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

Platform Analysis A draft of the Democrats’ Party Platform for this year’s election repeats past policy promises for agriculture, most of which...

Dec 20 Corn closed at $3.35/bushel, down $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.395/bushel, up $0.1 from yesterday's close.  N...

United States Cattle with capacity of 1,000 or more head totaled 11.4 million head on July 1, 2020. The inventory was slightly below July 1, 2019. However,...

THE OPEN November beans:  1/2 higher December meal:  .30 lower December soyoil:  17 higher December corn:  1 higher  September whe...

North Korean leader Kim Jong Un was in the news inspecting a new chicken farm and calling for improvements to an outdated poultry industry. Efficient poult...

SPREADS Sep. crush trades to 74.85c while oilshare trade back under 34.0% to 33.81% this Am.  Corn spreads weaken a bit.  THere is a negative sea...

GOOD MORNING,  Prices inched higher this morning with beans, corn, and wheat hitting new highs for the move up.   Wheat is in the lead today...

If not for good export sales, futures prices would be pressured even lower. Cheap prices are encouraging some of China’s purchases. Moreover, a weake...

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 July at...

Dec 20 Corn closed at $3.355/bushel, up $0.0075 from yesterday's close.  Sep 20 Wheat closed at $5.295/bushel, down $0.05 from yesterday's close. ...

Robinhood: Proving that it is easy to give away other peoples’ money, the United Nations Development Program is proposing the payment of a temporary...

U.S. Soy Export Sales Highlights Today’s USDA export sales report showed exporters had great success selling U.S. soybeans for export in the week end...

THE OPEN November beans:  2 higher December meal:  .60 higher December soyoil:  21 higher December corn:  1 1/2 lower September wheat:&...

SPREADS Sep. crush trades to 74.39c/bu while oilshare is slightly firmer at 34.18%.  Nearby bean spreads strengthen with August /Nov trading to new hi...

Grain and soy futures prices have been relatively quiet and range-bound lately with the exception of soyoil. Soyoil futures were trading slightly lower yes...

GOOD MORNING, The soy complex continues to build on gains after two days of market weakness.   December soyoil follows a sharply higher palm oil...

Wheat:  Net sales of 616,700 metric tons (MT) for 2020/2021 were down 19 percent from the previous week, but up 24 percent from the prior 4-week avera...

The closure of the Chinese consulate in Houston, Texas over IP theft issues (along with suspected document destruction overnight at the facility) pressured...

Lip Ripper Lip Ripper is the name one callous fisherman gave to his boat and reflects somewhat the attitude of some developing countries. The WTO will laun...

Dec 20 Corn closed at $3.3475/bushel, up $0.04 from yesterday's close.  Sep 20 Wheat closed at $5.345/bushel, up $0.0675 from yesterday's close. ...

Livestock China’s Pork Price and Poultry Price Ease on Rising Supply According to the provincial bureaus for agricultural and rural affairs in Sichua...

The COVID-19 pandemic has slowed demand for fashion generally and this has reverberated to the leather industry. The hide, which is the largest component o...

Russian Grain Markets: 13-17 July 2020 Harvest progressed so most of the regions quoted prices for 2020 grain. As a result the general price development on...

THE OPEN November beans: 2 lower December meal:  .10 higher December soyoil:  14 lower December corn:  1 higher September wheat:  3 1/2...

SPREADS Sep. crush trades to 75.80c/bu while oilshare trades to 34.23%.  August/Nov beans trades to a new high inverse of 5c before closing at 3 3/4c,...

GOOD MORNING, Prices are mixed this morning with beans and soyoil lower, grains firmer.  More longs are liquidating length in beans due to the turn to...

As we reported yesterday, Senate Republicans were expected to develop and unveil proposals for the next round of coronavirus relief legislation as early as...

The use of public shaming and destroying individuals or entities disfavored by activists has become highly fashionable but it has been around in food and a...

Hog prices were down more than 35 percent from a year ago and industry analyst Steve Meyer of Kerns & Associates says the sector is incurring the great...

Row crops were weaker overnight, pressured by favorable statistics from yesterday’s Crop Progress report, and that weakness extended into the day ses...

Dec 20 Corn closed at $3.3075/bushel, down $0.05 from yesterday's close.  Sep 20 Wheat closed at $5.2775/bushel, up $0.0575 from yesterday's close.&nb...

