THE OPEN March beans:  2 1/4 lower March meal:  .20 lower March soyoil:  25 lower March corn:  2 1/2 higher March wheat:  1 higher...

SPREADS March crush trades to 1.00c/bu while oilshare is lower, trading down to 35.22%.  July/Nov beans trade out to 5 1/2c from 5c, while March/May t...

GOOD MORNING, It'a a long weekend with markets closed for the Martin Luther King Holiday on Monday, January 20.  Grains are firmer this morning while...

It was mostly a down day for the futures market and the most persistent rationale given is disappointment in the substance in the U.S. – China trade...

Mar 20 Corn closed at $3.755/bushel, down $0.12 from yesterday's close.  Mar 20 Wheat closed at $5.6525/bushel, down $0.08 from yesterday's close.&nbs...

China Phase One Trade Deal and Proteins President Trump and Vice Premier He signed the Phase One China trade deal yesterday. As had been widely expected, C...

THE OPEN March beans:  3 1/2 lower March meal:  .40 lower March soyoil:  .24 lower March corn:  5 lower March wheat:   8 1/4...

Near Record NOPA Soybean Crush in December The National Oilseed Processors Association yesterday released its monthly soybean crush report for December. Th...

China Purchasing Loophole First, it is important to reemphasize the point made in yesterday’s report that the key achievement in the Phase One trade...

Wheat:  Net sales of 650,600 metric tons for 2019/2020 were up noticeably from the previous week and up 32 percent from the prior 4-week average. ...

SPREADS March crush is steady at 98c/bu while oilshare works down to 35.43%.  Corn spreads are weaker with July/Dec trading out to 4 1/4c from 1 3/4c,...

GOOD MORNING, Equities celebrated the signing of the Phase One deal, but beans were not impressed.  A bearish NOPA soyoil stocks number sent soyoil pr...

Friday’s reports from USDA have come and gone raising very little fanfare in the process. There were mild surprises in that NASS raised corn and soyb...

China was, of course, the focus for today’s trading but the CBOT opened with notable activity before the trade agreement was released. Wheat futures...

Trade Negotiator Frustrations Much of the media coverage of the U.S. – China Phase One trade agreement has centered around Beijing’s commitment...

Mar 20 Corn closed at $3.875/bushel, down $0.015 from yesterday's close.  Mar 20 Wheat closed at $5.7325/bushel, up $0.0475 from yesterday's close.&nb...

The attached PDF (made available to WPI by the office of the U.S. Trade Representative) contains the full text of the Phase One U.S.-China trade agree...

Critics of the trade deal signed today between the U.S. and China lament President Trump’s policy tilt toward “managed trade.” Trump Admi...

THE OPEN March beans:  2 1/2 lower March meal:  .20 higher March soyoil:  29 lower March corn:  3/4 higher March wheat:  4 1/2 hig...

Livestock Rapid Rise in Live Hog Price Shows Beijing’s Myopic Ineptitude Newly released information from China’s National Bureau of Statistics...

Russian Grain Markets: 6-10 January 2020 Milling and feed wheat prices on the domestic Russian market changed insignificantly. Meanwhile, milling rye price...

SPREADS March crush trades to 97c/bu while oilshare trades down to 35.74%.  July/Dec corn trades from 1 3/4c to 2c, while March/May trades back out to...

GOOD MORNING, Finally, the day of signing is here for the Phase One deal.  US Trade Rep Lighthizer and US Sec. Mnuchin said that all parts of the phas...

Tomorrow’s Trade Deal Revelations The actual text of a bilateral trade deal between the U.S. and China is supposed to be released tomorrow, although...

The CBOT opened as called with wheat leading the way higher. Overnight news that the Russian ag ministry is considering adopting a policy that would permit...

Unfavorable weather this past summer caused a shortfall in food production that is now reverberating through the Indian economy. Food comprises half of Ind...

If there is any doubt whether or not agriculture is a key constituency for Republicans generally, and the President specifically, in 2020, consider that th...

Mar 20 Corn closed at $3.89/bushel, down $0.005 from yesterday's close.  Mar 20 Wheat closed at $5.685/bushel, up $0.0625 from yesterday's close. ...

THE OPEN March beans: 3 higher March meal: 2.90 higher March soyoil: 34 lower March corn: 1/2 higher March wheat: 7 1/2 higher The markets opened as expe...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Egypt says that it will establish a commodities exchange for the trading of items that will include whe...

SPREADS March crush trades down to 98c/bu while oilshare is 35.45%, correcting still from its highs over 36%.  Corn spreads are firmer with July/Dec t...

GOOD MORNING, The fight for acreage is heating up between corn and beans.   Corn is first up for planting, and sticking to its guns by holding in...

Plant Protection Ban Going Backwards Politicians in different countries have called for bans on different plant protection chemicals and especially on the...

Just as hopes were high for resuming ethanol exports to China under the Phase One deal to be signed this week, China is suspending its national E10 ethanol...

The CBOT continued making modest adjustments in the wake of Friday’s WASDE, but found relatively little new information upon which to trade. The USDA...

Mar 20 Corn closed at $3.895/bushel, up $0.0375 from yesterday's close.  Mar 20 Wheat closed at $5.6225/bushel, down $0.0225 from yesterday's close.&n...

The push by environmental activists to reduce and/or eliminate the use of pesticides and fertilizers in production agriculture may have varying impacts in...

Macroeconomics With strikes and farmers meeting en masse to protest the new export taxes, the Argentine government has decided, for the moment anyway, to l...

Regional News Weather conditions in Bulgaria turned negative for winter crops last week. After a warmer-than-normal December and first week of January, las...

THE OPEN March beans: 7 lower March meal:  1.70 lower March soyoil:  27 lower March corn:  1 1/4 higher March wheat:  1 1/2 lower The m...

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

SPREADS March crush trades to 1.00c/bu while oilshare trades to 36.0%.  July/Dec corn trades out to 3c carry from 2 1/4c while March/May trades back o...

GOOD MORNING, Prices are mixed this morning post report as there were not enough changes in the Jan. final to call for a change in trend.   Inste...

In yesterday’s report, looking forward to today’s WASDE, we noted that all eyes should go to the meat and broiler export forecasts “as tr...

