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

The term for today’s market action is “mixed,” in several different ways, and is probably why volume was lower. The pushing and shoving a...

Aiming several broadsides at Europe, fire propellant would be the term to describe USTR Robert Lighthizer’s testimony on Capitol Hill yesterday. He a...

THE OPEN Nov beans;  1/4 lower July meal:  .30 lower July soyoil:  3 lower Sep. corn:  1/2 higher Sep. wheat:  3/4 lower Prices st...

SPREADS Sep. crush trades down to 82.30c/bu while oilshare trades up to 32.80%.  Nearby spreads remain firm.  Jul/Dec corn narrows into 12 1/2c f...

GOOD MORNING, Prices begin the morning higher across the board.  Bean prices chopped everyone up on Wed., breaking hard on virus concerns, and then ra...

So far 2020 has been difficult, to put it mildly. It started out on a high note with an apparent truce between the U.S. and China when the Phase One trade...

Jul 20 Corn closed at $3.3025/bushel, up $0.0125 from yesterday's close.  Jul 20 Wheat closed at $4.8875/bushel, down $0.0725 from yesterday's close.&...

The U.S. is staking out policy positions that will further shake up global trade policy. The latest from U.S. Trade Representative Robert Lighthizer includ...

CBOT futures started the overnight session on a mixed note but turned lower as the night wore on. The opening bell brought with it aggressive selling in so...

Milk producers express more angst over the economic situation than other commodity producers, yet their production is largely inline with consumption. For...

Public Health Covid-19 Resurfaces in Beijing, Xinfadi Market Closed Through this morning, 137 new novel coronavirus’s have been linked to Xinfadi&nbs...

THE OPEN Nov beans:  5 lower July meal:  1.50 lower July soyoil:  24 lower Sep corn:  2 1/2 lower Sep wheat:  4 1/2 lower Prices s...

Russian Grain Markets: 8-12 June 2020 Corn prices on the domestic market mainly grew (as 2020 yield is still far away), barley prices mostly decreased (as...

SPREADS Sep. crush trades to 84.90c/bu while oilshare trades to 32.63%.   July/Dec corn narrows into 14c from 14 1/2c while July/Sep trades from...

GOOD MORNING, Prices begin the day mostly lower as forecasts begin to show agreement among weather models that there will be a good rain event after this b...

CBOT markets started on a firm note with corn leading the way after yesterday afternoon’s surprising decline in corn conditions ratings. The ratings...

As we’ve previously reported, EPA’s 2021 annual biofuel required volume obligations (RVO) rule has been at the Office of Management and Budget...

Greens Flip on GMO’s Greens have led the charge against agricultural biotechnology. They have successfully vilified the science to the point that maj...

Jul 20 Corn closed at $3.29/bushel, down $0.0025 from yesterday's close.  Jul 20 Wheat closed at $4.96/bushel, down $0.0875 from yesterday's close.&nb...

THE OPEN July beans:  3 higher July meal:  .20 higher July soyoil:  41 higher July corn:  2 higher July wheat:  1 1/2 lower The ma...

As a major supplier of poultry to the Chinese market, Brazilian poultry experienced the pull of COVID-spiked demand back in March and April of this year. C...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan has lifted the ban on the interprovincial transport of wheat and has also removed th...

SPREADS Sep crush trades to 86.26c/bu while oilshare trades at 32.73%.  Nearby corn spreads firm with July/Dec trading back into 12c from 12 3/4c, whi...

GOOD MORNING, Prices are higher this morning with everything in the green.  Commodities are higher with stocks up following Monday's late session adva...

The CBOT opened with short covering driving SRW wheat and soyoil higher. Corn and soybeans were lower as weaker energies highlighted ethanol demand risk an...

Back in November 2018, after the release of the National Climate Assessment report (a Congressionally mandated document under the Global Change Research Ac...

The British famously coined the phrase “Keep Calm and Carry On” in WWII and are renown for displaying fortitude and stoicism in the face of adv...

Jul 20 Corn closed at $3.2925/bushel, down $0.0075 from yesterday's close.  Jul 20 Wheat closed at $5.0475/bushel, up $0.0275 from yesterday's close.&...

USDA forecasts that global sunflower oil imports will decline in 2020/21 but that may not be the outcome for a few reasons. One is the impact of the corona...

Government Takeover of Soy Crusher Vicentin Last week, Argentina’s government announced it would intervene in the bankruptcy of one of the nation&rsq...

THE OPEN July beans:  7 lower July meal:  1.80 lower July soyoil:  45 lower July corn:  2 1/2 lower July wheat:  2 1/2 lower The m...

Regional News  Europe’s weather has turned more favorable in recent weeks and last week’s saw widespread showers. Parts of central France,...

SPREADS August crush trades to 70.19c/bu while oilshare trades back below 32.0% to 31.99%.  Spreads narrow with July/Dec futures trading into 12 1/4c...

GOOD MORNING, Prices started the night on the defensive led by beans and soyoil, with wheat lower on harvest pressure and still digesting a bearish USDA re...

The stock market rebounded partially today from a drop yesterday, which came amidst news of more COVID cases and the release of the notes from the Federal...

The CBOT opened on a firm note with soybeans leading the way higher on export business news. Long soybeans/short wheat trade developed early in the day and...

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

Jul 20 Corn closed at $3.3/bushel, up $0.0025 from yesterday's close.  Jul 20 Wheat closed at $5.02/bushel, up $0.0275 from yesterday's close.  J...

Ethanol use is up, but so are COVID-19 cases in several U.S. states and cities. Wall Street plunged on Thursday envisioning a renewed lockdown on the econo...

Price and export market share should be correlated. In other words, lower cost producers should be able to expand their sales while higher cost sellers sho...

THE OPEN July beans:  2 1/2 higher July meal:  1.20 higher July soyoil:  13 higher July corn:  1/2 higher July wheat:  2 1/4 lower...

