CBOT trade was mostly a continuation of last week with corn falling lower amid declining ethanol demand and expectations for aggressive planting over the w...

Comfortable and Safe Food processors are reporting brisk sales of their processed products. Nestlé’s Hot Pockets are selling lot hot cakes; Ni...

As of last week, according to the Renewable Fuel Association (RFA), 73 of the nation’s 200 ethanol plants are idled and 70 percent are operating at r...

Jul 20 Corn closed at $3.1325/bushel, down $0.0975 from yesterday's close.  Jul 20 Wheat closed at $5.2475/bushel, down $0.0575 from yesterday's close...

Corn So far, 35 percent of Argentina’s planted area is harvested with a weekly progress of just 2 percent. Farmers are still focused on the soybean h...

THE OPEN July beans:  3 lower July meal:  .30 lower July soyoil:  34 lower July corn:  5 1/2 lower July wheat:  4 1/4 lower Prices...

The change in the exchange rate relative to the dollar is currently greatest for the Brazilian real and the Argentine peso. The only other currency that co...

Regional News  Warm, moderately dry conditions were featured across Europe this week with southern parts of the continent receiving better precipitati...

SPREADS July crush trades to 83.21c/bu, while oilshare trades to 30.19%.  Jul/Dec corn weakens back out to 15 1/4c from 13 1/2c, and levels that were...

GOOD MORNING, Trading ranges continue as the mission of the market is to now establish value levels that make sense given the bearish environment brought o...

USDA released its cattle on feed report today; as expected placements were down dramatically to 1.56 million head, the lowest total for March on record. To...

The U.S. primary system may need revision based on the recent voting in Wisconsin, but the national election will and must occur on 3 November. The questio...

Parts of Europe are again too dry this spring raising worries that the wheat crop will be suboptimal. Indeed, some forecasters say this is the new normal i...

The CBOT was mixed/slightly lower overnight with soybeans finding some support from this week’s Chinese purchases while corn sagged under the weight...

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 $3.23/bushel, down $0.03 from yesterday's close.  Jul 20 Wheat closed at $5.305/bushel, down $0.1425 from yesterday's close.&nbs...

• USDA Estimates – U.S. Cattle on Feed 5 percent below April 1, 2019 • Cattle and calves on feed for the slaughter market in the United Sta...

THE OPEN July beans:  2 3/4 lower July meal:  .50 lower July soyoil:  7 lower July corn:  3/4 lower July wheat:  1/4 lower Prices...

SPREADS July crush trades down to 86c/bu while oilshare dips back below 31.0% to 31.71%.   July/Dec corn trades weaker from 12 1/2c to 13 1/2c.&n...

GOOD MORNING, Prices are slightly lower to begin the session after reaching temporary highs on a market bounce off contract lows.   Seasonally co...

Enforcing WTO Limits  In this extraordinary time of global market turbulence, governments are taking measures to protect industry sectors including ag...

The market bounced off new contract lows from earlier this week and while it usually would buy on a rumor it took reports of Chinese buying interest with a...

The Centers for Disease Control (CDC) issued their report on the Sioux Falls Smithfield plant inspection. It was pretty much as expected based on our discu...

Jul 20 Corn closed at $3.26/bushel, up $0.0125 from yesterday's close.  Jul 20 Wheat closed at $5.4475/bushel, up $0.01 from yesterday's close. ...

Chinese Back to Buying U.S. Soybeans, May Buy Large Amount for Reserves USDA announced a total of 470,000 MT of soybeans has been sold to a Chinese buyer f...

THE OPEN July beans:  12 higher July meal:  1.40 higher July soyoil:  50 higher July corn:  5 higher July wheat:  5 higher The mar...

Can commodities actually be worth less than $0.00? After Monday’s wild trade in the CME May Crude Oil futures contract, we guess they can. As anyone...

SPREADS July crush trades to 87.93c/bu, while oilshare trades to 30.96%.   Spreads firm with July/Dec narrowing into 11 1/4c from 12 3/4c, and vs...

Wheat:  Net sales of 244,700 metric tons for 2019/2020 were up 37 percent from the previous week, but down 22 percent from the prior 4-week average. C...

GOOD MORNING, Prices are higher this morning led by beans and soyoil.  Soyoil follows higher palm and firmer energies. China has been buying beans thi...

With yesterday’s trade showing reversal signals in soybeans and soymeal, the CBOT was called to open higher this morning, which is largely what happe...

The attached PDF shows WPI's summary analysis and intrepretation for the latest Cold Storage report, published 22 April 2020 by the USDA. Briefly...

May 20 Corn closed at $3.175/bushel, up $0.0825 from yesterday's close.  Jul 20 Wheat closed at $5.4375/bushel, down $0.025 from yesterday's close.&nb...

Proponents of stark structural changes are trying to use the current COVID-19 crisis as leverage to achieve their policy goals, but it is unlikely to succe...

International organizations are warning that COVID-19 and the associated economic recession will increase hunger in poorer countries. To quote World Food P...

Public Health  Recurring Cases, Unanswered Questions Continue to Linger With China gradually returning to a state of normalcy, questions about recurri...

Russian Grain Markets: 13-17 April 2020 Two factors influenced development of prices on the domestic market: sales from Public Intervention Fund were pushi...

THE OPEN July beans:  4 1/2 higher July meal:  .50 higher July soyoil:  25 higher July corn:  5 1/2 higher July wheat:  1 3/4 lowe...

SPREADS July crush is lower at 89.12c/bu, while oilshare trades at 30.45%.  Bean spreads are firmer with July/Nov narrowing into 5 1/2c from 8 1/2c, w...

GOOD MORNING, After placing new contract lows or low -end prices for ranges, prices are firmer this morning, (except for wheat), on a combination of bargai...

According to the latest Short-term Outlook from the European Commission, the agrifood sector on the Continent has been impacted by the economic shock, lock...

May 20 Corn closed at $3.0925/bushel, down $0.05 from yesterday's close.  Jul 20 Wheat closed at $5.4625/bushel, down $0.0125 from yesterday's close.&...

