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Market Commentary

The soybean story seems to be more about weather than demand. Today’s issue was that it is a Friday and forecasts can change over the weekend. Meanwhile, w...

What the HRS Market Tells Us

For traders who have become used to a price movement of 25 cents being a big deal in grain and soy futures markets over the past few years, the current MGE...

Market Commentary

Soybean futures prices are more or less following their own path and ignoring the gyrations of the wheat markets as those futures fell victim to their own...

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...

RIN Investigation; Ag Export Hearing

U.S. EPA announced a review of the Renewable Identification Numbers (RINs) system that undergirds the fuel ethanol utilization program and has issued a req...

Self-Righteous Trade; A Rose; Biofuel Cut

The U.S. dairy industry has been fighting use of the term “milk” by nondairy products for nearly 20 years, and now the meat industry is gearing up for a fi...

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

The average producer’s prices for soymeal and soyoil increased RMB 3/MT ($0.44/MT) to RMB 2,710/MT ($400.3/MT) and RMB 114/MT ($16.84/MT) to RMB 5,90...

Market Commentary

As a result of current weather forecasts, today’s futures markets seemed undecided about price direction as grain and soy prices swung back and forth in wi...

China In-Country Analysis

The average producer’s prices for soymeal and soyoil increased RMB 3/MT ($0.44/MT) to RMB 2,710/MT ($400.3/MT) and RMB 114/MT ($16.84/MT) to RMB 5,90...

Black Sea Regional Analysis

The trends in Ukraine's milling wheat, feed wheat, and feed barley markets all changed last week, influenced by the start of the 2017 harvests. Meanwhile,...

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...

More Things to Keep You Up at Night

The July 4th holiday in the U.S. typically marks the start of the most critical period of development for the corn and soybean crops, and there are several...

Record Swine Herd

USDA’s quarterly hogs and pigs report shows a record swine herd and future stability in the sector.USDA’s most recently released quarterly Hogs and Pigs re...

Southeast Europe Regional Analysis

The demand for feed wheat at current prices is difficult to find as corn is about $10-20 cheaper. In Spain, the spread between Brazilian corn and Bulgarian...

Mercosur Regional Analysis

The Brazilian market quickly became stronger last week. Two factors drove basis higher, especially in the CNF market where the most liquid position has bee...

Trade Trouble; KROUS Redux; Back to Bite; Fuel Fight

The historical criticism is that America’s economic interests have taken a backseat to national security objectives, and despite his rhetoric demanding fai...

Market Commentary

The soy complex started firm overnight on the warmer, drier weather forecasts, and Minneapolis wheat futures continued to charge ahead last night and today...

USDA Reports Positive Soybeans, Negative Corn

Today’s USDA acreage and stocks numbers didn’t contain any big surprises, but there were a few small ones.Today’s USDA acreage and stocks numbers didn’t co...

Indian Subcontinent Regional Analysis

As India rolls out its new Good and Services Tax (GST) starting 1 July 2017, the largest tax reform in quite some time is expected to possibly make Indian...

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

Soybeans had quite a trading range today, triggered by more bullish USDA stocks and acreage numbers than expected, and there was no stopping wheat in any o...

U.S. and China: Is the Honeymoon Over?

Trade talks between the U.S. and China yielded early and unexpected positive outcomes, which may now be in jeopardy.Foreign policy concerns took precedence...

Korean Curtsy; Trump Risks; WTO Agenda Outlook

The EU utilizes direct payments as a farm support mechanism, and they are considered the least distorting approach. Now, however, the CAP is under severe b...

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...

This Week’s Reports

Today's report from Statistics Canada and tomorrow's from USDA should present a good picture of how land has been planted with the major grain and oilseed...

Cattle on Feed Way Up; Independence Day Cookout Slightly Cheaper

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

Market Commentary

Overnight trading in grains and the soy complex started out slowly with mixed price action, but volume picked up and prices began to firm as traders contin...

Ag Review: U.S. Grains and the Weather Market

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

Daft on NAFTA; Inverse Trade Views

The purpose of free trade negotiations is to reduce the barriers to cross-border transactions, but some want to use the “modernization” of NAFTA to actuall...

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 once again fluctuated insignificantly in RUB expression, but they decreased in USD expression as the ruble continued to weaken. Meanwh...

Market Commentary

The looming USDA reports and weather uncertainties are combining to constrain trading in grain and soy futures. The general quiet trend continued during to...

China In-Country Analysis

Last week’s landed price of imported soybeans dropped $14/MT to $387/MT even as the yuan fell slightly against the U.S. dollar. That lower cost, howe...

Market Commentary

Grain and soy futures prices firmed in rather active overnight trade, and a similar pattern followed in the day session. Shrinking spring wheat production...

Middle East, Mediterranean and Africa Regional Analysis

Turkey is seeking changes to its customs union with the EU. Industrial goods are currently covered, and there is talk of possibly adding agricultural produ...

House Appropriators Release Ag Funding Bill

Tomorrow the House Appropriations Committee’s subcommittee on Agriculture will consider farm and food program spending for FY 2018.The House Appropriations...

2017/18 U.S. Wheat Outlook

A great abundance of wheat supplies in the U.S. and a record-large volume in the world were the dominant features in 2016/17 that resulted in relatively lo...

EU-Japan; NAFTA +/-; Kowtowing; Budget Bobbing

EU negotiators are reportedly anxious to close a free trade agreement with Japan. Meanwhile, a report by the Congressional Research Service identifies the...

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...

232; Modi Monday; By Christmas; Don't Say Doha

The Trump administration is expected to release its Section 232 report late this week. The U.S. agriculture community is concerned that extrajudicial actio...

Status of Barley and Oat Crops

The focus on the northern Plains drought has been on its potential impact on hard red spring wheat production, and that is important for several reasons. H...

Market Commentary

Corn, soybeans and Minneapolis wheat futures traded higher overnight, while KC and Chicago wheat traded lower. Markets then traded slightly higher all day...

Mercosur Regional Analysis

Brazil’s soybean market is rebounding after weeks of weakness, and soybean production estimates are finalized in Argentina. Soybeans Brazil Brazil’s market...

Southeast Europe Regional Analysis

The GASC purchased 55,000 MT of Ukrainian wheat and 120,000 MT of Romanian origin last week, paying $207-209/MT CNF for 25 July-10 August shipment. There w...

Border Adjustment Tax Idea Is Fading

Two of the top leaders in Congress, the speaker and the House Ways and Means Committee chairman, are running into stiff opposition to their border adjustme...

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'...

Market Commentary

It is tough to have a corn or soybean rally in June when temperatures are below normal and there is at least some precipitation in the forecast. Wheat, led...

