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...

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...

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

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...

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...

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

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...

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...

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.&...

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...

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...

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...

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...

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...

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

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,...

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

Proponents for improved human nutrition and a better environment advocate that humans eat more plant proteins and less animal meats. An entire industry is...

Wheat Argentina’s wheat crop is 15.5 percent harvested and is only yielding 1.04 MT/ha. As the harvest progresses to the southern portions of the cou...

THE OPEN Jan beans:  4 1/4 higher Dec meal:  1.80 higher Dec soyoil:  20 higher Dec corn:  3 higher Dec wheat:  2 3/4 lower The ma...

GOOD MORNING,  Prices continue to congest and define their trading ranges.  Beans are firmer with reports of China hanging around the bean market...

SPREADS Jan crush trades to 1.13c/bu while oilshare rises to 32.19%.   The Goldman Roll is over which firms the Dec/March corn spread back into 9...

The final required volume obligations (RVOs) for 2021 biofuel blending mandates is due in 17 days; that is a statutory requirement (although missed more th...

Trade this week has been volatile to say the least with the November WASDE catching the markets by surprise but profit taking pressuring futures yesterday...

Dec 20 Corn closed at $4.105/bushel, up $0.0225 from yesterday's close.  Dec 20 Wheat closed at $5.935/bushel, up $0.0525 from yesterday's close. ...

Agroecology’s Day in Court  The economists at USDA’s Economic Research Service (ERS) calculated that the EU’s Farm to Fork initiativ...

The U.S. is the largest producer and consumer of turkey meat in the world. U.S. turkey production equates to 45 percent of the world’s total and whil...

THE OPEN Jan beans:  6 3/4 higher Jan meal:  .90 higher Jan soyoil:  35 higher Dec corn:  1 1/2 higher Dec wheat:  2 3/4 lower Pri...

Wheat:  Net sales of 300,500 metric tons (MT) for 2020/2021 were down 50 percent from the previous week and 46 percent from the prior 4-week average...

GOOD MORNING, Prices were lower for the first part of the night seeing more follow-through liquidation on yesterday's lower performance, with the soy compl...

SPREADS Jan crush weakens to 1.11c/bu while oilshare is firm at 32.0%.  Corn spreads are mixed as Dec/March narrows back into 9 1/2c from 10c lows, wi...

What goes up must come down, but this is still a sideways market at worst. Bulls must be fed and there were no big sales and instead it was profit taking...

Fed cattle prices are up, finally rebounding from the disruption to packing capacity constriction, large numbers of cattle on feed from drought conditions,...

Dec 20 Corn closed at $4.0825/bushel, down $0.09 from yesterday's close.  Dec 20 Wheat closed at $5.8825/bushel, down $0.0975 from yesterday's close.&...

WASDE and the Soybean Sector Tuesday’s USDA crop production and WASDE reports sent a shock through the soybean sector. USDA reduced its estimate for...

Indignancy Earned Brazilian agricultural specialists were in Europe this week trying to redirect impressions about the sustainability of their country&rsqu...

THE OPEN Jan beans:  4 lower Dec meal:  2.10 lower Dec soyoil:  12 lower Dec corn:  2 1/2 lower Dec wheat:  4 3/4 lower Prices buc...

SPREADS Jan crush trades down to 1.16c/bu while oilshare trades to 32.0%.  Corn spreads widened today with Dec/March trading out to a 10c carry from 9...

GOOD MORNING, The markets continue to digest the WASDE information released on Tuesday having made new highs, but in corrective mode today along with weake...

Before USDA’s November 2020 WASDE was released, the grain trade generally expected a mildly bullish report. But there was nothing mild about the Nove...

The bullish November WASDE continued to support prices on Wednesday, with the CBOT opening higher on sustained buying interest. Soyoil was the upside leade...

Asian leaders gather this Sunday to hopefully put the final touches on a trade agreement called the Regional Comprehensive Economic Partnership (RCEP). The...

Biden Trade Agenda Speculation remains ripe over the trade policy changes that are likely under President-Elect Joe Biden. Trade is said to not be a top pr...

Livestock October Reports Show Improving Pork Supply and Price Pressures According to the latest corporate filings for this past October, the average live...

THE OPEN Jan beans:  6 3/4 higher Dec meal:  2.80 higher Dec soyoil:  48 higher Dec corn:  1 3/4 higher Dec wheat:  3/4 higher Pri...

Russian Grain Markets: 2 - 6 November 2020 Russian domestic wheat, barley and corn prices kept growing but at a slower rate than last week. However, due to...

SPREADS Jan crush trades to 1.22c/bu while oilshare trades to 31.47%.   Spreads are mixed with Dec/Dec corn inverting to 19 3/4c from 15 1/2c.&nb...

GOOD MORNING, Happy Veteran's Day, and thank you for your service. The November report, typically a quiet data set, offered up a few surprises that not onl...

The soybean oil price is forecast at 34.5 cents per pound, up 2.0 cents from last month.  ...

 The soybean meal price is forecast at $355.00 per short ton, up $20.00...

November U.S. soybean outlook for 2020/21 is for lower production and ending stocks.  Soybean production is forecast at 4.17 billion bushels, down 98...

November 2020/21 U.S. corn outlook is for lower production, reduced feed and residual use, larger exports, and smaller ending stocks.  Corn production...

November 2020/21 U.S. wheat is for stable supplies, higher domestic use, unchanged exports, and reduced ending stocks.  Domestic use is raised, primar...

The November WASDE was expected to be bullish, but USDA’s actual numbers surprised even the most ardent corn and soybean bulls. One of the biggest su...

Ag Subsidy Evolution The incoming Biden Administration reportedly is unsure what to do about the future of the new farm subsidies launched by President Tru...

Today’s WASDE increased beef, pork, and broiler production forecasts slightly, but across the board – all less than one-half percent. Compared...

Dec 20 Corn closed at $4.23/bushel, up $0.155 from yesterday's close.  Dec 20 Wheat closed at $6.085/bushel, up $0.11 from yesterday's close.  Ja...

Sudanese officials have reportedly spoken to U.S. officials about Khartoum’s aspirations to both join the WTO, and export agricultural products to Am...

THE OPEN Jan beans: 8 1/2 higher Dec meal:  1.30 higher Dec soyoil:  21 higher Dec corn:  3 3/4 higher Dec wheat:  3 higher The markets...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Lebanon officials have said that the Beirut port silos will be demolished due to the extensiv...

SPREADS Jan crush trades to 1.17c/bu, lower than in recent days but still positive.  Jan oilshare trades to 31.69%.  Dec/March corn spreads remai...

GOOD MORNING, Prices are firmer across the board this morning with beans in the lead scoring new contract highs again this morning.  Strong demand for...

The news of the day was Pfizer’s announcement that its COVID-19 vaccine proved 90 percent effective in the latest trials. The trials, conducted on 94...

Reign of Terror It's not the French Revolution kind of reign of terror but what happens during presidential transitions in the U.S. is sometimes uncomforta...

Congress is back for a lame duck session which has one must pass agenda item – a full FY 2021 appropriations funding bill, and a high-profile item -...

India’s monsoon season has been abundant and has boosted hopes for bumper crops that will boost incomes and exports. This contrasts with urban areas...

Dec 20 Corn closed at $4.075/bushel, up $0.0075 from yesterday's close.  Dec 20 Wheat closed at $5.975/bushel, down $0.045 from yesterday's close.&nbs...

Regional News  Europe remains lodged in a warmer/drier-than-average weather trend for the next two weeks. Except for the UK and parts of southeast Eur...

Corn As WPI readers are well aware, corn prices/basis have risen around the world due to strong demand, most notably Chinese purchases, and tightening supp...

THE OPEN Jan beans:  8 3/4 higher Dec meal:  4.80 higher Dec soyoil:  40 higher Dec corn:  3/4 higher Dec wheat:  1/4 lower The ma...

GOOD MORNING, Ag prices are mixed this morning, but the real action is in the stock market which is sharply higher on positive vaccine news and investors b...

SPREADS Jan crush trades to 1.27c/bu while oilshare trades higher to 31.81%.  December futures continue to roll forward or liquidate.  December c...

The CBOT opened higher but found profit taking and farm cash/hedging sales that pushed markets off the day’s highs. The soy complex was once again th...

Dec 20 Corn closed at $4.0675/bushel, down $0.025 from yesterday's close.  Dec 20 Wheat closed at $6.02/bushel, down $0.0725 from yesterday's close.&n...

Corporate Welfare or Survival Previous Democratic campaign promises of antitrust investigations into Big Ag have likely diminished with the lack of a Blue...

USDA’s Office of the Chief Economist issues annually a long-term projection of its expectations for the major crops. Its latest forecast was released...

THE OPEN Jan beans:  3 higher Dec meal:  1.10 higher Dec soyoil;  18 higher Dec corn:  2 higher Dec wheat:  5 higher The markets o...

The U.S. election votes are still being counted - and some will be recounted. Wisconsin is subject to an automatic recount (if requested by a candidate, wh...

SPREADS Jan crush trades to 1.26c/bu while oilshare is at 31.33%.  Dec/March trade trades from 5c carry out to 5 3/4c, while Dec/Dec inverse trades fr...

GOOD MORNING, Funds were buyers across the board yesterday on macro inflows everywhere, friendly USDA report expectations next week, and a continued good e...

The Livestock and Meat Export report for September was released today. Pork exports were 545 million pounds in September, up 17 percent over last September...

It was a risk-off day in both commodity futures and financials. Investors like the likely outcome of the election, especially if a President-elect Biden an...

Dec 20 Corn closed at $4.0925/bushel, up $0.04 from yesterday's close.  Dec 20 Wheat closed at $6.0925/bushel, up $0.0325 from yesterday's close. ...

British Value Judgements In a Chatham House speech this week, UK Secretary for International Trade Liz Truss made some commonsense statements about trade p...

U.S. Soy Export Sales Highlights Last week was another good one for exporters of U.S. soybeans and soybean products. If the pace of sales and exports conti...

THE OPEN Jan beans:  15 higher Dec meal:  450 higher Dec soyoil:  1.03 higher Dec corn:  8 3/4 higher Dec wheat:  12 higher The ma...

Livestock China’s Breeding Pig Restocking Efforts 0n Track Through the first nine months of 2020, China has imported 15,400 head, an increase of 1,40...

SPREADS Jan crush trades to 1.28c/bu while oilshare is at 31.11%.  Spreads are firm again, with Dec/Dec corn inverse trading up to 16 1/2c from 11 3/4...

GOOD MORNING, Prices are higher across the board as funds buy anew yesterday.  Beans place new ctr highs with January over $11.00 with rumors that Chi...

Wheat:  Net sales of 597,100 metric tons (MT) for 2020/2021 were down 20 percent from the previous week, but up 10 percent from the prior 4-week avera...

At this writing the results of Tuesday’s U.S. election are still uncertain. Joe Biden holds an electoral vote lead over President Donald Trump, but t...

The soy complex was the upside leader Wednesday with dry weather in South America sparking a 20-cent rally in soybean futures. Soyoil was helped higher by...

Global Impacts of Election At this juncture, there is no definitive conclusion to yesterday’s U.S. presidential vote, but Joe Biden has the edge. Con...

Dec 20 Corn closed at $4.0525/bushel, up $0.0425 from yesterday's close.  Dec 20 Wheat closed at $6.06/bushel, down $0.02 from yesterday's close. ...

U.S. wheat and corn exports for their current respective marketing years are on track with the prior year and ahead of their five-year averages.  U.S...

THE OPEN Jan beans: 5 3/4 higher Dec meal:  4.40 higher Dec soyoil:  10 higher Dec corn:  1/4 higher Dec wheat:  1 1/2 lower The market...

Russian Grain Markets: 26 - 30 October 2020 Russian domestic wheat, barley and corn prices kept growing at different rates depending on regions. One of the...

SPREADS Jan crush trades firmer to 1.28c/bu while oilshare trades to 31.11%.  Dec/March corn trades weaker again, out to 6c carry from 5c.  The D...