Trade at the CBOT was marked by early steep declines that eventually gave way to a short covering/profit taking bounce. Corn, soybeans, and soymeal all pos...

Farmer Friendly Trump There is no industry hurt more by President Donald Trump than agriculture, and there is no modern president that has embraced agricul...

Packing Plant Hot Spots As Matt Herrington reported last night, meat packing plants are the new COVID-19 hotspots. The CDC is expected to issue its report...

THE OPEN July beans:  11 1/4 lower July meal:  2.70 lower July soyoil:  77 lower July corn:  8 lower July wheat:  1/4 higher The c...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA The first day of the Muslim holy month of Ramadan begins 24 April. Business is always more difficul...

SPREADS July crush trades down to 91.78c/bu while oilshare falls to 30.69%.  Spreads are weaker with July/Dec trading out to 17c from 14 1/2c, and val...

GOOD MORNING, Prices are lower across the board to begin the morning as funds continue to put on new short positions in lieu of weaker macros, lack of dema...

The biggest news of the day is the fact that May crude oil futures traded to negative prices, posting a daily low of negative $40.34 (-$40.32) before settl...

Imperfect Petroleum Relationship The assertion has been that petroleum is a finite resource whereas agricultural commodity production can always increase t...

Washington and Brasilia have agreed to expedite negotiations under the Brazil-U.S. Commission on Economic and Trade Relations with the goal of completing a...

May 20 Corn closed at $3.1425/bushel, down $0.08 from yesterday's close.  Jul 20 Wheat closed at $5.475/bushel, up $0.1375 from yesterday's close.&nbs...

Corn Despite the fact that farmers are still primarily focused on the soybean harvest, the corn harvest advanced 6 percent last week. The progress was larg...

THE OPEN July beans:  5 3/4 lower July meal:  1.00 lower July soyoil:  31 lower July corn:  3 1/2 lower July wheat:  18 higher The...

Regional News The dryness across Europe is easing with showers falling across Spain, western France, and Eastern Europe last week. For most of Europe, the...

On Friday as part of the daily White House COVID19 briefing, Secretary Perdue announced the Coronavirus Food Assistance Program (CFAP).  It will come...

SPREADS July crush trades top 96.08c/bu while oilshare trades to 31.09%.  Corn spreads are weaker with July/Dec trading out to 15c from 13 1/2c. ...

GOOD MORNING, The markets are mixed this morning as wheat is sharply higher against lower prices elsewhere on the board.   Wheat prices are highe...

CBOT grains and livestock markets were mostly higher today with short covering the dominant theme in corn. Wheat futures sold off early in the day but foun...

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

May 20 Corn closed at $3.2225/bushel, up $0.025 from yesterday's close.  Jul 20 Wheat closed at $5.3375/bushel, up $0.0325 from yesterday's close.&nbs...

Coming out of the food shortages of WWII, Roger Waters asks in the Pink Floyd album Another Brick in the Wall, “How can you have any pudding if you d...

Macroeconomic trends have always had some impact on agricultural production, demand, trade and values, but usually much less so than on other commodities s...

Dollars versus Disease Part of the debate over action against the coronavirus has always been health versus economics. The decision to err on the side of h...

A friend of WPI’s and a former colleague to some of us, Hanns Kuttner is a health policy analyst and senior fellow at the prestigious Hudson Institut...

THE OPEN  July beans:  1 3/4 higher July meal:  1.10 higher July soyoil;  2 higher July corn:  2 higher July wheat:  1 lower...

SPREADS Crush firms to 99.91c/bu, while oilshare trades to 31.0%.  Spreads are generally firmer with July/Dec corn narrowing into 13 3/4c from 15c.&nb...

GOOD MORNING, The markets are mixed as we head into the weekend, mostly higher on short-covering, wheat lower on long liquidation.  Higher markets nee...

Extraordinary policy initiatives are being deployed in these rarest of times. New York City has reportedly sought charitable contributions toward keeping i...

The idling of several packing plants is now having a trickledown impact through the value chain. After Smithfield closed its Sioux Falls pork packing plant...

May 20 Corn closed at $3.1975/bushel, up $0.005 from yesterday's close.  May 20 Wheat closed at $5.2975/bushel, down $0.105 from yesterday's close.&nb...

Markets are rational and amid all the uncertainty the current bearishness is reasonable. There are also fundamental reasons for the current selloff. It mak...

Larger Than Expected NOPA Soybean Crush Total in March Yesterday’s NOPA soybean crush report for March came in well above the average estimate of ana...

THE OPEN July beans:  2 lower        July meal:  steady July soyoil:  16 lower July corn:  1/4 lower July wheat:&nb...

Wheat:  Net sales of 178,300 metric tons for 2019/2020 were down 31 percent from the previous week and 49 percent from the prior 4-week average. ...

SPREADS July crush firms again to 98c/bu, while oilshare tests 31.0%.   May/July meal widens out to $4.60 from $3.80, while July/Dec trades from...

GOOD MORNING, The markets are mixed this morning and haven't moved much from yesterday's settlement.   Theme of the markets is continued selling...

Today’s CBOT trade was dominated by poor retail sales and the weekly EIA ethanol and gasoline production/stocks report that proved bearish for both m...

Covid Recovery About one-tenth of American workers have lost their jobs including at least 475,000 in New York City alone. Some believe the actual number i...

May 20 Corn closed at $3.1925/bushel, down $0.0675 from yesterday's close.  May 20 Wheat closed at $5.4025/bushel, down $0.085 from yesterday's close...

Today’s U.S. Energy Information Agency (EIA) report verified the downward direction of ethanol production and thus corn demand in the wake of COVID-1...

Public Health  Routine Temperature Checks, Social Monitoring Define New Normal Life in China’s mega coastal cities continues to inch back to a n...

THE OPEN July beans:  1 3/4 lower July meal:  2.90 higher July soyoil:  22 lower July corn:  1 3/4 lower July wheat:  11 3/4 lower...