Indian Subcontinent Regional Analysis

The overall sowing of pulses crops in India is down 33.74 percent as of 23 June versus a year ago. Farmers are facing challenging planting decisions as som...

Wheat Keeps Getting More Interesting

As spring crop ratings plunged again last week and hard red winter wheat protein levels continue to be a concern, issues with wheat production outside of N...

Trump on Ag: Rhetoric and Reality Gap

President Trump gave a speech in Iowa this week focusing heavily on ag, especially biofuels issues, but it is what was between the lines that raises some c...

Distrust; TTIP Phoenix; Self-Flagellation

Japan is cool toward a bilateral free trade agreement with the U.S. after Prime Minister Shinzo Abe expended his political capital last year on the TPP. Ne...

Selective Free Trade; GMO Suit; Salty; Local

EU leaders have spent ample time criticizing the “America First” message of Donald Trump and proclaiming faith in free trade, but their message will be dif...

Cattle on Feed; Fat Fight

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

Market Commentary

The decline of corn and soybean futures prices in overnight trading accelerated during the day session as the July contracts for both moved below technical...

New Season for USDA Reports

On 30 June, the new season of USDA reports gets well underway. USDA may have a longer history of reporting on world agriculture than any other entity, and...

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...

Market Commentary

Trading volume overnight was better than might be indicated by the lack of price movement, but it was unimpressive during the day session. Later during the...

Black Sea Regional Analysis

Ukraine's milling wheat prices continued to decrease on the domestic market during the week of 12-16 June, reflecting the end-of-season trend. However, exp...

China In-Country Analysis

Two factors enabled the Canadian pork industry to greatly benefit in the past year from a surge in exports to China, hitting a record of nearly 314,000 MT...

Middle East, Mediterranean and Africa Regional Analysis

Experts in South Africa are saying that the bumper 2017 grain crops will lead to lower prices for dairy products, meat and other grain-dependent items. Bec...

An Important Three Weeks

While the grain and soy complex markets have already been in the early throes of a weather market, the next three weeks will provide a wide variety of fres...

Regulating Food; License; African Contrasts

Efforts to reduce consumptive diseases has produced a slew of regulatory responses, including labeling, taxes and educational efforts. However, a study com...

Market Commentary

Corn and soy complex futures traded rather quietly overnight with minimal price changes. However, wheat prices moved higher again. During the day session,...

Ethanol Stocks and Exports Up, Domestic Use and Margins Down

Driving demand for fuel has been slower than expected so far this year, and refinery runs are increasing. This means exports and inventories of petroleum p...

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...

Is U.S. Weather the Only Game in Town?

Markets have been concentrating on the start to the U.S. growing season, and that will continue to be the dominant market factor for the next 30-60 days. H...

Mercosur Regional Analysis

Old crop wheat prices have been depressed for months now, mainly due to exporters’ big long positions and slow, small Brazilian demand. Argentine wheat is...

Market Commentary

It was interesting that corn’s losses were being blamed on a better weather outlook, but that same forecast didn’t push soybeans lower. The soy complex was...

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...

Narrowing the Fed’s Balance Sheet

In addition to raising the federal funds rate at its 13-14 June, the Federal Reserve addressed the issue of how it will roll off its massive holdings of se...

Southeast Europe Regional Analysis

The Bulgarian feed wheat price has increased sharply since last week as it followed the MATIF wheat futures rally. Consequently, the spread between that an...

Where Ag Finds Itself on Trade

Who could have predicted the situation in which the U.S. ag sector now finds itself with Mexico and China?As the saying goes, “Don’t judge a book by its co...

Market Commentary

Minneapolis wheat futures took the lead again in overnight trade, and that pattern followed through at the day session opening. The uncertainty today was t...

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'...

State of the Food Economy

Word that Amazon is buying Whole Foods sent shock waves through a food industry already wobbling from the enormous changes being incurred. First and foremo...

It’s Weather Time

It is now past the prime reproductive period for small grains (spring wheat, durum, barley, oats, etc.), and the critical weather period for corn and soybe...

Indian Subcontinent Regional Analysis

The federal and state governments have been unable to buy grain/oilseeds/pulses at the declared MSP, and GOI wants the private sector to lower the prices o...

Milk Shake; Beef Hurdles; NAFTA Issues; Shorts

USDA Secretary Sonny Perdue appeared to be referencing the ultrafiltered milk issue when he stated that Canada’s dairy processing schemes were key to the f...

2016/17: A Year for Exports

The U.S. contributed to the world production records in 2016/17 by harvesting its own record corn and soybean crops. Also impressive has been the continued...

Market Commentary

Overnight losses were gradually reduced during the day session. Today’s futures market price action suggests that traders are still concerned that hot, dry...

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; COOL; Cattle Outside of Feedlots

One of China's requirements in its agreement regarding U.S. beef shipments is traceability, and Senator Jon Tester (D-Montana) has noted this is a model fo...

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

Although China’s yuan continued to gain ground on the U.S. dollar, last week’s landed price of imported soybeans rose $5/MT to $402/MT. The ave...

Black Sea Regional Analysis

Ukrainian sunflower seed oil prices fell on the domestic market and remained stable on the export market, influenced by two developments. Meanwhile, grain...

Market Commentary

Wheat markets tried hard to keep the rally going today, but the effort ran out of steam in the face of light selling from recent longs taking profits. Corn...

Unsustainable Splintering; Farm Policy Splintering; Robotic Benefit

The U.S. rural credit entity Farmer Mac issued its quarterly report called The Feed, which indicates that wage rates have risen faster in production agricu...

Middle East, Mediterranean and Africa Regional Analysis

The latest USDA/FAS report is projecting Turkey’s 2017/18 soybean imports will be up by about 400,000 MT over 2016/17 forecasts of 2.45 MMT. Domestic produ...

Market Commentary

Grain and soy prices moved higher across the board overnight as several developments caught traders' attention. Their reactions were tempered, however, by...

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...

Details of U.S.-China Beef Deal Reached

The beef industry is still reviewing the new regulations for resuming shipments to China, and that analysis will lead to assumptions about export volumes n...

Outlook for U.S. Spring Wheat

Grain and soy market futures prices have mostly been moving up or down for the past two weeks, and the star performer has been MGEX spring wheat futures. B...

Southeast Europe Regional Analysis

The Egyptian GASC purchased 240,000 MT of Russian wheat and 120,000 MT of Romanian origin over the weekend, paying $204.02-206.40/MT CNF for 10-20 July shi...

House Ag Committee Dubious About Eliminating Food Aid Programs

The president’s budget proposed draconian cuts to international food aid programs, but Congress is skeptical.The president’s FY 2018 budget proposal (see A...