SPREADS August crush trades to 80.43c/bu while oilshare trades down to 32.22%.  Spreads firm with July/Dec corn moving into 12 1/2c from 14c, and from...

The USDA report has come and gone, and prices will respond to weather and crop conditions.  So far, those conditions have been excellent, with corn an...

USDA estimates that U.S. soyoil production and ending stocks will be higher in 2020/21.  Total global oilseed supply and demand forecasts are for slig...

USDA raised the 2019/20 soybean crush by 15 million bushels - reflecting increased domestic soybean meal use.  The price forecast is unchanged for U.S...

USDA estimates higher U.S. soybean crush will fully offset an increase in beginning stocks and cause a decline in U.S. soybean ending stocks to 395 mi...

USDA's U.S. corn outlook is for 2020/21 supply to be up slightly and no changes in projected use; Ending stocks are 5 million bushels higher at 3.3 billion...

USDA estimates U.S. wheat production at 1,877 million bushels. Total domestic supplies are raised 16 million to 3,000 million bushels.  World 2020/21...

Wheat: Net sales for the 2020/2021 marketing year, which began June 1, totaled 270,400 MT metric tons.   A total of 2,088,000 MT in sales were ca...

Tokyo Challenges Beijing: While the EU has been reluctant to join a trade war with the U.S. against China, Japan’s Shinzō Abe appears to have sided w...

Commodity markets were expected to mimic the risk-off mentality of today’s financial markets and that was true until USDA’s June WASDE report w...

Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month reflecting a faster than expected recovery from slaught...

Today’s USDA WASDE report did not include any major unexpected changes in the supply and demand situation for the soy sector. U.S. soybean exports in...

Jul 20 Corn closed at $3.2975/bushel, up $0.035 from yesterday's close.  Jul 20 Wheat closed at $4.9925/bushel, down $0.07 from yesterday's close.&nbs...

THE OPEN July beans:  1 1/2 lower July meal:  .80 lower July soyoil:  29 lower July corn:  3/4 lower July wheat:  3 lower Prices o...

SPREADS August crush falls to 80.14c/bu while oilshare trades to 32.45%.   July/Dec corn firms into 14 1/4c from 15 1/4c while July/Sep trades fr...

GOOD MORNING, The June WASDE report will be released at 11:00 Chicago time.  The theme of the week has been to even positions into the numbers, with a...

USDA’s June WASDE to be released today is not expected to provide much excitement. The new U.S. corn and soybean crops have been seeded in a timely m...

The CBOT was fully in WASDE-preparation mode on Wednesday with grain and oilseed futures little changed by the day’s end. Corn and wheat were weaker...

Jul 20 Corn closed at $3.2625/bushel, down $0.0125 from yesterday's close.  Jul 20 Wheat closed at $5.0625/bushel, up $0.0175 from yesterday's close.&...

Phase One Purchases Skepticism that China will meet its Phase One purchases of U.S. agricultural products is widespread and understandable. Sales thus far...

THE OPEN July beans:  4 higher July meal:  1.80 higher July soyoil:  steady July corn:  1 lower July wheat:  4 1/4 lower Prices we...

Russian Grain Markets: 1-5 June 2020 Corn prices grew significantly in all regions of Russia, while milling rye prices significantly decreased. Milling and...

Macroeconomics Food Inflation Falls for the Third Straight Month For the month of May, food prices rose by 10.6 percent from a year ago, marking the smalle...

The theory is that USDA’s Crop Progress report ahead of a WASDE report should be indicative of changes in yield forecasts. In other words, an increas...

SPREADS August crush trades lower to 83.37c/bu while oilshare firms to 32.80%.  Corn spreads weaken with July/Dec trading out to 16c from 15 1/4c, whi...

GOOD MORNING, Prices remain mixed heading into the middle of the week, and Thursday's WASDE report.  Funds sold 20K corn contracts yesterday, increasi...

The Energy Information Administration (EIA) released its June Short-Term Energy Outlook (STEO) today, dropping its forecast for ethanol use for the third m...

Trump Trade Policy Explained In a Foreign Policy magazine article by USTR Robert Lighthizer, the Trump Administration’s trade policy is explained as...

The CBOT was broadly lower on Tuesday as good crop conditions across the U.S. and surprisingly large Brazilian crop forecasts pressured the markets. Cattle...

Jul 20 Corn closed at $3.275/bushel, down $0.0625 from yesterday's close.  Jul 20 Wheat closed at $5.045/bushel, down $0.07 from yesterday's close.&nb...

Antitrust investigators are looking at the past several weeks’ worth of developments in the beef and pork packing business. Although there is overlap...

THE OPEN July beans:  4 3/4 lower July meal:  1.40 lower July soyoil:  11 lower July corn:  3 1/2 lower July wheat:  7 lower Price...

SPREADS August crush trades to 84.94c/bu while oilshare is firm at 32.78%.  The front month roll continues, with July/Dec corn firming into 13 1/2c fr...

GOOD MORNING,  Prices started the PM session mixed to higher but turned lower by the early hours.  A neutral crop progress report and more rainfa...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Egypt reports that 3.1 MMT of local wheat have been purchased by the government. The targeted purch...

Beijing is backing Amina Mohamed to become the next director-general of the WTO. China has invested heavily in Kenya and knows that an African would be mor...

The coronavirus economic lockdown caused ethanol demand thus corn usage to plunge this year but the long-term shows a limited future for the biomass-based...

CBOT trade was two-sided with an active morning fading into lackluster volume by afternoon. Wheat and soybean slipped lower while corn finished higher as f...

The ongoing talks over Brexit and the U.S.-UK trade talks can be described as a giant game of chicken, metaphorically and literally. Indeed, in the literal...

Jul 20 Corn closed at $3.3375/bushel, up $0.025 from yesterday's close.  Jul 20 Wheat closed at $5.115/bushel, down $0.0375 from yesterday's close.&nb...