USDA’s outlook for U.S. soybean oil prices is raised 3 cents to 34.0 cents per pound...

USDA’s outlook for U.S. soymeal price is reduced $5.00 to $305.00 per short ton.  ...

USDA’s outlook is for U.S. soybean supplies being relatively unchanged as lower beginning stocks and imports offset higher production.  With cru...

Government Work: The U.S. government announced the creation of a Unified Website for Biotechnology Regulation in response to President Trump’s Execut...

USDA’s outlook is for use rising more than supply and 2019/20 U.S. corn stocks being reduced 18 million bushels. Exports are reduced 75 million bushe...

USDA’s outlook for 2019/20 U.S. wheat is for stable supplies, increased feed and residual use, and lower stocks.  Ending stocks are now projecte...

If one was looking for the January WASDE to spark a directional change in the commodity markets, the day was surely disappointing. The day started off as c...

Wheat:  Net sales of 80,600 metric tons for 2019/2020--a marketing-year low--were down 74 percent from the previous week and 87 percent from the prior...

Mar 20 Corn closed at $3.8575/bushel, up $0.025 from yesterday's close.  Mar 20 Wheat closed at $5.645/bushel, up $0.0225 from yesterday's close. ...

Today’s WASDE report changed the picture for oilseeds but in an underwhelming fashion. For those betting that suboptimal U.S. weather this past growi...

THE OPEN March beans:  1 1/2 lower March meal:  .10 lower March soyoil:  3 lower March corn:  steady March wheat:  2 higher Prices...

SPREADS March crush is firmer this morning trade to 1.01c/bu while oilshare is a steady trade at 36.49%.  Wheat spreads are firming with March/May tra...

GOOD MORNING, The market leader for the morning is once again wheat, which placed a new high for the move up in the PM session.  No doubt that this ha...

The Trump Administration has dubiously used trade balances as a metric for measuring relative policy fairness but France’s digital tax and the propos...

The expectations for tomorrow’s USDA WASDE report are set, and they are bullish. There will be fewer U.S. corn harvested acres, lower yields and thus...

Tomorrow USDA releases a lot of much anticipated data: WASDE projections, quarterly grain stocks, and final annual crop production. Markets will be looking...

Mar 20 Corn closed at $3.8325/bushel, down $0.01 from yesterday's close.  Mar 20 Wheat closed at $5.6225/bushel, up $0.095 from yesterday's close.&nbs...

THE OPEN March beans: 2 higher March meal:  .40 higher March soyoil:  20 higher March corn:  1 3/4 higher March wheat:  4 1/2 higher Th...

Each year, the first thing that grain traders and grain markets face following the annual New Year’s festivities is the array of USDA’s reports...

SPREADS March crush trades to 98c/bu while oilshare is at 36.52%.  July/Dec corn trades from 2c to 2 1/2c, while March/May narrows into 6 3/4c from 7c...

GOOD MORNING, Prices are higher across the board this morning as more technical buying continues in beans, wheat, and soyoil, and short-covering in corn.&n...

Iran Highlights Transatlantic Divide The Iran situation has caused a full-blown fracturing of transatlantic relations. Even before the latest crisis, the E...

 CBOT markets featured much of the same position-evening, range-bound pattern they have for most of this week. Wheat futures bounced off technical sup...

The Wall Street Journal noted that China’s pork production fell 55 percent last year (per Rabobank) and yet U.S. pork prices have fallen as China ins...

Mar 20 Corn closed at $3.8425/bushel, down $0.0025 from yesterday's close.  Mar 20 Wheat closed at $5.5275/bushel, up $0.025 from yesterday's close.&n...

Livestock New Report Raises More Questions About China’s Pig Inventories A December report by a journalist from the livestock news service Nong Cai B...

THE OPEN March beans: 1 lower March meal:  .40 higher March soyoil:  11 lower March corn:  1 3/4 lower March wheat:  1/2 higher Prices...

Russian businesses were mainly closed during their holiday period (31 December – 7 January) limiting activity on the Russian markets. Our in-depth an...

GOOD MORNING, Futures were mixed overnight, with profit-taking in oilshare and corn prices drifting lower.  Corn has become the sell leg again for spr...

SPREADS March crush trades to 1.01c/bu while oilshare trades sideways at 36.43%.  Corn spreads are slightly weaker with July/Dec trading out to 2 3/4c...

In what would be a nightmare scenario for American Democrats, large majorities of East Asian business leaders surveyed by the Nikkei expect President Trump...

The CBOT opened with a weaker tone and kept that mentality through the day. Soyoil firmed against soymeal and soybeans while corn and soybeans traded mostl...

Mar 20 Corn closed at $3.845/bushel, down $0.0025 from yesterday's close.  Mar 20 Wheat closed at $5.5025/bushel, up $0.0025 from yesterday's close.&n...

The agriculture sector is generally optimistic about 2020 based on a new trade deal with Japan in place on New Year’s Day, the progress of the USMCA,...

THE OPEN March beans:  2 lower March meal:  1.30 lower March soyoil:  6 higher March corn:    1/2 lower March wheat:  3 1/2 l...

Tensions between the U.S. and Iran have a long history, being particularly intense since 1979. Although food has not been a formal part of the sanctions im...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS The ports of Alexandria and Dekheila on the Mediterranean in Egypt have reopened after being closed for...

SPREADS March crush trades to 1.01c/bu while oilshare firmes to 36.46%.  July/Dec corn trades from 1 3/4c to 2c, while March/May posts a 6 3/4c trade...

GOOD MORNING, The week is going to head into trading range highs and lows with price action dominated by ideas surrounding the January 'final' USDA WASDE r...

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

Business lobbyists in Washington are urging the Trump Administration to seek a less confrontational approach with Europe but White House officials wonder w...

CBOT markets opened on the defensive after tensions between the U.S. and Iran continued to rise over the weekend. Dow futures opened 150 points lower for M...

Mar 20 Corn closed at $3.8475/bushel, down $0.0175 from yesterday's close.  Mar 20 Wheat closed at $5.5/bushel, down $0.045 from yesterday's close.&nb...

The U.S. drone strike on Major General Qassem Soleimani marked a change in U.S. policy toward Iran. For the past year or more, the Trump Administration has...