Mercosur Regional Analysis

Based on CNF prices, Brazil's soybeans traded for June at $1.06N China and for July at $1.17N. Eexporters there are checking export margins daily to determ...

Import Substitution; Biofuel’s Contribution; Hunger’s Roots

Encouraging domestic production is better than imposing import barriers, although relying on the market and comparative advantage is even better. Import Su...

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...

Weather Market Vagaries

Markets were down rather hard today. They started lower in the Sunday evening session, and those losses accelerated once today’s trading session got underw...

Market Commentary

A little less heat and perhaps a bit more rain coupled with a slightly bearish USDA supply/demand report last week brought sellers to the soy complex today...

Uninspiring USDA Reports

Not much inspiration was expected from today’s USDA reports, and that’s exactly what they delivered. However, there are a few important factors to keep in...

Indian Subcontinent Regional Analysis

Minimum Support Prices (MSPs) have been increased in each of the three years of the Modi government. While perhaps a good political tool, these higher pric...

Political Economy; Consolidation; Impeachment

8 June was quite eventful with the Conservative government of Theresa May taking a beating in the polls and Donald Trump, whether he realizes it or not, bl...

Higher Number of Smaller Cattle Impacts Beef Production

How much longer will cattle trend toward lighter slaughter weights?Today’s WASDE report lowered earlier estimates of total 2017 beef production based on li...

Market Commentary

After being lower overnight, the market was kept tentative today by that along with a few other issues. In addition, it must be remembered that this is Fri...

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'...

Unlocking Infrastructure; Weighing Food Aid

The lock and dam system in the U.S. is a crumbling mess, and the industry has been split on how to fix it. Whether or not Trump’s plan breaks that divide,...

Transition and Turmoil

The first week of June is usually when grain and soy markets shift their attention to the growing of U.S. spring-sown crops, a transition that has been tum...

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

The grain and soy market’s bullish drumbeat continued to roll overnight. Prices then moved still higher as trading resumed during the day session, and MGEX...

Black Sea Regional Analysis

Russian grain prices mostly remained unchanged or grew slightly as Ag Minster Aleksandr Tkachov revised his 2017 grain production forecast on 1 June. Meanw...

Balkanized Food; Projected Welfare

Donald Trump receives ample criticism from Europeans for his “America First” proclamations, but the only difference is his transparency since n...

China In-Country Analysis

China's average domestic corn price remained steady at RMB 1,670/MT ($245.23/MT) last week, but that market is facing mounting pressure with more state-res...

Market Commentary

There is no doubt that we are in a full-fledged weather market just now, one that developed rapidly enough to catch noncommercial shorts. When July corn pu...

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...

U.S. Sugar Industry Abandons Deal with Mexico

Despite a detailed agreement that addresses almost all U.S. concerns over Mexican sugar imports, the U.S. industry does not support the pact.U.S. Commerce...

Wheat on the March

Old habits are often hard to break, but bearish fund managers are undoubtedly becoming nervous about their short wheat positions and probably with good rea...

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; Sunseed Production; New Palm Oil Varieties

The company SMART Tbk has developed two new clones of oil palms via conventional breeding techniques, and they have been shown to produce much higher yield...

Middle East, Mediterranean and Africa Regional Analysis

It is being suggested that most of South Africa’s possible 3 MMT of maize exports this year will be used in East Africa, although some countries there will...

Market Commentary

The overnight session was relatively quiet with barely average trading volumes and prices that were mixed but without much change. Then today it was the su...

USA versus PRC; Taxes before Building; Sugar Solution

Former five-time Malaysian Prime Minister Mahathir Mohamad contradicts Donald Trump by saying that the remaining countries in the Trans-Pacific Partnership...

Market Commentary

The week started with a wildly unexciting day in the markets. News was scarce, as the price movement verified. The widening drought across the northern Pla...

Mercosur Regional Analysis

The Brazilian soybean market has moved even further into the spot positions. As exporters need to use their facilities, several trading houses went short b...

NAFTA Sweeteners: Let’s Make a Deal

After nearly two-and-a-half years of trade negotiations over sugar, last month the U.S. commerce secretary put a hard deadline on the talks. A deal now app...

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...

Spring Wheat Supplies Getting Smaller

Weather is quickly starting to raise concerns about the northern Plains spring wheat production potential, and the simple explanation is that it has become...

Asia’s Trump; Science Battle; Trade and Emission Rhetoric

Donald Trump was elected as the anti-establishment candidate in the U.S., and now Moon Jae-in is fulfilling that role as the new leader of South Korea. His...

Southeast Europe Regional Analysis

The Black Sea market remained about unchanged last week for the old crop and about $2 firmer for the new crop. Two factors have helped the July/August pric...

Market Commentary

Markets were quiet much of the Thursday night session, but they gained a little steam early this morning and closed higher. USDA's announcement of a sale t...

WTO Changes; #1; Psychoanalyzing Trump

Donald Trump declared the WTO a disaster, and U.S. Trade Representative Robert Lighthizer says he wants to fix it. However, it is other members who are mov...

Economic Data for the Fed to Consider

A summary of positive economic data will be on the agenda for the Federal Reserve’s June meeting to decide on further interest rate hikes.The Federal Reser...

The Gospel According to Crop Ratings

USDA's weekly crop ratings report can  be a valuable tool if market participants use them as a guide and not as a scientifically factual, reliable yie...

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

GOI's notification of a new ban on the trading of cattle for slaughter is impacting a number of sectors in addition to farmers' income. There has been oppo...

Interstate Barriers; Thank Trump; Product Evolution

Donald Trump pulled the U.S. out of the Paris agreement, and now states, municipalities and companies are declaring their own effort to reduce emissions. I...

Record Cattle on Feed; Holy Cow: Indian Cattle Ban

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

Market Commentary

One need only look at today’s price action to determine that markets had very little to trade on other than a generally improving weather outlook into mid-...

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 Changing Grain Business

The grain business has substantially changed in many ways over the years, some of which can make achieving satisfactory profitability more difficult and co...

Market Commentary

Although it may lack much long-term significance, yesterday's weekly crop condition report finally gave markets something to trade on. Soybean futures trad...

News Interpretations; Doud; Impeachment; Consolidation

A decision by the U.S. Supreme Court  regarding ink cartridges could have implications for GM seeds and many other products, and its refusal to hear a...

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

Turkish exporters are insisting that all Russian agricultural products be limited to 20-25 percent of the total volume of imports because of one specific c...

China In-Country Analysis

As China continued to intervene in its currency market, the cost of imported soybeans fell by $2/MT to $404/MT last week. Meanwhile, changes in the average...