Corn With the soybean harvest nearly finished (98 percent), Argentina’s corn harvest is moving faster now. The weekly progress was 8.4 percent, consi...

THE OPEN July beans:  1 lower July meal:  .10 higher July soyoil:  8 higher Juy corn:  2 1/2 higher July wheat:  2 1/2 lower Price...

Regional News  Europe’s weather patterns have shifted favorably for finishing the winter wheat crop and developing spring crops. Last week broug...

SPREADS August crush trades to 85.47c/bu while oilshare firms  to 32.88%.   July/Dec corn trades to 13 1/2c from 14 1/4c as July contracts c...

GOOD MORNING, The June WASDE is on Thursday, and there will be a multiple number of estimates heading into the data this week.   Key Ag trading f...

Rethinking Development Agriculture Diego Restuccia, a professor of economics and Canada Research Chair at the University of Toronto examined the total fact...

CBOT trade was mixed to end the week with wheat posting the largest moves. Wheat futures turned sharply lower as a mix of harvest pressure on cash prices a...

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

Today’s report that the jobless rate fell in the U.S. was good news that the economy is reviving. Food demand is relatively inelastic, though there c...

Jul 20 Corn closed at $3.3125/bushel, up $0.0225 from yesterday's close.  Jul 20 Wheat closed at $5.1525/bushel, down $0.085 from yesterday's close.&n...

The June Class III milk futures contract finally gave up some ground today dropping to $19.75 during trading but rallying to close at $19.80/cwt, down $0.4...

THE OPEN July beans:  4 3/4 higher July meal:  .80 higher July soyoil:  25 higher July corn:  1/4 higher July wheat:  2 3/4 lower...

Monthly Summary May Activity Down, Open Interest at End Of Month Points to Reset Collectively, the eight leading agricultural futures contracts on the Dali...

SPREADS August crush trades at 83.02c/bu while oilshare trades to 32.55%.  Rolls begin today.  July/Dec corn trades from 13 1/4c to 13 3/4c, whil...

GOOD MORNING, The week started off with negative vibes, as China indicated they would not buy beans from the US.  Then the bean buying spree started a...

Wheat:  Net sales of 179,500 metric tons for 2019/2020 were down 14 percent from the previous week and from the prior 4-week average.  Corn: Net...

Today was a breakout. The only market in the red at COB was soyoil. After wobbling narrowly up and down for days based on only minor news headlines, report...

Someday in the near future we can envision an entire introduction to micro-economics textbooks using the COVID-era meat sector to illustrate virtually all...

Jul 20 Corn closed at $3.29/bushel, up $0.05 from yesterday's close.  Jul 20 Wheat closed at $5.2375/bushel, up $0.1175 from yesterday's close. ...

U.S. Soy Export Sales Highlights This week has been an active one for U.S. soybean export sales to China and unknown destination. USDA reported soybean exp...

Trade Policy’s Pollution Bias UC-Berkley economist Joseph Shapiro analyzed (see NBER Working Paper No. 26845) tariff and nontariff barriers on global...

THE OPEN July beans:  5 higher July meal:  2.00 higher July soyoil;  31 lower July corn:  2 1/2 higher July wheat:  7 1/2 higher P...

SPREADS August crush trades lower, down to 80.46c/bu, while oilshare trends down to 32.41%.  Spreads are firmer with Jul/Dec corn narrowing into 13 1/...

We note that 11 state Attorneys General have asked the U.S. Justice Department (DOJ) to investigate the anti-trust and price fixing implications of the hig...

GOOD MORNING, Prices are mixed this morning, with soyoil lower on the back of a palm oil sell-off, while all other markets are higher.  Conflicting st...

Trade Managed by China Australia Trade Minister Simon Birmingham said that government is looking carefully to see if the U.S. – China Phase One trade...

The CBOT continued its strength on Wednesday, buoyed largely by rising Russian/Ukrainian FOB wheat prices and continued strength in the Brazilian real. Des...

Jul 20 Corn closed at $3.24/bushel, down $0.0025 from yesterday's close.  Jul 20 Wheat closed at $5.12/bushel, up $0.04 from yesterday's close. ...

It was noted yesterday that the growth in global production of wheat has tracked population growth whereas corn and soybeans have expanded exponentially mo...

Livestock Ministry of Ag Reports Hog Inventories by Province China’s Ministry of Agriculture and Rural Affairs (MARA) recently released provincial le...

THE OPEN July beans:  5 1/2 higher July meal:  1.20 higher July soyoil:  24 higher July corn:  1 lower July wheat:  4 higher The m...

Russian Grain Markets: 25-29 May 2020 Domestic grain markets followed the same trends as the previous week. The prices for 2019 yield didn’t decrease...

SPREADS August crush trades to 85.22c/bu while oilshare firms to 32.99%.  The July roll officially begins on Friday.  On corn weakness this morni...

GOOD MORNING, Inter-market spread activity continues as funds buy beans and sell grains.  US beans are a good buy for the moment, and China has been...

In a sign of the times, corn crushed for ethanol in April, during the peak of the COVID-19 lockdown, was down more than 44 percent from April 2019, while c...

The U.S. Food & Drug Administration issued its first regulatory guidance on genetically engineered crops in 1992 and by 1996 the first DNA modified see...

Jul 20 Corn closed at $3.2425/bushel, up $0.01 from yesterday's close.  Jul 20 Wheat closed at $5.08/bushel, down $0.0725 from yesterday's close. ...

News came overnight that China booked two-three cargoes of soybeans from the U.S. PNW, despite yesterday’s indications that the Chinese government wa...

THE OPEN July beans: 4 1/2 higher July meal:  1.00 higher July soyoil:  23 higher July corn:  1 higher July wheat:  2 lower Prices were...