THE OPEN November beans:  6 1/4 lower December meal:  2.50 lower December soyoil:  1 lower December corn:  2 lower September wheat:&nbs...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Iran’s government has purchased 6 MMT of local wheat on its way to a total of 11 MMT. The whe...

GOOD MORNING, Prices are mostly lower this morning after better than expected crop ratings were released.  Wheat prices broke lower yesterday as this...

SPREADS Sep. crush trades to 76.04c/bu while oilshare trades lower, back to test 34.0% once again.  The bean inverse remains well bid with August/Nov...

The CBOT opened on the defensive overnight and traded that way heading into the opening bell. The lone exception was soybeans, which finished 3¼ cen...

Yankee Chutzpa Washington is reportedly asking the WTO for permission to impose retaliatory tariffs against China for the latter’s failure to reduce...

The House will take up a “mini-bus” appropriations bill on Thursday this week; it is a combination of the FY 2021 appropriations bills for the...

Dec 20 Corn closed at $3.3575/bushel, down $0.04 from yesterday's close.  Sep 20 Wheat closed at $5.22/bushel, down $0.1275 from yesterday's close.&nb...

Given their inelasticity, staple agricultural commodities are a poor indicator of economic health. However, luxury food items like cocoa may be a better in...

Crop Rotation Trends There was an interesting report from the Rosario Grain Exchange noting that crop rotations (soybeans versus corn or wheat) in the core...

Regional News  The European and Black Sea wheat and summer crop markets are largely in wait-and-see mode regarding 2020 Northern Hemisphere supplies...

THE OPEN November beans:  1 higher December meal:  1.50 lower December soyoil:  25 higher December corn:  3 1/2 lower September wheat:...

GOOD MORNING, The main trend that started last week, namely firm bean and soyoil trade, continued in the PM session trade.  Bean prices continue to se...

SPREADS Sep. crush trades to 75.16c/bu while oilshare trades to 34.57%.  Spreads are firm with the Aug/Nov bean inverse trading tto 3 3/4c from 2 1/2c...

Phase One Status China’s Foreign Ministry yesterday said it remains committed to the Phase One trade deal it reached with the U.S. but warned it will...

Dec 20 Corn closed at $3.3975/bushel, up $0.0225 from yesterday's close.  Sep 20 Wheat closed at $5.3475/bushel, down $0.005 from yesterday's close.&n...

CBOT markets were sideways/slightly higher to end the week as trading interest remained limited. Corn and soybeans finished with modest gains while the soy...

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

There was a lot of interesting economic data released this week showing month over month changes that indicate the economy is picking back up – albei...

The joint OECD/FAO annual Agricultural Outlook report issued yesterday says that global meat consumption will grow by 12 percent over the coming decade (20...

THE OPEN November beans:  4 higher December meal:  .40 lower December soyoil:  38 higher December corn:  1 3/4 higher September wheat:&...

SPREADS Sep crush trades to 73.12c/bu while oilshare trades up to 34.0%.  August/Nov bean inverse trades from 2 1/2c to 1c, with Sep/Nov trading tradi...

GOOD MORNING, Prices are mostly higher this morning except for meal.  Look for the markets to be choppy as new longs may book profits while others loo...

WTO Leadership Criteria Candidates to become the next leader of the WTO have begun taking turns before the body and pitching why they should be selected. J...

Last week, three Iowa Members of the House of Representatives – Representatives Cindy Axne, Abby Finkenauer and Dave Loebsack, all Democrats –...

There are several conflicting signals confronting the market. At the macro level, U.S. retail sales rose 7.5 percent in June with robust sales of automobil...

Dec 20 Corn closed at $3.375/bushel, up $0.035 from yesterday's close.  Sep 20 Wheat closed at $5.3525/bushel, down $0.155 from yesterday's close.&nbs...

U.S. Soy Export Sales Highlights – China Buying A Lot of U.S. Soybeans Today’s USDA export sales report indicated U.S. exporters had fairly goo...

New data from the U.S. Bureau of Labor Statistics shows food service sales lagged the pace of broader economic recovery in June. Total retail sales increas...

THE OPEN November beans:  4 1/4 higher December meal:  1.30 higher December soyoil:  5 higher December corn:  2 higher September wheat:...