Market Commentary

Grain and soy markets turned slightly weaker as trading resumed last night. That continued into the day session this morning, and it soon accelerated under...

E15 Answer to Shrinking Ethanol Market

Looking ahead over the next eight years, it becomes clear that there will be less gasoline used in the transportation sector, which in turn means less oppo...

The Trending Summer Season

Each Memorial Day holiday marks the beginning of the U.S. summer growing season for spring-planted crops, and there are several observations related to cer...

Reading Between Merkel-Trump

The transatlantic war of words is unsettling, but it is long overdue. Germany previously ignored the all too subtle Obama administration’s request to meet...

Middle East, Mediterranean and Africa Regional Analysis

The Zimbabwean government is pushing ahead with plans for mandatory food fortification beginning 1 June 2017, including maize and wheat flour. Millers are...

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...

Transatlantic Discussions; Currency Adjustment

The People’s Bank of China tried to use a more market-oriented approach to tying the value of the yuan to the U.S. dollar, but that is changing. Transatlan...

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

An increase in the MSP for pulses incentivized farmers to expand their plantings, and 2016/17 production is projected at a record 22.4 MMT. However, those...

Barley Now A Specialty Crop

Barley acres have taken a significant brunt of the corn and oilseed acreage expansion in the U.S. and Canada, and there are a number of reasons why.The U.S...

Market Commentary

Corn and wheat were slightly higher overnight with the soy complex slightly lower. Those trends continued today, but the changes then became noticeably lar...

Trumped Agenda; Ignore the Previous; Political Animals; China Cynic

China’s Commerce Ministry has issued a report on trade relations with the U.S. and publicizes the government’s commitment to increase imports from America...

U.S. Winter Wheat Issues

With tightening supplies of HRW and concerns about new crop quality, it is reasonable to ask what is going on in the KC HRW futures market.U.S. winter whea...

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

Grain and soy futures prices edged slightly higher in quiet, low volume overnight trade. The slight overnight firmness evaporated first on indications of i...

China In-Country Analysis

Entering the fourth week of the current round of state-reserved corn auctions, total sales of over 10 MMT have exceeded market expectations. Meanwhile, the...

Black Sea Regional Analysis

Ukraine's  milling wheat prices fell across both the domestic and export markets for several reasons, a trend followed by its feed wheat prices. Meanw...

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...

Kill People, Save Bugs; Consumer Miscalculation

Farmer and seed producer Mark Scholl spoke today at a Farm Foundation forum on food and agriculture regulations, lamenting that it now takes nearly twice a...

Market Commentary

The day’s most active futures market was MGEX spring wheat. With building evidence that this year’s HRW crop will likely be unusually low in protein conten...

Trump Submits Budget Plan with Farm Bill Reforms

The 2018 Farm Bill debate just got a jump start with the submission of the president’s budget plan that includes a number of related reform proposals...

Middle East, Mediterranean and Africa Regional Analysis

Egypt’s GASC has raised the minimum protein requirements on its wheat tenders, and some indicate this may be a problem for one particular origin. Meanwhile...

Market Commentary

In true “Turnaround Tuesday” fashion, soybean, corn and wheat futures gave back all of Monday’s gains plus more. Soymeal futures fell about $1.50, and soyo...

Taxicology; Adriukaitus Grows; Bittman Bitter

U.S. tax reform has caused fissures within fissures, and the House leadership’s border adjustment tax (BAT) is notably front and center with the effect on...

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...

Uncertainties Ahead

Agricultural futures markets live for and exist on uncertainty since that is what creates volatility, which is their lifeblood. All the usual sources of do...

The Complexities of Wheat

Wheat has been the whipping boy of the market for the past several years and the short leg of every spread. Unlike corn and soybeans, which are the same ar...

Market Commentary

Markets traded steady to slightly higher overnight in average volume. Additional buying surfaced at today’s openings, taking wheat, corn and soybeans to mo...

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...

The Trump Budget’s Unusual Unveiling

The Trump administration’s FY 2018 budget proposal is expected this week, but the lack of political marketing is curious.The White House is scheduled to re...

Mercosur Regional Analysis

Argentine farmer selling stands at around 20 percent of the crop. However, the market dried up after the Brazilian political scandal moved the CBOT lower...

Ag Review: China's Soyoil Problem

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

Indian Subcontinent Regional Analysis

As India transitions into the new Goods & Services Tax (GST) regime to be rolled out 1 July, the tax rates for various goods have been announced. Meanw...

Market Commentary

CBOT soybean prices recovered today as political fears in the U.S. and Brazil were calmed. Wheat futures were higher, and one can now logically make a bull...

Are Lower Broiler Exports to OPEC an Object Lesson for NAFTA?

Lower oil export earnings for OPEC countries have affected U.S. broiler exports; is there a lesson for the NAFTA renegotiations?We’ve long argued that the...

Complex Agenda; Muddle and Muddle; Quote of the Week

While the Trump administration notified Congress this week of its intent to renegotiate NAFTA, starting a 90-day window before the talks begin, trade polic...

Corn Bullish – Maybe?

The corn market has been clearly bearish with analysts talking about record supplies amid increasing world production and greater competition for export sh...

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'...

Green Waste; NAFTA Nonsense; Chocolate; Stocks; Obvious

After ruling out imposing tariffs on ethanol imports from the U.S. due to concerns about retaliation, the Brazilian government will require that importers...

Trading Politics

Commercial and noncommercial traders are accustomed to the difficulties and uncertainties involved in trading agricultural futures markets. However, all th...

Market Commentary

The tale of two presidents and their political problems has dominated grain and soy complex markets for the last two days, and they have had a notable impa...

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...

Chinese Chicken; Cheese Please

One lawmaker’s concerns over chicken imports may be a hurdle for U.S. beef access to China. Meanwhile, its growth in exports shows cheese is a new trend in...

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

Commodity markets were supported in general by the sinking U.S. dollar, which hit a six-month low today and has now given back its entire post-election ral...

Black Sea Regional Analysis

Russia's domestic grain prices continued to drop (in RUB) across most regions, and grain exports from its seaports during 5-11 May were significantly lower...

China In-Country Analysis

Although China's landed price of imported soybeans fell $2/MT to $411/MT last week as the national inventory climbed slightly, another factor pushed the do...

Rural Downgrade; Facebook Science

USDA Secretary Sonny Perdue should find it easy to explain his proposed removal of the undersecretary for rural development position and budget cutting, an...

A Fundamentally Mixed Bag

The supply side of the 2017/18 U.S supply/demand balance is being molded by crop production prospects. However, the demand side is being fashioned by quite...