Economists and central bankers gathering this past weekend at the American Economists Association found reasons to be optimistic. The U.S. economy is slowi...

Export Taxes Impact The FADA Foundation measures the impact of state participation on agricultural income. Their last report accounted for the new export t...

THE OPEN March beans:  1 3/4 lower March meal:    .30 higher March soyoil:  52 lower March corn:  1 lower March wheat:  1/4 l...

Regional News Western Europe faced wet conditions for much of the fall/early winter, but that trend may be changing. The 15-day precipitation anomaly shows...

SPREADS March crush trades to 1.05c/bu while oilshare is slightly weaker, trading down to 36.43%.  July/Dec corn trades from 1 1/2c to 2c.   ...

GOOD MORNING, Prices Friday were defensive as the US/Iran conflict created impacts across stocks and commodities.  Trade talk in the grain market was...

Input: Useful and Not China is reportedly taking credit for its leadership this past year in the World Trade Organization. It says it believes in the multi...

Since the post-World War II era and the establishment of the General Agreement on Tariffs and Trade (GATT) and its successor, the WTO, there has been one g...

Markets reportedly reacted today to the U.S. killing of Iranian Maj. Gen. Qassim Suleimani by falling in values and the price of oil rising. However, it is...

Global geopolitical fears sparked a massive risk-off day in markets around the U.S. Traders and policy analysts anticipate further escalation in tensions b...

Mar 20 Corn closed at $3.865/bushel, down $0.05 from yesterday's close.  Mar 20 Wheat closed at $5.545/bushel, down $0.0575 from yesterday's close.&nb...

THE OPEN March beans:  6 3/4 lower March meal:  2.30 lower March soyoil:  13 lower March corn:  2 1/4 lower March wheat:  5 1/2 lo...

SPREADS March crush trades to 1.03c/bu while oilshare trades to 36.69%.  July/Dec corn weakens out to 2 1/4c from 1/4c.  Jan/March beans trades f...

GOOD MORNING, Prices are mostly lower this morning as the markets rallied high enough to draw some profit-taking from the bull as the week draws to a close...

Wheat:  Net sales of 312,900 metric tons for 2019/2020 were down 56 percent from the previous week and 46 percent from the prior 4-week average. ...

Barring unforeseen announcements, this may have been the last notable day on the market ahead of USDA’s 10 January WASDE report. Things may now turn...

Parts of Brazil Soybean Area in Need of Rain Most the soybean growing areas of Brazil are apparently in good condition with adequate rainfall. However, in...

Mar 20 Corn closed at $3.915/bushel, up $0.0375 from yesterday's close.  Mar 20 Wheat closed at $5.6025/bushel, up $0.015 from yesterday's close. ...

Cattle Market to Tighten in 2020 Going into 2020, the beef cattle inventory is likely to be down. The cattle inventory data will be released by USDA on 31...

THE OPEN March beans: steady March soyoil;  42 higher March meal:  1.00 lower March corn:  1/2 higher March wheat:  3 1/2 higher The ma...

If you liked all the policy machinations of 2019, there are more ahead in 2020. Some developments will be more important than others, but they all deserve...

SPREADS March crush drops back below 1.00c/bu to trade to 97.31c/bu, while oilshare trades slightly lower to 36.32%.  March/May beans trade from 12 3/...

GOOD MORNING The markets are called steady but could remain well bid with a macro-risk on day on the outside that could spill-over into grains and soy.&nbs...

Mar 20 Corn closed at $3.8775/bushel, down $0.005 from yesterday's close.  Mar 20 Wheat closed at $5.5875/bushel, up $0.0275 from yesterday's close.&n...

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

There may be fireworks over New York harbor tonight, but there weren’t any at the CBOT today. The market remains torn between slow U.S. exports, poss...

With the 2010 decade drawing to a close, there is value in looking back at what major developments occurred. The value is derived both from a reminiscent,...

THE OPEN March beans:  1/4 lower March meal:  2.00 higher March soyoil;  64 lower March corn:  1/4 higher March wheat:  2 1/2 high...

Politicians glommed on to the issue of income inequality in 2019 and they will remain focused on it during 2020. They can do nothing about it, but when a m...

Two weeks ago, EPA increased the blending requirement for ethanol and biodiesel under its supplemental small refinery exemption (SRE) proposal. More change...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Morocco has announced that the duty on durum and soft wheat imports will be suspended from 1 January -...

SPREADS March crush trades down to 1.01c/bu while oilshare trading down to 36.45%.  Jan/March beans trades out to 14 1/4c from 11 3/4c on heavier than...

GOOD MORNING, Prices are mixed coming into today, with profit-taking in oilshare and grains firmer.  The funds remain long in soyoil, with the percent...

Markets opened higher on continued short covering based on rumors (yet unconfirmed) that China’s Vice Premier will be visiting Washington in January...

Differing PRC–USA Priorities President Trump earlier said that he wanted a Phase One trade agreement to be signed by himself and Chinese President Xi...

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

Mar 20 Corn closed at $3.8825/bushel, down $0.0175 from yesterday's close.  Mar 20 Wheat closed at $5.56/bushel, down $0.0025 from yesterday's close.&...

The decade is coming to a close, and what a decade it has been for the U.S. economy. It started with a recession, a major (Keynesian) stimulus policy packa...

Year-end analysis from the Financial Times looks at the future of meat consumption through two lenses: 1) the topping out of consumption by the largest per...

THE OPEN March beans:  8 higher March meal:  1.90 higher March soyoil:  40 higher March corn:  1 3/4 higher March wheat:  8 higher...

Macroeconomics  Argentina In addition to its newly raised export taxes, Argentina’s new administration is trying to increase real estate taxes b...

WPI's monthly publication features a review of the past month's market and policy developments. There are articles covering the trade war impacts, oil and...

SPREADS March crush trades at 1.05c/bu while oilshare hits new highs at 36.91%.    July/Dec corn trades from 3/4c to 2c carry, while March/May tr...

GOOD MORNING, Prices continue to be well bid nearing the end of 2019.  First notice day for Jan contracts is tomorrow, and there are 1,194 bean receip...

