Mediterranean/Middle East/North Africa/Africa – MEA Region Morocco and Kazakhstan are looking at ways to expand their grain import/export programs, a...
Articles
Summary of Futures
Dec 26 Corn closed at $4.74/bushel, down $0.135 from yesterday's close. Sep 26 Wheat closed at $6.6/bushel, down $0.18 from yesterday's close. ...
Market Commentary: Commodity Sell-Off on Middle East De-escalation and Border Reopening
What You Need to Know Today: It was just one of those days where seemingly everything was in the red as part of a broader risk-off economic sentiment amid...
Cow-Calf Profit Outlook Riskier on Drought, Cost Pressures
Key Takeaways: U.S. cow-calf producers are facing another year of record-breaking revenues and net returns for 2026, though rising cost pressures an...
New World Screwworm: Phased Re-Opening of Mexican Border
USDA announced on Friday the coordinated, phased reopening of southern U.S.-Mexico livestock ports starting 24 August 2026, after more than a year of closu...
Mercosur Regional Analysis
Wheat Argentina's wheat planting advanced another 5.7 percentage points over the past week, reaching 97.7 percent of the projected 6.5 million hectares des...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.78/bushel, down $0.1825 from yesterday's close. No...
U.S. Cattle on Feed - July 1 2026
U.S. Cattle on Feed on July 1 totaled 11.4 million head, 2 percent above July 1, 2025. Placements in feedlots during June totaled 1.40 million head,...
Market Commentary: Black Sea Headlines Shake Wheat Markets
What You Need to Know Today: The Trump administration announced new tariffs of 10 percent to 12.5 percent on imports from 60 major U.S. trading partners a...
Little Hope for Rumored Black Sea Civilian Vessel Agreement
Key Takeaways: Grain futures pulled back sharply in overnight trade Friday on rumors that Ukraine proposed two possible options for ensuring civilia...
Cattle on Feed and Cattle Inventory Reports
USDA’s monthly cattle on feed report was released today, along with the semi-annual cattle inventory report. The total number of cattle on feed in fe...
Section 301: A New Tariff Architecture
Just when we thought it was safe to step outside and enjoy some certainty in the world of international commerce, the Trump Administration announced on Thu...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0.0275 from yesterday's close. Sep 26 Wheat closed at $6.9625/bushel, down $0.095 from yesterday's close.&nb...
Market Commentary: Oil Surge, Weather Risks and Export Demand Drive Grain Market Strength
What You Need to Know Today: Oil prices surged today following reports of tanker attacks off the coast of Saudi Arabia by Houthi rebels and renewed U.S. t...
Shifts in Global Hunger
Key Takeaways: The latest UN data shows solid progress reducing global hunger and food insecurity. The geography of hunger-affected people has shift...
Livestock Roundup: Cattle on Feed and Semi-Annual Inventory Report Preview
USDA’s monthly cattle on feed report for 1 July will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory...
Transportation Perspectives - 23 July
Key Takeaways: The situation in the Arab Gulf is little changed this week, which is to say it is a day-by-day – and sometimes hour-by-hour – j...
Summary of Futures
Dec 26 Corn closed at $4.8475/bushel, up $0.095 from yesterday's close. Sep 26 Wheat closed at $7.0575/bushel, up $0.2775 from yesterday's close.&nbs...
Market Commentary: Wild Wednesday: Weather, War and Worry
Grains posted strong gains today, putting the bulls firmly in the driver’s seat. There was no shortage of fuel for the move, with three W’s dri...
The Cotton Demand Impacts of Military Conflict
Key Takeaways: Global and U.S. cotton demand has struggled since the post-COVID-19 pandemic surge, which has left cotton prices drifting lower in th...
Agricultural Labor Shortages Accelerate Automation, but Challenges Remain
Key Takeaways: Persistent labor shortages are increasing operational challenges and costs across U.S. agriculture, particularly in labor-intensive sectors...
Black Sea Regional Analysis
Russian Grain Markets: 13–17 July 2026 New-crop trading dominated the Russian grain market during the week as old-crop business largely came to an en...
Summary of Futures
Dec 26 Corn closed at $4.7525/bushel, up $0.0225 from yesterday's close. Sep 26 Wheat closed at $6.78/bushel, up $0.04 from yesterday's close. ...
Market Commentary: Grains Rally on Momentum, Weather; Soybeans Sag on Quiet Exports
What You Need to Know Today: Grain futures fell hard overnight after the USDA’s Crop Conditions report showed better-than-expected ratings for corn...