Over fifty years separate 1968 and 2020 yet there are parallels. Both years have involved contentious U.S. national elections, political turbulence, violen...

SPREADS August crush trades higher to 88.88% with oilshare firmer at 32.93%.  July contracts are beginning to get rolled forward which tightens up the...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan’s Gwadar Port, west of Karachi, has received its first vessel of wheat and fer...

GOOD MORNING, Prices are mixed to begin the morning with funds purchasing soyoil futures on the back of sharply higher palm oil.   Beans are firm...

The most significant development in today’s CBOT trade is that soybeans finished with only quarter-cent losses despite rumors of a cessation in Chine...

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

As protests turn to urban riots in a number of U.S. cities, the social media rhetoric from China has been ratcheted up a notch trolling the U.S., including...

China on Imports from U.S. The trade is said to be confused. There are conflicting reports with one stating that Beijing has ordered state-owned enterprise...

Jul 20 Corn closed at $3.2325/bushel, down $0.025 from yesterday's close.  Jul 20 Wheat closed at $5.1525/bushel, down $0.055 from yesterday's close.&...

Macroeconomics The macro situation in Argentina is really complicated. The quarantine started on 19 March and since then almost 60-70 percent of the indust...

THE OPEN July beans:  1/2 lower July meal:  .80 higher July soyoil:  3 lower July corn:  4 1/2 lower July wheat:  8 1/4 lower Pric...

Regional News  After an amazingly dry spring, rains are forecast to return to Europe this week and next. The GFS model projects meaningful rainfall fo...

The final May HRW futures price was down just 3 cents from a year earlier and though the value of corn closed out the month slightly higher, it was down ne...

SPREADS August crush trades to 88.53c/bu while oilshare trades to 32.44%.  Jul/Dec corn trades from 12 1/4c out to 13 3/4c, while July/Sep trades from...

GOOD MORNING, Prices are lower this morning after President Trump said he would halt special status for China's handling of Hong Kong.   Reported...

The U.S. was joined by Canada, the UK and Australia in condemning China’s accession of Hong Kong, but not the EU. President Trump charged Beijing wit...

The two biggest impacts on commodity prices right now are politics and the weather, with the latter oddly being more predictable. U.S. President Donald Tru...

Jul 20 Corn closed at $3.2575/bushel, down $0.0175 from yesterday's close.  Jul 20 Wheat closed at $5.2075/bushel, up $0.0625 from yesterday's close.&...

THE OPEN July beans:  6 lower July meal:  .90 lower July soyoil:  13 lower July corn:  3/4 lower July wheat:  3/4 lower Prices ope...

EPA’s proposed biofuel 2021 required volume obligation (RVO) rule has been at the Office of Management and Budget (OMB) for more than two weeks (OMB...

Wheat:  Net sales of 209,800 metric tons for 2019/2020 were up 19 percent from the previous week, but down 23 percent from the prior 4-week average.&n...

SPREADS August crush trades to 86.89c/bu while oilshare trades to 32.52%.  Corn spreads remain firm as traders begin to spread July contracts forward...

GOOD MORNING, Prices are mixed this morning with firmer grains vs. weaker beans and meal.  Beans continue to find a lack of buying interest with tensi...

The EU may reach agreement on a €750 billion package of grants and loans that boasts of a “green component” to further the bloc’s co...

WPI's monthly publication features a review of the past month's market and policy developments. This issue looks at the COVID-19 impact on workers in the f...

Chicago and Wall Street both seemed to mostly ignore the geopolitical tensions between Beijing and Washington. Chicago traded as called with spreads revers...

Jul 20 Corn closed at $3.275/bushel, up $0.07 from yesterday's close.  Jul 20 Wheat closed at $5.145/bushel, up $0.1 from yesterday's close.  Jul...

Argentine Farmers Continue to Reduce Soybean Sales Argentina’s farmers continue to hold back on selling their new crop of soybeans and selling less o...

Yesterday’s daily cattle slaughter was 110,000 head, up 9 percent from the prior Wednesday’s kill of 101,000 head but down 17 percent from the...

THE OPEN July beans:  4 lower July meal:  steady July soyoil:  35 lower July corn:  1/2 higher July wheat:  1/2 higher The feature...

Grain and soy futures markets have generally been quiet and dull during the past few weeks as most attention has understandably been focused on the impact...

SPREADS August crush trades to 82.17c/bu while oilshare trades to 32.56%.  July/Dec corn trades into 13c from 14c, while July/Sep trades from 3 3/4c o...

GOOD MORNING, Prices are mixed this morning with profit-taking in oilshare and grains firmer vs. lower beans and soyoil.  Corn trades firmer on more p...

The CBOT opened higher overnight with strength from Tuesday’s reversals carrying through into trade early on Wednesday. The markets turned lower, how...

Hong Kong is Trouble Under a requirement from Congress, U.S. Secretary of State Mike Pompeo notified that Hong Kong was no longer autonomous from China. Th...

Jul 20 Corn closed at $3.205/bushel, up $0.015 from yesterday's close.  Jul 20 Wheat closed at $5.045/bushel, down $0.0225 from yesterday's close.&nbs...

Monthly Summary April Activity Shows Market Volatility Easing Post Shutdown The novel coronavirus outbreak and lengthy shutdown across China sent the futur...

Seaboard, a relatively smaller meat processor, reported that 22 percent of its employees tested positive for the COVID-19 virus. That is not too far behind...

THE OPEN July beans:  3 higher July meal:  .40 higher July soyoil:  21 higher July corn:  1 1/2 higher July wheat:  1 higher The m...

Politics Turning a Pandemic Into a Man-Made Political Disaster With global novel coronavirus cases surpassing 5.6 million and total deaths rising to just o...

Russian Grain Markets: 18 - 22 May 2020 Prices on the domestic grain market moved in different directions and changed differently in different regions. One...