GOOD MORNING, Prices this morning are firmer with gains in the soy complex but grains treading water.  The nearby corn spreads have moved out to a car...

Election day is here for the U.S. and both CBOT and macro markets seemed to take encouragement from that fact. The dollar moved sharply lower on election u...

GI Attack Transatlantic relations under a President Biden may be less verbally kinetic than under President Trump but U.S. agriculture is not going to go d...

McDonald’s has announced that it will bring back its seasonal and iconic McRib sandwich this year. The McRib has almost a cultish following. In fact,...

Dec 20 Corn closed at $4.01/bushel, up $0.035 from yesterday's close.  Dec 20 Wheat closed at $6.08/bushel, up $0.005 from yesterday's close.  Ja...

Since it is election day in the U.S., we look at how farm income has performed under various presidents. Presidents receive the credit or blame for the ove...

THE OPEN January beans:  12 12 higher Dec meal:  2.00 higher Dec soyoil:  58 higher Dec corn:  3 higher Dec wheat:  4 higher The m...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Turkey has protested to the WTO about the Philippines extending its antidumping duties on Tur...

SPREADS Jan. crush trades 1.24c/bu while oilshare mounts a rally back over 31.0% to close at 31.10%.  Spreads are higher today, with Dec/Dec corn inve...

GOOD MORNING, Finally......election day is here.  Many of the markets have gyrated to the unknowns of this event, and Ags are not immune.   ...

With one day left before the 2020 election, one issue hasn’t received any attention, but it may be the biggest challenge facing policy makers startin...

The CBOT traded a mixed day with wheat futures posting a strong rally and the soy complex falling back after a strong start. Corn futures were under pressu...

Unseriousness of Campaign Promises If the polls are correct, Joe Biden is elected president tomorrow and the question is what changes besides civility? Loo...

Dec 20 Corn closed at $3.975/bushel, down $0.01 from yesterday's close.  Dec 20 Wheat closed at $6.075/bushel, up $0.09 from yesterday's close. ...

Regional News  Europe’s weather patterns remain warmer and drier than average for the next week. The dry weather will allow for faster planting...

The EU used the Uruguay Round’s obligations for greater disciplines to transition EU agriculture away from the previous policy of higher internal pri...

THE OPEN January beans:  7 lower December meal:  1.80 higher December soyoil:  33 lower December corn:  4 3/4 lower December wheat:&nbs...

Corn Corn has become the darling of Argentina’s local markets this week. Prices have been volatile with swings averaging $7-8/MT. Despite the volatil...

SPREADS Jan. crush trades higher to 1.34c/bu while oilshare trades to 30.84%.   Look for higher crush values to underpin meal, while weaker energ...

GOOD MORNING, Prices are lower across the board as profit-taking continues to hit the market based on better global rainfall, long fund positions, and rece...

The U.S. election is in just a few days (Tuesday, 3 November). Virtually any outcome is possible. The range is so wide because of the close popular vote ma...

GSP Leverage If the Trump Administration gets voted out of office next week, it will not be without having reset U.S. trade policy. The latest move is susp...

The final trading day of October saw few tricks or treats for ag commodities ahead of Halloween. The CBOT traded mostly lower in low-volume trade with corn...

Dec 20 Corn closed at $3.985/bushel, up $0 from yesterday's close.  Dec 20 Wheat closed at $5.985/bushel, down $0.0525 from yesterday's close.  J...

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

EU policymakers would like for the Continent to be more self-sufficient in plant proteins, whose demand growth has been robust the world over. However, agr...

THE OPEN January beans:  7 3/4 higher December meal:  1.30 higher December soyoil:  30 higher December corn:  steady December wheat:&nb...

SPREADS  Jan crush trades 1.27c/bu while oilshare trades to 30.79%.  Cash markets are breaking a bit this morning which is also pressuring the sp...

GOOD MORNING, The markets bounce this AM led once again by the soy complex.  Beans are leading the way higher.  Brazil continues to grow its bean...

