Friday’s CFTC report showed managed money traders paring back long positions across the ag space as technical conditions quickly deteriorated for the...

Everyone knows the volume traded this week will be lower, but there is no break in the directional adjustments. The corn market still had to continue its m...

Mar 26 Corn closed at $4.475/bushel, up $0.005 from yesterday's close.  Mar 26 Wheat closed at $5.17/bushel, up $0.015 from yesterday's close.  J...

USDA released its quarterly Hogs and Pigs report today. The inventory of all hogs and pigs on 1 December was 75.5 million head, up 1 percent from December...

Regional News  Russia’s latest attacks on Ukraine’s Odesa Black Sea port infrastructure on 23 December reportedly damaged a vessel carryin...

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s Safaga port, south on the Red Sea, will be expanded and improved as a result...

Beef packer margins deteriorated further last week, extending their move into negative territory after early December’s strong profits. Margins fell...

The CBOT turned higher on Monday with positive export data from USDA and a healthy dose of bottom-picking and pre-holiday short covering driving the upside...

USDA reports U.S. Cattle on Feed down 2 percent in feedlots with capacity of 1,000 or more head to total 11.7 million head on December 1, 2025.  Place...

WTO Gets Trumped The WTO was thrown out back on 2 April when President Trump announced his reciprocal tariffs. The tariffs totally violated U.S. obligation...

Mar 26 Corn closed at $4.47/bushel, up $0.0325 from yesterday's close.  Mar 26 Wheat closed at $5.155/bushel, up $0.0575 from yesterday's close. ...

On 21 November, Tyson Foods, one of the largest beef packing companies in the United States, announced it will close its cattle slaughter facility in Lexin...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

WHEAT Harvest advanced 13.1 percent week-over-week, reaching 73 percent of total area, with yields remaining above average and above earlier expectations...

Dry-bulk freight markets are mixed this week with pre-holiday trade driving diverging trends. The Capesize sector saw some strength, primarily in the Atlan...

There was lower volume in the grain pits today, with perhaps some stronger interest in the last few days of holiday shopping. Traders were not buying corn...

USDA’s monthly Cattle on Feed report was released today. Total cattle on feed amounted to 11.7 million head, 98 percent of last year.    P...

Mar 26 Corn closed at $4.4375/bushel, down $0.0075 from yesterday's close.  Mar 26 Wheat closed at $5.0975/bushel, up $0.02 from yesterday's close.&nb...

December is upon us and the fall calf run all but ended, the beef industry is finalizing its estimates of 2025 profitability and market performance. For co...

Overall, it remains a sideways market with corn showing the most confidence but overall market weakness that is both seasonal, and reflective of the fundam...

Reported November meat sales data show meat department sales were positive and have remained so since Q1 of 2023. In all cases, dollar gains were from a co...

Mar 26 Corn closed at $4.445/bushel, up $0.04 from yesterday's close.  Mar 26 Wheat closed at $5.0775/bushel, up $0.015 from yesterday's close. ...

Export Sales and Shipments data for the week ending Nov 27, 2025...

The following tables/charts reflect the CFTC's latest data release, which covers traders' positions through 2 December. The data are, obviously, delayed du...

Bears were once again in charge of the CBOT on Wednesday, though they temporarily relinquished control of the corn market to bulls. Funds were aggressive s...

Europe Pivot Point EU leaders will hold a very pivotal meeting tomorrow covering a range of issues including the use of Russian assets and security guarant...

Mar 26 Corn closed at $4.405/bushel, up $0.04 from yesterday's close.  Mar 26 Wheat closed at $5.0625/bushel, down $0.0325 from yesterday's close.&nbs...

Russian Grains Market: 8–12 December 2025 Russia’s grain market continued its bearish trend that began in early December. Global fundamentals r...

Beef packer margins reversed sharply lower last week, swinging back into negative territory after six straight weeks of positive returns. Margins fell $145...

Each year, the Chinese zodiac calendar features one animal to mark and typify the coming 365 days. If that process were applied to CBOT trade, Tuesday woul...

The U.S. 2025/26 sugar supply is forecast at 14.119 million short tons, raw value (STRV), down 1,800 STRV from November as the decrease in expected imports...

Beans to Storage China is carrying out its annual purge of stored soybeans, selling them at around a half million tons per week over two months at auction...

Mar 26 Corn closed at $4.365/bushel, down $0.0325 from yesterday's close.  Mar 26 Wheat closed at $5.095/bushel, down $0.1125 from yesterday's close.&...