New Mexico’s Clean Fuel Program Adds Pressure to Renewable Feedstock Markets
Key Takeaways: New Mexico’s Clean Transportation Fuel Program expands demand for low-carbon fuels and creates another market for renewable feedstock...
The Growing Move Toward More Ad Hoc Farm Payments
As WPI reported on 17 July, the recently passed budget reconciliation bill in the House Budget Committee includes $12 billion in emergency farm assistance...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Pakistan has just held its first meeting of the Committee on GM Corn. The Committee was es...
Livestock Industry Margins
Beef packer margins improved to -$130/head last week, up $44 from the prior week as sharply lower fed cattle prices more than offset continued seasonal wea...
Summary of Futures
Dec 26 Corn closed at $4.73/bushel, up $0.055 from yesterday's close. Sep 26 Wheat closed at $6.74/bushel, down $0.0875 from yesterday's close. ...
Market Commentary: Soybeans Pop on China Buying; Weather Fuels Corn Rally; Cattle Score Reversal
What You Need to Know Today: The conflict between the U.S. and Iran continues to escalate with the two sides exchanging attacks over the weekend. Presiden...
CFTC COT Report Analysis
The weather rally in conjunction with the resumption of the war in Iran and the export-tightening impacts of Russia and Ukraine’s recent attacks and...
Russia’s Diesel Export Ban Tightens Global Fuel Markets and Raises Agricultural Costs
Key Takeaways: Russia’s diesel export ban is tightening global fuel supplies and increasing dependence on alternative exporters. Limited refining ca...
Trade Overview: USMCA, Brazil Section 301 Investigation, Section 122 Tariffs
USMCA Re-Negotiations At the Iowa Farm Bureau Economic Summit on Friday, former USTR Robert Lighthizer stated that the USMCA renegotiations should focus on...
Mercosur Regional Analysis
Corn Harvest delays continue to complicate Argentina's corn market. Persistently high humidity, combined with scattered rainfall across key producing regio...
Summary of Futures
Dec 26 Corn closed at $4.675/bushel, up $0.035 from yesterday's close. Sep 26 Wheat closed at $6.8275/bushel, up $0.08 from yesterday's close. ...
Market Commentary: Geopolitical Tensions Driving Markets
What You Need to Know Today: The U.S. and Iran exchanged strikes, with the U.S. hitting Iranian bridges, energy sites, and military infrastructure. Iran l...
Crops on Fire: The EU Corn Outlook
Key Takeaways: The EU heatwaves have coincided with key maize crop reproductive timing and featured high nighttime temperatures, a cruel two-sided b...
Reconciliation Passes House Committee, Prospects Dim in Senate
Congress returned this week from its Fourth of July recess, with another break scheduled for the month of August, to face a busy agenda before adjourning f...
USDA: From Bureaucracy to Ad Hocracy
There was a time, not so long ago, when you could easily explain U.S. agricultural policy. It was countercyclical and focused on risk management, especiall...
Summary of Futures
Dec 26 Corn closed at $4.64/bushel, down $0.055 from yesterday's close. Sep 26 Wheat closed at $6.7475/bushel, down $0.0275 from yesterday's close.&n...
Market Commentary: Cattle Markets Remain Under Pressure, China Buys More Soybeans
What You Need to Know Today: Iran warned that it will retaliate against the U.S. if American strikes target Iranian infrastructure, as President Trump has...
Livestock Round Up: Turkey Production Poised to Rebound Some
Turkeys for Thanksgiving are typically placed this month. Turkey production has suffered from HPAI and other diseases for the past two years, and placement...
Global Soybean Crush Margin Forecasts
Key Takeaways: Continued domestic demand for soyoil in the U.S. will drive prices higher and create a firmer outlook for global soybean values and c...
Transportation Perspectives - 16 July
Key Takeaways: Tensions in the Persian Gulf are further away than ever from being resolved, as the ceasefire has fallen apart completely and the U.S. and...
Summary of Futures
Dec 26 Corn closed at $4.695/bushel, up $0.09 from yesterday's close. Sep 26 Wheat closed at $6.775/bushel, up $0.325 from yesterday's close. N...
Market Commentary: The Bulls Are Back in Town?
After spending much of the year searching for a reason to stay, the bulls suddenly have several. Grain markets have strengthened, wheat is leading the char...
Cover Crops Gain Momentum as a Tool to Improve Soil Health
Key Takeaways: Cover crops are gaining adoption as farmers seek to improve soil health, reduce erosion, and build more resilient cropping systems. While c...