SPREADS Sep. crush trades to 88c/bu while oilshare moves to 32.60%.   Spreads are slightly firmer with July/Dec corn trading into 14 1/4c from 14...

GOOD MORNING, Prices remain firm with beans and soyoil in the lead while grains are firmer as well.  The short-covering tone that started Tues. contin...

The CBOT opened higher Monday night and continued that trend into Tuesday morning with export rumors and macroeconomic developments supporting values. Corn...

China Speared Then Perhaps Retaliates Presumptive Democratic presidential nominee Joe Biden’s accusation that his rival, President Trump, has been to...

Today is the day when farmers can start applying for the $16 billion in Coronavirus Food Assistance Program (CFAP) direct payments. FSA has announced that...

Jul 20 Corn closed at $3.19/bushel, up $0.01 from yesterday's close.  Jul 20 Wheat closed at $5.0675/bushel, down $0.02 from yesterday's close. ...

A meme circulating on the internet, likely started by R-CALF, goes like this: Ok, a 1300-pound animal is bought for $0.95 per pound by the packers and 40 p...

THE OPEN July beans: 6 higher July meal:  1.10 higher July soyoil:  37 higher July corn:  2 1/4 higher July wheat:  1 1/2 lower The mar...

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

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Gemcorp Commodities is reportedly supplying 200,000 MT of Russian wheat to Ethiopia with the...

SPREADS Sep. crush trades to 92c/bu while oilshare is at 32.0%.  July/Dec corn firms to 13 3/4c from 15c, while July/Sep. narrows into 4 1/2c from 5c...

GOOD MORNING, Prices are mixed this morning with weakness emerging in wheat but supported elsewhere on the board.    More talk of China buying an...

Wuhan confirms that in addition to the national ban on wild animal trade, the city of Wuhan reportedly has banned hunting wild animals and their trade on o...

USDA released its cattle on feed report today and as expected marketings were at an historic low (since records began in 1996) at 1.46 million head. Placem...

Monday, 25 May is a U.S. holiday, and the markets and our office are closed that day. Please note that the next Ag Perspectives will be published on 26 May...

Note: the CBOT and CME markets will be closed on Monday, 25 May and WPI’s offices will be similarly shutdown.  The CBOT finished the week with s...

USDA reports that U.S. Cattle on Feed is down 5 percent from 2019 in feedlots with capacity of 1,000 head or more – totaling 11.2 million head on May...

Jul 20 Corn closed at $3.18/bushel, up $0.0025 from yesterday's close.  Jul 20 Wheat closed at $5.0875/bushel, down $0.0725 from yesterday's close.&nb...

The attached PDF shows WPI's summary analysis and intrepretation for the latest Cold Storage report, published 21 May 2020 by the USDA. Briefly,...

Most of the top ten beef producing countries around the world have increased production over the past decade except for two, the EU and Australia. Australi...

Beef and pork production are starting to rebound, after the big drop in April. Estimated pork production was 2.3 billion pounds for the month and beef was...

The day started and ended as called with Chicago wheat and the livestock complex in the green while corn and soybeans went under water. Wheat remains the p...

Jul 20 Corn closed at $3.1775/bushel, down $0.0175 from yesterday's close.  Jul 20 Wheat closed at $5.16/bushel, up $0.0225 from yesterday's close.&nb...

WTO Foil Senator Josh Hawley (R-Missouri) added arguments to his call for a U.S. withdrawal from the WTO but they are not necessarily good ones. Hawley wil...

Big U.S. Soybean Export Sales Last Week The week ending 14 May was a good one for U.S. exporters of soybeans, soymeal and soyoil according to today’s...

Wheat:  Net sales of 175,800 metric tons for 2019/2020 were down 14 percent from the previous week and 39 percent from the prior 4-week average. Corn:...

Note: There will be no Technical Perspectives reports on Friday, 22 May. Markets are closed on Monday, 25 May. THE OPEN July beans: 2 1/2 lower July meal:&...

We are sheltering in place during The Attack of Covid-19, listening to health experts and politicians debate responses to the spread of the disease. We are...

Note: There will be no Technical Perspectives reports on Friday, 22 May. SPREADS July crush trades to 83.50c/bu while oilshare trades to 32.43%.  July...

Note: There will be no Technical Perspectives reports on Friday, 22 May. GOOD MORNING, Prices continue to drive into trading range territory as the markets...

The CBOT opened with wheat leading the way higher, soybeans firming with support from soyoil and short covering in soymeal while corn established itself as...

Europe’s new Farm to Fork strategy includes ambitious targets to reduce fertilizer and pesticide use, which should yield some skepticism. The goal is...

Jul 20 Corn closed at $3.195/bushel, down $0.0175 from yesterday's close.  Jul 20 Wheat closed at $5.1375/bushel, up $0.15 from yesterday's close.&nbs...

The current hot, dry conditions affecting Europe are raising concern about the impact on crop conditions. The area of concern includes northwestern France,...

Russian Grain Markets: 11-15 May 2020 Milling and feed wheat prices as well as corn prices kept growing in the domestic grain market while feed barley pric...

Livestock New Study Points to Steady Recovery in China’s Hog Herd The Rural Development Research Institute of the China Academy of Social Sciences, a...

THE OPEN July beans:  4 higher July meal:  1.90 higher July soyoil: 10 higher July corn:  1 1/2 lower July wheat:  4 1/2 higher The mar...

SPREADS July crush trades at 85.55c/bu while oilshare weakens to 32.15%.   July/Nov beans trades from 7 1/2c out to 8 1/4c.  July/Sep corn t...

GOOD MORNING, Prices are mostly higher this morning with corn returning as the weaker leg.   Wheat is seeing a bounce courtesy of a weaker US dol...

The CBOT opened mixed with soybeans coming under pressure from reversal of old long soybeans/short corn/wheat trades and from new contract lows in soymeal...