Regional News  Farmer selling stayed limited across much of Europe last week as low flat prices, year-end cash-flow planning, and holiday-period logis...

Mediterranean/Middle East/North Africa/Africa – Mea Region Iran says that there will be no problems with grain imports and distribution although news...

Bears were in control of the CBOT again on Monday with technical pressure and bearish fundamental headlines driving prices lower. Soybeans and wheat were t...

Mar 26 Corn closed at $4.3975/bushel, down $0.01 from yesterday's close.  Mar 26 Wheat closed at $5.2075/bushel, down $0.085 from yesterday's close.&n...

EXPORT TAXES The government announced last week a permanent reduction in export taxes on major agricultural products. The revised rates are as follows: Soy...

European Revival The transatlantic relationship is rapidly evolving and the story is told by some recent headlines… The U.S. has already swamped Eu...

The USDA will base the $12 billion in farmer payments it recently announced under the Farmer Bridge Assistance (FBA) program on 2025 planted acreage. The d...

Today was National Poinsettia Day, a plant that is supposed to symbolize goodwill and success but that is only true for the bears today.  There was re...

Mar 26 Corn closed at $4.4075/bushel, down $0.0575 from yesterday's close.  Mar 26 Wheat closed at $5.2925/bushel, down $0.0425 from yesterday's close...

U.S. Export Sales and Shipments for the week ending Nov 13, 2025...

Dry-bulk markets were softer last week with Capesize markets seeing weaker interest from East Australia and other Pacific locales. Traders are describing s...

The U.S. trade deficit narrowed unexpectedly to $52.8 billion in September, the smallest since mid-2020. The decline in the deficit was due to a large incr...

Following the December WASDE report from Tuesday, WPI has updated our corn, wheat, and soybean supply and use models to examine market trends for the rest...

Grain markets traded without conviction today, see-sawing around unchanged and with modest volume. Aggies had WASDE day and outside markets had Fed day, an...

USDA’s World Agriculture Supply and Demand Estimates (WASDE) report was released yesterday. The WASDE forecast corn exports for MY 2025-26 hitting a...

Mar 26 Corn closed at $4.465/bushel, up $0.0225 from yesterday's close.  Mar 26 Wheat closed at $5.335/bushel, up $0.04 from yesterday's close. ...

No Trade Bailout The Trump Administration’s $12 billion economic assistance package to farmers is being framed by the media as a “bailout&rdquo...

Mar 26 Corn closed at $4.4425/bushel, down $0.0375 from yesterday's close.  Mar 26 Wheat closed at $5.295/bushel, down $0.05 from yesterday's close.&n...

Once again, the headlines for CBOT trade revolved around news from China, this time in support of both bulls and bears. Bulls benefited from the news of &l...

Russian Grain Markets: 1–5 December 2025 Russia’s grain markets remained largely bearish during the first week of December, although some regio...

USDA’s Dec 2025 estimate is that the 2025/26 season-average corn price received by U.S. farmers will remain at $4.00 per bushel. Global corn stocks a...

USDA’s Dec 2025 estimate is that the 2025/26 season-average wheat price received by U.S. farmers will remain at $5.00 per bushel. Global wheat stocks...

USDA’s Dec 2025 estimate is that the 2025/26 season-average prices are presently unchanged for U.S. soybeans at $10.50 per bushel, for soymeal at $30...

The CBOT wasn’t expecting much from the December WASDE report and USDA delivered fully on those expectations. The headline numbers were the increase...

Moving the Goal Posts China is a critical demand driver for U.S. soybean farmers and they rallied when the White House announced on Halloween that China ha...

Mar 26 Corn closed at $4.48/bushel, up $0.0425 from yesterday's close.  Mar 26 Wheat closed at $5.345/bushel, down $0.0025 from yesterday's close.&nbs...

President Trump announced a total of $12 billion in funding for an ag agriculture bailout program yesterday. The funds will come from tariff revenue collec...

Mediterranean/Middle East/North Africa/Africa – MEA Region North African and Middle East wheat, corn, and barley importers will see more competition...

The following tables/charts reflect the CFTC's latest data release, which covers traders' positions through 21 October. The data are, obviously, delayed du...

The CBOT was mostly lower to start the week with traders reluctant to add bullish risk ahead of the USDA’s WASDE report on Tuesday. Too, technical we...

The Federal Open Market Committee (FOMC) will meet on Wednesday to decide what to do about short-term interest rates. The Federal Funds Futures market puts...