SPREADS  Sep. crush slides to 70c/bu while oilshare trades at 33.30%.   Bean spreads remain very strong.   August/Nov bean inverse...

GOOD MORNING, Good weather continues to show us the bottom of recent trading ranges while fresh demand keeps prices on the up and up.  China continues...

It was not supposed to be this way. Our collective efforts at social distancing, washing hands, wearing face masks and self-quarantining when necessary wer...

Wheat:  Net sales of 764,400 metric tons (MT) for 2020/2021--a marketing-year high--were up noticeably from the previous week and up 77 percent from t...

Governments Outsourcing The German government is complaining that companies are failing to meet regulatory mandates for ecological and social standards in...

CBOT markets opened as called with corn and wheat working lower to test support. SRW wheat futures quickly turned higher, however, as the bullish pennant f...

Dec 20 Corn closed at $3.34/bushel, up $0.0025 from yesterday's close.  Sep 20 Wheat closed at $5.5075/bushel, up $0.24 from yesterday's close. ...

Livestock China’s Pork Price Continues to Climb, White Feather Broilers Up The latest data from China’s Ministry of Agriculture and Rural Affai...

THE OPEN November beans:  1/2 higher December meal:  .90 lower December soyoil:  20 higher December corn:  2 1/2 lower September wheat:...

A common debate about a decade ago was framed as food versus fuel; should crops traditionally used for food instead be converted into biofuel, especially d...

SPREADS Sep. rush trades to 74.07c/bu while oilshare bounces to 33.38%.  Nearby spreads remain firm with Sep/Dec corn narrowing into 7 1/4 from 7 3/4c...

GOOD MORNING, Prices remain in trading ranges as weather turns hot with big storms across the Northern Plains.  Prospects are looking better and bette...

Russian Grain Markets: 6-10 July 2020 Harvesting started in more regions, so the prices were mainly quoted for 2020 grain, and the general price developmen...

The overnight session looked like a Turnaround Tuesday would develop, but despite news of the fourth largest daily corn sale on record, the CBOT remained u...

China’s COVID Food Protectionism Under the pretense of preventing the spread of the coronavirus, China is requiring more intensive inspection of impo...

We wrote yesterday about U.S.- China diplomacy and trade in the presidential campaign, based on presumptive Democratic nominee former Vice President Joe Bi...

In its recent WASDE report, USDA increased its estimate for meat production this year by 3 percent to 106 billion pounds, and forecasts output in 2021 at 1...

Dec 20 Corn closed at $3.3375/bushel, down $0.0275 from yesterday's close.  Sep 20 Wheat closed at $5.2675/bushel, up $0.02 from yesterday's close.&nb...

THE OPEN November beans:  2 higher December meal:  .10 higher December soyoil:  18 higher December corn:  1 1/2 higher September wheat:...

SPREADS Sep. crush trades to 72.56c/bu while oilshare trades up to 33.0%.  Would look for soyoil to continue to gain on meal today.   Sep/De...

Prices are firmer this morning with ratings slipping more than expected providing a fairly typical turn-around Tuesday trade.   WEATHER Temperatu...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Saudi Arabia’s SAGO has sold parts of two of the four flour milling operations covered...

Both President Trump and Democratic nominee former Vice President Joe Biden have set their rhetorical sights on China policy as the 2020 Presidential campa...

Blame Democracy Economists Massimo Pulejo and Pablo Querubín of New York University basically conclude that elections made the coronavirus outbreak...

Economists at FarmDocDaily point out in an article entitled, “World Market Conditions Suggest Set-Asides Not an Effective Farm Policy for Corn and So...

Dec 20 Corn closed at $3.365/bushel, down $0.0825 from yesterday's close.  Sep 20 Wheat closed at $5.2475/bushel, down $0.0925 from yesterday's close...

The CBOT was mostly lower to start the week with Friday’s WASDE confirming that, without a weather event in the Northern Hemisphere this summer, corn...

WHEAT Lack of rains and soil moisture is still complicating wheat planting and the expected record crop may not happen. The Buenos Aires Grain exchange red...

THE OPEN November beans:  7 1/2 lower December meal:  4.30 lower December soyoil:  10 lower December corn:  7 3/4 lower September wheat...