Market Commentary

Grain and soy futures trade was either dull as dishwater or exciting, depending on what one’s interest might be. KC wheat was a bit more interesting today,...

Ethanol Industry’s E15 Game Plan

The ethanol industry’s regulatory and legislative strategy to gain approval for E15 either by regulation or legislation is outlined.While E15 has been gene...

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

To protect its local crop, Morocco has reintroduced a significant tariff on soft wheat imports until the end of 2017. As in the past, tariff levels will be...

So Special; Science Disrupters; Wisely Beyond Friends

Demands by NGO groups in Europe to “fix the broken CAP” proved too much for even Phil Hogan, the most civil EU farm commissioner. So Special Demands by non...

Soybeans Bullish – Seriously?

The soy complex continues to be the energizer of agricultural markets. However, Its rallying would seem to be impossible in the face of another record worl...

Mercosur Regional Analysis

Low demand is the main reason for the lack of movement in Argentina's FOB corn market, and there are a few factors causing domestic and Brazilian consumers...

Southeast Europe Regional Analysis

The wheat market in Romania and Bulgaria was quiet last week without any trades reported. Some parcels of both origins' 12.5 percent wheat are offered in t...

Singapore Silly; Wrong-Way Ag; Tuna Test; NAFTA/Commodities

The world’s third-largest financial capital and the country with the world’s second-largest volume of external trade per capita doesn’t trust trade. How el...

Market Commentary

Corn and wheat markets were under some selling pressure in the Sunday night session with soybeans slightly higher on very light trading volume. Selling the...

China Opens to U.S. Beef – for Real This Time

The U.S. and China have reached a trade deal, which includes U.S. beef access to the Chinese market for the first time in almost 14 years. What can be expe...

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...

Indian Subcontinent Regional Analysis

With a goal of doubling Indian farmers’ income by 2022, agriculture needs land reforms. This will require an increase in productivity and a move away from...

Market Commentary

USDA's friendly wheat and soybean estimates weren’t enough to spook the funds to cover lengthy short positions. They headed into this weekend short wheat,...

Channeling Le Trump; Real Deal; Pungent Policy; Day Late

Much of U.S. agriculture has been hyperventilating that Donald Trump is going to get into a trade war and the resulting trade retaliation is going to hurt...

Very High Benchmarks – Can They Be Reached?

USDA’s May reports contained yield and production estimates for spring crops still being planted, so there are several important items to watch and conside...

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

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

Soybeans were a few pennies higher in overnight trading, while corn futures hung around just below unchanged. During the day session, however, prices for b...

Trends and Consequences

While USDA's 2017/18 projections of early May are vulnerable to a multitude of moving variables that will ultimately determine the actual outcome, they can...

Oilseed Highlights: WASDE; China Soybean Update

USDA’s WASDE report of yesterday included some interesting changes to the oilseed sector forecasts for 2016/17 as well first projections for 2017/18 that a...

Policy Mélange

U.S. wheat will plunge 21 percent this year to the lowest level in nearly a century. The industry blames foreign trade barriers for its plight, but there i...

WASDE Recap; Nervous Cattle Markets

The May WASDE trimmed red meat and poultry production estimates but raised them for 2018. Meanwhile, cattle futures are deescalating quickly amid broad mar...

Money and Hypocrites; Shrinking Yield Folly; Nanny NaNa; Rigged

Overcoming their geopolitical concerns in the region and lingering animosity over WWII atrocities, the finance ministers for China, Japan and South Korea m...

The May WASDE

Although some of the 2017/18 projections varied from trade expectations, today’s WASDE did not offer anything of a serious market-moving nature. Neverthele...

China In-Country Analysis

China’s domestic corn market remained solid last week despite ongoing pessimism over the quality of the auctioned state-reserve corn. There are only...

Black Sea Regional Analysis

The Russian holidays of 1-2 May and 8-9 May will influence grain prices, although market reaction will be delayed. Meanwhile, there were two other developm...

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

China’s domestic corn market remained solid last week despite ongoing pessimism over the quality of the auctioned state-reserve corn. There are only...

Market Commentary

Today’s WASDE with its projections for 2017/18 did not generate much market excitement. As might be expected, though, the corn market showed the biggest re...

Market Commentary

Overnight trade seemed paralyzed by the prospect of Wednesday’s May WASDE. Markets then perked up some during the day session with a little more price acti...

Pork Farrow-to-Finish Forecast

This will again be a record year for pork production, but the impact of that along with more pigs and hogs is not as bearish as it may seem.This will again...

Sweet and Pesticide Battles; EU Policy Clash; WTO Impasse

The election of Emmanuel Macron to the French presidency was viewed as a vote of support for broader Europe, but that doesn’t mean a lack of policy clashes...

Middle East, Mediterranean and Africa Regional Analysis

Millers in Kenya are saying that they have not purchased all of the government’s released maize because of one cost-related issue. Meanwhile, the governmen...

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...

On With the 2017/18 Crop Cycle

USDA’s May WASDE is always interesting and, dare we say it, entertaining. Besides the usual old crop (2016/17) updates of U.S. and world supply/demand bala...

Market Commentary

U.S. agricultural markets opened steady Sunday evening before gradually turning slightly easier on light volume. They then became markedly lower this morni...

USDA’s May Reports – More Questions than Answers?

USDA's May series of reports will be released this Wednesday. These represent its first attempt to project the supply/demand estimates for MY 2017/18 and a...

Competitiveness Agenda

The days when governments controlled the sale and purchase of commodities are long past. Moreover, certain tools of that era have either been eliminated or...

Southeast Europe Regional Analysis

Algeria announced a tender today for July shipment, and the most likely origins are France, Germany and the Baltic. While the Black Sea new crop wheat 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...

Mercosur Regional Analysis

The Brazilian soybean market showed huge movement during the past few weeks, especially in the June position. The interesting dynamic has recently been the...

Nose Cutter; Prohibition; Talent Loss

Mexican Senator and presidential candidate Armando Rios Piter has a way for his country to regain its dignity in the face of insults from Donald Trump: buy...

Market Commentary

The one-day weather scare in wheat and the cold weather/planting issues across the Corn Belt didn’t alter the funds’ bearish stance. Meanwhile, the soy com...

Indian Subcontinent Regional Analysis

While India's edible vegetable oil imports are down and oil exports are up, reducing its forex exposure, the country will continue to depend on those parti...

Rough Night in Jericho

Rough Night in Jericho is the name of an old western movie. As the title implies, things didn’t go as expected, and so it was with the wheat market this we...

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'...