China: How Much Meat? The China-based agriculture consultancy JCI issued a report critiquing western media reports on the meat situation in the Middle King...

As if the terms of the Phase One trade deal with China has not generated enough questions for the market, it is indirectly sparking some more speculation a...

Mar 20 Corn closed at $3.9/bushel, up $0.015 from yesterday's close.  Mar 20 Wheat closed at $5.5625/bushel, up $0.0725 from yesterday's close. ...

The think tank RethinkX issued a report with a 24-word, 166-character title predicting the end of the conventional meat industry by 2030. Entitled, ‘...

Trade at the end of the Christmas week was defined by strong soyoil and wheat values while soybeans and meal turned lower. Corn and soybeans are near the t...

THE OPEN March beans: 1 1/2 higher March meal:  .50 lower March soyoil:  33 higher March corn:  1 14 higher March wheat:  9 higher The...

SPREADS March oilshare trades to 1.04c/bu while oilshare is into new highs at 36.60%.  Spreads are slightly firmer with July/Dec corn trading from 1/2...

GOOD MORNING, Prices are mixed this morning, higher for everything but meal.  As we head into the end of the trading year the markets continue to rema...

Higher soyoil prices defined post-Christmas trade early in the day but rising wheat values caught the market’s attention by the end. Palm oil futures...

Meat Stocks Decline but Await New Demand USDA issued its monthly Cold Storage report just before the government closed for Christmas Eve and while major me...

Record High Soybean Container Exports  Monday’s export inspections report indicated that USDA personnel inspected 1,083,866 MT of soybeans durin...

This month, the Chinese Ag Ministry released a three-year plan to restore pork production, a goal the Ministry calls “very arduous.”  The...

Mar 20 Corn closed at $3.885/bushel, up $0.01 from yesterday's close.  Mar 20 Wheat closed at $5.49/bushel, up $0.08 from yesterday's close.  Jan...

The U.S. – China trade war is cooling off, fears of a major economic recession have receded and commodity prices are projected to climb, but the bear...

THE OPEN March beans:  2 higher March meal: .10 lower March soyoil:  39 higher March corn:  1 1/4 higher March wheat:  1 higher The mar...

SPREADS March crush trades at 1.04c/bu while oilshare trades to 35.80%.   July/Dec corn trades from 1c to 1 3/4c while March/May trades closed at...

GOOD MORNING, The markets continue to be guided by position-evening in front of the year's end for corn, beans, and meal, which means that shorts are still...

Mar 20 Corn closed at $3.875/bushel, down $0.0125 from yesterday's close.  Mar 20 Wheat closed at $5.41/bushel, up $0.015 from yesterday's close. ...

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

The CBOT was expectedly quiet today ahead of the Christmas holiday. Fresh news was hard to come by overnight and the markets traded a tight range with litt...

Awkward Trade Policy President Trump’s trade war has been highly damaging to U.S. agriculture but the fruition of agreements with Japan, Mexico and C...

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

USDA released the quarterly hogs and pigs report yesterday. The total swine inventory on 1 September was 77.3 million head, which was 103 percent of Decemb...

Commodity futures volume is notably higher on WASDE release dates, and understandably lower on short trading days like Christmas Eve. Putting it into conte...

There will be no issues today of Technical Perspectives due to the holiday. The reports will resume on Thursday, 26 December...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Iran is reported to have bought as much as 1 MMT of wheat recently with quite a bit from Russia, but al...

Given the much lower volumes and the absence of serious futures trading during a busy holiday period makes it an unrepresentative period for the markets. O...

Mar 20 Corn closed at $3.8875/bushel, up $0.01 from yesterday's close.  Mar 20 Wheat closed at $5.395/bushel, down $0.0275 from yesterday's close.&nbs...

MFN Conflicts China announced 859 tariff lines that will see reduced import duties effective 1 January but these will not solely benefit the U.S. Governmen...

Presidents Trump and Xi spoke last Friday about the Phase One trade agreement between the two countries. It appears that in early January, U.S. Trade Repre...

Market Update Last week, the market was very slow in Brazil, almost getting into Christmas mode. Even the Chinese were pretty quiet. Crush margins in China...

THE OPEN March beans:  3 higher March meal:    2.10 higher March soyoil:  1 higher March corn:  1/2 higher March wheat:  2 1/...

SPREADS March crush trades to 1.03c/bu, slightly lower, while oilshare trades to 35.97%, just under recent highs of 36.0%.  Bean spreads are firmer wi...

GOOD MORNING,  Prices this morning are steady/higher, with the stock market and commodities in the green.  The grains/soy complex is like the mac...

Impeachment Helps USMCA Perhaps this title is a little misleading but basically, because the U.S. House is not immediately sending over the articles of imp...

USDA released its monthly Cattle on Feed (COF) report today. The 1 December inventory of all cattle and calves on feed in feedlots with 1,000 head or more...

Mar 20 Corn closed at $3.8775/bushel, up $0.0125 from yesterday's close.  Mar 20 Wheat closed at $5.4225/bushel, down $0.03 from yesterday's close.&nb...

The holiday-shortened trading week is around the corner, the CBOT opened as call and was subsequently characterized by position evening/liquidation. The ma...

USDA reports U.S. Cattle on Feed Up 2 Percent • Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of...

There are just 1.5 trading days left until the Christmas holiday and funds are starting to lighten their positions. The hope is to reduce risk while the fo...

THE OPEN March beans:  steady March meal:  .30 lower March soyoil:  10 higher March corn:  3/4 higher March wheat:  3/4 higher The...

SPREADS  March crush is slightly lower, trading to 1.05c/bu, while oilshare sees a bit of profit-taking trading back below 36.0% to 35.93%.  &nbs...

GOOD MORNING, Prices remain in range-bound territory as most of the influential factors are out on the table.  From this point forward it becomes sole...

Chinese View of Trade Deal The trade agreement between the U.S. and China is currently sight unseen by the general public but that has not kept pundits fro...

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

Over the past several days, optimism over a U.S. – China trade agreement helped push commodities up into new trading ranges and funds are trying to s...

Mar 20 Corn closed at $3.865/bushel, down $0.005 from yesterday's close.  Mar 20 Wheat closed at $5.4525/bushel, down $0.03 from yesterday's close.&nb...

