Key Takeaways: Mexico's drought intensified from 2022 to 2024, with critically low reservoir levels in Sinaloa driving a sharp decline in corn production...
Articles
More Cases of Screwworm in Texas Confirmed
The USDA’s Animal and Plant Health Inspection Service (APHIS) has confirmed two new cases of New World Screwworm (NWS). One was in Zavala County, Tex...
Mercosur Regional Analysis
Wheat Planting of the 2026/27 wheat crop continues at an exceptional pace, with 32.4 percent of the projected 6.5 million hectares already seeded. This rep...
CFTC COT Report Analysis
Friday’s CFTC report showed funds reducing net long positions across most of the major ag futures contracts for the third straight week. Funds reduce...
Summary of Futures
Jul 26 Corn closed at $4.175/bushel, down $0.07 from yesterday's close. Jul 26 Wheat closed at $5.8/bushel, down $0.0175 from yesterday's close. ...
Market Commentary: Strong Jobs Report Lowers Risk Appetite
What You Need to Know Today: Non-farm payrolls rose by 172,000 jobs in May, above economist expectations of 80,000 jobs. With the job market strong, the F...
Screwworm Updates; Executive Action on Import Enforcement; Bullish Jobs Report
Newworld screwworm Update The detection of New World screwworm (NWS) in Texas on Wednesday has been volatile for the cattle markets. The confirmation came...
The Great American Cotton Plan: Promise and Practicality
With considerable fanfare—and few specifics—USDA last week announced its Great American Cotton Plan for 2026-2031. Secretary Brooke Rollins and...
Man Behind the Curtain; Asia Reversal; Better Mousetrap
Man Behind the Curtain Hypocrisy is a feature and not a bug in politics, but it still deserves no mercy. EU trade minister Maros Sefcovic told Chinese Vice...
Market Commentary: New World Screwworm Appears in the U.S., Grains and Soy Sink
What You Need to Know Today: A case of New World Screwworm was detected in Texas, the first in the U.S. since 1966. With cases creeping closer to the U.S...
Summary of Futures
Jul 26 Corn closed at $4.245/bushel, down $0.07 from yesterday's close. Jul 26 Wheat closed at $5.8175/bushel, down $0.055 from yesterday's close.&nb...
U.S. and Global Soy Crush Forecasts
WPI recently completed an expansion of our methodology for estimating and forecasting U.S. and global soybean crushing margins. The new approach incorporat...
Transportation Perspectives - 4 June
Key Takeaways: The situation in the Persian Gulf is unchanged with any ceasefire still subject to interruptions from both U.S. and Iranian attacks. The St...
Livestock Roundup: Screwworm in Texas Problem
The USDA’s Animal and Plant Health Inspection Service (APHIS) has confirmed a case of New World Screwworm (NWS) in Texas. This comes two days a...
Big Ag Understood
Bernie Sanders attracted attention this week by declaring AI a “public resource” and calling for a 50 percent tax on AI companies to fund a sov...
Market Commentary: Risk Premium: Gone or Just Hiding?
Key Market Insights Macro: Dollar Up, Stocks Down The U.S. dollar moved higher today, creating another headwind for American exports. A stronger dollar mak...
Summary of Futures
Jul 26 Corn closed at $4.315/bushel, down $0.09 from yesterday's close. Jul 26 Wheat closed at $5.8725/bushel, down $0.1575 from yesterday's close.&n...
Australia's Wheat Crop Is Set to Decline, but Russia Remains the Key to Global Wheat Prices
Key Takeaways: Australia's wheat crop is expected to decline sharply in 2026/27 as dry conditions and high input costs reduce planted area and yield poten...
Black Sea Regional Analysis
Russian Grain Market, 25-29 May 2026 Russian grain markets remained firm across most of European Russia last week, while activity in Asian regions was more...
Wolf Joins WPI Team as Director of Commodity Intelligence
World Perspectives, Inc. welcomes Steve Wolf as Director of Commodity Intelligence. Steve brings a broad range of agribusiness, commodity market, and consu...
Tariffs II Messaging; Interstate Trade War; Oh Canada
Tariffs II Messaging President Trump’s use of IEPPA as the legal basis for last year’s reciprocal tariffs was struck down but they are returnin...
Summary of Futures
Jul 26 Corn closed at $4.405/bushel, down $0.035 from yesterday's close. Jul 26 Wheat closed at $6.03/bushel, down $0.0575 from yesterday's close.&nb...