Biodiesel Dumping Case Moving Forward

The USITC is considering punitive duties after finding “reasonable indication” of economic harm from Argentine and Indonesian biodiesel imports.The United...

Rapid-Fire Summaries

U.S. Commerce Secretary Wilbur Ross says that concessions agreed by the NAFTA partners during TPP negotiations can serve as a starting point for updating t...

Questions Seeking Answers

Every business enterprise faces a changing multitude of questions, and agriculture is no different. Some of the questions, though, are a bit different this...

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

There was widespread weakness in many commodity markets today with grain and soy complex futures joining the march toward lower prices. Overall trading vol...

A Week Full of Crazy: Snowflake Edition

Last week was fully of crazy news for the livestock and meat sector with much of it involving snowflakes, both real and of the college variety. Blizzard Sn...

China In-Country Analysis

According to China Customs data, 181,900 MT of pork were imported in February, an increase of 153.8 percent compared with the same month a year ago. The on...

Black Sea Regional Analysis

Prices continued to drop overall on the Russian grain markets, although there were slightly different patterns in a few regions. Meanwhile, Ukrainian grain...

Financial Stress; TTIP Lite

The attorney general for the state of New Mexico has launched a political witch hunt into beef processing companies, claiming ranchers are hurt by their si...

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 during the day session was quiet, and price action was choppy. The corn market does not seem to know what to do, so it trades narrow ranges in whic...

Flawed; Sour; Wrong; Double-Dealing; Implications

Japanese Deputy Prime Minister Taro Aso had earlier warned that the U.S. might not get as good a deal bilaterally with Japan than it would by simply rejoin...

A Few Random Thoughts

As the new month begins, there are a number of concerns and issues related to agricultural production and/or trade.We begin the Merry Month of May, as the...

Middle East, Mediterranean and Africa Regional Analysis

Iraq’s Kurdish wheat farmers are very upset that the government only intends to buy 500,000 MT of their 1.8 MMT production. The government says that it doe...

How Sugar Could Spark NAFTA Renegotiations by June

The U.S. has set a hard deadline on the U.S.-Mexico sugar trade talks, backed up by a possible re-imposition of duties on Mexican sugar. Will that be the d...

Market Commentary

Overnight trade of grain and soy futures was not quite as frenetic as yesterday. Corn futures then traded in about an 8-cent range today, mostly to the red...

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

The funds started this week with a record-large short position in wheat, a big short in corn and moderate-to-small short positions in soybeans and soymeal...

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

Farmer selling of corn in Argentina is still very slow and centered on nearby delivery months as well as expensive versus FOB prices. Exporters are paying...

Congress Strikes Deal on Government Funding Package

Congress has struck a deal on a funding bill to keep the government open through the end of FY 2017, and it also addresses many ag policy issues that WPI h...

A New Month, A New Market

Funds increased all their short positions last week in the face of what looked like a bullish weather outlook over the weekend. While it will be several we...

Ignorance and Contradictions

Newly-minted USDA Secretary Sonny Perdue needs to tell his Commerce Department counterpart Wilbur Ross to mind his own portfolio. Meanwhile, former USDA Se...

Southeast Europe Regional Analysis

The market in Spain was quiet last week with local old crop barley being the cheapest available feed grain. The feed wheat there is competitive versus corn...

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 U.S. Economy in March

How will the economy’s performance in March impact domestic food demand?Economic data for March has been compiled, and it shows a solid performance. That s...

More Things to Keep You Up at Night

There are a number of issues, many weather-related, currently affecting crops in the U.S. and around the world.The Kansas wheat crop quality tour will take...

Market Commentary

Markets were mostly steady overnight with KC wheat higher. Soybeans traded with 1-2 cent losses much of the day and made a run at unchanged in the last few...

Indian Subcontinent Regional Analysis

The federal government has issued recommendations for replacement of the old Agricultural Produce Market Committee (APMC) Act. The aim is to remove the mid...

Volatility and Growth; Money, Money, Money; Crops and NAFTA

The future of Transatlantic Trade and Investment Partnership (TTIP) negotiations remains uncertain given the ample number of distractions in both Washingto...

Market Commentary

Trading was notably quieter overnight and today than has been the case during much of this week. While obviously nervous, markets are not quite sure what t...

Trump’s Flip-Flop on NAFTA Withdrawal

A look at what is at stake for the meat, livestock, poultry and dairy sector with regard to NAFTA as well as if/how it might be renegotiated.As Gary Blumen...

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...

Ag Review: Can Exports Save the Dairy Industry?

  WPI Agribusiness Subsector Outlook    WPI Bull/Bear Leanings for Agribusiness in 2017 A summary and graphical depictions of WPI’s ex...

CFTC-SEC Merger Proposal Rises Again

This merger concept tends to materialize in the wake of real or perceived financial crises, and it is being heard once more following the election of a hig...

G-33 Miscalculates; Winners and Losers; Right and Wrong

The Group of 33 developing countries complained in Geneva that the Uruguay Round imposed “inequities and imbalances” between rich and poor countries. ...

Black Sea Regional Analysis

Ukraine's domestic crude sunflower oil prices remained stable last week with current offers within $820-832/MT EXW. However, they are likely to start falli...

NAFTA Threat; Digitized Future

Withdrawing from NAFTA could lead to a trade war that will harm agriculture, and former Farm Bureau President Bob Stallman today emphasized a focus on impr...

China In-Country Analysis

China’s average domestic corn price rose RMB 14/MT ($2.03/MT) to RMB 1,632/ MT ($237.20/MT) last week, driven by tight supplies of new corn and sever...

Market Commentary

The day session saw trading volume fade some as the market tried to hang onto yesterday’s gains. There was more fund short covering in wheat, and those mar...

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

All the potential weather adversity has seemed to finally awaken fund managers holding huge short futures positions in Chicago wheat and corn as well as a...

Middle East, Mediterranean and Africa Regional Analysis

The MENA region has been the major destination for Black Sea wheat, but more of it is expected to flow elsewhere because of one development. Meanwhile, rep...

Ag Weighs in on Tax Reform

Congress and the administration are preparing tax reform proposals to be considered this year. In that regard, the House Agriculture Committee convened a h...

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...

Confirmation Bias; Jousting Northward; Corn Irony

The Trump administration imposed punitive duties on softwood lumber imports from Canada, and some see it as an opening offensive ahead of NAFTA renegotiati...

Increasing Market Volatility

The signs of budding potential weather scares are already beginning to show, and it seems quite likely that this will be another year when futures price vo...

A Few Surprises in Canada’s Acreage Estimates

Stats Canada released its first planting intentions estimates for 2017 last Friday, and there will be some enormous acreage swings in the U.S. neighbor thi...

Market Commentary

One would typically assume a slow planting pace coupled with what appears to be a very wet forecast would be supportive to corn and negative to soybeans. H...

Cattle on Feed Report: Record-High Placements for March

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

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...

Exchanging Youth; Wishy-Washy Standards; Circumstance Informs

The recent U.S. National Organic Standards Board meeting reportedly ended in confusion, revealing how the use of subjective standards gives rise to philoso...

Mercosur Regional Analysis

The Argentine soybean market was very active last week as four cargoes were traded, two CNF and two FOB. One full May shipment was traded at $0.98N CNF and...

Overstated and Misunderstood; Self-Defeating Ag Policy

As if he’d never paid a second of attention to bilateral trade issues before running for president, Donald Trump suddenly realizes that Canada operates a s...

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

While GOI is continuing to procure local wheat for the MY 2017/18 program, imports are still feasible despite the 10 percent duty with one particular origi...

A Look at U.S., Canadian and World Barley Supplies

The 31 March USDA planting intentions reports indicated notable changes ahead for U.S. barley acreage, and there are several reasons why.Barley acres in th...

Federal Funding Deadline for Government Shutdown Nears

With the deadline to pass a federal funding bill in the offing, Congress is revisiting a strategy employed in 2014 that kept the government open.A week fro...

Market Commentary

Markets were steady to slightly higher overnight and in good volume. One development then continued to pressure corn today as wheat tried to mount a brief...

Two Sides to Every Story

There can be no denying that today’s supply/demand fundamentals tell a very bearish story, but there are factors, both real and potential, that just might...

Market Commentary

In overnight trade, soybeans were helped by firmer Asian markets with corn and wheat prices also slightly higher. Daytime selling then pushed prices into t...

Nationalism; TTIP; VAT Benefit

Donald Trump’s effort to initiate a “Buy American; Hire American” obligation is economic nationalism at its rawest, but it is hardly unique. Nationalism Ab...

Red Meat Recap and Margin Outlook; Cattle on Feed

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...

DEIP the Canucks; Trump PO’d at TPA

Canadian Ambassador to the U.S. David McNaughton may be correct that his country’s pricing policy on ultrafiltered milk may be WTO legal, but that doesn’t...

Market Commentary

After trading an inside day, the soybean market managed to hold onto some of its small session gains with soyoil as the engine. Meanwhile, all three wheat...

Black Sea Regional Analysis

Turkey's recently-introduced import duty on some agricultural products from Russia has reportedly already caused some damage in the sphere of its grain and...

China In-Country Analysis

China has set a goal of expanding its biofuel portfolio, not only to absorb the massive corn reserves but also to diversify its energy platform. However, i...

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

Palm oil futures dropped another 1 percent overnight to a new eight-month low, which pulled soyoil futures down as well. Dalian corn and soy complex future...

Uneven Outlook for U.S. Wheat Classes

The 2017/18 crop cycle will be somewhat of an historic year for U.S. wheat in that the total area planted to all classes will be the smallest since 1919. M...

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...

Smaller Birds, Bigger Demand

Broiler slaughter weights are below year-ago levels for the first time in three years, and demand is up ahead of the traditional seasonal growth trend.Acco...

Middle East, Mediterranean and Africa Regional Analysis

USDA-FAS indicates Turkey’s wheat stocks could drop to less than a two-week supply, the lowest level in more than 50 years. This is not totally attributabl...

Only American; State and Local; Reversals; Poor Luddites

Donald Trump’s recent reversals on foreign policy positions that he took during the campaign (NATO obsolete; Russia friend/China enemy; Syria unimportant)...

Trump’s Twists; Mergers; Economy and Crops

This is a busy week with bilateral exploratory trade talks in Tokyo where American expectations are high and the Japanese are resistant as Prime Minister 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...

Southeast Europe Regional Analysis

The EU reported 231,000 MT of wheat were exported last week and once again corrected the previous week’s total. Now Turkey has been actively buying high pr...

Wheat Market Still on Life Support

The primary reason for longer-term optimism in the wheat market is that U.S. planted wheat acreage will be the smallest since 1919, and there are two numbe...

Market Commentary

Soybeans traded 5-6 cents higher early in the Sunday evening session, but those gains couldn’t be sustained either overnight or today. Corn followed the sh...

Mercosur Regional Analysis

April and May corn basis have started to heat up in Argentina due to several factors. There are still some shorts in the market, and those with port logist...

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

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...

Import Substitution; CAP War; Back to Bite; CRISPR’s Threat

Japan is proposing to remove food products from eligibility for duty-free entry under the Generalized System of Preferences (GSP). This is intended to addr...

China and U.S. Meat Exports; GIPSA Rule

China will increase its meat imports this year, potentially including U.S. beef. Meanwhile, USDA action this week has further delayed the livestock marketi...

Market Commentary

Grain and soy futures markets ended this short trading week in fair fashion. Soybeans and corn closed higher, and wheat finished with the winter wheat cont...

Weather Scare Season

As the 2017/18 new crop cycle gets underway in the Northern Hemisphere, it is inevitable that new weather scares will emerge to energize or torment market...

China In-Country Analysis

China's monthly food inflation entered negative territory in February for the first time since 2009. Meanwhile, prices for animal protein, including pork,...

Black Sea Regional Analysis

Russian oilseed prices continued to decline overall, but Ukraine's were mostly stable with just a few drops noted along with some increases. Its crude sunf...

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 Manipulates Currency; Government Mishandles Data

U.S. government statistical agencies would like farmers to automatically share the data they collect via their electronic precision agriculture (PA) equipm...

Market Commentary

It was the day after the April WASDE, but the approaching long Easter weekend (CME grain markets are closed Friday) seemed to have had a greater impact on...

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...

Senators’ Polling Numbers and the Farm Bill

Will political polling back home impact the Senate Agriculture Committee’s drafting of the farm bill?As former House Speaker Thomas “Tip” O’Neill (D-Massac...

Market Commentary

 Some of USDA’s fresh numbers released in today's April WASDE were tilted more bearishly than analysts predicted, but none were extreme enough to caus...

Oilseed Highlights: Forecasts; South American Planting Intentions

Today’s USDA/WASDE report included several changes of pertinence to the oilseeds sector. Meanwhile, one particular development will challenge South America...

The April WASDE

USDA’s April WASDE unsurprisingly carried forward the theme of growing supplies of grains and soybeans in the U.S. and the entire world. While it is all to...

Middle East, Mediterranean and Africa Regional Analysis

Grain experts in South Africa are saying that the very large increase in the maize crop there and drop in maize prices could push farmers into a money-losi...

