Black Sea Regional Analysis
Russian Grain Markets: 17–21 November 2025 The grain market remained stable. A strong ruble limited domestic price growth despite slight appreciation in export prices, which also held steady. Domestic millers in European Russia returned to the market, supporting stable to slightly bullish...
FOB Prices and Freight Rates App (Updated 26 November)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
WPI Grain Transportation Report
Dry bulk markets are firmer this week as China’s recent soybean purchases stoked hopes that cargo demand, and vessel hire rates, will increase heading into 2026. China has purchased about 1 MMT of U.S. soybeans out of their commitment to purchase 12 MMT in December and January. Cape...
Black Sea Regional Analysis
Russian Grains Market: 7-14 November 2025 Russia reported an air attack on the port of Novorossiysk, its main Black Sea export hub. The attack disrupted both oil and grain trade. Spot prices initially rose by several dollars but returned to previous levels by week’s end. The long-term out...
WASDE Corn - Nov 2025
USDA’s November 2025 estimate is for U.S. corn ending stocks to increase 44 million bushels to 2.2 billion. The projected U.S. season-average corn price received by farmers is increased 10 cents to $4.00 per bushel; The global ending stocks of corn is reduced slightly to 281.3 million ton...
WASDE Wheat - Nov 2025
USDA’s November 2025 estimate is for U.S. wheat ending stocks to increase 57 million bushels to 901. The projected U.S. season-average wheat price received by farmers is lowered $0.10 per bushel to $5.00. The global ending stocks of total wheat increased to 271.4 million; This is the firs...
WPI Grain Transportation Report
Dry-bulk markets were higher last week amid improved freight inquiries, tightening tonnage lists, and traders hoping for increased grain business in late November and early December. Despite hopes to the contrary, there has been essentially no confirmation of any U.S. grain export business to C...
Black Sea Regional Analysis
Russian Grains Market: 3–7 November 2025 During the first week of November ,the market was predominantly bearish with rare temporary recoveries in individual regions. Wheat export prices remained stable in European Russia. The Asian part of Russia shows appreciation of prices because of a...
WPI Grain Transportation Report
Dry bulk freight markets were quiet this past week and continued the trend that has been present since mid-October. The quiet trade let rates drift lower with disappointment about the slow appearance of Chinese demand weighing on market sentiment. The U.S.-China trade deal was thought to be lik...
Black Sea Regional Analysis
Russian Grains Market: 27–31 October 2025 The Russian grains market remained predominantly bearish during the final week of October, with only brief recoveries in select regions. Despite improving monthly export volumes, demand continues to lag behind the export surplus. The season began...
WPI Grain Transportation Report
Dry bulk markets were quiet and mostly flat last week. Spot rates softened a little bit as vessel owners threw in the towel on waiting for improved demand. Most hopes for any recovery in rates now rests on the new U.S.-China trade deal. After the positive meeting between Presidents Xi and...
Black Sea Regional Analysis
Russian Grains Market: 20–24 October 2025 The Russian grains market remained relatively stable with divergent regional trends. European Russia exhibited bearish sentiment due to exportable surplus, while Asian Russia showed signs of price recovery, though uncertainty persists. The bearish...
Black Sea Regional Analysis
Russian Grains Market: 13–17 October 2025 The Russian grains market remained stable with a slightly bearish undertone, despite zero export duties and firm global demand. Reduced competition among buyers—due to fewer active exporters and limited multinational participation—has...
Black Sea Regional Analysis
Russian Grains Market: 6–10 October 2025 The Russian grains market showed mixed dynamics. While bearish sentiment persisted in the Asian regions and the Volga Valley, prices in European Russia stabilized and even recovered for staple grains. The sharp downward trend observed in September...
Black Sea Regional Analysis
Russian Grains Market: 29 September–03 October 2025 The market remained bearish under pressure from the new crop. However, the export market is fueling optimism. With relatively low export duties, Russian farmers may improve grain margins this year, supported by significant trade volumes...
Black Sea Regional Analysis
Russian Grains Market: 22–26 September 2025 The Russian grains market remained stable with a slightly bearish tone, particularly for corn, which led declines amid ongoing harvests and steady export flows. Barley and corn weakness is expected to pressure feed wheat prices. Peas are also un...
Black Sea Regional Analysis
Russian Grains Market: 15–19 September 2025 Bullish sentiment returned to the Russian grain markets during the third week of September, defying expectations of continued bearishness. Despite exportable surpluses and farmers’ need to generate cash to service rising interest-bearing l...
Black Sea Regional Analysis
Russian Grains Market: 8–12 September 2025 Bearish sentiment in the Russian grains markets eased during the second week of September, with prices stabilizing in some regions. Proximity to ports continues to offer premiums as export activity gains momentum. Most grains are experiencing sol...