SPREADS Sep. crush trades to 73.94c/bu while oilshare is trading at 32.51%.  Sep/Dec corn trades out to 8 1/4c from 6 1/2c.  Sep./Dec wheat trade...

GOOD MORNING, Prices are lower across the board after the July WASDE made only marginal cuts to production estimates.  The bottom line is that unless...

The 2020/21 global oilseed supply and demand forecasts include lower production, lower exports, higher crush, and lower ending stocks compared to last mont...

USDA raised U.S. soybean crush by 15 million bushels - reflecting an increase in domestic soybean meal disappearance which is raised in line with an increa...

USDA’s outlook for U.S. soybean production is at 4.14 billion bushels, up 10 million on increased harvested area.  Harvested area, forecast at 8...

USDA’s outlook for 2020/21 U.S. corn is for lower ending stocks.  For 2020/21, corn production is forecast 995 million bushels lower based on re...

USDA’s outlook for 2020/21 U.S. wheat is for larger supplies, lower domestic use, unchanged exports, and increased stocks.  Supplies are raised...

As noted previously, there is increasing attention to what a Biden Administration will mean to both agriculture and broader economic policy. It is not so m...

It seemed clear at the start of the day that this a weather market, and that today’s WASDE would contain few surprises. For the most part that remain...

Dec 20 Corn closed at $3.4475/bushel, down $0.1225 from yesterday's close.  Sep 20 Wheat closed at $5.34/bushel, up $0.09 from yesterday's close. ...

Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month. Last month’s WASDE total beef, pork and broiler...

THE OPEN November beans:  1/4 lower December meal:  .70 lower December soyoil:  19 higher December corn:  1 lower September wheat: ...

Declining feed costs and higher prices for feeder cattle and cull cows have lifted WPI’s expectations of cow/calf profitability for 2020. Compared to...

SPREADS Sep. crush trades top 76.35c/bu while oilshare is a steady 32.33%.  Spreads are firmer with Sep/Dec corn narrowing into 7 3/4c from 8 1/2c.&nb...

GOOD MORNING, It is report day and all the markets have been on good rallies.  Report time is 11:00 central.  The crop yields are not expected to...

Future Ag Policy Presumptive Democratic presidential candidate Joe Biden released his Build Back Better economic agenda and while it ignores some progressi...

There was lots of gnashing of teeth as market calculations swung between possibly threatening weather conditions, seeming positive demand and a WASDE repor...

The May export numbers were released this week; plant shutdowns which hit beef and pork packing plants reduced export totals month over month compared to A...

Dec 20 Corn closed at $3.57/bushel, up $0.0275 from yesterday's close.  Sep 20 Wheat closed at $5.25/bushel, up $0.085 from yesterday's close.  N...

Soy Export Sales Highlights Today’s USDA export sales report showed a major increase in U.S. export sales of soybeans both for the current marketing...

THE OPEN November beans:  10 1/2 higher December meal:  4.40 higher December soyoil:  14 higher December corn:  6 3/4 higher September...

The ancient Greeks associated the rising brightness in the nighttime sky of Sirius, the Dog Star, with the arrival of summer heat and humidity. Sirius woul...

Wheat:  Net sales of 326,100 metric tons (MT) were reported for delivery in marketing year 2020/2021.   Corn:  Net sales of 599,200 MT...

SPREADS Sep. crush trades to 76.89c/bu while oilshare trades to 32.43%.   Sep/Dec corn narrows into 7 1/4c from 8c, while Sep/Dec wheat trades in...

GOOD MORNING, Prices are firmer this as temperatures next week are forecast to be hotter than this week. Rains are crossing parts of the Midwest, but it is...

Wheat was the star of the CBOT as declining EU and Black Sea production estimates sparked short covering and risk-on trade. Yield prospects across Southern...

Macroeconomics Food Inflation Falls for Fourth Straight Month Average food prices continued to decline in May as the cost of fresh vegetables, fresh fruit,...

The wheat market is tightening as production cuts are hitting France, Russia and Ukraine, plus there has been an increase in tenders. Exports by France are...

Dec 20 Corn closed at $3.5425/bushel, up $0.0175 from yesterday's close.  Sep 20 Wheat closed at $5.165/bushel, up $0.2125 from yesterday's close.&nbs...

Monthly Summary June Activity Surge Led by Corn, Egg, Palm, and Soybean Futures After the slowdown in May, trading volumes for agricultural futures on the...