Argentina Headed Down the Proven Wrong Path on Agriculture Again It has been said that the definition of stupidity is doing the same thing over and over ag...

THE OPEN March beans:  3 3/4 lower March meal:  2.30 lower March soyoil: 25 higher March corn:  steady March wheat:  4 1/4 higher The m...

SPREADS March crush trades to 1.07c/bu while oilshare trades to 35.71%.    July/Dec corn trades to 1 1/2c carry from 1/4c, while March/May corn t...

GOOD MORNING, The markets have ratcheted trading ranges higher on the back of the US/China trade negotiations and the promise of more business.  Bean...

Wheat:  Net sales of 868,600 metric tons for 2019/2020--a marketing-year high--were up 73 percent from the previous week and 95 percent from the prior...

The current political turbulence in Washington dominates the wire service headlines and the attention of op-ed writers. Yesterday, the U.S. House of Repres...

U.S. Trade Representative Robert Lighthizer this week turned his sights on Europe where he declared, “We have a very unbalanced relationship…&...

Mar 20 Corn closed at $3.87/bushel, down $0.03 from yesterday's close.  Mar 20 Wheat closed at $5.4825/bushel, down $0.08 from yesterday's close. ...

A reader has pointed out that U.S. pork, a victim in the trade war with China, is priced lower than other suppliers, including less than half the value of...

Markets were lower overnight as traders took some profits off the table following recent gains. CBOT markets opened lower this morning with some modest pro...

Due to the Christmas and New Year holidays, the next weekly China In-Country Analysis will be 8 January 2020. Livestock Beijing Rolls Out 18-Point Plan to...

THE OPEN March beans: 5 1/4 lower March meal:  2.50 lower March soyoil:  50 lower March corn:  2 1/4 lower March wheat:  7 3/4 lower Th...

Due to the Christmas and New Year holidays, the next weekly Black Sea Regional Analysis will be 8 January 2020. Russian Grain Markets: 9-13 December 2019 D...

SPREADS March crush trades lower to 1.03c/bu while oilshare trades to 35.55%.  March/May corn trades from 6 1/4c out to 6 3/4c, while July/Dec trades...

GOOD MORNING, Prices continue to trend to new highs but are now at some key resistance levels, and as such, slightly lower to begin the day, typical for su...

Flighty Farm Proposal U.S. Senator and Democratic presidential candidate Cory Booker (D-New Jersey) is getting attention in populist corners for his propos...

The short covering continued today with early pressure at the CBOT wearing off in favor of higher closes. Funds aren’t especially fond of covering th...

Mar 20 Corn closed at $3.9/bushel, up $0.02 from yesterday's close.  Mar 20 Wheat closed at $5.5625/bushel, up $0.065 from yesterday's close.  Ja...

The U.S.–China trade war has caused a lot of soybeans to stay at home rather than make the trek across the Pacific, but American surplus grain stocks...

The FY 2020 spending package is complete. Yesterday, two appropriations bill were introduced in the House; combined, they contain all 12 regular appropriat...

SPREADS March crush trades to 1.06c/bu while oilshare firms to 35.90%.  Traders still buying soyoil against meal.  Traders are still spreading ou...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Importers in the region of Argentina grains, oilseeds and derivatives should expect higher prices in co...

GOOD MORNING, The markets rallied on Monday to their highest levels in months, with wheat prices in the lead and corn trying to follow.  Beans and soy...

There is still some skepticism as to whether China will buy all of the agricultural commodities that the Trump Administration is touting but if farmers hav...

Traders got a better handle on the U.S.-China trade deal over the weekend and that put a bid under the CBOT on Sunday night’s open. The markets trade...

Last Laugh The actual language of the announced phase one agreement between the U.S. and China remains unknown but a reported commitment to boosting import...

Mar 20 Corn closed at $3.88/bushel, up $0.07 from yesterday's close.  Mar 20 Wheat closed at $5.4975/bushel, up $0.1725 from yesterday's close. ...

Regional News The weather across Europe remains broadly favorable for winter crop development this next week, except for continued heavy rains across Weste...

Argentina Argentina’s new government took office last week and both Argentine bonds and equity prices have rebounded and the peso has firmed. The new...

Friday of this week could be EPA’s release date for the final rule on the 2020 required volume obligations (RVO). That rule would include the small r...

THE OPEN March beans: 9 1/2 higher March meal:  2.50 higher March soyoil:  55 higher March corn:  6 1/2 higher March wheat:  8 1/2 high...

SPREADS  March crush trades to 1.04c/bu while oilshare firms to new highs at 35.43%.  Jan/March beans trade from 14c to 14 1/2c, while Jan/March...

GOOD MORNING, The markets will open higher across the board and have been well bid all night on the back of a US/China trade deal, as well as news from Arg...

CBOT markets were sharply higher overnight after news of a pending U.S.-China trade deal. Soybeans posted an amazing 13½ cent overnight gain while c...

The actual agricultural purchases to be made by China next year remains unclear with officials in Beijing failing to confirm President Trump’s boast...

Mar 20 Corn closed at $3.81/bushel, up $0.0325 from yesterday's close.  Mar 20 Wheat closed at $5.325/bushel, up $0.0225 from yesterday's close. ...

Congress is hitting the home stretch and policy making is at a frenzied paced. Following is a recap and some thoughts on implications. At this point, there...

The draft agreement between Washington and Beijing reportedly calls for China to purchase $50 billion worth of agricultural products from the U.S. in 2020...

THE OPEN March beans:  9 1/4 higher March meal:  2.50 higher March soyoil:  13 higher March corn;  2 1/2 higher March wheat:  2 1/...

SPREADS Bean futures are still mostly about volumes going to spread trade, with January open interest down 17,339 ctrs and March up 15,796 ctrs.  Open...

GOOD MORNING, The adage is that low prices cure low prices.  But now it's also enough to say that a few tweets and headlines along with some positive...

Markets were lower overnight, and the expectation was for more of the same when the sun rose but politics and fundamentals combined to give Chicago a shot...

FDA on Feedlots?  It looks like the cell cultured meat-inspired debate over how the FDA and the Food Inspection Safety Service (FSIS) should share jur...