WASDE Wheat - Sep 2025
Wheat - USDA’s Sep 2025 outlook is for U.S. total wheat exports to increase by 25 million bushels to 900 million. That reduced ending stocks by 25 million bushels to 844 million - slightly less than last year. The projected 2025/26 seasonal average farm price is reduced by $0.20 per bushe...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
WPI Grain Transportation Report
Dry bulk freight markets rallied this week buyers extending coverage ahead of China’s Golden Week festival in 1-8 October. The rally came partly from an uptick in cargo demand but mostly from vessel supply disruptions stemming from the U.S. fees against Chinese vessels. This is causing Ch...
Market Commentary: Calm for the Day but Geopolitics Hint at Looming Volatility
The CBOT was solidly in the red on Wednesday while cattle futures regained some of their former strength. Markets had to process multiple headlines at the national/international political level, which led to some mild risk-off trade. Mostly, however, for grains, the looming WASDE dominated the...
Black Sea Regional Analysis
Russian Grains Market: 1–5 September 2025 Bearish sentiments prevailed across both the European and Asian parts of Russia. The market is under pressure as stocks and yields are better than expected especially in Volga Valley and Black Soil region. Siberia and Urals harvesting campaign is...
Black Sea Regional Analysis
Russian Grains Market: 25 – 29 August 2025 Bearish sentiments prevail on the Russian market. Most likely the bottom price levels are near for most of the grains except corn whose season started in September. Bearish trend is a tradition for this part of the season as harvesting is un...
Black Sea Regional Analysis
Russian Grains Market: 18 – 22 August 2025 The market continues following a bearish trend, mostly related to the peak of the harvest campaign and a surplus of freshly cut grains. The export market continues driving prices inside the country and while European Russia is focused on Azov Sea...
Market Commentary: CBOT Rallies, but is it a Correction or a Trend Reversal?
The CBOT turned higher at mid-week with wheat leading the way and corn and soybeans following on somewhat minor news items. Wheat saw a strong rally develop that created bullish key reversals on the charts after rumors of Asian export demand – fueled by the U.S. Gulf’s discount to R...
Black Sea Regional Analysis
Russian Grain Markets: 11 – 15 August 2025 During the second week of August, the market realized that harvesting produces all the grain the market needs and this caused bearish sentiments in most of Russia’s regions. Some regions like Siberia and Ural are sensitive to the harvesting...
Market Commentary: Green Crop Fields Create Sea of Market Red
The CBOT was sharply lower on Tuesday as traders reacted to the USDA’s Crop Progress report, in which corn, soybean, and spring wheat conditions and development were highly favorable. That, combined with high corn yield and soybean pod count estimates from various crop tours sent the mark...
Market Commentary: Corn Defies Red Trend at CBOT
The CBOT started the new week on a mixed note with wheat and soybeans turning lower while corn strengthened for the fourth straight day. Technical action was mixed as funds covered corn shorts but expanded bearish positions in wheat and, to a lesser extent, the soy complex. Fresh news was light...
European Market Analysis
Regional News The Association of German Cooperatives (DRV) raised its forecast for the German grain harvest from 41.7 MMT to 43.0 MMT, up 10 percent from the 2024 crop. Wheat production was increased from 21.6 MMT to 22.4 MMT and corn from 4.5 MMT to 4.6 MMT. Heavy July rains boosted corn yield...
Black Sea Regional Analysis
Russian Grain Markets: 4 – 8 August 2025 The speed of the harvesting campaign was the key price driver. Improved harvesting pace in the Centre and Black Soil regions made most of the grain prices plummet except for the best milling quality wheat. This is understandable as excessive rains...
WASDE Corn - August 2025
USDA’s first survey-based corn yield forecast is a record 188.8 bushels per acre, which is 7.8 bushels higher than last month’s projection. U.S. exports are increased 200 million bushels to a record 2.9 billion bushels. Regardless, U.S. ending stocks are up 457 million bushels to 2...
WASDE Wheat - August 2025
USDA increased their estimate for U.S. wheat exports by 25 million bushels to 875 million on the continued strong pace of sales and shipments, particularly for Hard Red Winter. Projected ending stocks are reduced by 21 million bushels to 869 million. Nevertheless, the 2025/26 season-average far...
Black Sea Regional Analysis
Russian Grain Markets: 28 July – 1 August 2025 The harmonizing of July old crop and new crop pricing is coming to an end. As harvesting continues with a delay, prices are volatile depending on the region. Delayed harvest often causes bullish sentiments in some individual regions but press...
Market Commentary: Pushing Toward New Lows on Bearish Supplies
There was higher volume today trading corn and hogs, and lower volume in the soy complex and SRW. New contract lows were printed for corn, SRW, and HRW. Yesterday’s crop progress report reflected potentially stellar crops and yield estimates from private analysts continue to p...
Black Sea Regional Analysis
Russian Grain Markets: 21 – 25 July 2025 During the fourth week of the new 2025/26 season, the export market was still the driving force behind pricing patterns. Harvesting entered into the active phase filling the needs on the market to the brim. As a result, domestic prices plummeted. T...