THE OPEN November beans:  4 3/4 lower December meal:  1.40 lower December soyoil:  9 lower December corn:  1 3/4 lower September wheat:...

Russian Grain Markets: 29 June-3 July 2020 Harvesting was in progress and in the South and Volga Valley regions prices decreased. Yet, the decrease is not...

SPREADS Sep. crush trades to 76.68/barrel while oilshare moves up to 32.87% on soyoil strength.  Could look for further oilshare strength today, and m...

GOOD MORNING, Prices are mostly lower as the July 10 WASDE is ready to open with a new set of new numbers for market digestion.  Weather remains hot a...

The CBOT opened on a defensive note Tuesday with generally favorable/steady crop conditions ratings for key corn/soy producing states reducing the need for...

The Price Ain’t Right German Agriculture Minister Julia Kloeckner thinks the problem is inexpensive meat. She told Reuters that, “Meat is too c...

The House Agriculture Subcommittee approved its version of the FY 2021 ag appropriations bill. The measure will now move to the full committee - currently...

Dec 20 Corn closed at $3.525/bushel, down $0.0375 from yesterday's close.  Sep 20 Wheat closed at $4.9525/bushel, up $0.02 from yesterday's close.&nbs...

It has been a wild year for U.S. pork producers. It started out dreary but then hopes picked up when the Phase One agreement was signed with China. It agai...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Egypt and Pakistan are working on the possibility of Egypt importing meat and dairy products...

THE OPEN November beans:  2 1/2 lower December meal:  steady December soyoil:  33 lower December corn: 4 lower December wheat:   3...

SPREADS Sep. crush trades up to 77c/bu while oilshare values are weaker at 32.19%.   Spreads are slightly wider with Sep/Dec. corn trading out to...

GOOD MORNING, Prices are generally lower this morning on neutral crop progress conditions and chart back-filling from recent highs.  Oilshare continue...

The CBOT opened on a firm note with a long holiday weekend filled with dry weather for most of the U.S. offering support. This week’s forecast was in...

Based on the current trajectory, there will be a new U.S. president in 2021, but how will it change American trade policy? For one, there will be less arbi...

USDA extended the contracts for a second round of the Food Box Distribution program last week; the new round will run through 30 August. There were 205 con...

China has adjusted its government stockpile auction system in an incomplete effort to cool over-heated demand and prices for its reserve corn. High bid rat...

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

Sep 20 Corn closed at $3.465/bushel, up $0.03 from yesterday's close.  Sep 20 Wheat closed at $4.9325/bushel, up $0.0125 from yesterday's close. ...

Corn Argentina’s corn market keeps breaking records. June ended with corn exports of 4.3 MMT, by far the highest ever. The accumulated volume exporte...

THE OPEN November beans:  12 higher December meal:  4.30 higher December soyoil:  33 higher December corn:  5 1/4 higher December wheat...

Regional News  The June shift from dry to wet weather patterns for Europe’s crop-growing regions have substantially boosted crop conditions. At...

GOOD MORNING, Prices are higher across the board with weather the overriding factor, as conditions turn warmer and drier.  The funds continue to be ne...

SPREADS Sep. crush trades to 75.93c/bu while oilshare trades down to 32.36%.  August/Nov beans trades from 6 1/4c to 8c carry.  Sep/Dec meal trad...

Please note that Ag Perspectives will not be published tomorrow, Friday 3 July in observance of the Fourth of July holiday in the U.S. We will resume our n...

The Livestock and Meat trade data will be released Monday after the holiday weekend; it will likely show exports way down in May reflecting the COVID-19 im...

Wheat: Net sales of 414,300 metric tons (MT) were reported for delivery in marketing year 2020/2021.   Corn: Net sales of 361,100 MT for 2019/202...

It was a quiet session (December corn contract volume was down 55 percent from the five-day average) in an early close before a long weekend as some profit...

Sep 20 Corn closed at $3.435/bushel, down $0.07 from yesterday's close.  Sep 20 Wheat closed at $4.92/bushel, down $0.0675 from yesterday's close.&nbs...

Food Sovereignty at the Top EU Agriculture Commissioner Janusz Wojciechowski thinks free trade and specialization are the problems in modern agriculture. H...