Russian Grain Markets: 6-10 April 2020 Wheat prices on the domestic Russian market increased in the European part of Russia but decreased in Siberia. Meanw...

SPREADS Crush is firmer this morning with July trading up to 94c/bu, and oilshare correcting down to 31.23%.  July/Nov beans trades out to 10 1/4c fro...

GOOD MORNING, Prices are mixed this morning with a larger break in wheat, and a bounce in meal as traders unwind previous buy soyoil/sell meal spread trade...

Weakness in soymeal and the soy complex was the major feature at the CBOT today. The soy complex is increasingly worried about the demand implications of t...

Many are calling for paradigm shifts in most societal functions and a lot of changes are already happening, but government will slow farming’s abilit...

Yesterday we wrote about the forthcoming relief funds for COVID-19; today’s press stories are laying out the same scenario based on reports of what i...

May 20 Corn closed at $3.26/bushel, down $0.055 from yesterday's close.  May 20 Wheat closed at $5.4875/bushel, down $0.0625 from yesterday's close.&n...

THE OPEN July beans:  1 lower July meal:  1.60 lower July soyoil:  5 lower July corn:  1/4 higher July wheat:  6 1/4 lower The fea...

The Purdue University/CME Group’s Ag Economy Barometer survey of farmers in March showed their economic sentiment dropping 47 points (28 percent), th...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Corn and wheat imports in the region could find sourcing more difficult with Romania banning...

SPREADS July crush trades to 83c/bu, while oilshare is a steady 31.59% item.  Corn spreads are slightly firmer, with July /Dec trading into 13 1/2c fr...

GOOD MORNING,  Prices are mixed this morning with some short-covering activity in corn, and continued long liquidation in beans and meal.  Weathe...

The markets were called mostly lower after the long holiday weekend with funds continuing to be net sellers and coronavirus news remaining bearish for comm...

There have been plenty of concerns voiced over the future of the global trading system post-COVID-19. The Trump Administration receives plenty of ink for s...

May 20 Corn closed at $3.315/bushel, down $0.0025 from yesterday's close.  May 20 Wheat closed at $5.55/bushel, down $0.015 from yesterday's close.&nb...

Logistics Truck movements have normalized since the first few weeks of the quarantine when uncertainty and divergent local regulations slowed the arrival o...

The responses and repercussions of the COVID-19 spread continue at a breakneck speed, one of the latest being the indefinite shut down of the JBS pork plan...

The stay at home orders and fear of a pandemic caused a run on groceries. Several countries-imposed food export restrictions and collectively this elicited...

THE OPEN July beans:  1 1/2 lower July meal:  1.40 lower July soyoil:  30 lower July corn:  2 1/2 lower July wheat:  5 higher Pric...

Regional News Food security continues to be the primary market driver for Europe and most other regions around the world. Efforts to increase (at least per...

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

SPREADS July crush falls to 84.65c/bu while oilshare remains a firm 31.73%.  July/Nov bean spread is slightly weaker trading from 4 1/4c to 5 1/2c car...

GOOD MORNING, Prices are mixed to begin the morning.   Wheat is higher this morning with the USDA reporting a sale last Friday of 165,000 mt of H...

Tomorrow, 10 April is a holiday for the CBOT/CME markets in observance of Good Friday. Please note that our office will also be closed. The next Ag Perspec...

Silver Lining It is easy to be depressed amid the COVID-19 crisis. Predictions include: Global agricultural trade will shrink 12.7 percent this year. G...

USDA’s soyoil outlook – is for U.S. soybean oil price projected at 30.0 cents per pound, down 1.5 cents reflecting increased production and end...

The April WASDE report has been described historically as a non-event. Today’s report was bearish, but prices rose for the most part because it merel...

USDA’s soymeal outlook – is for increased U.S. soybean crush on higher soybean meal exports and increased domestic disappearance.  Domesti...

USDA’s soybean outlook - U.S. soybean supply and use changes for 2019/20 include lower exports, seed use, and residual use, higher crush, and higher...

May 20 Corn closed at $3.3175/bushel, up $0.0175 from yesterday's close.  May 20 Wheat closed at $5.565/bushel, up $0.0825 from yesterday's close.&nbs...

USDA’s corn outlook – is for reduced U.S. imports, greater feed and residual use, lower food, seed, and industrial use, and corn larger stocks...

Today’s WASDE showed red meat and poultry production down 1.1 percent from the March WASDE estimates, but still 3.3 percent higher than 2019. &n...

USDA’s wheat outlook – is for lower U.S. exports, reduced domestic use, and increased ending stocks.  The NASS Grain Stocks report, issued...

Soy Export Sales Highlights The week ending 2 April had to be a disappointing one for exporters of U.S. soybeans and soyoil, but not so much for soymeal. T...

THE OPEN July beans:  1 3/4 higher July meal:  .80 lower July soyoil:  13 higher July corn:  2 1/2 higher July wheat:  5 3/4 highe...

In 2019/20 Russia will again be the world’s largest wheat exporter. This will be the third year in a row that Russia can claim that title. For those...

SPREADS July crush falls to 94.65c/bu while oilshare trades to 31.70%.   July/Dec corn slightly weaker today, traidng out to 14 1/4c from 13 3/4c...

GOOD MORNING, Prices are mostly higher heading into the April WASDE report to be released at 11:00 Am Chicago time.  Expectations include reduced worl...

The CBOT opened higher with some mild, continued short covering that eventually gave way to more bearish pressure. Position squaring heading into the April...

U.S. ethanol production is plunging, and producers are demanding a fix. Some sources say that this week was the lowest ethanol output and highest stocks on...

May 20 Corn closed at $3.3/bushel, down $0.015 from yesterday's close.  May 20 Wheat closed at $5.4825/bushel, down $0.01 from yesterday's close. ...

Animal protein prices are mostly declining even though there was a consumer rush to hoard supplies ahead of COVID-19 lockdowns. An economic recession gener...

Public Health  City of Wuhan Reopened for Business China’s central government, with much fanfare, lifted the more than two-month long lockdown o...

