Friday’s CFTC report showed managed money traders cutting back short positions across the ag space as technical conditions strengthened for corn, soy...
Articles
Market Commentary: Absent Chinese Demand, Supply Dominates the Mood
Markets were over-weight on the Xi – Trump phone call this morning. The phone call went well enough but after it became clear there was no deal on ag...
Cattle of Feed - Sep 2025
U.S. Cattle on Feed in feedlots with capacity of 1,000 or more head totaled 11.1 million head on September 1, 2025. The inventory was 1 percent below Septe...
Cattle on Feed Report Shows Record Low Marketings
USDA’s monthly Cattle on Feed report was released today at 3 p.m. Total cattle on feed amounted to 11.1 million head, 99 percent of last year, as exp...
Summary of Futures
Dec 25 Corn closed at $4.24/bushel, up $0.0025 from yesterday's close. Dec 25 Wheat closed at $5.225/bushel, down $0.0175 from yesterday's close.&nbs...
Record Breaking Cow-Calf Profitability for 2025
Southern Plains cow-calf producers’ profitability outlook continues to defy all bullish expectations with projected returns surging to all-time highs...
Export Sales
Export Sales and Shipments for September 5-11, 2025 Wheat: Net sales of 377,500 metric tons (MT) for 2025/2026 were up 24 percent from the previous week, b...
Market Commentary: Looking for Demand Amidst Ample Supplies
Grain and oilseed trading was mostly in the red today, with livestock markets trading higher. Volume was higher today in soymeal, but otherwise it was mode...
How the EPA’s Anti-Decision Will Affect Biofuels and Soyoil
In mythology or legends, the hero is obviously identified – the “good guy” standing up for justice, not compromising what is right, and d...
Summary of Futures
Dec 25 Corn closed at $4.2375/bushel, down $0.03 from yesterday's close. Dec 25 Wheat closed at $5.2425/bushel, down $0.04 from yesterday's close.&nb...
Livestock Roundup: Cattle on Feed Preview
USDA’s monthly Cattle on Feed report will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory on feed to...
Market Commentary: Markets Hopeful but Guarded on China; CBOT Falls on Demand Worries
Technical selling, disappointment with the USDA’s latest policy moves, and favorable rains across the Midwest took a bearish toll on the CBOT markets...
Summary of Futures
Dec 25 Corn closed at $4.2675/bushel, down $0.0275 from yesterday's close. Dec 25 Wheat closed at $5.2825/bushel, down $0.0575 from yesterday's close...
WTO and Trump; Analytically Correct, Predictably Wrong
WTO and Trump To quote Wikipedia, James Bacchus is “an American statesman, scholar, writer, and politician". He also served as a founding member and...
Black Sea Regional Analysis
Russian Grains Market: 8–12 September 2025 Bearish sentiment in the Russian grains markets eased during the second week of September, with prices sta...
Market Commentary: Perfect Micro-Storm for Grains
The CBOT was higher on Tuesday in a continuation of the post-WASDE exuberance. Rather than USDA’s world balance sheets providing a reason to rally, h...
Biodiesel and Renewable Diesel Supply Down on First Half of Year
U.S. imports of biodiesel and renewable diesel significantly decreased in the first half of 2025 compared with the same period in previous years. This decl...
No Tariffs, No Reforms; Nōgyō for PM; Turnabout is Fair Play
No Tariffs, No Reforms U.S. President Donald Trump has urged the EU to join him in imposing tariffs on China and India for purchasing Russian oil. EU offic...
Summary of Futures
Dec 25 Corn closed at $4.295/bushel, up $0.0625 from yesterday's close. Dec 25 Wheat closed at $5.34/bushel, up $0.09 from yesterday's close. N...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s courts have surprised the grain/oilseed industry by ruling that an arbitrat...
Livestock Industry Margins
Beef packer margins improved for the sixth straight week to put returns at their highest point in two years. The increase in margins came despite a pullbac...
Market Commentary: Waiting for Confirmation or Contradiction
The CBOT was mostly in the red to start the week with the bullishness from Friday’s WASDE report failing to trigger enthusiasm from bulls this week...
Outlook for the Fed Meeting This Week
The Federal Reserve’s Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday of this week with the make-up of the committee still up...
Summary of Futures
Dec 25 Corn closed at $4.2325/bushel, down $0.0675 from yesterday's close. Dec 25 Wheat closed at $5.25/bushel, up $0.015 from yesterday's close.&nbs...
Chemo-phobia on Steroids
Notably, Congressional Republicans followed the demands of farm groups and added a provision in the latest government funding bill that some say would shie...
Mercosur Regional Analysis
Corn Argentina’s 2024/25 corn harvest is virtually complete, with only isolated fields still being collected. Final output is expected to excee...
European Market Analysis
Milling Wheat Global wheat futures all hit new contract lows last week with strong Russian exports (at cheaper prices), larger global production esti...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money traders embarking on a second straight week of net short selling across the ag space as they slightly expan...
Market Commentary: USDA Surprises; Market Marches Its Own Beat
While there was some red flashing early in today’s trading session, by the close all major grain and oilseed contracts were in the green. Ahead of US...
WASDE Soybeans - Sep 2025
Soybeans – USDA’s Sep 2025 outlook is for higher U.S. ending stocks to 300 million bushels, up 10 million from last month. The U.S. seasonal av...
WASDE Corn - Sep 2025
Corn – USDA’s Sep 2025 outlook is for greater supplies, larger exports, and a slight reduction in ending stocks by 7 million bushels to 2.1 bil...
WASDE Wheat - Sep 2025
Wheat - USDA’s Sep 2025 outlook is for U.S. total wheat exports to increase by 25 million bushels to 900 million. That reduced ending stocks by 25 mi...
Summary of Futures
Dec 25 Corn closed at $4.3/bushel, up $0.1025 from yesterday's close. Dec 25 Wheat closed at $5.235/bushel, up $0.02 from yesterday's close. No...
WASDE Livestock: More Poultry and Less Red Meat
Despite record high yields from corn and soybeans in today’s WASDE, the forecast for red meat and broiler production in 2025 was reduced slightly fro...
USDA’s Outlook for World Vegoils
The headline figures from the September WASDE were the U.S. corn and soybean yield and production figures, both of which were in line with expectations, an...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive comp...