U.S. Soy Export Sales Highlights Today’s USDA export sales report showed the week ending 25 June was a very disappointing one for exporters of U.S. s...

We recall commenting a short while ago that the fundamental outlook for corn and corn prices was relentlessly bearish. We cited a very large U.S. corn crop...

Global rules for liberalized trade such as the Uruguay Round depended upon strong U.S. leadership backed by the EU. The number of countercurrents to any re...

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and re-open the evening of Sunday, 5 July. The CBOT continued to rally Wednesday with funds...

Sep 20 Corn closed at $3.505/bushel, up $0.09 from yesterday's close.  Sep 20 Wheat closed at $4.9875/bushel, up $0.07 from yesterday's close.  N...

Policy China Makes New Overtures to Trans-Pacific Partnership Last month a series of articles appeared discussing Beijing’s new openness to joining t...

THE OPEN:  November beans: 6 1/4 higher December meal: 4.20 higher December soyoil: 3 lower December corn: 7 higher September wheat: 3 1/4 higher Th...

The U.S. hog inventory on 1 June was 79.6 million head, up 5.2 percent from a year ago. The supply is likely to stay elevated through the rest of the year...

Russian Grain Markets: 22-26 June 2020 The southern regions wheat and barley prices decreased as harvesting began. However, the decrease is not dramatic as...

SPREADS Sep. crush trades at 77.44c/bu while oilshare weakens to 32.43%.  Sep/Dec corn trades from 9c to 9 3/4c.  Sep/Dec wheat narrows into 6 1/...

NOTE: There will be no Technical Perspectives reports on 2 July. GOOD MORNING, Funds entered the June Quarterly Stocks/Acreage report with a record short c...

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and reopen the evening of Sunday, 5 July. USDA handed the market an unwaveringly bullish ac...

The latest edition of the OECD’s annual report entitled Agricultural Policy Monitoring and Evaluation highlights an important problem but undermines...

The U.S. House Select Committee on the Climate Crisis issued a report, intended to be a benchmark for future climate change legislation, which recommends u...

Sep 20 Corn closed at $3.415/bushel, up $0.1275 from yesterday's close.  Sep 20 Wheat closed at $4.9175/bushel, up $0.0525 from yesterday's close.&nbs...

Planted acres usually shift amongst crops but they do not typically go completely fallow, at least not to the scale in today’s USDA acreage report. S...

THE OPEN Nov beans:  2 higher Dec meal:  .30 higher Dec soyoil:  8 lower Sep. corn:  2 1/2 higher Sep. wheat:  1 1/2 higher The ma...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA In Pakistan, it appears likely that the government will import as much as 1.4 MMT of wheat. Interna...

SPREADS Sep. crush trades to 74c/bu while oilshare trades to 32.74%.  Sep/Dec wheat trades from 7-7 3/4c.  The July/Dec corn spread trades from 8...

GOOD MORNING, Prices are higher across the board to begin the day on a technical correction.   The funds remain big grain shorts and near record...

British farmers are increasingly distraught over the prospect of having to compete against American farmers under any transatlantic trade deal. They and th...

China continues to import pork and the attraction may grow even greater later this year. Former Iowa Farm Bureau economist David Miller says the COVID-hit...

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and reopen the evening of Sunday, 5 July. Short covering and position adjusting were the th...

On Wednesday 1 July, the new USMCA will enter into force, and potentially lead to a lot more North American trade disputes than we’ve seen in the pas...

Jul 20 Corn closed at $3.2625/bushel, up $0.0925 from yesterday's close.  Sep 20 Wheat closed at $4.865/bushel, up $0.1075 from yesterday's close.&nbs...

Wheat Planting progressed 13 percent last week with 71 percent of the expected area now seeded thanks to dry weather. There are still some areas in norther...

THE OPEN November beans:  1/2 lower December meal:  .30 higher December soyoil:  6 lower September corn:  3 1/4 higher September wheat:...

Regional News  Europe’s wheat harvest is starting, and the market will be closely watching for reports of yield and quality issues. WPI sources...

SPREADS Sep. crush trades to 76.65c/bu while oilshare trades to 32.34%.   Jul/Dec corn trades to 8 1/2c carry from 6 1/4c, with Jly/Sep trading f...

GOOD MORNING, Prices are mixed this morning with short-covering in corn and wheat, and continued selling of oilshare.   China is back from holida...

There are some real eyeopeners looking at the Energy Information Administration’s (EIA) year-end 2019 data. The long-term outlook for gasoline/motor...

The CBOT continued its weaker trend Friday with funds again emerging as net sellers and any longs liquidating their positions. Corn and wheat futures poste...

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 $3.17/bushel, down $0.0025 from yesterday's close.  Sep 20 Wheat closed at $4.7575/bushel, down $0.125 from yesterday's close.&n...

Buying Food USDA is forecasting that grocery prices will rise by 3 percent this year, the largest increase since 2011 and mostly due to animal proteins. Th...

USDA estimates that global meat and pork consumption last year fell by 6 percent and will be down another 4.6 percent in 2020. By contrast, global poultry...

THE OPEN November beans: 5 lower Dec meal:  1.30 lower Dec soyoil:  11 lower Sep. corn:  1/2 higher Sep wheat:  14 lower The markets op...

WPI's monthly publication features a review of the past month's market and policy developments. This issue looks at the relationship between unemployment a...

SPREADS Sep. crush falls to 79.38c/bu while oilsahre trades steady at 32.60%.   July/Dec corn widens back out to 11 1/4c with July/Sep. weaker at...

GOOD MORNING, Prices are mixed this morning with short-covering in corn and lower prices elsewhere.  Prices started out in the PM session on a strong...

Wheat: Net sales of 518,700 metric tons (MT) were reported for delivery in marketing year 2020/2021.    Corn: Net sales of 461,700 MT for 20...

Political economy is economics as a branch of knowledge or academic discipline; political economics is what politicians use when they need red meat rhetori...

The day started out negative, supposedly over increased COVID-19 cases but the situation is more complicated. This ignores other demand destroyers like eco...

USDA released a bearish quarterly Hogs and Pigs report this afternoon, with all categories coming in above the consensus pre-report expectations. The repor...

Jul 20 Corn closed at $3.1725/bushel, down $0.07 from yesterday's close.  Sep 20 Wheat closed at $4.8825/bushel, up $0.025 from yesterday's close.&nbs...

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

THE OPEN Nov beans: 4 lower Dec meal:  .40 lower Dec soyoil:  27 lower Sep corn:  3 3/4 lower Sep wheat:  2 lower The markets opened as...

SPREADS Sep. crush trades to 80.56/bu while oilshare trends lower at 32.44% from values over 33.0%.  July/Dec corn narrows into 8 1/2c, the highest le...

GOOD MORNING, Prices are lower on the back of good weather and continued worries over China/US trade relations.  Nearby bean and corn spreads remain w...

About the only thing we can say for certain these days is that USDA/NASS will release the “final” U.S. spring planted acreage numbers and the 1...

The CBOT was mostly lower on Wednesday with favorable U.S. weather providing little incentive to remain bullish corn or soybeans. Wheat futures were mostly...

British Stockholm Syndrome The UK announced a “bounce back” plan to recapture post-Brexit export share for the country’s farmers. It invo...

Global corn imports continue to expand but increases by Vietnam and the EU standout. Mexico remains a major market, but imports are growing at roughly the...

Jul 20 Corn closed at $3.2425/bushel, down $0.0075 from yesterday's close.  Sep 20 Wheat closed at $4.8575/bushel, down $0.0525 from yesterday's close...

Rural Policy China’s Western Provinces Continue to Lag Behind A new three-part investigate report by the South China Morning Post has been covering B...

THE OPEN: Nov beans: 1/2 lower Dec soyoil: 23 lower Dec meal: 1.20 higher Sep. corn: 1/4 lower Sep. wheat: 1 1/2 lower The markets opened as called with...

Russian Grain Markets: 15-19 June 2020 The southern regions feed barley prices started decreasing as 2020 yield price became clearer. Other grain prices mo...

SPREADS Sep. crush trades down to 80.33c/bu while oilshare is back under 33.0% to trade to 32.77%.  The key feature as far as spread activity goes is...

GOOD MORNING, The markets are mixed this AM as rains continue to cross the Midwest capping off rallies.  China remains around the bean market with pro...

Record Pork Draw on Cold Storage Stocks Yesterday, USDA released the monthly cold storage report. As of 1 June, inventory of pork in cold storage was 467 m...

