 32.38%.  December open interest continues to liquidate.  Dec/March corn trade...

GOOD MORNING, The markets are mostly firm this morning after trading mostly higher in the night session.  Dec and Jan meal placed new contract highs o...

CBOT markets opened sharply lower on Tuesday as profit taking and pre-holiday position evening/liquidation pressured markets. Rumors of China cancelling so...

Holding the Bag With the increased focus on sustainability and third-party certification in meeting corporate social responsibility (CSR) goals, growers wa...

President-Elect Joe Biden has started the process of naming cabinet nominees, beginning with the top agencies of Treasury and State. Janet Yellen will be n...

India’s production of major oilseeds increased by around 6 percent over the past decade at the same time its population advanced by 9 percent. Althou...

Mar 21 Corn closed at $4.325/bushel, down $0.0075 from yesterday's close.  Mar 21 Wheat closed at $6.175/bushel, up $0.13 from yesterday's close. ...

THE OPEN Jan beans:  10 lower Jan meal:  1.00 higher Jan soyoil:  69 lower March corn:  5 1/4 lower March wheat:  3/4 lower The ma...

MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  It is reported in Egypt that the government cabinet supports a plan to grant tariff exemption to grain importe...

GOOD MORNING Prices are lower on profit-taking heading into the Thanksgiving holiday, even though good demand and adverse weather continues.  As to de...

SPREADS Jan crush trades down to 98c/bu, under 1.00c/bu, around 40c off its highs.  Oilshare trades down to 32.36% in a correction.  Dec/March co...

The CBOT opened sharply higher Sunday night as continued forecasts for dry weather across Brazil remain nothing but supportive for futures. Soybeans and co...

The attached PDF shows WPI's summary analysis and interpretation for the latest Cold Storage report, published 23 November 2020 by the USDA. Brie...

Pork Problems Bloomberg reports that surplus stocks of pork meat are piling up in Europe and especially in Germany as an outbreak of African Swine Fever ha...

Dec 20 Corn closed at $4.265/bushel, up $0.0325 from yesterday's close.  Mar 21 Wheat closed at $6.045/bushel, up $0.05 from yesterday's close. ...

With controversy over small refinery exemptions (SREs), election year political strategies, and COVID, the U.S. Environmental Protection Agency (EPA) never...

The year 2020 has been popularly characterized as the year of meat alternatives. Media coverage of these new alternative products has been persistent, and...

Wheat Concern is rising for the Argentina wheat market after Brazil, the primary buyer of Argentine wheat, announced a tariff-free import quota of 750,000...

Regional News  Rains across southern Russia have improved wheat and winter crop conditions and have pressured global values somewhat. On Monday, the E...

THE OPEN Jan beans:  13 higher Dec meal:  4.00 higher Dec soyoil:  35 higher Dec corn: 4 higher Dec wheat:  8 higher The markets opened...

GOOD MORNING, Prices are higher this morning on a dry weekend across Brazil, with more of the same this week as we are now in a full-blown weather market.&...

SPREADS Jan crush trades to 1.05c/bu while oilshare trades to 32.71%.  Dec/Dec corn inverse strengthens to 18c from 16c, closing at 16 1/4c.  Dec...

U.S. Cattle on Feed 1 percent above November 1, 2019 at 12 million head. This is the highest November 1 inventory since the series began in 1996. Placement...

Takes One to Know One Chinese President Xi Jinping said this week that “mounting unilateralism, protectionism and bullying…” are adding...

Poor technical performance and a proclivity towards profit taking on Fridays capped an early CBOT rally. The markets traded higher overnight with worrisome...

Countries with lower GDP complained that wealth alone did not adequately measure a society’s relative success. Thus, was born the OECD’s Better...

USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 12 million head, that is 101 p...

Dec 20 Corn closed at $4.2325/bushel, up $0.0075 from yesterday's close.  Dec 20 Wheat closed at $5.9325/bushel, up $0.015 from yesterday's close.&nbs...

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

THE OPEN Jan beans:  15 1/2 higher Dec meal:  5.20 higher Dec soyoil:  18 higher Dec corn:  3 1/4 higher Dec wheat:  2 1/2 higher...

GOOD MORNING, Prices are higher across the board this morning as beans and soyoil place new contract highs for the week, continuing strong up-trends. ...

SPREADS Jan crush trades to 1.07c/bu while oilshare trades to 32.87%.  Dec/March corn trades to 4 1/2c from 6c, while Dec/Dec trades from a 14c invers...

There was a lot of red today but not as much as at the start of the session. There was profit taking off recent highs with end users taking advantage of th...