The market was called lower and it opened that way but then spent the rest of the session trading both directions before closing mixed. The mindset was to...

Last week’s Cattle on Feed report shows there are a lot of cattle in the pipeline while the sector is struggling to figure out where holiday beef dem...

U.S. Soy Export Sales Highlights Today’s USDA/FAS export sales report indicated the week ending 22 October was a fairly good one for exporters of U.S...

Dec 20 Corn closed at $3.985/bushel, down $0.03 from yesterday's close.  Dec 20 Wheat closed at $6.0375/bushel, down $0.05 from yesterday's close.&nbs...

THE OPEN January beans:  1 lower December meal:  1.20 lower December soyoil:  20 lower December dorn:  3 lower December wheat:  6...

Wheat:  Net sales of 743,200 metric tons (MT) for 2020/2021 were up noticeably from the previous week and up 54 percent from the prior 4-week average...

SPREADS Dec crush trades to 1.21c/bu while oilshare trades up to 31.0%.  Spreads are weaker with Dec/Dec corn trading down to 11 1/4c inverse from a m...

GOOD MORNING, Prices continue lower as funds are taking money out of the markets on technical considerations as more bearish formations create a down-turn,...

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

Amid the second surge of coronavirus infections, the U.S. presidential election is next Tuesday, 3 November. No matter who wins, the election results will...

The CBOT started the day sharply lower as overnight selling pressured corn, wheat, and soybeans to double-digit losses. Yesterday’s day-session weakn...

Post-Trump Outcomes Analysts in Washington are war gaming the possible aftermath of next Tuesday’s presidential election and finding nothing good. On...

Dec 20 Corn closed at $4.015/bushel, down $0.145 from yesterday's close.  Dec 20 Wheat closed at $6.0875/bushel, down $0.07 from yesterday's close.&nb...

Advocates for organic food in the U.S. lament that acreage devoted to organic food production is expanding at a slower pace than the increase in the number...

Russian Grain Markets: 19 – 23 October 2020 Russian domestic market wheat prices continued to increase; barley and corn prices started growing very f...

THE OPEN Jan beans:  19 1/2 lower Dec meal:  10.60 lower Dec soyoil:  79 lower Dec corn:  12 lower Dec wheat:  12 3/4 lower The ma...

Livestock China’s Meat Imports on Track for Record Year Although the pandemic and the ongoing trade war with the U.S. have caused many challenges wit...

GOOD MORNING, Weaker macro markets, overbought conditions, and too long funds are resulting in lower markets across the board, and perhaps one of the best...

SPREADS Jan crush trades down to 1.16c/bu while oilshare strengthens to 31.22%.  The corn inverse weakens with Dec/Dec trading down to 18 3/4c from 24...

The CBOT started higher with corn and soybeans posting new contract highs. Goldman Sachs issued a bullish commodity outlook based on Chinese buying and a t...

Odds are that Joe Biden becomes the next U.S. President, which prompts some understanding of its implications for the agriculture sector.  Trade: The...

The Energy Information Administration’s energy outlook for this fall and winter factors in agriculture demand. Propane is expected to be down, diesel...

Dec 20 Corn closed at $4.16/bushel, down $0.0175 from yesterday's close.  Dec 20 Wheat closed at $6.1575/bushel, down $0.0425 from yesterday's close.&...

One of the charges by populists in the agricultural sector is that consolidation has led to monopolistic conditions, or at least a monopsonist situation. O...

THE OPEN Jan. beans:  3/4 lower Dec. meal:  .10 lower Dec. soyoil: 18 lower Dec corn:  1 3/4 higher Dec wheat:  2 higher Prices begin t...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  An atlas of Global Surface Water has just been published which shows the changes in surface w...

SPREADS Jan crush trades to 1.37c/bu while oilshare trades at a steady 30.73%.  Corn spreads remain very firm with Dec/March trading into new contract...

GOOD MORNING, Prices remain cautiously mixed, with bulls eyeing key technical spots on the charts.  Corn prices moved to a new trading range high for...

Today, USDA released the latest interim report from USDA and USTR on the Phase One China trade agreement. The report notes that “Chapter Three of the...