THE OPEN May beans:  1 1/2 higher May meal;  1.50 higher May soyoil:  10 lower May corn:  2 higher May wheat:  2 1/2 higher The ma...

Russian Grain Markets: 30 March – 3 April 2020 Grain prices on the domestic Russian market increased but at a slower rate, except for Siberia where p...

SPREADS July crush trades up to 99c/bu while oilshare is steady at 31.58%.  May/July corn narrows into 5 1/4c from 5 3/4c as traders roll May shorts f...

GOOD MORNING, Prices are mostly higher this morning, with soyoil futures lower.  Oilshare sees a bit of profit-taking as crude oil prices remain defen...

WPI reminds clients that USDA’s April WASDE will be released this Thursday at 12:00 PM EDT and that the CBOT markets will be closed Friday for Good F...

The U.S. Energy Information Administration (EIA) released its monthly Short-Term Energy Outlook (STEO) today. April is the month that includes a forecast o...

Punishing Good Deeds In an adjacent analysis piece, we conclude that the big digital companies have proved their value through this virus crisis, enabling...

May 20 Corn closed at $3.315/bushel, up $0.0375 from yesterday's close.  May 20 Wheat closed at $5.4925/bushel, down $0.065 from yesterday's close.&nb...

THE OPEN May beans:  4 1/2 higher May meal: .20 lower May soyoil;  41 higher May corn:  4 1/2 higher May wheat:  6 1/4 lower The market...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA: The Master of the M/V Tomini Destiny has refused to allow discharge of a bulk cargo in Bangladesh...

Major events such as economic recessions and pandemics independently produce immense data for event analysis; the current concurrence of a lethal pandemic...

SPREADS July crush margins continue to fall, now trading below 1.00c/bu to 98.48c/bu.  July oilshare firms to 31.36%.  July/Dec corn strengthens...

GOOD MORNING, Prices are mixed today.  Each commodity seems to be impacted by its own story.  Soyoil and corn are lifted by firmer crude oil valu...

The CBOT was called to open mostly lower (except wheat, which was called higher) with the advancing South American soybean harvests and ongoing biofuels de...

Economic norms are being dramatically changed by the coronavirus. Nearly 70 countries now restrict the export of medical supplies. There is also now a stro...

Tyson announced today that it has suspended operations at its Columbus Junction, IA pork plant. The closure is COVID-19 related for worker health protectio...

Egypt is reportedly switching from purchasing grain FOB and then managing its own freight risks to buying C&F so that suppliers bear any higher costs i...

May 20 Corn closed at $3.2775/bushel, down $0.03 from yesterday's close.  May 20 Wheat closed at $5.5575/bushel, up $0.065 from yesterday's close.&nbs...

Corn The corn market situation is similar to the past few weeks with the soybean harvest accelerating and exceeding that of corn. Consequently, the arrival...

THE OPEN May beans:  5 1/2 lower May meal:  4.20 lower May soyoil:  6 higher May corn:  1 1/2 lower July wheat:  7 1/4 higher The...

Regional Updates Russia’s Ag Ministry approved an export quota of 7 MMT for all grains through June 2020. The move is to “help ensure stability...

SPREADS July crush trades down to 1.02c/bu, while oilshare trends higher to 30.74%.   July/Nov beans trades from back out to a 3 1/2c carry from...

GOOD MORNING, Prices are mixed this morning as corn remain mired in bear market territory as values are attached to struggling ethanol.   Bear ma...

As Gary Blumenthal reported yesterday, efforts are afoot to put a safety net under global crude oil prices. President Trump is communicating with Saudi Ara...

The CBOT was called mixed/lower to start today and it did just that. Corn and the soy complex were subject to fund selling and broke key technical support...

Jones Act Waiver Energy industry representatives met with President Trump today and agriculture sector representatives should have been there as well. Not...

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

May 20 Corn closed at $3.3075/bushel, down $0.0275 from yesterday's close.  May 20 Wheat closed at $5.4925/bushel, up $0.075 from yesterday's close.&n...

In our continuing efforts to provide you with pertinent market analysis, WPI is considering expanding our analysis and coverage of the Chinese commodity fu...

THE OPEN May beans:  2 1/2 higher May meal:  .40 lower May soyoil:  21 higher May corn:  4 higher July wheat:  8 1/4 higher The ma...

Beef and pork futures prices have been declining due to the likely sharp drop in economic growth. On a cost per calorie basis, beef can be five times as ex...

SPREADS July crush trades down to 1.06c/bu while oilshare is firmer, trading back over 30.0%.  July/Dec corn trades out to 10 3/4c from 9 3/4c, while...

GOOD MORNING, Prices were mixed to lower this morning, with the board continuing to follow the path of crude.  As prices neared the close, crude jumpe...

Last week we noted that the U.S. Department of Labor (DOL) announced initial claims for unemployment benefits was 3,283,000, an increase of 3,001,000 from...

Today was mildly volatile in the market with closing gains limited to soyoil and ethanol, purportedly due to their relationship to elevated petroleum price...

May 20 Corn closed at $3.335/bushel, down $0.0125 from yesterday's close.  May 20 Wheat closed at $5.4175/bushel, down $0.085 from yesterday's close.&...

Threats to Food System A risk assessment of the impact of COVID19 on the U.S. food system includes the following: Only a small handful of countries have...

Good U.S. Soybean and Soyoil Export Sales Last Week Today’s USDA export sales report showed last week was a good one for U.S. export sales of soybean...

THE OPEN May beans:  4 1/2 lower May meal:  1.20 lower May soyoil:  3 higher May corn:  1 1/2 higher July wheat:  8 lower Prices o...

Wheat:   Net sales of 72,900 metric tons for 2019/2020--a marketing-year low--were down 90 percent from the previous week and 86 percent from the...

USDA’s 31 March reports containing its estimates of preliminary planting intentions and 1 March quarterly stocks provided a few surprises. The bigges...

SPREADS July crush trades down to 1.12c/bu while oilshare sells off to 29.79%.  Bullspreads remain firm with July/Dec corn trading into 8c from 9c, an...

GOOD MORNING, Macro market weight created new lows in Ags yesterday, with mixed follow-through this morning.  Funds sold across the board yesterday, a...

The CBOT was called to open lower amid a jittery stock market and continued feuding between Russia and Saudi Arabia over oil prices. The market opened as c...

A Beef with Beef Some U.S. senators are demanding that the Justice Department and USDA investigate why the spread between the cash and futures markets for...

May 20 Corn closed at $3.3475/bushel, down $0.06 from yesterday's close.  May 20 Wheat closed at $5.5025/bushel, down $0.185 from yesterday's close.&n...

According to the 31 March USDA Prospective Plantings report, U.S. farmers will use the least amount of land for producing wheat since record keeping began...

Public Health  New Covid-19 Cases Emerge, China Reels from Global Crisis Two weeks ago, the majority of new novel coronavirus (Covid-19) cases in Chin...

THE OPEN May beans:  12 1/2 lower May meal:  3.30 lower May soyoil:  51 lower May corn:  3 1/2 lower July wheat:  4 3/4 lower Nega...

Russian Grain Markets: 23-27 March 2020 Grain prices on the domestic Russian market kept increasing as exporters are trying to export as much as possible b...

SPREADS July crush trades to 1.12c/bu while oilshare is slightly weaker this morning trading down to 29.89%.   May/July corn trades into 4 1/2c f...

GOOD MORNING, The much anticipated report has come and gone, with much less fanfare than expected.  This morning, prices are lower across the board as...

The CBOT was focused on USDA’s two major reports that were issued at noon today – the Planting Intentions report and the quarterly Grain Stocks...

USMCA Delay A bipartisan group of 10 U.S. senators is asking the Trump Administration to delay the proposed 1 June start date for enforcing the U.S.-Mexico...

May 20 Corn closed at $3.4075/bushel, down $0.005 from yesterday's close.  May 20 Wheat closed at $5.6875/bushel, down $0.0075 from yesterday's close...

There is no proxy for the exact current global commodity situation, though it looks familiar at this juncture. Petroleum is arguably being over-produced, a...

The COVID19 outbreak is like a pinball bouncing from sector to sector of the economy. In agriculture, for example, with shutdowns in place, transportation...

THE OPEN May beans:  4 1/4 lower May meal:  1.10 lower May soyoil:  3 lower May corn:  1/4 lower July wheat:  3/4 higher Prices we...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA: Morocco has removed the import duty on soft wheat and durum wheat until 15 June. The Morocco Ag Mi...

SPREADS Wheat inverses remain strong nearby, with May/July reaching 24c over on Friday, now trading from 13 1/2c high to 10 3/4c.  July crush trades f...

GOOD MORNING, It's month's end, end of a quarter, with a March 31 Planting Intentions and Quarterly stocks report on the way at 11:00 Chicago time.  N...

The U.S. West Texas Intermediate crude futures settled at $20.09/gallon, its lowest level since February 2002, and actually dipped below $20.00/gallon duri...

The CBOT mostly followed the crude oil market lower with corn breaking from recent support as funds were net sellers. Commercial pricing activity was activ...

May 20 Corn closed at $3.4125/bushel, down $0.0475 from yesterday's close.  May 20 Wheat closed at $5.695/bushel, down $0.0175 from yesterday's close...

COVID Food Policies Duty Delays: G20 trade ministers are meeting today to discuss actions they can take to mitigate adverse economic harm being caused by t...

Corn Harvest progress was slow last week, advancing just 2.2 percent partly due to heavy rains that prevented combines from entering fields. The other reas...

The coronavirus has likely contributed to a recent spike in U.S. egg demand and consequently prices as well. Production volume cuts occurred just ahead of...

THE OPEN May beans:  5 higher May meal:  2.90 higher May soyoil;  25 higher May corn:  1 lower July wheat:  4 3/4 higher Prices op...

Regional Update The European weather has been more favorable for spring fieldwork and crop development this past week, with most of the continent receiving...

WPI's monthly publication features a review of the past month's market and policy developments. This month we look at the impact of the coronavirus, the re...

SPREADS July crush trades up to 1.19c/bu while oilshare trades higher to 29.93%.  Corn spreads are weaker with July/Dec trading from 12 1/4c out to 13...

GOOD MORNING, The March 31 Planting Intentions Report and Quarterly Stocks will be released at 11:00 Tuesday, Chicago time.  Get set, it is typically...

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

The market was called to open higher with traders adjusting positions ahead of next week’s Planting Intentions report. The CBOT opened mostly in-line...

May 20 Corn closed at $3.46/bushel, down $0.0275 from yesterday's close.  May 20 Wheat closed at $5.7125/bushel, up $0.0225 from yesterday's close.&nb...

Inclusive Costs (NBER Working Paper No. 22137; March 2016): This study included former Treasury Secretary Lawrence H. Summers and found that a large pandem...

Viral Opinion A YouGov/Economist survey found that Democrats are much more likely than Republicans to be extremely concerned about the coronavirus. This st...

USDA released the quarterly Hogs and Pigs report yesterday. Some topline highlights:  Total swine inventory on 1 March was 77.6 million head, 104 perc...

THE OPEN May beans:  3 higher May meal:  3.80 higher May Soyoil:  2 lower May corn:  1 1/2 lower May wheat:  9 1/4 higher The mark...

SPREADS July crush trades at 1.17c/bu, still a very good margin, with oilshare firming slightly to 29.58%.  The July/Nov bean inverse continues to con...

GOOD MORNING, Prices are mixed this morning as the focus of the next two trading sessions will be setting up for the March 31 Planting Intentions report an...

On the one hand, no country has greater experience with epidemics than China (Asian flu, Hong Kong flu, SARS, etc.), and because the nature of such communi...

Large U.S. Soy Export Sales Last Week The week was a good one for exporters of U.S. soybeans, soymeal and soyoil according to today’s USDA export sal...

Hold on to Your Meat Packing Plant Job    The most interesting news today was the unemployment numbers; the U.S. Department of Labor announced th...

May 20 Corn closed at $3.4875/bushel, up $0.0025 from yesterday's close.  May 20 Wheat closed at $5.69/bushel, down $0.11 from yesterday's close. ...

The market opened the day mixed as called and with some profit-taking; it ended the day mostly lower but with some interesting twists and turns.  Vo...

THE OPEN May beans:  1/2 higher May meal:  4.20 higher May soyoil:  12 lower May corn:  1 1/2 lower May wheat:  3 higher The marke...

Wheat:  Net sales of 740,000 metric tons for 2019/2020 were up noticeably from the previous week and up 73 percent from the prior 4-week average. Corn...

During the past several weeks the worldwide impact of the coronavirus and the resulting severe slowdown of economic activity have sent most financial marke...

SPREADS July crush trades to 1.15c/bu, while oilshare weakens to 29.42% as traders buy meal/sell soyoil this morning.  July/Dec corn weakens back out...

GOOD MORNING, Prices are mixed this morning, generally lower except meal.  Meal prices remain volatile as domestic meal basis continues to firm on red...

Waste a Crisis II The U.S. Senate came close to a deal on a $2 trillion coronavirus bailout package for the economy before a partisan fight over unemployme...

CBOT markets were called steady/higher before the open on a mix of macroeconomic strength from the U.S. Senate coronavirus aid package and from a slowdown...

May 20 Corn closed at $3.485/bushel, up $0.0125 from yesterday's close.  May 20 Wheat closed at $5.8/bushel, up $0.185 from yesterday's close.  M...

There is a shortage of respirators and masks, but not food. The actual exporting of food has slowed in some cases due to restrictions on labor, but Bloombe...

  Public Health  China Looks to Re-Open Wuhan City and Hubei Province With the total number of recovered cases rising to 73,668 across mainland C...

Russian Grain Markets: 16-20 March 2020 Grain prices on the domestic Russian market kept increasing in ruble expression but dropped in dollar expression as...

THE OPEN May beans:  1 1/4 higher May meal:  2.30 lower May soyoil:  steady May corn:  3 higher July wheat:  2 1/2 higher Prices o...

SPREADS July crush is slightly lower today at 1.18c/bu, but still good margins.  Oilshare firms to 29.42% as meal prices correct against soyoil. ...

GOOD MORNING, Outside markets continue to recover as new stimulus packages are put in place.   Ag prices work higher as logistic snarls and slow-...

CBOT markets were called to open lower on a mix of profit taking and lack of fundamental news, and futures responded accordingly. The CBOT was weaker throu...

There is a debate over how much the coronavirus experience will impact international trade and globalization. On the one hand, dependence on supply chains...

Chicago Mayor Rahm Emanuel famously said, “You never let a serious crisis go to waste.” Farmers embraced that message and demanded compensation...

May 20 Corn closed at $3.4725/bushel, up $0.0375 from yesterday's close.  May 20 Wheat closed at $5.615/bushel, down $0.01 from yesterday's close.&nbs...

Ethanol markets continue to be battered on both sides: the COVID19 related demand drop and the Russia-Saudi Arabia price war supply shock. Ethanol values a...

THE OPEN May beans:  8 lower May meal:  5.30 lower May soyoil:  27 higher May corn:  4 1/4 lower May wheat:  10 3/4 lower The mark...

It is with a heavy heart that we share with you that World Perspectives founder Carole Brookins died last night after succumbing to the COVID-19 virus. She...

The attached PDF shows WPI's summary analysis and intrepretation for the latest Cold Storage report published 23 March 2020 by the USDA. Briefly,...

Regional Updates It might be a good idea for all people in the grain business, with an eye to COVID-19, to read section 21 of GAFTA contract #27: “Pr...

SPREADS Crush margins continue to soar, with July now trading up to 1.27c/bu, while oilshare trades higher in recovery trade from 29.0% to a high this AM o...

GOOD MORNING, Soy and grains are mixed this morning after hitting some key target highs.  May meal posts a new contract high at $336.30, while May bea...

Dollar Burden In response to the coronavirus crisis, the U.S. Federal Reserve has cut interest rates, theoretically lowering the return on the dollar and m...

The CBOT opened with soymeal jumping higher and soybeans and wheat posting strong inverses. Corn opened lower and traded a lackluster session overnight. Af...

How the economy and consumers react to the coronavirus will be important to the food and agriculture sector. A large economic decline like the Great Recess...

May 20 Corn closed at $3.435/bushel, down $0.0025 from yesterday's close.  May 20 Wheat closed at $5.625/bushel, up $0.2325 from yesterday's close.&nb...

Argentina Macroeconomics The scenario in Argentina has changed in the last few days and will continue to do so in the coming days. The coronavirus is just...

As he U.S. enters its second week of lockdowns, emergency declarations, limited commerce, etc., President Trump tweeted this today: WE CANNOT LET THE CURE...

THE OPEN May beans:  13 higher May meal:  6.70 higher May sohyoil;  24 higher May corn:  1/4 higher July wheat:  13 higher The mar...

Regional News The coronavirus COVID-19 pandemic continues to exert massive influence on global markets and traders’ appetite for risk has all but com...

SPREADS July crush margins jump to 1.17c/bu while oilshare trades under 29% to new lows at 28.91%.  July/Nov beans firm to a 10 1/4c inverse from 3c,...

GOOD MORNING, The major themes this morning are strong bean and wheat inverses, weaker oilshare, and strong crush margins.  Meal explodes overnight to...

The CBOT opened higher overnight and finished with strong gains before heading into the morning’s open. At the end of the overnight session, corn was...

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

Coroneconomy Forecasting the economic impacts of the coronavirus is a first step toward developing policies to mitigate its negatives. At this juncture, fo...

Through yesterday, cattle slaughter was down from the week before. The Choice cutout was up but Select dropped.  Hog slaughter is up this week over la...

May 20 Corn closed at $3.4375/bushel, down $0.0175 from yesterday's close.  May 20 Wheat closed at $5.3925/bushel, up $0.0425 from yesterday's close.&...

• U.S. Cattle on Feed was 11.8 million head on March 1, 2020 - slightly above March 1, 2019.  • Placements during February totaled 1.71 mill...

Supply chain experts say there is ample food in the system despite the initial surge in purchasing by consumers worried about coronavirus lockdowns. For sh...

THE OPEN May beans:  14 higher May meal:  3.20 higher May soyoil:  46 higher May corn:  8 3/4 higher July wheat:  6 1/4 higher The...

SPREADS July oilshare trades to lows of 29.78%, while crush trades to 1.09c/bu on good meal demand.     The July /Nov bean spread rallied 14...

GOOD MORNING, Prices are higher this morning as it appears that sales of HRW wheat and PNW beans have been sold to China. According to Reuters, US exporter...

WPI asked in its online survey when the coronavirus crisis would subside and most said by this summer (see graph below). Perhaps discouragingly, more than...

To paraphrase Mark Twain, if you don’t like the prices, just wait a few minutes. The market was called higher and it went there right out of the box...

 COVID19 Market Mess   Like all other markets, the COVID19 virus is hammering the livestock markets, though the direction today was a little...

May 20 Corn closed at $3.455/bushel, up $0.1025 from yesterday's close.  May 20 Wheat closed at $5.35/bushel, up $0.2675 from yesterday's close. ...

Shutdown of Argentine Port May Slow Soy Exports The mayor of the Argentine town of Timbues yesterday said that he would today suspend all operations at gra...

THE OPEN May beans:  15 3/4 higher May meal:     8.50 higher May soyoil:   35 higher May corn:      6 3/4 high...

Wheat:  Net sales of 338,300 metric tons for 2019/2020 were down 25 percent from the previous week and 21 percent from the prior 4-week average.  ...

SPREADS  Features include firmer crush margins this week, as meal prices live in their own world trading sideways on a record pace as logistics concer...

GOOD MORNING, Prices are higher across the board as short-covering takes place with meal leading the charge to the upside.  Funds have now sold an est...

We are not sure that the U.S. and indeed the world have ever seen circumstances that match what has been going on in recent weeks. The novel coronavirus th...

As with most crises, there are shining stars and black marks. Some complain about the patch quilt of policies being created, while others see method in the...

May 20 Corn closed at $3.3525/bushel, down $0.0875 from yesterday's close.  May 20 Wheat closed at $5.0825/bushel, up $0.09 from yesterday's close.&nb...

The CBOT opened mixed today with corn and soyoil posting new contract lows amid continued short selling. Commercial demand for wheat pulled that commodity...

As pointed out by WPI contributor Jody Lefcourt, this is only the third time since the year 2000 that corn has been below $3.30/bushel. But agricultural co...

Public Health  Coronavirus Metastasizes Across the World In a twist of irony, China identified several new cases of the novel coronavirus (Covid-19) l...

THE OPEN May beans:  3 1/4 higher May meal:  4.40 higher May soyoil:  30 lower May corn:  8 3/4 lower May wheat:  1 3/4 higher The...

Russian Grain Market: 9-13 March 2020 Grain prices on the domestic Russian market increased in ruble expression but dropped in dollar expression as the rub...

SPREADS July crush trades to 1.03c/bu while oilshare is weaker this morning with prices trading to new lows of 29.69%, under the prev. 30.0% benchmark.&nbs...

GOOD MORNING, Prices are mixed this morning as weaker energies weigh on corn and soyoil.  Corn slips to new contract lows as ethanol margins are in th...

The Renewable Fuels Association yesterday requested “equitable” relief for the “liquid fuel industries” given the coronavirus and t...

The CBOT opened with some minor short-covering activity as traders assessed the odds of a “turnaround Tuesday” getting underway. Early support...

May 20 Corn closed at $3.44/bushel, down $0.1075 from yesterday's close.  May 20 Wheat closed at $4.9925/bushel, up $0.0125 from yesterday's close.&nb...

How Navarro Got His Name White House Director of Trade and Manufacturing Policy Peter Navarro is typically criticized for having views on trade that &ldquo...

THE OPEN May beans:  4 higher May meal:  .80 higher May soyoil:  42 higher May corn:  1/4 higher May wheat:  1/2 lower Prices open...

Equities are rebounding today on the understanding that the government is about to use a firehose instead of a hypodermic needle to ensure liquidity in the...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Egypt has seen very unseasonal rains recently and there is concern that the local wheat crop may be...

SPREADS July crush firms to 1.03c/bu, with yesterday's NOPA numbers a record.  Oilshare steadies at 30.15%.   As prices drop, spreads have w...

GOOD MORNING,   Welcome to what appears to be grains and soy attempting to fulfill a "turn-around Tuesday" mission after they reached contract lo...

Government Recession: Economic recessions are typically caused by misallocated resources in the marketplace. Policymakers ride to the rescue with bailout p...

The global coronavirus outbreak is unprecedented in many ways, which makes forecasting extraordinarily difficult. The SARS outbreak hitting China between N...

The Federal Reserve’s Federal Open Market Committee (FMOC) was scheduled to meet on Wednesday of this week, but for the second time it took emergency...

Another sharply weaker opening in U.S. equities set the stage for more selling and a weaker open at the CBOT, which is exactly what happened. Coronavirus r...

May 20 Corn closed at $3.5475/bushel, down $0.11 from yesterday's close.  May 20 Wheat closed at $4.98/bushel, down $0.08 from yesterday's close. ...

Corn Good weather has allowed Argentina’s corn harvest to advance to 7 percent of the total area. Rains expected for the end of this week might slow...

THE OPEN May beans: 6 1/2 lower May meal:   2.10 lower May soyoil:  49 lower May corn:    6 1/4 lower May wheat:  9 3/4 lower...

Regional Updates Imploding financial markets, sharply weaker crude oil, and ever-growing concerns about the economic impacts of coronavirus continue to be...