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

Dec 20 Corn closed at $4.225/bushel, down $0.0325 from yesterday's close.  Dec 20 Wheat closed at $5.9175/bushel, down $0.06 from yesterday's close.&n...

U.S. Soy Export Sales Highlights Last week was a good one for U.S. soybean export sales and exports even though new sales were a marketing year low. Yet, t...

Biden’s Non-Pivot The presidency of Donald Trump has been the most disruptive in memory, and yet he barely lost re-election. Moreover, his successor...

THE OPEN Jan beans:  9 lower Dec meal:  3.30 lower Dec soyoil:  7 lower Dec corn: 5 1/4 lower Dec wheat:  2 1/2 lower Prices opened low...

There are just 43 days left in 2020, and the grain and soy complex markets head toward year’s end with mixed messages. Based on recent price action f...

Wheat:  Net sales of 192,400 metric tons (MT) for 2020/2021--a marketing-year low--were down 36 percent from the previous week and 62 percent from the...

GOOD MORNING, The markets are lower this morning on profit-taking from current market tops as better rains fall across areas of Brazil.  This is a cor...

SPREADS Jan crush trades to 1.12c/bu while oilshare trades to 32.80%.   Major overnight feature is the weakness in spreads, with Dec/March corn t...

The CBOT opened and traded higher once again on Wednesday, with December corn, January soybeans, and December soyoil all posting fresh contract highs. For...

In response to the coronavirus, governments around the world increased trade barriers and made policy pledges for greater self-sufficiency. Typically, live...

Dec 20 Corn closed at $4.2575/bushel, up $0.055 from yesterday's close.  Dec 20 Wheat closed at $5.9775/bushel, up $0.025 from yesterday's close. ...

China First Donald Trump gets lots of blame for his America First policy, but he did not invent self-interested nationalism. Instead, he more fully adopted...

Macroeconomic Trends Food Inflation Falls to Lowest Since February 2019 With October retail pork prices falling for the first time in China in the past 18...

Russian Grain Markets: 9-13 November 2020 The increase in Russian domestic wheat prices slowed while barley and corn prices continued to grow. Export milli...

THE OPEN Jan beans: 11 higher Dec meal:  2.90 higher Dec soyoi:  61 higher Dec corn:  2 3/4 higher Dec wheat:  2 1/2 higher The markets...

GOOD MORNING, Prices are posting new contract highs for beans and soyoil today with grains tagging along.  Beans continue in ration mode with ongoing...

SPREADS CIF corn firms back, which is narrowing the Dec/March corn spread into 4 3/4c from 6c.  Dec/Dec corn inverse trades back up to 15c from 13 1/2...

Rumors of Chinese inquires for U.S. corn and soybeans sent soybean futures to fresh contract highs overnight. The soy complex remains locked in demand-rati...

In Chinese, the saying fifty steps laughs at one hundred steps is equivalent to the English version of the pot calling the kettle black. That should be the...

Along with the November WASDE, USDA released its preliminary long term 10-year baseline forecast. The final projection is released in February each year at...

Dec 20 Corn closed at $4.2025/bushel, up $0.04 from yesterday's close.  Dec 20 Wheat closed at $5.9525/bushel, down $0.0275 from yesterday's close.&nb...

Argentina’s wheat exports have averaged 12.9 MMT over the past five years, a significant increase from years past. Drought conditions may make this s...

THE OPEN Jan beans:  18 3/4 higher Dec meal:  7.70 higher Dec soyoil:  15 higher Dec corn:  3 higher Dec wheat:  2 3/4 higher The...

Regional Update MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Abu Dhabi’s state owned ADQ (formerly Abu Dhabi Development Holdings) has purchased a 45...

GOOD MORNING, The markets are higher on demand, SA weather, and technical considerations.  Beans are in the lead this morning posting new contract hig...

SPREADS Jan crush trades to 1.11c/bu while oilshare trades to 32.10%.    Corn bull spreads are firmer again with Dec/March narrowing back into 6...

Dec 20 Corn closed at $4.1625/bushel, up $0.0575 from yesterday's close.  Dec 20 Wheat closed at $5.98/bushel, up $0.045 from yesterday's close. ...

The CBOT started the week higher in modest-volume trade. Trading volume has been limited following the November WASDE as market participants have turned to...

Perpetuating Dependence Members of the African Union want the EU to subsidize Africa’s capacity for producing value-added goods, and then they want E...

As we’ve reported previously, federal spending authority for FY 2021 runs out 11 December. While Congress is considering a broad-based spending bill,...