Market Commentary: Technical Pressure, Crude Oil Decoupling Drive CBOT Selling
What You Need to Know Today: The USTR says Brazil has committed “unreasonable” acts against global trade rules and is recommending at 25 perce...
Beef Supply and Demand Issues
Beef prices hit record highs in April 2026, and that is in large part due to robust consumer demand. Despite economic pressures on consumers, there i...
Cellulosic Ethanol Fell Short of Expectations, but New Opportunities Are Emerging
Key Takeaways: The Energy Independence and Security Act of 2007 set a goal of producing 16 billion gallons of cellulosic ethanol annually by 2022, but act...
China Market Analysis
Corn The U.S. has yet to ship any corn to China, though last year’s sales were a paltry 32 KMT. Soybeans U.S. soybean export inspections for Ma...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MENA Region Pakistan has made “major amendments” to its biosafety regulations that it say...
Livestock Industry Margins
Beef packer margins improved to -$200/head last week, up $57 from the prior week as the Choice cutout strengthened while fed cattle prices moved lower. The...
Market Commentary: Bears Control CBOT at Least Until Weather Market Forms
What You Need to Know Today: U.S. Treasury Secretary Bessent said Friday that the U.S. has seized $1b of Iranian crypto assets. Iran’s IGGC sa...
Key Factors that Sparked Brazil’s Growth into an Agricultural Powerhouse
Key Takeaways: Acidity: Brazil’s agricultural production rose significantly after agricultural researchers were able to reduce soil acidity in the Ce...
Summary of Futures
Jul 26 Corn closed at $4.44/bushel, down $0.0275 from yesterday's close. Jul 26 Wheat closed at $6.0875/bushel, down $0.0175 from yesterday's close.&...
Game of Chicken; Turnberry Precedent
Game of Chicken The U.S. and Mexico just completed an initial round of bilateral negotiations leading up to completing a joint review of the U.S. Mexico Ca...
Poultry and Egg Markets Weighed Against HPAI
From the monthly cold storage report it is interesting to look at the poultry numbers and changes due to HPAI that has been plaguing the sector to some deg...
Mercosur Regional Analysis
Argentina Export Tax Reform The Argentine government announced a new long-term schedule for reducing export taxes ("retenciones"), one of the main policy t...
CFTC COT Report Analysis
Friday’s CFTC report showed funds reducing net long positions across most of the major ag futures contracts for the third straight week. Funds reduce...
Market Commentary: Risk-off tone hits grains and livestock
What You Need to Know Today: Agricultural commodities were mostly lower on the day, with red-hot soyoil a notable exception. Export sales were a bit unde...
Commodity Policy Being Shaped by Unfolding Farm Crisis
With the war in Iran affecting fuel and fertilizer prices, higher tariffs, weak commodity prices, ag labor constraints, and other factors, farm bankruptcie...
Summary of Futures
Jul 26 Corn closed at $4.4675/bushel, down $0.09 from yesterday's close. Jul 26 Wheat closed at $6.105/bushel, down $0.135 from yesterday's close.&nb...
Food Inflation; Last Laugh; MAHA Progress; Offense is Defense
Food Inflation The Open Markets Institute, which is notably funded by several “anonymous” donors and liberal foundations, obtained a guest edit...
Foodflation Coming Home
Since the closure of the Strait of Hormuz in February 2026, energy markets have experienced significant disruptions. Crude oil, diesel fuel, and other petr...
U.S. and Global Soy Crush Forecasts
WPI recently completed an expansion of our methodology for estimating and forecasting U.S. and global soybean crushing margins. The new approach incorporat...
Market Commentary: Grains and oilseeds see strength on high PCE reading, Crude oil and macros remain topsy-turvy with U.S.-Iran headline risk
What You Need to Know Today: The U.S. struck Iranian military targets for the second time this week. During a cabinet meeting, President Trump said...
Summary of Futures
Jul 26 Corn closed at $4.5575/bushel, up $0.0325 from yesterday's close. Jul 26 Wheat closed at $6.24/bushel, up $0.015 from yesterday's close. ...
Livestock Roundup: More Dairy Cow Slaughter Later This Year
A total of 79,000 cows has been added to the dairy herd since last December, which compares to 81,000 head added to the dairy herd over the same period in...
Responsible Use of AI; Ukraine and CAP Money
Responsible Use of AI WPI does not have an encyclical on AI but since it employs real human analysts there is a view towards the technology. In short, it i...
Transportation Perspectives - 28 May
Dry bulk markets are steady/firmer this week with Capes leading the rally and, on the other end of the vessel size spectrum, strong grain demand supporting...