CBOT markets were spooked early this morning after U.S. Presidential aide Peter Navarro commented that the U.S.-China Phase One trade deal was “over&...

Rigged Self-Sufficiency U.S. Trade Representative Robert Lighthizer shared his protectionist views with members of the House Ways and Means Committee last...

Jul 20 Corn closed at $3.25/bushel, down $0.0325 from yesterday's close.  Sep 20 Wheat closed at $4.91/bushel, up $0.015 from yesterday's close. ...

EU Environment Commissioner Virginijus Sinkevičius says that Europe is now food secure and that sustainability and environment should take primacy over pro...

THE OPEN Nov beans:  5 lower July meal:  .10 lower July soyoil:  15 lower Sep. corn:  4 lower Sep. wheat:  4 lower Prices opened a...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  According to the June EU MARS report, there are variable weather conditions for the cereal ca...

SPREADS Sep. crush trades to 81.28c/bu after falling under 80c/bu yesterday.  Sep. oilshare bounces back to trade to 33.09%.   Bean bullspre...

GOOD MORNING, The weather and a big report at the end of June are guiding price action but the news cycle actually triggered a larger break yesterday. ...

Argentina Macroeconomic and Policy Situation Things are generally becoming more complicated in Argentina. After nearly 90 days of COVID-19 quarantines/lock...

Monday’s CBOT trade was quiet with corn leading to the downside as funds continue to be net sellers. Soybean futures traded a mixed day with early sh...

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

COVID Limits DC Washington Trade Daily has long tracked the trade-related machinations in Washington but there has been less to follow as the city’s...

Jul 20 Corn closed at $3.2825/bushel, down $0.0425 from yesterday's close.  Jul 20 Wheat closed at $4.85/bushel, up $0.0375 from yesterday's close.&nb...

Small Refinery Exemptions (SREs) are back in the spotlight. As we reported in January, the 10th Circuit Federal Court of Appeals in Denver ruled that EPA w...

Regional News  Last week’s rainfall across western Europe was in-line with predictions and helped improve crop conditions in eastern Europe, tho...

THE OPEN November beans:  2 1/4 lower July meal:  .90 lower July soyoil:  1 lower September corn:  3 lower September wheat:  2 3/4...

Both Brazil and the U.S. have issued protests over a Thai legal ban against imported commodities and food with residues of the weed killer paraquat and the...

SPREADS Sep. crush trades at 81.48c/bu while oilshare trades over 33.0% to 33.15%.   July/Dec corn narrows to 12 3/4c from 13 1/4c, while Jul/Sep...

GOOD MORNING, Prices are lower this AM as the Midwest saw a decent amount of rainfall over the weekend.  Wheat prices trade near the lowest level sinc...

USDA Reported U.S. Cattle on Feed at 11.7 million head - the second highest June 1 inventory since the series began in 1996. Placements in feedlots during...

Jul 20 Corn closed at $3.325/bushel, up $0.015 from yesterday's close.  Jul 20 Wheat closed at $4.8125/bushel, down $0.0225 from yesterday's close.&nb...

USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 11,671,000 head, down only sli...

The soy complex led the CBOT higher while corn traded a mixed day and wheat continued to post new lows for its current move. Modest short covering occurred...

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

Challenging COVID Subsidies There has been an increase in the use of agricultural subsidies by several countries and that is especially true as governments...

The recent rally in soybean prices versus the possible record shorts in corn could encourage late planted acres previously planned for maize to switch over...

THE OPEN Nov beans:  7 higher July meal:  1.10 higher July soyoil:  59 higher July corn:  2 1/4 higher July wheat:  1 lower The ma...

SPREADS Sep. crush trades to 84.51c/bu while oilshare rises to 33.12% on higher energies and palm oil prices.  Nearby spreads strengthen; July/August...

GOOD MORNING, Prices are higher led by the soy complex, with soyoil and bean prices hitting new highs for the move upward. Beans hit 2-month highs and spre...

Wheat:  Net sales of 504,800 metric tons (MT) were reported for delivery in marketing year 2020/2021.   Corn:  Net sales of 357,800 MT...

Jul 20 Corn closed at $3.31/bushel, up $0.0075 from yesterday's close.  Jul 20 Wheat closed at $4.835/bushel, down $0.0525 from yesterday's close.&nbs...

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...