Markets were called to open lower based on macro weakness and rain in the forecast for the U.S. Plains and parts of Russia. That outlook held true but sell...

Respondents to our last survey regarding the advantages of China versus the USA could have been skewed by the nationality of respondents. One interpretatio...

During this winter wheat planting period in the U.S., it is important to note that the area planted to wheat has declined in recent years. This is due in p...

Dec 20 Corn closed at $4.1775/bushel, down $0.015 from yesterday's close.  Dec 20 Wheat closed at $6.2/bushel, down $0.1275 from yesterday's close.&nb...

Regional News  The EU Commission lowered the region’s corn and soybean 2020 yields in its 26 October monthly bulletin. The EU corn yield was rev...

THE OPEN January beans:  3 lower December meal:  3.80 lower December soyoil:  46 higher December corn:  3 1/2 lower December wheat:&nbs...

Wheat Last week, rains finally came to Argentina with good coverage over the agricultural areas. The precipitation brought some relief for the wheat and co...

SPREADS Jan crush trades to 1.29c/bu while oilshare firms to 31.38% from recent lows closer to 30.0%.  Dec/March corn trades into even from 1 1/2c car...

GOOD MORNING, Strong cash markets, weather, and the unknown quantities of corn demand from China continues to underpin the markets in general.  Demand...

The CBOT opened in-line with expectations with buy grains/sell oilseeds trade developing early. Some bull spreading developed between soyoil/soymeal as the...

• U.S. Cattle on Feed up 4% at 11.7 million head on October 1, 2020. The inventory was 4 percent above October 1, 2019. This is the highest October 1...

WTO Bad/Good/Indifferent Bad: The U.S. Congressional Research Service has concluded that trade war payments and COVID relief payments to farmers have likel...

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

USDA released its Cattle on Feed report today; the inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.7 million head, that is 103...

Dec 20 Corn closed at $4.1925/bushel, up $0.03 from yesterday's close.  Dec 20 Wheat closed at $6.3275/bushel, up $0.1 from yesterday's close.  N...

With potentially smaller crops this coming season in South America due to delayed planting schedules, the question is how this will impact major ending sto...

THE OPEN January beans:  1 lower December meal:   3.30 higher December soyoil:  14 lower December corn:  2 higher December wheat:&...

GOOD MORNING, This week featured further contract highs and new highs for most of the markets on trading ranges.  Funds will head out longer than a we...

SPREADS  Jan crush trades firmer at 1.28c/bu while oilshare trades back down to 30.37%.   Spreads are firmer with Dec/Dec corn now inverting...

Open interest is rising in commodities and Goldman Sachs says that with inflation likely to return, the outlook is bullish commodities. While agriculture i...

The attached PDF shows WPI's summary analysis and interpretation for the latest Cold Storage report, published 22 October 2020 by the USDA. Brief...

Dec 20 Corn closed at $4.1625/bushel, up $0.025 from yesterday's close.  Dec 20 Wheat closed at $6.2275/bushel, down $0.07 from yesterday's close.&nbs...

COVID II Policy Financial markets continue to be confused about the direction of the economy amidst a new surge in COVID cases and political uncertainty. T...

Soy Export Sales Highlights Today’s USDA/FAS export sales report once again indicated exporters made large sales of soybeans, soymeal and soyoil in t...

THE OPEN January beans:  1/2 higher December meal:  1.70 higher  December soyoil:  31 higher  December corn:  3/4 higher Dece...

Wheat: Net sales of 367,500 metric tons (MT) for 2020/2021 were down 31 percent from the previous week and 23 percent from the prior 4-week average. ...

One common thread running through part of the history of grain trading has been the subject of federally set limits on the size of positions that a trader...

SPREADS Dec crush trades to new highs at 1.30c/bu while oilshare is steady at 30.64%.  Dec/March corn trades into new highs at 1 3/4c from 3c, while D...

GOOD MORNING, Prices started the session lower as rains fell in SA, and futures sport overbought chart signals.  However, once again pullbacks were sh...