There were positive signals today that the U.S. and China will reach some form of a phase one agreement and that tariffs will be reduced instead of increas...

China’s Soybean Output Estimated at 18.1 MMT China’s Ministry of Agriculture and rural Affairs this week raised its forecast for that country&r...

Mar 20 Corn closed at $3.7775/bushel, up $0.065 from yesterday's close.  Mar 20 Wheat closed at $5.3025/bushel, up $0.11 from yesterday's close. ...

THE OPEN March beans:  3 1/2 lower March meal:  .80 lower March soyoil:  15 higher March corn:  2 higher March wheat:  1 higher It...

As we sink further into December, grain and soy futures markets continue their directionless up and down pattern within current trading ranges. Exciting th...

SPREADS March crush trades to 1.02c/bu while oilshare trades to 34.82%.  March/May meal trades from $3.90 to $4.10, and begins on the narrower side.&n...

Wheat:  Net sales of 502,700 metric tons for 2019/2020 were up noticeably from the previous week and up 33 percent from the prior 4-week average. ...

GOOD MORNING, Prices continue to trend sideways to lower with the short-covering rally ending in beans as bears take control and try to push values back un...

100 Years Trade War The trade war between the U.S. and China may or may not be getting a temporary reprieve late this week but the transatlantic war is abo...

Mar 20 Corn closed at $3.7125/bushel, down $0.0575 from yesterday's close.  Mar 20 Wheat closed at $5.1925/bushel, down $0.045 from yesterday's close...

Post-December WASDE trade was mostly lower with trade activity rising well above the dismal volumes of yesterday. The markets opened as called with grains...

Basic demand analysis correlates income growth with population increases and provides producers and marketers with a good understanding of the likely consu...

THE OPEN March beans:  1 lower Jan meal:  1.00 lower Jan soyoil:  14 lower March corn:  3/4 lower March wheat:  2 1/2 lower The ma...

Macroeconomics November Food Inflation Hits Highest Level Since May 2008 Food prices for this past November surged by 19.1 percent compared with November 2...

Russian Grain Markets: 2-6 December 2019 Domestic Russian milling rye prices grew sharply. Milling and feed wheat prices also increased, but at a moderate...

SPREADS March crush trades down to 98c/bu while oilshare is still firm at 34.53%.   The January roll continues with Jan/March beans trading out t...

GOOD MORNING, The December WASDE report has come and gone and traders are left watching weather and trade negotiations.  Funds maintain a net short po...

Europe has traditionally taken a stronger interest in its former colonies in Sub-Saharan Africa, with China becoming aggressively involved in recent years...

Subsidies Beget Subsidies One place where both Washington and Brussels are in agreement is on the distorting impacts of China’s centrally planned eco...

The December WASDE is typically a non-event and today’s report was no different. Typically, there are few changes to be made to the U.S. balance shee...

Mar 20 Corn closed at $3.77/bushel, up $0.0125 from yesterday's close.  Mar 20 Wheat closed at $5.2375/bushel, up $0.01 from yesterday's close. ...

While most of the trade news today is focused on the USMCA, there’s another tidbit that shows the increasing influence of the east on the future of b...

THE OPEN March beans:  4 ½ higher Jan meal:  0.90 higher Jan soyoil:  3 lower March corn:  ¾ higher March wheat:  1...

Summary of USDA’s December 2019 Soyoil Estimates: The U.S. soybean oil price forecast is unchanged at 31.0 cents per pound...

Summary of USDA’s December 2019 Soymeal Estimates: The U.S. soybean meal price forecast is reduced $15.00 to $310.00 per short ton.  ...

Summary of USDA’s December 2019 Soybean Estimates:  Soybean supply and use projections for 2019/20 are unchanged from last month.  The U.S...

Summary of USDA’s December 2019 Corn Estimates: No change to U.S. balance sheet. 2019/20 global exports are reduced 0.9 million tons as reductions fo...

Summary of USDA’s December 2019 Wheat estimates: U.S. wheat exports are raised 25 million bushels to 975 million.  Hard Red Winter and Durum exp...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS The FAO has announced a three-year program on the “Global Action for Fall Armyworm Control”...

SPREADS March crush is lower again today, trading down to 1.00 c/bu while oilshare is steady at 34.46%.  March/May corn trades from 5 1/4c to 5 3/4c.&...

GOOD MORNING, It's report day, and traders are not expecting much new to be revealed. In the meantime, a poll of farmers being conducted now will tell the...

USMCA Deal Indications are that the needle has been threaded in terms of changes demanded to USMCA by Congressional Democrats and found acceptable by Mexic...

Mar 20 Corn closed at $3.7575/bushel, down $0.01 from yesterday's close.  Mar 20 Wheat closed at $5.2275/bushel, down $0.0175 from yesterday's close.&...

The CBOT opened with soybeans moving higher on a combination of short covering, improving technical conditions, and rumors of Chinese purchases of U.S. soy...

The U.S.– China trade war has had a far more dramatic impact on American agriculture than it has had on farmers in the Middle Kingdom. In fiscal year...

USDA is starting today the sign-up for enrollment of land in the Conservation Reserve Program (CRP) under the 2018 farm bill. Sign-up will continue through...

Soybeans The market was slow last week with the Brazilian market almost out of old crop supplies. There are only a few cargoes offered at very high prices,...

THE OPEN  March beans:  9 higher Dec meal:  2.20 higher Dec soyoil:  25 higher Dec corn:  1/4 higher Dec wheat:  3/4 lower Th...

Regional News The weather for Southeast Europe and the Black Sea remains broadly favorable for crop development. In Romania, there is an absence of signifi...

The December WASDE will be released tomorrow, December 10 at 11:00 Chicago time.  This provides industry estimates on what to expect.   Typi...

SPREADS March crush a bit lower at 1.06c/bu, but still a good margin.  Oilshare trades weaker down to 23.21%.  March/May corn trades from 5 1/4c...

GOOD MORNING, This week the focus of trade continues to be about weather in South America and US/Chinese trade issues.  Different headlines, both bull...

House Speaker Nancy Pelosi (D-California) directed Congressional Committee chairmen yesterday to begin drafting articles of impeachment against President T...