Livestock Industry Margins
Beef packer margins improved to -$257/head last week, up $39 from the prior week as the Choice cutout strengthened while fed cattle prices eased. The cutou...
Market Commentary: Trading Headlines, Pricing Risk
Key Market Insights Today was another reminder that this market is trading headlines first, facts second. Early optimism surrounding reports of a possible...
Producers' Share of Beef Value Up, Packer Margins Down
Key Takeaways: Cattle producers are currently capturing a greater proportion of total retail beef values amid tight cattle supplies. Packers are for...
Summary of Futures
Jul 26 Corn closed at $4.525/bushel, down $0.05 from yesterday's close. Jul 26 Wheat closed at $6.225/bushel, down $0.13 from yesterday's close. ...
Dangerously Clueless; Old is New Category (Den of Pirates); Trade Purists
Dangerously Clueless Lazy analysts and food system critics have shifted attention temporarily from how bad our food is (UPFs,) to why it is expensive. Bloo...
Black Sea Regional Analysis
Russian Grains Market, 18-22 May 2026 Last week, Russian grain markets remained bullish all over the European part of the country. This times, even the Asi...
Market Commentary: CBOT Falls on Better Weather, Geopolitical Trade Dynamics
What You Need to Know Today: The U.S. conducted “self-defense strikes” in Iran and said the two sides are “close” to negotiating a...
China Partially Lifts HPAI Restrictions
As we reported on 19 May, China has also committed to the resumption of U.S. poultry imports from states without confirmed HPAI detections. USDA’s An...
Brazil’s Emerging Corn Ethanol Industry Driven by Market Forces and Biofuel Policy
Key Takeaways: Brazil has been the second-largest producer of fuel ethanol globally, but almost all of it was derived from sugarcane until recently. Corn...
Summary of Futures
Jul 26 Corn closed at $4.575/bushel, down $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.355/bushel, down $0.1075 from yesterday's close.&...
CFTC COT Report Analysis
Friday’s CFTC report showed funds reducing net long positions across most of the major ag futures contracts for the second straight week. Funds reduc...
China Market Analysis
Grain China’s General Administration of Customs says that grain imports were up 34.3 percent in April and an overall 18.1 percent for the January to...
Middle East, Mediterranean, and Africa Regional Analysis
Eid Al-Adha will be celebrated in the Muslim world from 27 to 30 May 2026. The actual dates vary by country. Governments, banks and businesses will all be...
Market Commentary: Small Gains as Corn/Soybeans Correct; Commodity Supercycle
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its...
U.S. Cattle on Feed on May 1, 2026
• U.S. Cattle on Feed Up in feedlots with capacity of 1,000 or more head totaled 11.6 million on May 1, 2026 - 2 percent above May 1, 2025. • Pla...
Memorial Day Holiday
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published...
Cattle on Feed Report: Neutral with Bearish Undertones
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to...
Fake Meat? On the End of the Aisle
Let’s return briefly to the fake meat hype cycle, now sitting somewhere in a dusty corner of your mind, not entirely forgotten. What happened to all...
Summary of Futures
Jul 26 Corn closed at $4.6325/bushel, up $0.01 from yesterday's close. Jul 26 Wheat closed at $6.4625/bushel, down $0.0125 from yesterday's close.&nb...
Cold Storage Report Summary and Analysis
April 2026 total red meat and poultry stocks were up sharply from March but 1.6 percent below April 2025 levels due to continued declines in poultry and po...
Transportation Perspectives - 21 May
Dry bulk markets were volatile but ultimately steady this week with notable differences in rate developments across vessel classes. The Capesize sect...
New Trade Agreements; Hold the Beef; Where’s the Beef
New Trade Agreements U.S. and Indian officials say that bilateral trade negotiations are progressing on a comprehensive deal to expand earlier completed ch...
Market Commentary: A Market Trading War — Until It Wasn’t
Key Market Insights Macro markets delivered a full whipsaw today. Early in the session, crude oil had rallied back above $100/barrel as traders priced rene...
Summary of Futures
Jul 26 Corn closed at $4.6225/bushel, down $0.035 from yesterday's close. Jul 26 Wheat closed at $6.475/bushel, down $0.13 from yesterday's close.&nb...
Poultry Profitability Helping to Offset Challenging Beef Environment for Major Protein Producers
Key Takeaways: Major meatpackers are seeing massive losses in their beef divisions, with cattle prices at record levels amid low inventories. Drought cont...
Livestock Roundup: Cattle on Feed Preview
USDA’s monthly cattle on feed report for 1 May will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory...