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Export Sales Tidbits

One of the constants in terms of market inputs is the weekly export sales report compiled and released by USDA’s Foreign Agricultural Service (FAS)...

Market Commentary

General Comments Today’s grain and soy futures markets can be described as very similar to what has been seen all week with narrow price ranges, mini...

Closing Futures Prices

Today’s closing futures prices for corn, wheat, soybeans, cattle, and hog futures are shown along with USDA’s Export Sales results. Export Sale...

Thursday

WPI provides a list of coming USDA reports that will have market-moving interest to our readers. Reports included in this list span those covering feed gra...

Black Sea Regional Analysis

Russian Grain Markets: 9-13 October 2017 Market Trends Wheat prices increased slightly as prices for other crops fluctuated insignificantly.   GEOGRAP...

China In-Country Analysis

Oilseeds Soymeal Inventories Fall Again Over Holiday Week There was a sharp slowdown in crushing activity during the lengthy holiday week that combined the...

Market Commentary

General Comments: If there is one word that describes the grain and soy futures market this week, our pick would be lethargic. Volume is very low with pric...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Wednesday

WPI provides a list of coming USDA reports that will have market-moving interest to our readers. Reports included in this list span those covering feed gra...

Farm or Be Taxed in Africa

A dead economist’s ideas are alive and well in ag policy debate.   Many policy ideas, especially related to taxation, are attributed to “d...

Some Miscellaneous Thoughts

We have just returned from our annual autumn fishing trip. This year’s destination was the eastern part of Idaho, a state filled with beautiful scene...

Middle East, Mediterranean and Africa Regional Analysis Regional Updates

MIDDLE EAST/MEDITERRANEAN COMMENTS: Morocco’s import duty on soft wheat will be reduced from the current 135 percent to 30 percent on 1 December 2017...

Market Commentary

General Comments: Lower and slower describes today’s grain and soy markets for the most part. Overnight trading saw barely more than 13,000 contracts...

Closing Futures Prices

Today’s closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price...

Tuesday

WPI provides a list of coming USDA reports that will have market-moving interest to our readers. Reports included in this list span those covering feed gra...

Trump Transition Still Ongoing

There’s been much attention this year on the slow pace of Secretary Sonny Perdue’s confirmation and the filling of subcabinet positions at USDA...

Judged Broken; Irrelevant Facts

Judged Broken EU Trade Commissioner Cecilia Malmström expressed understandable frustration with the continued blocking by Washington of new dispute se...

Is the U.S. Headed to Have Just Two Major Crops?

It is becoming clearer every year that U.S. farmers might be headed towards planting just two major crops: corn and soybeans. Consider the following: Wint...

Southeast Europe Regional Analysis

Milling Wheat The Black Sea market remained about unchanged last week. Domestic prices in Russia continue to rise in the south (close to the ports) while d...

Mercosur In-Country Analysis

Soybeans Brazil Supply/Demand Update Brazil’s Conab just released its first estimates for the 2017/18 campaign, which reflect the general trend of su...

Market Commentary

General Comments: Corn, soybean and wheat markets were steady to just fractionally higher overnight in light volume. They then opened slightly higher today...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

CFTC Data & Charts

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Next Week

Mon 10/16/2017 12:00 pm Cotton & Wool Outlook: October 2017 ERS 12:00 pm Oil Crops Outlook: October 2017 ERS 3:00 pm Feed Outlook: October 2017 ERS 3:0...

Problem Solved

The CME isn’t interested in proposing any more solutions that would be in search of a problem; that was the message from the organization’s man...

Conspiracy Theorist

Rene Ebersole writes in The Nation about Monsanto and how the glyphosate controversy could be the company’s “Big Tobacco” moment. However...

Farm Subsidy Reformists

The free-market think tank American Enterprise Institute has issued a paper calling for an end to U.S. farm bill crop subsidies and a shifting of those fun...

Equilibrium

The 12 October USDA reports might have created a state of equilibrium in wheat, corn and soybean markets for the following reasons: Any significant change...

India Subcontinent Regional Analysis

Higher Cotton Production Could Bring Prices Down The land planted to cotton in India has increased 18.62 percent to 12.1 million hectares in 2017/18 versus...

Market Commentary

General Comments  Markets were quietly steady to higher overnight following yesterday’s strong closes in soybeans that pulled corn higher as wel...

Closing Futures Prices

The October WASDE sparked a strong rally in soybean futures which pulled corn along higher. Wheat futures initially traded higher but ended the day lower...

Friday

Fri 10/13/2017 8:30 am Weekly Export Sales FAS 9:00 am Feed Grains Database ERS 12:00 pm Meat Price Spreads ERS 3:00 pm Dairy Data (Dairy Monthly Tables) E...

Scapegoat Wine

Copa-Cogeca’s Wine Working Party has warned that climate change and extreme weather have caused a “historically low” wine harvest. French...

Mob versus Science

Activists in Europe delivered more than the 1 million signatures required under the European Citizens’ Initiative to compel action on their demand to...

Livestock Roundup: Bearish WASDE

The WASDE was bearish for the meat and livestock market, but it could have been much worse without one factor. WASDE USDA released its WASDE report today...

A Friendly USDA Report

Today’s crop production and supply/demand estimates were considered slightly bullish for soybeans but neutral corn and wheat. Soybean futures traded...

Market Commentary

The October WASDE was surprisingly bullish soybeans, which jumped 26.75 cents higher, and neutral/bearish corn. Wheat of course received another bearish re...

Silver Bullet Misses; Eggsactly Wrong

Silver Bullet Misses In mythology, bullets cast from silver can stop werewolves and witches. In actual ballistic studies comparing bullets made of silver v...

Black Sea Regional Analysis

Poor weather is creating corn harvest delays in Ukraine and is pushing prices higher. Russian wheat prices were stable this week while corn prices continue...

Closing Futures Prices

Poor weather is creating corn harvest delays in Ukraine and is pushing prices higher. Russian wheat prices were stable this week while corn prices continue...

Market Commentary

General Comments: The overnight session featured prices drifting lower on lack of any buying interest. December corn finished down 1 ½ cents while N...

China In-Country Analysis

China’s corn prices remain on the defensive and it is likely any governmental support policies will shift towards processor incentives in the long ru...

Market Commentary

General Comments:  As wildfires engulfed parts southern California today, it seems fitting to use a firefighting adage to describe the grain markets...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Mercosur Regional Analysis

Low asking prices for PNW soybeans are crowding out U.S. Gulf, Brazilian, and Argentinian exporters, with the latter needing to lower prices 20 cents to be...

Market Commentary

General Comments: There are two major factors that will affect grain and oilseed prices this week: WASDE: It is USDA report week (again). Revised corn and...

Closing Futures Prices

Today’s closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price...

Summary of Futures

Ag, energy, and soft commodity futures' technical patterns, including momentum and long-term indicators, are examined. Changes in the forward curve for gra...

Regulations and The RIN Price Roller Coaster

There’s a lot of uncertainty surrounding biofuel regulatory policy currently, much of which has whipsawed RINs prices.There’s a lot of uncertainty surround...

Labor’s Poor Math; North Korea; Trade Priorities

Corporate profits are (incorrectly) attributed solely to greed – but not if it’s a technology company. Elsewhere, few people believe the U.S. and North Kor...

More Things to Keep You Up at Night

Traders should be sleeping well with the general lack of things to keep you up at night. However, danger is lurking below the surface of several markets.Th...

Indian Subcontinent Regional Analysis

The Indian government is likely to implement an import tax of 20 percent on wheat, making it more cost effective to transport wheat across India than impor...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

WPI's New Website

The world is changing fast and World Perspectives is changing with it. Later this month, we will launch a completely updated website that will... The worl...

Market Commentary

HRS wheat led the wheat complex higher today and reports of poorer-than-expected soybean yields ushered in some buying in that contract. No spillover buyin...

Common Thread

Corn and soybean futures have been lackluster in recent weeks but several factors are pointing to a more interesting future. COMMON THREAD: Bits and Pieces...

The Scientific Skinny on Fat

The last dietary guidelines issued by the federal government called for a 50 to 60 percent reduction in meat consumption; one Congressman wants to reform t...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Bits and Pieces

Corn and soybean futures have been lackluster in recent weeks but several factors are pointing to a more interesting future.USDA’s 29 September small grain...

Market Commentary

Soybeans put on the most impressive show today with non-commercial buying while corn managed to climb as much as three cents higher today. Wheat, on the ot...

Export Sales

U.S. corn exports deviation from historic patterns has implications for what exports will be in the rest of the marketing year. Analysis of unshipped corn...

Fake Standards; FDA Flunks; Aussie Prostration; Nuke Leverage

The Environmental Working Group confuses exposure with actual risk; “Love” is no longer a granola ingredient; Australia believes it can negotiation better...

Moral Based Trade; Marginal Change Required

Tying climate change requirements to trade agreements may seem wise, but doing so holds dangerous moral implications. Elsewhere, negotiation means everybod...

Market Commentary

Weak cash basis is a drag on corn futures and ethanol is that market’s only bright spot. Soybean futures firmed today on poor weather in Brazil while wheat...

Black Sea Regional Analysis

Russian grain prices continued to fall last week while Ukrainian prices increased. Ukraine has been granted additional grain export quotas from the EU, whi...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

China In-Country Analysis

Trading in agricultural products has been light due to China’s Mid-Autumn Festival. Year to date, U.S. exports to China have reached their third high...

Farm Bill Catches a Break in Senate Budget

The Senate Budget Committee is scheduled to pass its FY2018 budget plan tomorrow; and the House may take up its budget blueprint this week too. What does t...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

U.S. Wheat's Mixed Bag

WPI forecasts 2017/18 U.S. wheat exports will be 5% above USDA’s latest projection. Russia’s record production will not be able to overcome...Among the lit...

Market Commentary

Wheat futures defied their downtrend and moved higher on news of rising Russian prices. Corn futures are a nickel away from their contract low while soybea...

WPI's New Website

The world is changing fast and World Perspectives is changing with it. Later this month, we will launch a completely updated website that will... The worl...

Middle East, Mediterranean and Africa Regional Analysis

Kenya is facing a maize shortage while Zambia faces oversupply with the inability to export. Meanwhile, Turkey is looking for a new customs union arrangeme...

Ending Labor; Proven versus Suspected

The world’s first autonomously produced crop has important implications for U.S. immigration policy while activists remain confused on the difference betwe...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Corn and soybean markets came under pressure from harvest hedge selling while last week’s bearish reports continue to rock the wheat market. General Commen...

Mercosur Regional Analysis

South American soybean markets are quiet and fighting for competitiveness against the U.S. PNW. Argentine corn markets have a large carry from October-Nove...

Derivative Choices; Policy Choices; Loss of Hydrogen

India is allowing commodity derivatives trading while the European Parliament wants to increase regulation on futures markets, time will tell which policy...

Disappointment in Wheat Country

Both winter and spring wheat area is likely to decrease again from last year’s record low. The reasons are many and include...Last Friday’s USDA reports ag...

Comment Period on WOTUS Rule Closed

Though way behind schedule, agriculture’s top regulatory priority is one step closer to being completed, and will likely be so by early next year, but will...

Southeast Europe Regional Analysis

Algeria bought 480,000 MT of wheat last week for December delivery, paying $211-212/MT CNF. The sales were certainly based on French wheat because of an is...

Ag Review: Meat Exports and Macroeconomic Opportunities

WPI Agribusiness Subsector Outlook   A brief review of WPI’s past Bull/Bear calls and industry stock price performance. WPI Bull/Bear Leani...

Drugless and Cureless; Seasonal Trap; Economics versus War

Florida produce growers who are tired of competing with Mexico have reportedly prompted the Trump administration into a policy for reducing trade and consu...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

USDA Reports Bearish Wheat, Positive Corn and Soybeans

There were two primary considerations in the USDA 1 September quarterly stocks estimates and annual small grains summary reports that were released this mo...

Market Commentary

USDA's larger-than-expected spring wheat production estimate caught the market by surprise. Meanwhile, corn tagged along with the strong soybean market. Ge...

Conference Critical of Farm Policy to Be Convened in DC

It is easy to tell that the farm bill is right around the corner because all the anti-farm program think tanks are suddenly engaging in the policy debate.N...

Indian Subcontinent Regional Analysis

India is expected to have a robust sugarcane harvest with production at 25.1 MMT in sugar year 2017/18, and there has been considerable discussion about en...

Market Commentary

Today’s futures trade was quiet with low volume, just as one might expect on the day prior to an important report from USDA. In fact, nearly all of today’s...

The Jones Act – Again

 Aid to hurricane-ravaged Puerto Rico can only be delivered by air or ocean vessel. However, the effort to bring relief has been further hampered by t...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Troubled Horizon; Big versus Small

The EU is strengthening its food safety and inspection measures against fraud, contamination and duality. Looking down the road, however, there is a more t...

Hogs and Pigs Report

USDA released the Hogs and Pigs report today, confirming a record swine herd for the third quarter in a row. Another factor, though, has kept prices from p...

Market Commentary

Corn futures prices managed to move in a 6-cent range today as an increasing number of early yield reports are hinting that NASS may not be as far off with...

Black Sea Regional Analysis

Ukraine's crude sunflower oil prices stopped growing and remained at $866-869/MT EXW.  Although forecasts for 2017/18 production are lower than the 20...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

China In-Country Analysis

Last week’s landed price for imported soybeans fell $3/MT to $420/MT as China’s yuan lost ground to the U.S. dollar for the second straight wee...

Anticipating Quarterly Stocks

It has been a few years since markets were whipsawed by a series of inexplicable quarterly stocks surprises from USDA. Even if those numbers to be released...

The EPA Seeks Ways to Reduce the RFS

The EPA issued another short-term opportunity to comment on its proposed biofuel volumes, especially how to reduce the biodiesel mandate.EPA Administrator...

Middle East, Mediterranean and Africa Regional Analysis

Zimbabwe’s acting president has said that the government’s program of buying maize at $390/MT from farmers and selling it to maize millers at $250 /MT is “...

Market Commentary

The overnight session saw volume fade and prices wobble before finishing near Monday’s closes, but more of a price pattern developed during the day session...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Where Did All That Corn Come From?

The market for corn is far more complex on the import side than it is for soybeans with many significant players. The export side, however, is basically li...

Market Commentary

There were likely three issues that pushed all three wheat markets to gains today despite the weakness in soybeans and flat corn market. General Comments S...

Risks to the Export Boom

U.S. ag exports have benefited from strong global demand and also dovish monetary policy at home. The latter is about to change, though, and could impact t...

Southeast Europe Regional Analysis

The corn harvest is about 30 percent completed in Romania and Bulgaria, and the yields are exceeding farmers’ expectations in many regions. Those origins a...

U.S.-India Bilateral; Buy Mexican

Nestlé’s subsidiary in Mexico, Grupo Nestlé Mexico, has made a commitment that is one more example of trade policy moving in the wrong direction.. U.S.-Ind...

Mercosur Regional Analysis

The Argentine FOB market for soybeans is quiet to start this week. Sellers are quoting $0.60X for October and November shipments (protein 34/33), but anoth...

Indian Subcontinent Regional Analysis

India and the U.S. have continued to build their relationship, but the issue is the trade deficit that favors the former. The U.S. could impose restriction...

Active Month for Soybean Sales

There have been soybean export sales announced every day except for one during the past two-week period, and the outlook for future sales is all about one...

Cattle on Feed

The dynamics between fed cattle marketings and placements are analyzed with their implications for next quarters' beef demand and pricing. Feedlot turnover...

Hermit Surprise; Geneva Mystery; Fart Measurement; Pollster

WTO Director General Roberto Azevédo is asking key countries to decide what are doable and undoable issues at the organization’s upcoming ministerial in Bu...

COF

USDA released its monthly Cattle on Feed (COF) report today, which contained some interesting data.USDA released its monthly Cattle on Feed (COF) report to...

COF

USDA released its monthly Cattle on Feed (COF) report today, which contained some interesting data.USDA released its monthly Cattle on Feed (COF) report to...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

COF

USDA released its monthly Cattle on Feed (COF) report today, which contained some interesting data.USDA released its monthly Cattle on Feed (COF) report to...

Market Commentary

Most of the market talk today was about upcoming harvest pressure (or perhaps the lack thereof) in corn and soybeans. KC and Chicago wheat futures couldn’t...

There is No Escaping Weather

Clearly, there are a number of weather-related situations with the potential to become important market factors in the months ahead.Weather is a topic for...

Oilseed Highlights: U.S. Soybean Export Sales; Iranian Soy Imports

This week's Export Sales report from USDA offers insight into the grain market's likely price pattern going forward. Based on historic export patterns, U.S...

Cattle on Feed; Red Meat Record; Growth in Organic

Last month's feeder calf placements data points to a changing supply situation for the beef market next quarter. Similarly, feedlots' fed cattle marketings...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Green Eye Blinders

The European Environmental Bureau (EEB) issued its recommendations for revising the Common Agricultural Policy (CAP), and now U.S. environmental groups are...

Market Commentary

With harvest beginning to pick up along with USDA’s quarterly stocks report and final small grain summary due out on 29 September, there is little incentiv...

Market Commentary

An initial spurt of buying that followed the very large export sales announcements from USDA/FAS put soybean prices up nearly 9 cents. Wheat futures, thoug...

Competition; UNanswers; CETA Fears

At least one Trump administration nominee is suggesting the goal should be demands for more market access, and the argument is that it is good for everyone...

China In-Country Analysis

Last week's domestic corn price ticked up as demand has been strong in Shandong Province, helped considerably by steady gains in one particular sector's op...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Black Sea Regional Analysis

Russian grain prices during 11-15 September followed the previous week's trend as they were again influenced by the same factor. Meanwhile, those prices in...

Peering Over the Horizon

The current limited price action of both the corn and soybean markets is reflecting the lack of fresh market-moving inputs. Looking ahead at the next three...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

What in the Fed is Going On?

With the Federal Open Market Committee meeting today and tomorrow, Fed watchers will be looking for news on interest rates and the Fed’s balance shee...

Market Commentary

Grain and soy futures traded on both sides of Monday’s closes overnight and were not far from unchanged at the early morning recess. However, that soon cha...

Poison, Profits and Arrogance

NFL star quarterback Tom Brady goes after the food industry in his new self-help book and replicates the celebrity model of making broad disparaging charac...

Middle East, Mediterranean and Africa Regional Analysis

Experts in Kenya are saying that the government will not be able to terminate the duty-free importation of white maize at the end of September as planned b...

Market Commentary

General CommentsMarkets were all slightly higher during the first half of the Sunday evening session and then faded as the sun began rising to finish lower...

Black Sea Regional Analysis

The 12.5 pro Russian wheat has moved up about $3 in the past two weeks, but it remains the cheapest origin by far for this quality. As a result, buyers fro...

Market Commentary

Markets were all slightly higher during the first half of the Sunday evening session and then faded as the sun began rising to finish lower. Soybeans and s...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

House Passes FY 2018 Spending Bill

For the first time in 12 years, the House has finished all regular appropriations bills prior to the beginning of the next fiscal year. However, expected s...

Weak Markets, No Selling Interest

On the doorstep of corn and soybean harvests, farmer selling across the country remains very limited. There are several reasons why.On the doorstep of corn...

Mercosur Regional Analysis

Rain in Argentina is threatening the wheat and barley crops, while the country’s corn market remains well supplied and low priced. Meanwhile, interesting m...

Outdated Embargo Protection; Transatlantic Troubles

Some aggies are concerned that the Trump administration will impose a trade embargo against China if Beijing does not do more to stop North Korea’s nuclear...

Indian Subcontinent Regional Analysis

With India's planted corn area down and production expected to be impacted by the effects of flooding and drought, several factors could limit any imports...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

NAFTA: The Ham and Tomatoes Round

A look at two politically-sensitive products under NAFTA.The second round of NAFTA negotiations finished last week, which could have been called the “ham a...

More Things to Keep You Up at Night

There were several developments this week that were of interest to both the markets and producers. Soybean export sales activity has been increasing rapid...

Market Commentary

Today's soybean export sales announcement didn’t change the market’s weaker start. Meanwhile, Minneapolis wheat futures came under more selling pressure af...

Market Commentary

Overnight trading volume was not as impressive as the ability of the market to shrug off Tuesday’s bigger production numbers and move higher. After being a...

What Is Ahead For Soybeans?

The recovery by soybean futures prices from their immediate post-WASDE loss this week and the subsequent move higher seem to hint that something is going o...

Attacking Agencies; Delayed Justice; Crashing MC XI

Agriculture has historically been a cooperative sector where differences are negotiated. However, just as the food sector has become more complex, the agen...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Black Sea Regional Analysis

Ukrainian and Russian wheat exports to Asian countries hit a record in August versus the same month a year ago. Meanwhile, there has been a change in Syria...

Trade Policy Conundrum; Bipartisan Tax Time; Target India

A meeting of U.S. aggies to discuss the renegotiation of NAFTA involved much focus on the net benefits of trade agreements and what is disliked about the c...

Market Commentary

Prices of corn, soybeans and wheat traded both sides of Tuesday’s closes before winding up with small gains by the early morning recess. The day session fo...

China In-Country Analysis

The fortunes of domestic soybean processors have steadily improved as the average crush margin grew RMB 4/MT ($0.62/MT) to RMB 103/MT ($15.84/MT) last week...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Oilseed Highlights: USDA Soy Data; Flooding in Argentina

There were some significant changes in today's WASDE estimates for the soybean sector, and flooding in a key province of Argentina will likely impact plant...

Middle East, Mediterranean and Africa Regional Analysis

USDA and other international agencies are working in Pakistan to address an issue with the wheat crop there. Meanwhile, a recent study indicates maize-prod...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Low Hope on Food to China; Price ≈ Quality

China has the largest trade surplus against the U.S. of any country, and it feeds into American animosity toward the Middle Kingdom. Low Hope on Food to Ch...

WASDE Soybeans

China's soybean demand, combined with the U.S. and South American supply situation, offer insights into the coming supply/demand dynamics. USDA's updates t...

WASDE Soyoil

USDA's updates to the U.S., Argentine, and Brazilian soyoil export situation, combined with changes to China's and Southeast Asia's import forecast, hold i...

WASDE Soymeal

Updates to the U.S., Argentine, and Brazilian soyoil export situation, combined with USDA's changes to China's and Southeast Asia's import forecast, hold i...

Market Commentary

If there is a surprising market reaction to the September WASDE, it can be found in Chicago and KC wheat futures that mostly closed around 7 cents higher d...

WASDE Wheat

The U.S. wheat export picture is changing again with the USDA's latest figures. The agency's updates to the U.S. and world wheat balance sheets offer impor...

Harvey Leads to Higher Gas Prices and Policy Waivers

The Trump administration has reacted to the disruption of Hurricanes Harvey and Irma with a temporary waiver of a statute long opposed by the ag sector and...

WASDE Corn

USDA's latest supply/demand estimates for the world's most prevalent feed grain are analyzed and the most pertinent results shown in graphical form. Histor...

The September WASDE

For the second month in a row, the 2017 U.S. corn and soybean yield/production estimates from USDA/NASS surprised the great majority of private analysts an...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

USDA Report Preview

Many in the trade are still skeptical that the corn and soybean yields can be as big as the August estimates and pre-report estimates for the September rep...

Energy Fallout; Farm Support Fallout; Reap What You Sow

The prospects for a WTO agreement on further capping domestic agricultural supports at this December’s ministerial meeting are quite slim. Meanwhile, the p...

Market Commentary

Grain and oilseed markets started mostly steady Sunday evening, but wheat prices weakened throughout the night and continued that trend this morning. Trade...

Southeast Europe Regional Analysis

The milling wheat market in Romania and Bulgaria is notably quiet as farmers prefer to keep the rest of their production in hope of higher prices later. Ho...

Amendment to Clip Crop Insurance Introduced in Senate

Crop insurance is under fire after making up for the losses of a few years ago - just in time for a record hurricane season to hit.As last reported (see Ag...

Mercosur Regional Analysis

For corn, Argentina still needs to put on program for October and December, but demand is not ready to buy at the current premiums. If this continues, it c...

Market Commentary

Corn futures traded slightly higher much of the day, but there was zero excitement with relatively light volume. All three wheat markets were also higher m...

Congress Passes Major Fiscal Package

The House followed the Senate in passing a bill that funded the government, provided hurricane relief and addressed the debt limit. However, this is only a...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Markets in Neutral

Neutral is an interesting word that means nothing’s happening, which aptly describes this week's futures market action. Next Tuesday’s USDA reports could i...

Indian Subcontinent Regional Analysis

 Market/trade reports indicate India's soybean crop this year could be 10 percent less because of the smaller planted area as well as the water damage...

Calling the Kettle Black; Beyond Belief; Harvey to Working with Dems

U.S. ethanol groups are hugely upset that Brazil has imposed import safeguards against their products and that China has gotten into large-scale production...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Market Commentary

Overnight trading saw firmer prices in the soy complex as short covering continued. Grain prices stayed close to unchanged. Early in the day session, buyin...

The Waiting Game

For now, it is a waiting game for the fall harvests. However, there can be (and are) plenty of differing opinions concerning the status of crops in the U.S...

July Export Data; Pork Slaughter Capacity; From Harvey to Irma

Pork slaughter capacity grew this week more than in any previous single year as the pace of pork exports is trending differently than in 2016. Meanwhile, t...

Socially Amok; GI Amok; Regionalization; BRICS’ Challenge

Those consternated over the EU’s Greenpeace-driven GMO policy should note the current slippery slope experience in Brussels over biofuel policy. Socially A...

China In-Country Analysis

The nationwide domestic corn price rose just RMB 1/MT ($0.15/MT) to RMB 1,664/MT ($252.47/MT) last week. Meanwhile, the estimated average utilization rate...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Prices across the board retreated a modest 1-3 cents overnight from yesterday’s higher closes, and trading seemed equally subdued after it resumed in the d...

Black Sea Regional Analysis

The Russian Ministry of Agriculture confirmed its conservative grain production forecast as the harvest in some regions may be impacted by certain conditio...

Korean Crisis; RCEP Reality; Markup Opportunity; USDA Picks

The U.S. agriculture sector was in crisis mode over the Labor Day holiday weekend after Donald Trump said he would decide quickly on his inclination to wit...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

A Mix of Bullish Influences

Aside from seasonal considerations, there are plenty of other outside influences in play that can move grain and soy futures prices, mainly higher in the s...

It’s Baaaaaack!

Congress is back after recess and facing a daunting schedule through December, which could even include the 2018 Farm Bill.After the traditional August rec...

Market Commentary

Trading in grain and soy complex futures resumed Monday evening, and prices began to firm after a hesitant start. More of the same prevailed during the day...

Middle East, Mediterranean and Africa Regional Analysis

Egypt has released an announcement regarding the allowance of 13.5 percent moisture in wheat instead of 13 percent that had been put in place to allow Fren...

Indian Subcontinent Regional Analysis

According to a recent report, India’s broiler industry is on a growth path in 2017/18. However, it is also under immense pressure from various sources as n...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Big Changes since the 5 July RFS Proposal

The comment period is closed for the 2018 Renewable Fuel Standard (RFS) volumes, and the EPA must consider the results of a trade case against biodiesel im...

Market Commentary

Corn struggled to hold even minor gains overnight and today, and it was under the most pressure, probably due to the release of two private crop estimates...

Unbeatable Combination; 800-Pound Gorilla; Hopeful; About Harvey

Some members of the European Parliament are expressing concern that the adoption of precision agriculture and other new technologies will widen the divide...

More Things to Keep You Up at Night

There were several developments and stories in the news this week that could have future market implications. Stats Canada released its initial production...

Market Commentary

Well, it finally happened! There was a broad-based rally of grain and soy prices across the board with one exception. Overnight trade was slow with low vol...

Possible Argentine-U.S. Deal to Avert Biodiesel Countervailing Duties?

Now would appear to be a good time for the Trump administration to consider offering Argentina a deal to avert imposition of the CVDs by agreeing to take a...

More Tales from Export Sales

U.S. corn exports deviation from historic patterns has implications for what exports will be in the rest of the marketing year. Analysis of unshipped corn...

Macron Goes Political; Ag Power at EPA; Fruit & Vegetable Value?

In contrast to the French goal of being leader on environmental matters, U.S. EPA Administrator Scott Pruitt made a short genuflection to the agriculture s...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Leaving Never Good; Non-Price Factors; Taxing Imports

Donald Trump has threatened three times this week to pull the U.S. out of NAFTA, but the Mexicans have a rebuttal. Separately, there are now undesired cons...

China In-Country Analysis

One particular price development helped hold the crushing margin in China relatively steady last week as the average return came in at RMB 76/MT ($11.40/MT...

Black Sea Regional Analysis

Prices for all crops on the Russian grain market plummeted with one exception. Meanwhile, Ukrainian milling wheat and feed grain prices followed global mar...

Market Commentary

Trading overnight and again during the day session were similar, while flooding from the heaviest storm-related rainfall ever to hit the continental U.S. h...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Will Wheat Market Blues Ever End?

If smaller U.S. supplies and a smaller carryout cannot stop the long-term U.S. wheat markets’ bearishness, it is fair to ask what can. Some potentially imp...

More Misinformed; Fueled Problems

Mark Twain famously said, “If you don't read the newspaper, you're uninformed. If you read the newspaper, you're misinformed.” Spin forward to today, and t...

Market Commentary

When summertime grain markets are weak due to perceptions of large crops and abundant supplies, they typically find seasonal lows during the last days of A...

Middle East, Mediterranean and Africa Regional Analysis

A Saudi consortium is said to be investing as much as $500 million in the redevelopment of 25,000 acres in one country along with what is said will be the...

Will Hurricane Harvey Lead to E15?

Could the policy response to the energy market disruptions caused by Hurricane Harvey include E15, at least temporarily?Hurricane Harvey will be the first...

Market Commentary

Hurricane Harvey is creating export challenges, but robust yield estimates keep pressuring grain and oilseed futures. The cattle and hog markets took diver...

Overproduction Support; Canadian Walls

Donald Trump has made clear that he wants to build a wall on the U.S.-Mexican border, but today the U.S. and Mexican dairy industries decided that one need...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Mercosur Regional Analysis

South American soybean prices moved lower last week, prompting U.S. exporters to take steps to remain competitive. Meanwhile, Argentine corn exporters are...

A Tough August for Corn Growers

Several factors were responsible for the corn market's August meltdown as funds were caught leaning the wrong way. Farmers and others who had been at least...

Crop Insurance Under Fire

The federal crop insurance program is coming under fire as a new GAO study and a filed amendment for the pending ag appropriations bill both propose cuts t...

Pot Calls Kettle Black; Dangerous GMOs

European Central Bank President Mario Draghi, speaking at the U.S. Federal Reserve’s annual policy meeting in Jackson Hole, gave warning against protection...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

The State of U.S. Wheat’s Competitiveness

It seems like a very long time since U.S. wheat, particularly hard red winter (HRW), was competitive in world markets, and there are many reasons why. Howe...

Indian Subcontinent Regional Analysis

In the past two years, India's poultry sector has had limited growth for reasons such as higher input prices (feed), low live chicken prices and overproduc...

Market Commentary

This was somewhat of a strange trading day, much like one before a USDA report. The market wanted to see the Farm Journal (Pro Farmer) Crop Tour’s corn and...

Debt Limit Rhetoric in Context

There has been a great deal of news coverage as well as tweeting about the debt limit and what is at stake before the end of September when the situation w...

Market Commentary

Grain and soybean futures were slightly firmer in quiet and choppy overnight trading, and price action during the day session was mixed. The changes in ope...

Cattle on Feed and Cold Storage

Last month's feeder calf placements data points to a changing supply situation for the beef market next quarter. Similarly, feedlots' fed cattle marketings...

Broken or Wrong; Dangerous or Effective; Wrong Worry

President Trump is peculiarly threatening a shutdown to extort funding out of Congress for his wall on the border with Mexico. However, that threat is flaw...

Investors and Speculators

It may be appropriate and relatively easy to distinguish between investors and speculators in financial markets. However, no matter how the terms are defin...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Trump Bluster Bust; Countervailings; Underwhelming

Donald Trump proclaiming this week that he doubts a good NAFTA update can be negotiated and that he’ll “end up probably terminating” the agreement is a sha...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Black Sea Regional Analysis

Russia's rapeseed exports showed a notable change in MY 2016/17. Meanwhile, Ukrainian milling wheat prices began to fall, mainly because of the revised USD...

Market Commentary

The U.S. Commerce Dept.'s announcement late yesterday of countervailing duties against biodiesel imports from Argentina and Indonesia was the dominant news...

China In-Country Analysis

With the new harvest quickly approaching, the market for previous years’ corn continues to experience downward pressure. However, there is also anoth...