Future Volatility As if the past few years have not been tumultuous enough, markets must now brace for what could be intensified volatility in the weeks ah...

The CBOT once again opened as called with strength across the board. At one point this morning, every major ag commodity was in the green. By day’s e...

Dave Juday pointed out in a recent analysis that the Midwest and the South have reaped the most in Market Facilitation Payments (MFP) not because of politi...

Dec 20 Corn closed at $4.1375/bushel, up $0.05 from yesterday's close.  Dec 20 Wheat closed at $6.2975/bushel, down $0.0225 from yesterday's close.&nb...

Macroeconomics Food Inflation Falls to Lowest Level Since May 2019 For the first time since July 2019, China’s food prices climbed by less than doubl...

THE OPEN January beans:  8 1/4 higher December meal:  6.80 higher December soyoil:  2 higher December corn:  3 3/4 higher December whea...

Russian Grain Markets: 12 - 16 October 2020 Domestic market wheat prices grew significantly; barley, corn and rye prices also increased but at a smaller ra...

SPREADS Dec crush remains strong at 1.27c/bu while oilshare trades at 30.61%.  Bullspreads remain strong with Dec/Dec corn inverting to 12 1/2c from 8...

GOOD MORNING, Bull market price action continues as funds purchase the market based on technical strength.  Most of the markets except for soyoil cont...

The CBOT continued most of the trends that developed yesterday with funds remaining net buyers in corn, wheat, and soybeans. Grains, especially wheat, led...

CAP Reform in Focus This is a busy week in Brussels as tripartite negotiations hit a fever pitch over how green the next Common Agricultural Policy (CAP) w...

On 29 October, when the Bureau of Economic Analysis (BEA) issues the Q3 2020 GDP report, it likely will show the economy grew at more than 33 percent, base...

Dec 20 Corn closed at $4.0875/bushel, up $0.035 from yesterday's close.  Dec 20 Wheat closed at $6.32/bushel, up $0.05 from yesterday's close.  N...

Wheat is the largest and possibly oldest consumed food grain in the world, but its future is slowing down. Known as the staff of life, about 50 percent mor...

THE OPEN January beans:  6 higher  December meal:  3.00 higher December soyoil:  40 higher December corn:  1/2 higher December whe...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Reports in Nigeria say that some imported maize has arrived but that the moisture content is too hi...

GOOD MORNING, Prices are higher across the board as funds continue to buy the market.  Beans are leading the way up with continued rumors that China i...

SPREADS  Dec. crush trades to 1.27c/b while oilshare trades to 30.16%.   Dec/March corn trades from 4 3/4c carry out to 5 1/2c.  Dec/De...

The CBOT was higher again on Monday with grains leading the way. Corn and wheat futures showed pronounced strength while soybeans were mostly along for the...

On Friday we commented on Brazil’s livestock and poultry demand potential for DDGS co-produced by the growing trend of corn ethanol production in Bra...

 Dec 20 Corn closed at $4.0525/bushel, up $0.0325 from yesterday's close.  Dec 20 Wheat closed at $6.27/bushel, up $0.0175 from yesterday's close...

COVID-based economic lockdowns have broadly hurt economies around the world. Restaurant, entertainment, and airline sectors have been particularly wounded...

Denuded Logic A key argument by some Europeans in both opposing palm oil imports, voting against a trade agreement with Brazil, and seeking self-sufficienc...

Market Overview It has been a hard week for the Argentina grain markets. The macroeconomic situation is becoming more complicated every day and hurting bus...

THE OPEN January beans:  2 1/2 higher December meal:  6.20 higher December soyoil:  31 lower December corn:  4 higher December wheat:&n...

Regional News  Russia plans to bring an additional 6 million hectares (Mha) of land into agricultural production by 2024, per the country’s ag m...

SPREADS  Dec. crush trades to 1.26c/bu while oilshare trades below 31.0% to new lows of 30.40%.   Crush continues to be very strong, support...

GOOD MORNING, Prices are mixed this morning with soyoil futures lower against higher markets elsewhere.  Wheat leads the rally, trading into new highs...