NAFTA Strategies; Self-Flagellation; Xenophobic Soda; Bombs for Beans

The government of Canadian Prime Minister Justin Trudeau is still trying to figure out what to expect and how to position itself in the upcoming renegotiat...

Market Commentary

Wheat, corn and soybean markets were steady to a bit higher at the start of trading Sunday night. That trend continued through the night and into today’s o...

U.S. Dairy Calls for Trade Action Against Canada

A new milk pricing regulation implemented in Canada on 1 April has the U.S. dairy industry calling for the Trump administration to take action against that...

Mercosur Regional Analysis

Brazil’s soybean market rebounded last Friday after nearly three weeks of steady declines, driven by the presence of one important variable. This week’s 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...

100 Days’ High Risk; Le Pen Predictions; Automation

Donald Trump and Xi Jinping created a U.S.-China Comprehensive Dialogue that has 100 days to show progress or all hell breaks loose. Trump made a wise dipl...

No Bullish News Tomorrow

USDA will release its April WASDE report with supply/demand revisions tomorrow, but it is almost impossible to make a case for why any of those numbers wil...

Southeast Europe Regional Analysis

The EU reported that 237,000 MT of soft wheat were exported last week as the total since the campaign started remains notably lower than a year ago. Meanwh...

Ethanol Stocks at All-Time High

Ethanol stocks have hit a record high, while production is still exceeding 1 million barrels/day despite the seasonal slowdown.Ethanol production dropped s...

U.S. Corn Outlook

The 31 March USDA planting intentions report confirmed what most analysts expected. The big question is whether the acreage reduction will be enough to app...

Indian Subcontinent Regional Analysis

Following the landslide victory of the Bharatiya Janata Party (BJP) in Uttar Pradesh, there is hope that the government will be able to move forward with p...

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

Grain and oilseed markets were unaffected by the events in the Middle East. Corn, wheat and soybeans all finished the night session within a penny of uncha...

Xi-Trump Summit; Missed Chance

The most notable outcome of the meeting between the U.S. and Chinese presidents is the lack of fireworks. Meanwhile, business groups developed a wish list...

Market Commentary

 Open interest in corn, soybeans and wheat futures were all higher following yesterday’s activity, which suggests that noncommercials were adding to s...

Records for Hogs and Pigs Report

USDA released its quarterly Hogs and Pigs report, which showed the swine herd was still larger than a year ago despite a small drop during the December 201...

Nominations; Government Shutdown

The U.S. Senate is now scheduled to vote on the nominations for USDA secretary and USTR after returning from the Easter recess. Notably, support for the la...

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...

U.S. Agriculture’s Stake in China

While U.S. relations with China are tense, due in no small part to President Trump’s harsh rhetoric and threats, U.S. grain and soybean producers have quit...

China In-Country Analysis

After closing out 2016 with a solid November and a record December, U.S. sorghum exports to China began 2017 by setting a new record for the month of Janua...

Slay Monetary Monster; Slay Agriculture Monster

Donald Trump will be tempted to raise the issue of currency manipulation when he meets with Chinese President Xi Jinping, but he would be barking up the wr...

Market Commentary

Aside from higher Asian futures levels and Chinese buyers’ rush to extend their coverage of Brazilian soybeans, a few troubling weather trends also brought...

Black Sea Regional Analysis

Russia's grain prices continued to fall due to domestic factors as well as Turkey’s introduction of an import duty, but Ukraine's grain  prices remain...

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 Battered Soybean Market

It is hard to recall when the soybean market has been so battered by an avalanche of bearish news and inputs over the course of a month’s time. However, th...

Market Commentary

Grain and soy markets struggled to find enough traction for a rally overnight and today. Corn, soybeans and wheat all traded above Monday’s closes at some...

Middle East, Mediterranean and Africa Regional Analysis

Turkey and Russia are expected to hold discussions soon regarding the rescinding of duty-free status for certain imports from the latter. The loss of those...

Canada’s Fakery; Japanese Reality; Trump Jobs; TTIP Death

Canadian Finance Minister Bill Morneau warned New York business leaders at a World Economic Forum event against a proposed U.S. border adjustment tax. Mean...

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...

Soybeans Move Further West and North

The westward movement of soybeans in the U.S. has been occurring for many years as hardier, shorter-season varieties have been developed. That is expected...

COOL a Priority for Both NAFTA and State Law

Just a year after country-of-origin-labeling (COOL) was repealed, beef and pork producers are seeing plans to revive it come from the Trump administration...

Market Commentary

Corn, wheat and soybean futures all started 2-3 cents higher Sunday evening and basically held at those levels for the balance of the night session. Chicag...

The Soy Complex Must Fight Some Bearish Numbers

Last Friday’s USDA soybean quarterly stocks and planting intentions numbers were bearish, but there are several variables in the projections for next year...

Trump Fumbles on China; Russia FDI; Other Trade

A pro-active liberalization agenda in Geneva by Russia would be out of character, and so its proposal on foreign investment is underwhelming, yet still uni...

Mercosur Regional Analysis

Rains delayed soybean and corn harvest progress in South America last week, creating the possibility of significant market impacts later. The rally in CBOT...

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...

Southeast Europe Regional Analysis

South Korea purchased 125,000 MT of optional origin feed wheat for July/August shipment at an average price of $188.50/MT CNF, reflecting about $160/MT FOB...

Federal Reserve Portfolio Management

The Federal Reserve has made clear that it recognizes the need to address its balance sheet. How it does this, though, remains the question.New York Federa...

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

The government of India (GOI) addressed several trade matters as it issued decisions regarding import duties on wheat, pulses and sunflower seeds as well a...

Draft Outline for NAFTA Renegotiation

The Trump administration has prepared a draft letter notifying Congress of its intent to renegotiate NAFTA, which spells out the objectives while pledging...

Market Commentary

The morning trade reflected the expectations for today's USDA reports with corn and wheat continuing higher and soybeans lower. The amplitude of the market...

USDA Reports versus Expectations

The bearish acreage number for soybeans in today's USDA reports wasn't helped by the 1 March quarterly stocks estimate. Meanwhile, corn and wheat markets s...

High Non-GMO Bar; Brexit and Trumpism

European Court of Justice Advocate General Michal Bobek had some difficult-to-swallow guidance for member states when it comes to GMOs – use science. High...

Accounting for Hedges

The concept of establishing a futures position that was equal but opposite to a position in the cash commodity, first practiced by buyers and sellers of gr...

Market Commentary

Grain and soy prices were lower overnight, receiving no help from Asian markets with Dalian meal and corn futures both weaker and Malaysian palm oil plungi...

Cattle on Feed; McDonald’s Going to Fresh Beef

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

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...

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