Mar 26 Corn closed at $4.4375/bushel, down $0.01 from yesterday's close.  Mar 26 Wheat closed at $5.3475/bushel, down $0.01 from yesterday's close.&nb...

One Sided Equation Canada and Mexico are America’s largest trading partners. U.S. exports of row crop commodities have benefited from the USMCA, as h...

WHEAT Harvest progressed by 11.5 percent during the week, lifting completion to 45 percent of the harvestable area. Fieldwork moved across the central agri...

Despite assurances from Treasury Secretary Scott Bessent and the announcement this morning of nearly a half million tons of new soybean sales to China, the...

Mar 26 Corn closed at $4.4475/bushel, down $0.025 from yesterday's close.  Mar 26 Wheat closed at $5.3575/bushel, down $0.045 from yesterday's close.&...

WPI’s second fall acreage forecasts for the 2026 U.S. crop year show producers executing a mild expansion of soybean acres that will not quite offset...

U.S. trade officials have started the formal review process for the U.S.-Mexico-Canada Agreement (USMCA), inviting public comment ahead of next year's rene...

Corn and soybeans traded much the way they did in the overnight session, though wheat posted something of a reversal. There were flash sales of corn to Mex...

With China back in the market for U.S. soybeans and soy product margins diverging from recent patterns, soybean crushing margins are again in a state of un...

Mar 26 Corn closed at $4.4725/bushel, up $0.0375 from yesterday's close.  Mar 26 Wheat closed at $5.4025/bushel, up $0.02 from yesterday's close. ...

In January, Korea’s tariff on U.S. beef will drop to zero as laid out in a long schedule as part of the 2012 Korea-U.S. free trade agreement. Prior t...

The CBOT was mostly lower at mid-week with the threat of Russian attacks on Ukrainian vessels and ag infrastructure taking a backseat to the lack of export...

Waste Energy The cudgel held over agriculture-based feedstocks has typically been indirect land use. The U.S. biofuel industry is currently battling with C...

Mar 26 Corn closed at $4.435/bushel, down $0.065 from yesterday's close.  Mar 26 Wheat closed at $5.3825/bushel, down $0.0275 from yesterday's close.&...

The following tables/charts reflect the CFTC's latest data release, which covers traders' positions through 21 October. The data are, obviously, delayed du...

Russian Grain Markets: 24–28 November 2025 During the last week of November, grain markets remained quite volatile from region to region. A strong RU...

The CBOT initially looked set for a quiet day of post-holiday trade on Tuesday, but that was before Russian President Putin elevated political tensions in...

Mar 26 Corn closed at $4.5/bushel, up $0.05 from yesterday's close.  Mar 26 Wheat closed at $5.41/bushel, up $0.06 from yesterday's close.  Jan 2...

Congress returns this week from their Thanksgiving recess to wrap up end-of-year priorities. There are only 13 days of legislative sessions remaining in th...

Economy China’s official data and its rhetoric do not always align and while its exports have remained robust, it has not prevented a slump in manufa...

Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey is reportedly buying Russian grain once again due to lower wheat production this ye...

Beef packer margins surged for a fourth consecutive week, jumping $108/head to $228 and marking the strongest profitability in more than two years. Margins...

The U.S. Midwest received heavy snowfall this weekend and as snowflakes drifted lower so – apparently – did CBOT traders’ sentiments. The...

Ag as Affordability Solution Around 12 percent of Americans received federal food assistance (SNAP) and 10 percent are classified as living below the pover...

WHEAT The Argentine wheat harvest advanced nearly 14 percentage points this past week, reaching 30 percent of the total area. Good weather accelerated matu...

Mar 26 Corn closed at $4.45/bushel, down $0.0275 from yesterday's close.  Mar 26 Wheat closed at $5.35/bushel, down $0.035 from yesterday's close.&nbs...

Growth in retail sales lost some momentum in September, capping off what otherwise had been a solid quarter of spending for U.S. consumers. Looking at the...

Regional News  Farmer selling of grains remains limited across most of Europe as low prices and the looming holidays have producers focused on other t...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

The CME and traders recovered from a data center problem that halted overnight trading but it was the holiday interrupted week that sent trading volumes sh...

HOGS The USDA is releasing weekly slaughter data that was unavailable through the government shutdown. On average, through mid-November, sow slaughter has...

Mar 26 Corn closed at $4.4775/bushel, up $0.025 from yesterday's close.  Mar 26 Wheat closed at $5.385/bushel, down $0.02 from yesterday's close. ...