As previewed yesterday, the Administration announced the details of the $16 billion COVID-19 relief direct payment program – the Coronavirus Food Ass...

Boost for Green Protectionism France and Germany have agreed to tie the COVID economic recovery funding to an expedited adoption of Green Deal measures tha...

Jul 20 Corn closed at $3.2125/bushel, up $0.005 from yesterday's close.  Jul 20 Wheat closed at $4.9875/bushel, up $0.0175 from yesterday's close.&nbs...

The EU is the largest consumer of rapeseed, followed by China, Canada and India. Its use in number three Canada and number four India has been rising, but...

THE OPEN July beans:  2 higher July meal;  .10 lower July soyoil:  10 higher July corn:  3 1/2 higher July wheat:  2 1/2 higher Th...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  The United Nations reportedly purchased 80,000 MT of Ukraine wheat for Sudan that will be shi...

SPREADS July crush trades down to 84.40c/bu while oilshare firms to 32.49%.   Corn spreads are firmer on short-covering, with July/Sep trading fr...

GOOD MORNING, Prices are mostly higher as traders wait to see if there is follow-through buying activity from China.  Crop ratings were a bit construc...

The new $16 billion Coronavirus Food Assistance Program (CFAP) direct payments from USDA will be unveiled tomorrow. Payments are targeted to be made in lat...

A rally in crude oil and rumors of Chinese crushers needing to book soybeans and soyoil helped the CBOT open firmer. Corn and soybeans traded higher for th...

Jul 20 Corn closed at $3.2075/bushel, up $0.015 from yesterday's close.  Jul 20 Wheat closed at $4.97/bushel, down $0.0325 from yesterday's close.&nbs...

WTO Strategy U.S. Ambassador to the WTO Dennis Shea told Friday’s General Council meeting that addressing the organization’s future should wait...

Corn The corn harvest is still moving at a slow pace as farmers are focused on soybeans. Farmers harvested 1.8 percent of the area last week (versus almost...

THE OPEN July beans:  6 1/2 higher July meal:  .40 lower July soyoil:  48 higher July corn:  2 1/4 higher July wheat:  3 1/2 lower...

Regional News  In Monday’s Crop Monitoring bulletin, the European Commission noted that spring weather, which predominantly featured above-avera...

As noted in the analysis on recession impacts on grain demand, the Great Recession is an imperfect proxy for predicting the impacts on the current global e...

SPREADS July crush trades to 87.59c/bu while oilshare firms to 32.0%.  Jly/Dec corn trades from 12c to 12 1/2c, while July/Sep trades from 3 1/2c out...

GOOD MORNING, Prices are mixed this morning, lower wheat and higher elsewhere.  Outside markets are sharply higher with US stocks up over 600 pts, ind...

As we noted yesterday, the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act amends the CCC Charter Act to allow assistance...

Jul 20 Corn closed at $3.1925/bushel, up $0.0175 from yesterday's close.  Jul 20 Wheat closed at $5.0025/bushel, down $0.02 from yesterday's close.&nb...

The CBOT ended the week mixed on lackluster volume with encouraging near-term demand developments being outweighed by the May WASDE’s large supply fo...

Faux Pas Technical level EU trade officials were meeting today to discuss how to put transatlantic trade relations back on a better course. The success of...

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

The economic impact on agriculture from the global coronavirus pandemic is still unknown but it cannot be good. Some speculate that recovery from a policy...

THE OPEN July beans:  3 higher July meal:  .50 higher July osyoil:  15 higher July corn:  1 1/4 higher July wheat:  3 1/2 higher T...

SPREADS July crush trades to 87.42c/bu while oilshare trades firmer at 31.36%.   July/Sep corn trades from 4c to 4 1/4c, while July /Dec firms in...

GOOD MORNING, Prices are higher this morning on short-covering as we head into the growing season and begin to get the Good/Excellent rating category for c...

Some of the bearish pressure on the market is said to be coming from the uncertainties associated with COVID-19, though there are now more knowns than a fe...

Cattle and hog slaughter is starting to rebound as plants reopen. Last week’s export sales reflect the state of the packing industry; net beef sales...

Jul 20 Corn closed at $3.175/bushel, down $0.0075 from yesterday's close.  Jul 20 Wheat closed at $5.0225/bushel, up $0.005 from yesterday's close.&nb...

Soy Export Sales Highlights Today’s USDA export sales report was positive for soybeans, but not so much for soymeal and soyoil. Maybe China’s s...

Fake Crisis in Food Politicians and populists groups issued a letter to international organizations demanding a “well-organized global effort”...

Wheat:  Net sales of 203,500 metric tons for 2019/2020 were down 17 percent from the previous week and 28 percent from the prior 4-week average. Corn:...

USDA released its May WASDE Tuesday. The May WASDE is always interesting since it includes USDA’s updated projections on U.S. and world supplies and...

THE OPEN July beans:  2 1/2 lower July meal:  1.20 lower July soyoil:  3 higher July corn:  3/4 higher July wheat:  3 lower Prices...

SPREADS July crush trades higher from lows of 75c/bu to 85c/bu with oilshare just under 31.0% to 30.91%.  July /Dec corn trades into 13 1/2c from 14c...

GOOD MORNING, Prices are lower on technical downside activity from yesterday's trade.  Negative trade rhetoric continues between the US/China over the...

The CBOT opened mixed but quickly found solid selling pressure as wheat futures tumbled lower under pressure from yesterday’s WASDE that forecast lar...

Anti-WTO is Bipartisan Republican U.S. Senator Josh Hawley (R-Missouri) introduced a resolution last week to pull the U.S. out of the WTO and now two Democ...

Jul 20 Corn closed at $3.1825/bushel, down $0.04 from yesterday's close.  Jul 20 Wheat closed at $5.0175/bushel, down $0.1275 from yesterday's close.&...