SPREADS July crush trades to 96.84c/bu while oilshare works down to 30.45%.  July/Dec corn trades out to 5 1/2c carry from 4c.  July/Nov beans tr...

GOOD MORNING Prices are lower this morning after posting a higher open from the start of the evening trade.  Global markets are sliding as central ban...

President Trump held a Rose Garden briefing today at 3:30 declaring a national emergency for the coronavirus and unveiling the latest initiatives. That des...

May 20 Corn closed at $3.6575/bushel, up $0 from yesterday's close.  May 20 Wheat closed at $5.06/bushel, up $0.005 from yesterday's close.  May...

The overnight trading session was rocky for the CBOT with grains and oilseeds initially pushing lower and corn, soybeans, and soyoil posting new contract l...

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

There have been suggestions, almost too late now, that financial markets should be closed for a few days to enable a more rational assessment of the corona...

THE OPEN May beans:  11 3/4 higher May meal:     3.90 higher May soyoil:   33 higher May corn:    5 3/4 higher May...

SPREADS July crush trades to 97c/bu while oilshare trades to 30.78%.   July/Dec corn trades into 2 1/2c from 4 3/4c carry, but bull-spreading int...

GOOD MORNING, Stocks and Ags are higher this morning, but only after a rocky start to the trading session.   The night started out on a down-note...

When it comes to the coronavirus, there is a lot more that is unknown than is known at this point, a situation which has caused a general level of anxiety...

Trump Hits Europe Investment on both sides of the Atlantic fell dramatically following the U.S. announced ban on travelers entering from Europe. But why wa...

The open was brilliantly called lower and it opened accordingly. By the end of the day, soymeal was about the only contract to claw back into positive terr...

May 20 Corn closed at $3.6575/bushel, down $0.0875 from yesterday's close.  May 20 Wheat closed at $5.055/bushel, down $0.0725 from yesterday's close...

THE OPEN May beans:  19 3/4 lower May meal:  3.30 lower May soyoil:  1.14 lower May corn:  6 lower May wheat:  10 3/4 lower The ma...

Forecast for Brazil’s Soybean Crop Increased Brazil’s crop supply agency (CONAB) this week increased its forecast for the 2020 Brazilian soybea...

Wheat:  Net sales of 452,300 metric tons for 2019/2020 were down 17 percent from the previous week and 6 percent from the prior 4-week average. ...

SPREADS July crush trades higher at 99.33c/bu while oilshare falls below 31% to 30.83%.  Meal continues steady against a falling soyoil market. ...

GOOD MORNING,  In a market first, CME Group announced it would close its Chicago trading floors to reduce the chance of a coronavirus spread via large...

The supply/demand estimates contained in USDA’s March WASDE released this week might have set a record for the fewest changes from the preceding mont...

Supply Policies India’s pursuit of public stockholding of food surpluses is an old answer to an even older question – what policy to use to man...

“Pandemic” is the word of the day. The World Health Organization declared the coronavirus COVID19 outbreak an official pandemic today, which br...

May 20 Corn closed at $3.745/bushel, down $0.03 from yesterday's close.  May 20 Wheat closed at $5.1275/bushel, down $0.095 from yesterday's close.&nb...

Drought in Morocco has become more frequent and the Casablanca-Settat region is experiencing a 78 percent rainfall deficit this year. Meteorologists says t...

THE OPEN May beans:  2 higher May meal:  1.90 higher May soyoil;  2 higher May corn:  1 1/2 lower May wheat:  3 lower The markets...

Russian Grain Markets: 2-6 March 2020 Grain prices on the domestic Russian market changed little. We’ll see significant changes caused by ruble rate...

Public Health  China Moves to Recovery Phase as Rest Of World Scrambles Through Wednesday morning, mainland China’s total confirmed cases for th...

SPREADS July crush trades at 97.60c/bu while oilshare trades at 31.39%.    Corn spreads are a touch weaker with Dec/July trading out to 1 1/2c fr...

GOOD MORNING, The March report was mostly a non-event as USDA kicks the can down the road for the April report.  Report one of the new Northern Hemisp...

Nationalism’s Prejudices U.S. Secretary of State Mike Pompeo was accused of being a racist for calling the coronavirus the “Wuhan virus.”...

USDA reduced the average U.S. soybean oil prices by 2 cents to 31.5 cents per pound.  A notable change is a 1-million-ton reduction for palm oil produ...

The Senate Agriculture Committee is holding a hearing Thursday on Agriculture Innovation and the Federal Biotechnology Regulatory Framework, but the techno...

USDA left soybean meal prices unchanged at $305.00 per ton. Soybean crush is lowered 1 million tons for Argentina on the current pace to date.   ...

USDA’s U.S. soybean supply and use projections for 2019/20 are mostly unchanged in the March WASDE.  The U.S. season-average soybean price is pr...

May 20 Corn closed at $3.775/bushel, up $0.0475 from yesterday's close.  May 20 Wheat closed at $5.2225/bushel, up $0.035 from yesterday's close. ...

Yesterday’s comments from President Trump about potential payroll tax cuts and other forms of financial relief for hourly wage earners sparked an opt...

USDA leaves U.S. corn supply and use outlook unchanged for 2019/20 in the March WASDE. The season-average corn price received by producers is lowered 5 cen...

USDA leaves U.S. wheat supply and demand 2019/20 in the March WASDE.   The global outlook for wheat is for higher production, increased consumpti...

The coronavirus is a disease affecting humans and impacting agricultural commodity markets. Three-plus decades ago there was a major disease impacting anim...

THE OPEN May beans: 10 higher May meal:  3.70 higher May soyoil:  24 higher May corn:  5 higher May wheat:  2 1/2 higher The markets op...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS Egypt’s Cairo Poultry has reported a 20.7 percent drop in profits for 2019. Total sa...

SPREADS May crush trades to 93.13c/bu while oilshare trades to 31.50%.  Nearby corn spreads continue firm with July/Dec trading into 1c from 2c carry...