Market Commentary

U.S. wheat supplies for 2017/18 may be down 25 percent or more, but USDA’s August forecast that world ending 2017/18 wheat supplies will climb to more than...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Middle East, Mediterranean and Africa Regional Analysis

The Egyptian Company for Agriculture and Rural Development (ECARD), a government agency, will restart its contract growing program with the main focus on o...

The Great Yield Debate of 2017

If there was one area of agreement for nearly all crop watchers, it would be that this year’s mixed-up and adverse weather made it very unlikely that 2017...

Food Fairness; Investigating is Legal; Ignominious Award

As the EU pursues a public comment period on the fairness of the food value chain, there are plenty of pitfalls ahead. Food Fairness As the EU pursues a pu...

Bulls Take Cover

Corn, soybean and wheat futures markets continued in full retreat today to start the fourth consecutive week of lower prices. All of this bearishness has l...

Southeast Europe Regional Analysis

EU wheat farmers from the Baltic States to Romania and Bulgaria refuse to sell at the equivalent of Russian and Ukrainian price levels in hope of doing so...

Will the Ethanol Sector Consolidate Next Year?

Looking at the ethanol sector, it is the classic good news/bad news scenario with the former coming in the short term and the latter occurring over the nex...

Selective Precaution; NAFTA Ambition

Nearly every global scientific organization has endorsed the safety of agricultural biotechnology. When activists invented scare stories, though, the EU wa...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Mercosur Regional Analysis

Brazilian soybeans traded at $1.70X CNF for September at the beginning of the week and moved as high as $1.81X for the same position. On the FOB market, Br...

Market Commentary

The wheat, corn and soybeans found no support to start the week with all three markets starting lower Sunday evening. Yield reports from Russia continue to...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Market Commentary

December corn futures got within a nickel of last August’s (2016) low. Some technical traders see that as the final downside objective. Meanwhile, the mark...

Can Technology Play a Role in Organic Production?

This week the National Organic Standards Board discussed emerging ag production systems and their role in organic agriculture – just as they have since 200...

Indian Subcontinent Regional Analysis

The sowing of some key commodities is down, and the major crops affected include pulses, coarse cereals and corn. There are two reasons for this, and it wi...

Thoughts from a Montana Farmer

The spring wheat harvest is quickly winding down, and a large farmer from eastern Montana recently sent some comments about his crop and what he (and his n...

Trade Progress; Bannon’s Meaning; Survey Says

It is difficult to offset the loss of the Trans-Pacific Partnership (TPP) to U.S. agriculture, but this week showed several successful outcomes from the Tr...

NAFTA Renegotiation Begins

In the U.S., there have been winners and losers under NAFTA, much as there have been in Mexico and Canada. That is the nature of trade. Perhaps the biggest...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Market Commentary

Weather has returned as the driver for soybean futures prices since recent rains missed the very dry parts of Iowa and central Illinois. Meabwhile, funds c...

Fake FTA News; Poop Data

The truth is, there is nothing unique about the U.S.-Chile FTA. Trade agreements affect trade flows, but they cannot fully explain trade balances. Fake FTA...

NAFTA Reality; Farming Reality

Many of those starting up small and local farms are first-time farmers, but it is a fad that is unlikely to last for economic and labor reasons. NAFTA Real...

Black Sea Regional Analysis

 Its grain exports are higher than a year ago as Russia completes a project in the Kerch Straight that will limit the size of vessels transporting car...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

China In-Country Analysis

Two developments last week caused China's estimated average crush margin to rise sharply to RMB 108/MT ($16.20/MT), an improvement of RMB 111/MT ($16.66/MT...

Market Commentary

Follow-through selling pushed grain and soy prices slightly lower early in the overnight session, but enough buying returned to the technically oversold ma...

NAFTA Hot Spots; S&D Duh!

As NAFTA renegotiations get underway this week, there is plenty of eye poking occurring. Meanwhile, the GAO investigated the compliance of U.S. food aid pr...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Post-Report Questions

The fact that the August WASDE pictured crop prospects in the U.S. and elsewhere in the Northern Hemisphere as being generally better than private analysts...

Market Commentary

Reverberations from last Thursday’s bearish WASDE together with the since-added prospects for rain over a good portion of the central U.S., including the v...

Middle East, Mediterranean and Africa Regional Analysis

Kenya’s National Biosafety Authority (NBA) has announced that field trials for GM maize and cotton will start in October 2017, which is contrary to the eff...

Wheat Price Collapse Hurts Three Ways

The crop revenue insurance guarantees are a very important part of a farmer’s decision-making process, and the collapse in wheat futures markets in August...

Rhetoric = Trade War

Last week the Trump administration announced it would investigate aluminum imports, and today it added China’s relative protection of intellectual property...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Cotton Wants Back in Title I of Farm Bill

Farm income data shows that cotton has been a volatile market, and the industry is pressing to get back into Title I of the next farm bill.While the farm b...

Mercosur Regional Analysis

The corn markets are still having some harvest pressure. Prices didn't move downward as expected, and exporters are still paying 2,500 ARS/MT (above $140/M...

Southeast Europe Regional Analysis

The quality of  French milling wheat is higher than normal with average protein around 12 percent, but exports are lagging quite a bit this year becau...

Market Commentary

The downdraft in wheat, corn and soybean prices continued Sunday evening and into today. The 10 August bearish USDA production estimates and the bearish te...

Do Markets Care about North Korea’s Nukes?

Kim Jong-Un doesn’t place much faith in capitalism or markets, but those markets’ performance this week indicate their own view of North Korea’s emerging n...

Death’s Recovery; Reverse Engineering; Wrong Again; North Korea

European food makers are finding out what some American brands like Sunkist learned many years ago – the Chinese will steal the names of your products. Dea...

Market Commentary

The markets stabilized overnight on decent volume following yesterday’s bearish USDA reports and subsequent price collapse. The Minneapolis wheat market th...

USDA Reports Humbling

The lesson from yesterday is one that keeps being repeated, which is that USDA reports can be very humbling. Most were left scratching their heads in disbe...

Indian Subcontinent Regional Analysis

As the GM food debate in India continues, the supply and demand gap, especially of vegetable oil, is widening, and farmers are losing money due to pest att...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

One-Way Pattern; GMOs Worse than CAFOs; Sweet Elasticity

U.S. exports of ethanol to Brazil are up 80 percent, and industry groups there have been demanding a tax be placed on the imports from America. Washington...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

The August 2017 WASDE

This month’s WASDE has maintained the August edition’s well-earned reputation for producing market-moving surprises.In a market sense, bullish and bearish...

Market Commentary

Overnight trade was quiet (as expected) with corn and wheat prices near unchanged, while soybean prices crept a few cents higher in low volume. A quick gla...

Oilseed Highlights

The Food and Drug Administration (FDA) has informed Arcadia Biosciences and Bioceres S.A. that it has completed review of the HB4 stress-tolerant soybean,...

WASDE; Japan Says No

Today’s WASDE report shows overall animal protein production revised upward for the year, and Japan imposes safeguard tariffs on frozen beef for the first...

Water versus Climate Change; Blocking Imports; Wheying Yogurt Name

The Trump administration talks a tough game on trade. When it comes to protectionism, though, it is other countries that are taking real action. Water vers...

China In-Country Analysis

With the corn harvest season in its southern region around the corner and downstream demand flagging, the average domestic corn price in China fell RMB 11/...

Black Sea Regional Analysis

While Russia's corn prices were on the rise, Ukraine's remained steady. Meanwhile, Ukrainian sunflower oil exports to one country have been notably higher...

Market Commentary

Grain and soy futures trading during both the overnight and day sessions was muted by a lack of any enthusiasm and very low trading volume. Part of the mar...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Market Commentary

Trading was subdued with the August WASDE looming Thursday at noon (EDT). There is a general sense that traders are seeking to lower risk exposure going in...

Brazil May Impose TRQ on Ethanol Imports

The Brazilian Foreign Trade Council (Camex) may place a TRQ on ethanol imports in the next two weeks that will impact U.S. ethanol producers.It is nothing...

Speculating About the August WASDE

It has been largely overlooked amidst all the focus on the U.S. corn and soybean crop prospects, but the August WASDE is likely to also contain some other...

Middle East, Mediterranean and Africa Regional Analysis

Egypt reports that the country’s foreign exchange reserves are at the highest level since before the 2011 Arab Spring, reaching $36.0 billion, and that the...

Fairness Vewed Broadly; Toxic or Benign; Killer AC

In an effort to stall participation in a “special session” with the U.S. over the terms of the current free trade agreement, South Korea is arguing that it...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Dicamba – New Soybean Issue?

The Dicamba soybean is the latest (and hoped to be the next greatest) soybean seed/chemical combination, resistant to the broadleaf killer of the same name...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Mercosur Regional Analysis

There were no trades on the Argentine soybean market last week, but offers remained around 40sX for September FOB and traded just today at +44sX FOB. Local...

Market Commentary

Markets started Sunday evening with small gains, and that’s the way they traded the entire night session in light volume. Wheat was then a reluctant follow...

Misnamed and Misinformed; Fair is Fair

The Organization for Competitive Markets (OCM) has a nice ring to its name. Like so much else in politics, though, its goal is quite to the contrary. Misna...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

More Pain

The grain market news this week seemed to be full of more stories of financial woe and disappointment at the upper levels of the industry.The grain market...

Indian Subcontinent Regional Analysis

India is set on fulfilling its fuel blending mandate and has plans to achieve up to 20 percent ethanol blending in the near future. However, there are seve...

Market Commentary

Markets were generally mixed to end this volatile, negative week that saw soybeans losing nearly 50 cents, corn a dime and wheat 10-20 cents. Both corn and...

Commodity Outlook; Internet and Innovation Inequality

Americans file four times as many patent applications as do Europeans, and part of the reason is a contrast in attitude. Commodity Price Outlook Consumer p...

No Change to Biofuel Point of Obligation

Last year the EPA denied a petition to change the point of obligation on biofuels compliance but opened a comment period to consider the issue further. In...

Why 2017/18 Will Be Different

A number of developing factors over the past several weeks suggest that the 2017/18 crop cycle will be different across the globe.Major common threads for...

Trade Policy Roundup

Canada does not want to give up its supply management programs for dairy and poultry in the NAFTA 2.0 negotiations, and now it reportedly also wants to mai...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Market Commentary

Selling pressure in overnight trading continued during the day session with November soybeans plunging as much as 22 cents to $9.555, finally filling the o...

Market Commentary

The overnight session started out with carryover selling pushing grain and soy prices slightly lower, but bargain hunter buyers soon showed up to move pric...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Black Sea Regional Analysis

Ukraine's grain exports reportedly set a new record in 2016/17, and its milling wheat prices started to drop last week on the domestic market due to the gr...

China In-Country Analysis

With the volume of imported soybeans remaining high and arrivals of new shipments continuing at a strong pace, China’s estimated soymeal inventory ha...

Free Trade and Protectionism; Retail Shakeout and Commodities

U.S. Commerce Secretary Wilbur Ross likely tired of hearing the U.S. labeled as protectionist and responded to critics via the Wall Street Journal. He char...

Opposite than Expected Tacks; Ugly Answer; Biofuel Sleight of Hand

China’s Vice Commerce Minister Qian Keming warned the Trump administration against mixing trade policy with the issue of North Korea’s security threats. Op...

Middle East, Mediterranean and Africa Regional Analysis

Kenyan farmers are saying that the extended duty-free maize import period will make large volumes of those low-cost stocks available when the local crop is...

A Few Comments That Come to Mind

It is difficult to recall a growing season in the U.S. with as much uncertainty as in 2017. Meanwhile, one potential factor in determining how this year's...

Market Commentary

It seemed to be a “get me out” market in the soy complex today as long liquidation dominated trade. Getting out involved outright selling of long positions...

Plans for the 2017 Farm Bill Defy Odds

Congress hasn’t passed a farm bill on schedule since 1990, and now the agriculture committees want to pass the next one early.Congress hasn’t passed a farm...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Mercosur Regional Analysis

The Brazilian market was slow last week as one factor pushed basis higher. Farmers were not selling soybeans, and demand was focused only on the spot for A...

Weather Threats Soften

Ten days ago, virtually every weather outlook for August looked threatening. However, changes in weather models that started last week have softened the ma...

Spade a Spade; Biofuel Bias; Less Food

Elmar Baumann of the Association of the German Biofuel Industry warns in Euractiv that the EU’s RED II policy change is designed to fail. The assumption is...

Southeast Europe Regional Analysis

The market in Romania for 12 pro (GASC quality) milling wheat remained about unchanged during the past two weeks and is offered at $195/MT FOB. Farmers the...

Court Rules Against the EPA on RFS Waiver

There is more chaos for the RFS after a Federal Court rules the EPA’s 2016 waiver of ethanol volumes to avoid the 10 percent blend wall was invalid under t...

Market Commentary

Markets were lower Sunday night on confirmation of a dry but cooler weather outlook across the Corn Belt and northern Plains. Funds then began the day with...

S&D Inseparable; Haggard Haggerty; Bullish Outlook

Under economics, supply and demand are intricately related. However, the U.S. Congress practices politics and not economics. S&D Inseparable Under econ...

Flawed Spring Wheat Tour

The 2017 spring wheat tour was held this week with the results released yesterday, but it overlooked two key elements.The 2017 spring wheat tour was held t...