USDA’s forecast for U.S. corn use in 2020/21 may be as over-optimistic as its prediction for 2019/20 corn exports, but at this juncture prices have n...

THE OPEN July beans:  1 1/4 lower July meal:   .10 lower July soyoil:  7 higher July corn:  1 3/4 lower July wheat:  5 1/2 lo...

Macroeconomics Food Inflation Falls Below 15 Percent in April Average food prices for April increased year-on-year by 14.8 percent, down from 18.3 percent...

Russian Grain Markets: 4-8 May 2020 Prices continued to grow in the Asian part of the domestic grain market and moved in different directions in the Europe...

SPREADS July crush firms to 81.74c/bu while oilshare is steady at 31.14%.  July /Dec corn trades into 13 3/4c from 14 1/4c, and values that were out t...

GOOD MORNING, The May WASDE has come and gone, and technically the markets did not break down.  Quite the contrary, as the focus of the report was hug...

USDA Estimates – U.S. soybean oil prices are forecast at 29.0 cents per pound, up 0.5 cents from 2019/20...

USDA Estimates - U.S. soybean meal prices are forecast at $290 per short ton, down $10.00 from 2019/20.  ...

USDA Estimates - outlook for U.S. soybeans is for higher supplies, crush, exports, and lower ending stocks in 2020/21.  The soybean crop is projected...

USDA Estimates – U.S. corn crop is projected at a record 16.0 billion bushels, up from last year on increased area and a return to trend yield. ...

USDA Estimates - U.S. wheat in 2020/21 will have reduced stocks.  The 2020/21 U.S. wheat crop is projected at 1,866 million bushels, down 3 percent fr...

Unlike other animal protein products, dairy was in trouble before the COVID-19 crisis. The problem has been a failure to grow demand as fast as production...

CBOT markets opened on the defensive with traders cautious ahead of the May WASDE. The market was expecting a bearish report and that pressured the soybean...

Today’s WASDE showed USDA’s red meat and broiler production forecast down 5.6 percent from the March WASDE estimates, but only 1.5 percent lowe...

Jul 20 Corn closed at $3.2225/bushel, up $0.0375 from yesterday's close.  Jul 20 Wheat closed at $5.145/bushel, down $0.0275 from yesterday's close.&n...

Trans-Atlantic Trade “Talks” European Trade Commissioner Phil Hogan detailed a trans-Atlantic trade agenda for USTR Robert Lighthizer but parts...

THE OPEN July beans: 1 higher July meal:  .40 higher July soyoil:  2 lower July corn:  1 1/4 lower July wheat:  5 1/2 lower The board o...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Morocco has announced that the suspension of duty on common wheat will be extended beyond 15...

SPREADS July crush trades to 75.17c/bu while oilshare trades to 31.25%.   Corn spreads weaken this AM with July /Dec trading back out to 16 1/2c...

GOOD MORNING, The May WASDE report will be released at 11:00 central time.  The advertised estimates include higher 20/21 ending stocks for corn with...

The CBOT opened on a higher note with soybeans finding solid support on technical buying as well as rumors of Chinese purchases of U.S. product. Soymeal an...

China Plays Offense We discussed on Friday the worsening outlook for U.S. – China relations and today Beijing one-upped the Trump Administration. Pre...

Jul 20 Corn closed at $3.185/bushel, down $0.0075 from yesterday's close.  Jul 20 Wheat closed at $5.1725/bushel, down $0.0475 from yesterday's close...

Payment Limits: The COVID Food Assistance Program (CFAP) rule to provide direct payments to producers has been submitted by USDA to the Office of Managemen...

Alternative proteins have become the rage in food processing, though there is now an argument that Americans have switched back to more traditional foods a...

Corn Flat prices are low and are even lower for deferred positions. Grain sales are liquidated in Argentine pesos at the official exchange rate of about 65...

THE OPEN July beans:  6 3/4 higher July meal:  1.70 higher July soyoil:  11 higher July corn:  2 3/4 higher July wheat:  1 1/4 hig...

Regional News  The weather across Europe has shifted from an extremely dry pattern earlier this spring to a wetter, more normal pattern in the past tw...

SPREADS July crush trades to 80.92c/bu while oilshare trades to 31.23%.    July/Dec corn trades from 15 1/2c out to 16 1/4.  July/Dec wheat...

GOOD MORNING, Prices are mostly firmer, with beans reaching a one month high overnight and wheat prices turning mixed from higher.  Prices are higher...

U.S. – China Tea Leaves Under the Phase One agreement, U.S. exports of goods to China this year were supposed to increase by 36.6 percent over the ba...

As we have discussed in the past, livestock production has little wiggle room to cope with the processing shutdowns and the demand destruction and volatili...

The CBOT opened on a firm note with funds covering part of their short positions ahead of the May WASDE. Cold weather forecast for most of the Midwest and...

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

The impact of the coronavirus on most national economies is blunt and harmful but especially to those countries that were already poorly structured. Like m...

Jul 20 Corn closed at $3.1925/bushel, up $0.0125 from yesterday's close.  Jul 20 Wheat closed at $5.22/bushel, down $0.005 from yesterday's close.&nbs...

THE OPEN: July beans: 7 higher July meal: 1.20 higher July soyoil: 35 higher July corn: 2 3/4 higher July wheat: 1/2 higher Prices opened as expected wit...

SPREADS July crush trades to 79c/bu, while oilshare firms to 31.44%.  Spreads are firmer with July/Dec corn narrowing into 15c from 16 1/4c, (and valu...

GOOD MORNING,  Prices continue to rebound this week on the back of more Chinese purchases of US goods, as an announced conference call next week betwe...

Wheat:  Net sales of 244,800 metric tons for 2019/2020 were down 48 percent from the previous week and 15 percent from the prior 4-week average. ...

Ambitious F2F The EU is getting closer to releasing its Farm to Fork plan for completely remaking its food system and it is ambitious. So ambitious that it...