Ethanol Margin and Corn Use Outlook
The latest EIA data showed some interesting anomalies in the ethanol industry, changes that will have a material impact on the industry’s profits and...
Black Sea Regional Analysis
Russian Grain Markets: 6–10 July 2026 New-crop price formation remained underway during the week, with bearish price movement concentrated in souther...
Market Commentary: Corn, Soybeans Fall on Conditions Data; Wheat Reverses the Reversal
What You Need to Know Today: Attacks between the U.S. and Iran intensified overnight and the U.S. Central Command reported that the U.S. naval blockade ag...
Livestock Industry Margins
Beef packer margins improved to -$172/head last week, up $31 from the prior week as sharply lower fed cattle prices more than offset a seasonal decline in...
Summary of Futures
Dec 26 Corn closed at $4.605/bushel, down $0.0275 from yesterday's close. Sep 26 Wheat closed at $6.45/bushel, up $0.0975 from yesterday's close.&nbs...
Aquaculture: A Protein Production Growth Opportunity
Key Takeaways: Aquaculture is becoming increasingly important in meeting global seafood demand, gaining market share as wild-caught fisheries face product...
Consumer Price Index Falls in June
This morning’s Consumer Price Index (CPI) report makes it less likely that the Fed will hike short-term rates at the September Federal Open Market Co...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Syria's new Russian logistics hub at Tartous port is expected to be operational by the end...
CFTC COT Report Analysis
The weather rally continues to shift fund positioning and sentiment from its former bearish posture to a far more bullish configuration. Managed money trad...
Market Commentary: Reassessing Weather and Geopolitical Risks
What You Need to Know Today: Rising hostilities and an end to any semblance of a ceasefire between the U.S. and Iran created geopolitical risk-off trade i...
Livestock WASDE
USDA released its monthly World Supply and Demand Estimates on Friday, forecasting tighter beef supplies and growing pork and broiler supplies. Beef...
Summary of Futures
Dec 26 Corn closed at $4.6325/bushel, up $0.0225 from yesterday's close. Sep 26 Wheat closed at $6.3525/bushel, down $0.05 from yesterday's close.&nb...
U.S. Farmers Maintain a Storage Advantage over Brazilian Counterparts
Key Takeaways: The U.S. maintains a significant storage advantage, with a much larger share of grain storage located on farms, giving producers greater fl...
Mercosur Regional Analysis
Wheat Argentina's wheat planting advanced another 7 percentage points over the past week, with 87.9 percent of the projected 6.5 Mha now seeded. Planting i...
AP Quant: WASDE Vegoils
Ag Perspectives Quant - WPI's data-driven look at ag market fundamentals - presents the following PDF of key supply and demand tables and charts relating t...
AP Quant: WASDE Wheat
Ag Perspectives Quant - WPI's data-driven look at ag market fundamentals - presents the following PDF of key supply and demand tables and charts relating t...
AP Quant: WASDE Soybeans
Ag Perspectives Quant - WPI's data-driven look at ag market fundamentals - presents the following PDF of key supply and demand tables and charts relating t...
AP Quant: WASDE Corn
Ag Perspectives Quant - WPI's data-driven look at ag market fundamentals - offers the following PDF of key supply and demand tables and charts relating to...
WASDE Soybeans - July 2026
USDA’s July WASDE outlook for 2026/27 left ending stocks of U.S. soybeans unchanged at 310 million bushels for 2026/27. Prices also are unchanged for...
WASDE Corn - July 2026
USDA’s July WASDE outlook for 2026/27 reduced total U.S. corn ending stocks by 170 million bushels to 1.8 billion. The season-average farm price rece...
WASDE Wheat - July 2026
USDA’s July WASDE outlook for 2026/27 reduced total U.S. wheat production by 7 million bushels from last month to 1,536 million – which is the...
Summary of Futures
Dec 26 Corn closed at $4.61/bushel, up $0.09 from yesterday's close. Sep 26 Wheat closed at $6.4025/bushel, up $0.205 from yesterday's close. N...
Market Commentary: Bullish WASDE and Sea of Azov Strikes Lift Grains
What You Need to Know Today: Wheat prices surged after Ukrainian strikes on Russian vessels and infrastructure disrupted grain shipments, halting traffic...
Trade Deficit Data Reflects AI, Petroleum, and Soybeans
The trade deficit in goods and services came in at $77.6 billion in May, slightly smaller than the consensus estimate of $78.4 billion. After a few months...
Wheat's Declining, Millers Keep Milling
Every June combines begin their annual sweep across the winter wheat fields of Texas, Oklahoma, and Kansas. At the same time, USDA releases its Acreage and...