Ag Review: Geopolitics and the Black Sea

WPI Agribusiness Subsector Outlook   A brief review of WPI’s past Bull/Bear calls and industry stock price performance. WPI Bull/Bear Leani...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Market Commentary

The market still isn’t ready to decide whether the general dryness over the western Corn Belt and northern Plains is enough to reduce corn yields to more b...

Indian Subcontinent Regional Analysis

India’s rice exports have been lower in 2016/17, but its non-basmati varieties are expected to do better in 2017/18 and find a market in Bangladesh as well...

Foodie Movement Focuses on Ending Food Waste

New policy initiatives to curb food waste are likely to be part of the new farm bill. Depending how far these efforts go, some big changes to long-standing...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Chicken to China; Drought in Cattle Country; Fat Rules

Lawmakers want to export U.S. broilers to China, and drought is helping liquidate the cattle herd. Meanwhile, dietary fat is in fashion again while still o...

Oilseed Highlights: Export Sales; Global Soyoil Consumption Growth

Changes in U.S. market share for global soyoil exports, along with those of soymeal, are analyzed. Results offer insight into the opportunities U.S. export...

Fundamental Food Economics; Australia/New Zealand Frustrations

Australia and New Zealand do not practice perfect market economics, but their agricultural policies can be better than many others. Fundamental Food Econom...

A Different Year Ahead

The global abundance of agricultural crops during the past four years is unprecedented and ultimately unsustainable. Change is inevitable, and it now clear...

Market Commentary

The whipsaw weather and the seeming inability of the GFS weather model to provide accurate forecasts continue to frustrate futures traders. Soybean futures...

Black Sea Regional Analysis

The Russian Ministry of Agriculture has suggested a trade-related way to decrease the storage expense for grain held by the State Intervention Fund. Meanwh...

China In-Country Analysis

U.S. sorghum prices are still quite competitive in China despite the transition there to a more fundamental supply and demand market system, and another fa...

Market Commentary

Overnight trade in grain and soy futures found prices on both sides early and then gradually climbing above Tuesday’s closes as selling interest waned. For...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

A Roll of the Dice on Crop Yields

The French Rivera meets the Midwest: Monte Carlo simulations of U.S. corn and soybean yields.The world’s most famous casino, the Monte Carlo along the Fren...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Broad Imaginations

If Donald Trump’s rhetoric matched reality, protectionism would be at an all-time high. Indeed, the warnings that U.S. imposition of Section 232 duties on...

Market Commentary

Corn and wheat rallies are likely over, while soybean futures may have more potential. Traders are watching fall hog supplies with suspicion, and the Cattl...

Middle East, Mediterranean and Africa Regional Analysis

Turkey is reported to be the destination for about 95 percent of all Ukrainian wheat bran exports in the first 11 months of MY 2016/17. Meanwhile, there ar...

E15 Bill Stalls in Senate

Legislation to approve E15 runs into opposition as the gap between ethanol production and consumption continues to widen.The Senate Environment and Public...

June Cattle Placements Set Bearish Trend

USDA’s latest beef cattle supply data could be a harbinger of bearish cattle prices into the third quarter of next year.USDA released its monthly Cattle on...

Controversial Clovis; New Rice Market; Ignoring Facts

This is a good year for U.S. rice as China has moved forward on an approval process for buying it, and now the Nikkei reports that Japanese consumers are b...

2016 Farm Income Numbers

A survey of one program's Red River Valley farm clients’ 2016 financial results provided some interesting points, but that data will likely be quite differ...

Mercosur Regional Analysis

More corn in the domestic market and a weaker Argentine peso helped send local prices lower by AR200/MT ($10/MT), which is good news for certain exporters...

Market Commentary

Friday’s weak closes coupled with a major flip-flop in weather forecasts over the weekend brought more sellers to the markets Sunday night and this morning...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Closing Futures Prices

WPI provides a summary of the week's futures price activity and the gains/losses experiences by grain, oilseed, and livestock markets. Additionally, today'...

Indian Subcontinent Regional Analysis

Corn has been a golden grain for the farmers in most states, but lower prices during harvest and higher ones for other crops may induce them to shift to mo...

Senate Ag Appropriations Bill Makes Down Payment on Farm Bill

The Senate ag appropriations bill includes funding and reform proposals for two programs that will help make the farm bill slightly easier to craft next ye...

Market Commentary

The corn and soybean markets were both bearish today on the overnight rains that were better than expected. Spring wheat futures were again soft, and some...

Drought Impact

The northern Plains drought is worsening, and the spring wheat market has reflected part of the severity and lost production. There is one element, though,...

Nice Rice Deal; Good USDA Team

The previously rumored key management team at USDA has now been formally nominated and thus headed for consideration in the Senate. Nice Rice Deal The Trum...

Global Soymeal Demand Growth in 2017/18

It is useful to occasionally take a look at the USDA forecast for growth in various commodities over the next year. This provides an understanding of where...

Market Commentary

More hot, dry weather emboldened bulls at the CBOT today. WPI’s future-implied crop yield models hold different outlooks for corn versus soybeans. General...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

Black Sea Regional Analysis

Prices on the Russian grain market kept growing overall, influenced by rising demand from one segment. Meanwhile, oilseed processors in Ukraine's central r...

Market Commentary

A sort of daily trading pattern has developed for grain and soy futures in recent days, which could be tied to the daily U.S. GFS and EU weather models in...

China In-Country Analysis

One significant factor is going to raise operating costs for the deep corn processing industry in China's northern and northeastern regions, and that will...

Closing Futures Prices

Activity in the Chicago SRW wheat market spilled over into those for HRW and HRS wheat futures. Changes in the soybean, soyoil, and soymeal futures point t...

NAFTA Objectives; Cotton Subsidies; GMO Transparency; Crooked Pointing

The White House released its negotiating objectives for NAFTA modernization, and there were mixed reactions. NAFTA Objectives Analyzed The White House rele...

Breaking Down U.S. Wheat Classes

While traders had become accustomed to a world wheat market dominated by other origins, the U.S. wheat crop in 2017 has drawn more market attention than du...

Market Commentary

Yesterday’s rather placid grain and soy futures trade was replaced by a return of the weather market overnight. Most prices for corn, wheat and soybeans qu...

Closing Futures Prices

Today's closing prices for the first six listed futures contracts for major grain, oilseed, and livestock contracts are shown along with their price change...

Middle East, Mediterranean and Africa Regional Analysis

While South Africa has its biggest maize crop in about forty years and will once again be an exporter, it will have difficulty shipping to some maize-starv...

House Budget Committee to Consider Budget Tomorrow

The House budget resolution has no specific instructions in the reconciliation package regarding spending cuts to farm and nutrition programs nor suggested...

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