Meat packing plants are starting to resume operations, mostly under the President’s executive order which includes new health guidelines from the Cen...

It was a technical runup today that will correct lower but there is a Chinese curveball in play. The fundamentals remain weak – look at today’s...

Jul 20 Corn closed at $3.18/bushel, up $0.0375 from yesterday's close.  Jul 20 Wheat closed at $5.225/bushel, up $0.05 from yesterday's close.  J...

U.S. Soy Export Highlights The week ending 30 April was not a good one for U.S. soy exports. Sales of soybeans, soymeal and soyoil for shipment in 2019/20...

THE OPEN July beans: 4 1/2 higher July meal:  .40 higher July soyoil:  29 higher July corn:  3 1/2 higher July wheat:  6 higher The mar...

It is commonly accepted that without a major crop production disaster in the Northern and/or Southern Hemisphere, the fundamental outlook for U.S. corn, wh...

SPREADS Spreads are firmer with all deliveries gone.  May/July corn trades into 2 1/2c from 3c, bringing some strength to July/Dec which trades into 1...

GOOD MORNING, Prices continue to congest in trading ranges looking for different data, weather, or macro events to move them one way or the other.  Th...

Politics The Danger of Hot Rhetoric and Conspiracy Theories With President Trump and Secretary of State Mike Pompeo continuing to place blame on China for...

Low volume trade left CBOT grain markets to trade lower with little to encourage buyers to make purchases, despite prices being near contract lows. Improvi...

Dis-integrating Global Economy Economists warn that protectionism will slow the global recovery but both governments and companies now view the retreat fro...

Jul 20 Corn closed at $3.1425/bushel, down $0.0275 from yesterday's close.  Jul 20 Wheat closed at $5.175/bushel, down $0.0325 from yesterday's close...

Chicago futures have major agricultural commodities at some of their weakest prices in years and yet exports do not seem to be responding to their appeal...

Russian Grain Markets: 27-30 April 2020 Prices on the domestic grain market continued to grow. Meanwhile on the export market, milling wheat average price...

THE OPEN July beans: down 1 1/2  July meal:   .90 higher July soyoil:  38 lower July corn:  1 1/4 lower July wheat:   4...

SPREADS May/July beans continues to be supported by the lack of deliveries against the May.  July/Nov bean spread chops around supported by recent dem...

GOOD MORNING, Prices are mixed this morning with corn gaining on wheat, and meal on soyoil.  Soyoil futures were supported yesterday by the news of $1...

CBOT trade was slow and mixed for most of Tuesday, with a slight uptick in commercial pricing interest supporting corn, soybean, and SRW wheat values. Fund...

According to USDA’s latest agricultural trade data, the overall ag trade balance in March was negative. The U.S. ran a trade deficit of $502 million...

Jul 20 Corn closed at $3.17/bushel, up $0.015 from yesterday's close.  Jul 20 Wheat closed at $5.2075/bushel, up $0.0125 from yesterday's close. ...

Meat packing has now become part of the 2020 U.S. presidential campaign. Presumptive Democratic nominee Joe Biden declared worker conditions in these plant...

There is a global abundance of grain and oilseeds and while meat animals are being euthanized due to a lack of slaughter capacity and total production is d...

THE OPEN July beans:  3 3/4 lower July meal:  .50 higher July soyoil;  23 higher July corn: 2 1/2 higher July wheat: 3 1/2 lower Stocks and...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Egypt reports that local wheat purchases by the government are now at 1 MMT well on the way t...

SPREADS July crush trades to 86.35c/bu while oilshare trades to 31.46%.  July /Dec corn narrows into 17 1/4c from 18c, and vs. values that reached 19c...

GOOD MORNING, Prices are mixed today as higher energies add support to corn and soyoil.  Soyoil futures are higher, but the basis is falling apart, as...

Wrong Negotiations Washington and London kick off two weeks of videoconference trade negotiations this week, hoping to reach an agreement this year. The ga...

The CBOT was called to open weaker after a weekend of favorable weather and expected planting progress in the U.S., combined with welcome rains across Euro...

Part of the COVID-19 relief package was the Paycheck Protection Program (PPP) loans available to small businesses. It was designed to help small businesses...

Jul 20 Corn closed at $3.155/bushel, down $0.03 from yesterday's close.  Jul 20 Wheat closed at $5.195/bushel, up $0.03 from yesterday's close. ...

The World Health Organization’s Eastern Mediterranean Regional Office issued an advisory recently that advised people to consume unsaturated fats suc...

Corn Heavy rains that fell across a large portion of Argentina’s agricultural area last week slowed the arrival of trucks to export ports. The number...

THE OPEN July beans:  12 3/4 lower July meal:  3.20 lower July soyoil:  57 lower July corn:  5 lower July wheat:  7 1/4 lower Pric...

Regional News  Last week, Europe was facing widespread drought conditions and one of the driest 60-day springtime periods since the 1970’s. That...

SPREADS July crush trades to 87c/bu while oilshare moves back below 31.0% to 30.85%.  July /Dec corn trades to 18 3/4c from 18 1/4c, while May/July tr...

GOOD MORNING, Prices are lower as the end of month short-covering is over and good weekend weather probably saw crops going into the ground in a big way.&n...

One of the hallmarks of a bear market is that buyers are patient and wait for rallies to subside, rather than chasing prices higher. That dynamic was on di...

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

Jul 20 Corn closed at $3.185/bushel, down $0.015 from yesterday's close.  Jul 20 Wheat closed at $5.165/bushel, down $0.0775 from yesterday's close.&n...

Sights on Africa Minxin Pei, a senior fellow at the German Marshall Fund says China gets blamed for practicing economic colonialism in Africa, but there ha...

Now that some political jurisdictions are beginning to open with varying interpretations of safety, it has elevated the question of when is it safe to go b...