Wheat, corn, and soybeans all opened higher, as called, and posted fresh highs for their respective rallies. Only wheat, however, was able to hold gains as...

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

Crying Uncle With seeming impunity, U.S. President Donald Trump has helped Taiwan and called for an investigation into the coronavirus mistakes in China. I...

Dec 20 Corn closed at $4.02/bushel, down $0.0175 from yesterday's close.  Dec 20 Wheat closed at $6.2525/bushel, up $0.07 from yesterday's close. ...

Commodity prices have been on the rise and most of the attention until this week has been on the supply side with worries about weather. In recent days it...

Back in 2013, under the U.S. sugar program, sugar refiners and processors were headed toward forfeiting more than 350,000 MT of sugar under loan, which tri...

THE OPEN January beans:  6 1/2 higher December meal:  1.40 higher December soyoil:  32 higher December corn:  3 1/4 higher December whe...

Wheat:  Net sales of 528,500 metric tons (MT) for 2020/2021 were unchanged from the previous week, but up 23 percent from the prior 4-week average.&nb...

SPREADS Dec. crush trades to 1.23c/bu while oilshare trades below 31.0% to new lows of 30.89%.  Spreads remain strong with Dec/Dec trading to a 12c in...

GOOD MORNING, Prices made new highs for meal, corn, and wheat as the bull market rolls on.  Corn basis is firm, as are cash markets across the world.&...

There were lots of large worries in the big picture but not so much in agriculture today as it carried on in a mostly bullish affair. The macro markets are...

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, has suggested that American’s may have to “bite the b...

Dec 20 Corn closed at $4.0375/bushel, up $0.0725 from yesterday's close.  Dec 20 Wheat closed at $6.1825/bushel, up $0.215 from yesterday's close.&nbs...

Biden Implications to Phase One At this juncture, China needs soybeans, corn and other products, and the U.S. is currently the lowest cost supplier of some...

China Continues to Buy U.S. Soybeans Because of the Columbus Day holiday on Monday USDA will not issue its weekly export sales report until tomorrow. Howev...

THE OPEN November beans:  15 3/4 lower December meal:  2.00 lower December soyoil: 98 lower December corn:  2 lower December wheat:  2...

In some manner every annual crop cycle is different from its predecessors even if those differences are small enough to fade from memory over time. However...

SPREADS Dec. crush trades to 1.17/bu while oilshare trades down to 31.24%.   Corn spreads continue strong with Dec/Dec now inverting to 4c from 2...

GOOD MORNING, Prices are mixed this morning with all lower except wheat.  Nervous longs are exiting soyoil and beans on weak overnight price action.&n...

Goose and the Gander President Donald Trump says he wants to make the U.S. a manufacturing powerhouse no longer dependent on China. Those in agriculture ha...

Argentina has used the differential export tax for many years to favor the export of processed soyoil and soymeal over soybeans. The policy supports an ind...

The CBOT opened in-line with expectations with continued firmness in corn and soybeans after USDA announced another round of daily export sales. Wheat init...

Dec 20 Corn closed at $3.965/bushel, up $0.0525 from yesterday's close.  Dec 20 Wheat closed at $5.9675/bushel, up $0.0275 from yesterday's close.&nbs...

Livestock China’s Feed Demand Continues to Climb as Hog Industry Recovers According to the latest survey results from China’s National Feed Ind...

THE OPEN November beans:  6 higher December meal:  3.50 higher December soyoil:  4 higher December corn:  1 higher December wheat: ...

Russian Grain Markets: 5 - 9 October 2020 Russian domestic market prices for wheat and barley kept growing and corn prices also grew significantly. Export...

SPREADS Dec crush trades at 1.10c/bu while oilshare trades at 31.86% as meal gains on soyoil this morning.  Dec/March corn firms into 7 1/2c from 8c,...

GOOD MORNING, Prices are mixed to begin the session with beans and meal higher, lower elsewhere.  Rumors continue that China is in the market for bean...

It was a classic Turnaround Tuesday at the CBOT with yesterday’s weakness attracting end user demand. As WPI’s Jody Lefcourt noted earlier toda...