The CBOT opened on a higher note after overnight news of Chinese removal of some tariffs on U.S. ag products. Soyoil jumped to sharp gains early, which hel...

¡Aguas! USMCA The Mexicans are becoming frustrated with the varying demands from Washington for changes to the USMCA before Congressional Democrats w...

Mar 20 Corn closed at $3.7675/bushel, up $0 from yesterday's close.  Mar 20 Wheat closed at $5.245/bushel, up $0.0075 from yesterday's close.  Ja...

THE OPEN Jan beans:  7 1/2 higher Jan meal: 1.10 higher Jan soyoil: 30 higher March corn:  2 1/2 higher March wheat:  1 1/2 higher The marke...

Jim Budzynski argues in CropLife magazine that “Agriculture is in Worse Shape than You Think.” He cites several dynamics such as trade wars, de...

SPREADS March crush trades top 1.08c/bu while oilshare moves into steady territory from lower at 33.70%.   Bean spreads are still wide with Jan/M...

GOOD MORNING, The rising soy complex on Thursday was led by meal, which rebounded on technical consideration and news that Argentina's largest meal exporte...

It was a mixed day with most of the volume and bullishness occurring in the soy complex as grains counted their losses. It didn’t help that export sa...

Considering China Situation Impact  Hog producers are awaiting a breakthrough in prices while packers’ margins remain high. The promise of incre...

Mar 20 Corn closed at $3.7675/bushel, down $0.0175 from yesterday's close.  Mar 20 Wheat closed at $5.2375/bushel, down $0.0375 from yesterday's close...

Unrealistic FTA Swiss Ambassador to the U.S. Jacques Pitteloud encouraged a Washington audience this week to pursue a bilateral free trade agreement with h...

U.S. Soybean Export Sales Down Sharply Last Week Today’s USDA export sales report indicated exporters were far less successful selling U.S. soybeans...

THE OPEN Jan beans:  4 3/4 higher Jan meal:  1.50 higher Jan soyoil:  21 higher March corn:  3/4 lower March wheat:  1/4 higher Th...

Wheat:  Net sales of 228,100 metric tons for 2019/2020 were down 63 percent from the previous week and 45 percent from the prior 4-week average. Corn:...

SPREADS March crush firms to 1.06c/bu while oilshare trades back over 34.0% to 34.11%.   Dec/March continues to widen trading back out to 9 3/4c...

GOOD MORNING, Corn prices were mixed yesterday but all other markets put in better trade, each for different reasons.  Corn struggled as new deliverie...

It has been easy to be bearish on grain and soybean prices so far during the 2019/2020 crop cycle. In fact, it has been easy to be bearish during the last...

Digital Retaliation The creative crafting of a tax specifically designed to punish foreign-based companies such as France’s new digital tax is a pote...

Mar 20 Corn closed at $3.785/bushel, down $0.0275 from yesterday's close.  Mar 20 Wheat closed at $5.275/bushel, up $0.0225 from yesterday's close.&nb...

The CBOT opened with continued soy complex short covering that led to buy soybeans/sell corn/wheat spread trades. News that a U.S.-China trade deal could b...

Olive oil remains the higher priced among the major vegetable oils. In fact, while the relative traded values of oils from rapeseed, palm and soybeans tend...

Russian Grain Markets: 24-29 November 2019 Russian grain prices fluctuated but didn’t change significantly. Wheat prices in Siberia decreased moderat...

THE OPEN Jan beans:  6 1/4 higher Jan meal;  .80 higher Jan soyoil:  15 higher March corn: 1 higher March wheat:  3 1/4 higher The mark...

Livestock Live Hog Price Down 2 Percent, White Feather Broiler Rises By 11 Percent After peaking at RMB 40.28/kg ($5.73/kg) or RMB 18.27/lb. ($2.60/lb.) at...

SPREADS March crush firmed to 1.04c/bu while oilshare is steady at 33.86%.  Jan/March beans trades from 14 1/2c to 14 3/4.  March/May meal trades...

GOOD MORNING, Prices performed well yesterday considering the negative comments for trade negotiations, as Trump states that talks with China may extend we...

Global Trade Debacle The global trading environment has returned this week to a negative trend where policies are likely to get worse long before they get...

The CBOT opened with funds unwinding spreads, sending corn higher versus wheat while the soy complex was steady. Mid-day trade featured a defensive tone af...

Mar 20 Corn closed at $3.8125/bushel, down $0.0075 from yesterday's close.  Mar 20 Wheat closed at $5.2525/bushel, down $0.1 from yesterday's close.&n...

For the past 2 years the ethanol industry has hounded EPA about its use of small refinery exemptions (SREs), calling the increase in exempted volumes in re...

THE OPEN Jan beans:  1 3/4 higher Jan meal:  1.00 higher Jan soyoil:  3 higher March corn:  1 lower March wheat:  3 higher Prices...

The Chinese government says it wants to restore domestic pork production to its prior glory, but history sheds doubt on its prospects. As noted previously,...

SPREADS March crush trades to 1.03c/bu while oilshare moves to 33.85%.   March/May beans trades into contract lows of 15 1/2c, which is 66% of fu...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Saudi Arabia’s purchases of farmlands in Australia is causing considerable national concern. Acco...

GOOD MORNING, The major trends are shifting a bit, as traders continue to buy grains/sell soy, the opposite of the trend over the last several months. ...

Mar 20 Corn closed at $3.8225/bushel, up $0.0025 from yesterday's close.  Mar 20 Wheat closed at $5.375/bushel, up $0.0225 from yesterday's close.&nbs...

EU Collision Course EU environmental policy is on a collision course with agriculture and European farmers have begun to respond. Last week they held large...

The CBOT featured early firming in the grains complex with nothing but lower prices for the soy complex. Early buy corn/sell soybeans spread trade set the...

Energy markets mostly bounced back today after a Black Friday shortened trading session where energy futures dipped across the board. On Friday, crude oil...

The San Francisco Chronicle makes note that Italy greatly boosted its durum wheat imports from North America following a 10 percent reduction in Europe&rsq...

Taxes Despite the fact Argentina’s new government hasn’t made an official declaration, there are rumors flying about the new export taxes that...

THE OPEN Jan beans:  3 higher Jan meal:   .70 higher Jan soyoil;  8 higher March corn:  1 higher March wheat:  1 higher Grain...

Regional News Russia’s Agricultural Ministry last week outlined a strategy to increase the country’s agricultural exports to $45 billion by 203...

SPREADS March crush trades to 99c/bu while oilshare firms back over 34% to 34.15% on meal's slide against a sideways soyoil trade.  Jan/March beans tr...

GOOD MORNING, It's the start of a new month with new money flows.  The commitment-of-trader's report will be released today due to the holiday. ...

Wheat:    Net sales of 612,700 metric tons for 2019/2020 were up 40 percent from the previous week and 60 percent from the prior 4-week average.&...

Green Impact on Black Equals Red Activists in Europe are protesting against today’s “Black Friday” shopping extravaganza. They argue that...

Mar 20 Corn closed at $3.8125/bushel, up $0.08 from yesterday's close.  Mar 20 Wheat closed at $5.4175/bushel, up $0.15 from yesterday's close. ...

Post-Thanksgiving Day trade at the CBOT/CME featured the expected light volume but some unexpected fund buying in grains. The first notice day for December...

Drought Doesn’t Discriminate Despite the frequent battle with drought faced by its farmers, South Africa has rejected adoption of a drought-tolerant...

Rarely has a new commodity provided such interest and optimism as hemp, but as the regulatory framework slowly catches up to the market’s hopefulness...

Yesterday, 28 November, was Thanksgiving Day in the U.S., a holiday tradition that dates back to the arrival in the New World of a group of settlers seekin...

Dec 19 Corn closed at $3.6275/bushel, down $0.0475 from yesterday's close.  Mar 20 Wheat closed at $5.2675/bushel, down $0.0425 from yesterday's close...

The CBOT finished the overnight session on a high note with corn, soybeans, and wheat all in positive territory. Oversold conditions and short covering sup...

USMCA Reckoning USTR Robert Lighthizer and his Canadian and Mexican counterparts are meeting today to discuss the U.S.-Mexico-Canada Agreement. Lighthizer...

Russian Grain Markets: 18-22 November 2019 Domestic Russian grain prices grew slightly, and corn prices also started growing after a long period of decreas...

U.S. pork producers are asking for zero duty access into the Chinese market, saying it would reduce the trade deficit by 6 percent. Without doubt, U.S. por...

Note: There will be no Technical Perspectives report tomorrow and Friday, 28-29 November. The next edition will be on Monday, 2 December. THE OPEN Jan bean...

Finance China’s Ag Development Bank Working to Keep Farms Afloat Last week Dims Sums Blogspot reported on a series of announcements and articles rela...

SPREADS March crush margins still remain good at 1.00c/bu, while oilshare begins to firm off its corrective phase at 33.86%.  Dec/March corn trades ba...

There will be no Ag Perspectives or Technical Perspectives reports on Thursday (28 November) in observance of the Thanksgiving holiday in the United States...

GOOD MORNING, Prices are firmer this morning on oversold conditions and short-covering heading into the Thanksgiving closure on Thursday.  The deliver...

WPI's monthly publication features a review of the past month's market and policy developments. There are articles covering the next farm bill, the future...

Trading in Chicago was largely a one-sided affair today with cattle futures being the only market to sustain any significant closes. The aggressive fund se...

Dec 19 Corn closed at $3.675/bushel, down $0.03 from yesterday's close.  Mar 20 Wheat closed at $5.31/bushel, down $0.02 from yesterday's close. ...

E15-approved vehicles are increasing, while E15-capable flex fuel vehicles (FFVs) are decreasing according to a recent study by the Renewable Fuels Associa...

China Realism The markets are justifiably tuning out all the headlines over U.S. – China trade negotiations. Craig Allen, President of the U.S. China...

Sustainability has become an important attribute for agricultural systems with many activists falsely asserting that extensive farming has a smaller enviro...

THE OPEN Jan beans:  3 1/2 lower Jan soyoil:  19 lower Jan meal:  .70 lower March corn:  1 lower March wheat:  3 1/2 lower The mar...

Regional Updates MEDITERRANEAN/MIDDLE EAST COMMENTS Turkish flour miller Ulusoy Un has received a Euro 6 million loan jointly from the Industrial Bank of T...

SPREADS March crush trades to 1.00c/bu while oilshare trades down to 33.55%.   Jan/March beans remains weak trading out to 14 1/2c from 14 1/4c.&...

GOOD MORNING, Prices continue to trade on a mixed note, with bean prices mostly responding to good growing weather in Brazil and Argentina, which assures 2...

WIC to SNAP Lessons According to data published by the U.S. Centers for Disease Control and Prevention in its weekly Morbidity and Mortality Report, obesit...

Dec 19 Corn closed at $3.7/bushel, up $0.0125 from yesterday's close.  Mar 20 Wheat closed at $5.33/bushel, up $0.1425 from yesterday's close.  J...

The CBOT opened higher based on short position liquidation and some short-covering in corn and wheat. As the day wore on, however, the soy complex turned l...

Goldman Sachs forecasts that its commodity index will earn 6 percent over the coming 12-month period. That may be a welcome prediction, or one brushed off...

Macroeconomics There were no major announcements last week regarding policies or national economics and forex rates and stock indices were steady. The inco...

Regional News The EU Commission’s latest crop update highlights the divergent but consistently challenging conditions faced by European farmers this...

THE OPEN Jan beans:  1 1/4 higher Jan meal: .90 higher Jan soyoil:  39 lower March corn:  1 1/2 higher March wheat:  5 3/4 higher The m...

USDA released its monthly Cattle on Feed (COF) report Friday. The 1 November inventory of all cattle and calves on feed in feedlots with 1,000 head or more...

SPREADS March crush trades to 99c/bu while oilshare trades below 34% to 33.86%.   Dec/March corn moves into 9 1/2c from 10c, while Dec/March whea...

GOOD MORNING, Prices are starting the session on a firmer note led by wheat.  The trade continues to monitor the pace of South American bean and corn...

Awkwardness on Hong Kong President Trump says he will sign or veto legislation (the Hong Kong Human Rights and Democracy Act) approved near unanimously by...