Black Sea Regional Analysis
Russian Grain Markets: 17–21 November 2025 The grain market remained stable. A strong ruble limited domestic price growth despite slight appreciation in export prices, which also held steady. Domestic millers in European Russia returned to the market, supporting stable to slightly bullish...
FOB Prices and Freight Rates App (Updated 26 November)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
WPI Grain Transportation Report
Dry bulk markets are firmer this week as China’s recent soybean purchases stoked hopes that cargo demand, and vessel hire rates, will increase heading into 2026. China has purchased about 1 MMT of U.S. soybeans out of their commitment to purchase 12 MMT in December and January. Cape...
Black Sea Regional Analysis
Russian Grains Market: 7-14 November 2025 Russia reported an air attack on the port of Novorossiysk, its main Black Sea export hub. The attack disrupted both oil and grain trade. Spot prices initially rose by several dollars but returned to previous levels by week’s end. The long-term out...
WASDE Corn - Nov 2025
USDA’s November 2025 estimate is for U.S. corn ending stocks to increase 44 million bushels to 2.2 billion. The projected U.S. season-average corn price received by farmers is increased 10 cents to $4.00 per bushel; The global ending stocks of corn is reduced slightly to 281.3 million ton...
WASDE Wheat - Nov 2025
USDA’s November 2025 estimate is for U.S. wheat ending stocks to increase 57 million bushels to 901. The projected U.S. season-average wheat price received by farmers is lowered $0.10 per bushel to $5.00. The global ending stocks of total wheat increased to 271.4 million; This is the firs...
WPI Grain Transportation Report
Dry-bulk markets were higher last week amid improved freight inquiries, tightening tonnage lists, and traders hoping for increased grain business in late November and early December. Despite hopes to the contrary, there has been essentially no confirmation of any U.S. grain export business to C...
Black Sea Regional Analysis
Russian Grains Market: 3–7 November 2025 During the first week of November ,the market was predominantly bearish with rare temporary recoveries in individual regions. Wheat export prices remained stable in European Russia. The Asian part of Russia shows appreciation of prices because of a...
WPI Grain Transportation Report
Dry bulk freight markets were quiet this past week and continued the trend that has been present since mid-October. The quiet trade let rates drift lower with disappointment about the slow appearance of Chinese demand weighing on market sentiment. The U.S.-China trade deal was thought to be lik...
Black Sea Regional Analysis
Russian Grains Market: 27–31 October 2025 The Russian grains market remained predominantly bearish during the final week of October, with only brief recoveries in select regions. Despite improving monthly export volumes, demand continues to lag behind the export surplus. The season began...
WPI Grain Transportation Report
Dry bulk markets were quiet and mostly flat last week. Spot rates softened a little bit as vessel owners threw in the towel on waiting for improved demand. Most hopes for any recovery in rates now rests on the new U.S.-China trade deal. After the positive meeting between Presidents Xi and...
Black Sea Regional Analysis
Russian Grains Market: 20–24 October 2025 The Russian grains market remained relatively stable with divergent regional trends. European Russia exhibited bearish sentiment due to exportable surplus, while Asian Russia showed signs of price recovery, though uncertainty persists. The bearish...
Black Sea Regional Analysis
Russian Grains Market: 13–17 October 2025 The Russian grains market remained stable with a slightly bearish undertone, despite zero export duties and firm global demand. Reduced competition among buyers—due to fewer active exporters and limited multinational participation—has...
Black Sea Regional Analysis
Russian Grains Market: 6–10 October 2025 The Russian grains market showed mixed dynamics. While bearish sentiment persisted in the Asian regions and the Volga Valley, prices in European Russia stabilized and even recovered for staple grains. The sharp downward trend observed in September...
Black Sea Regional Analysis
Russian Grains Market: 29 September–03 October 2025 The market remained bearish under pressure from the new crop. However, the export market is fueling optimism. With relatively low export duties, Russian farmers may improve grain margins this year, supported by significant trade volumes...
Black Sea Regional Analysis
Russian Grains Market: 22–26 September 2025 The Russian grains market remained stable with a slightly bearish tone, particularly for corn, which led declines amid ongoing harvests and steady export flows. Barley and corn weakness is expected to pressure feed wheat prices. Peas are also un...
Black Sea Regional Analysis
Russian Grains Market: 15–19 September 2025 Bullish sentiment returned to the Russian grain markets during the third week of September, defying expectations of continued bearishness. Despite exportable surpluses and farmers’ need to generate cash to service rising interest-bearing l...
Black Sea Regional Analysis
Russian Grains Market: 8–12 September 2025 Bearish sentiment in the Russian grains markets eased during the second week of September, with prices stabilizing in some regions. Proximity to ports continues to offer premiums as export activity gains momentum. Most grains are experiencing sol...
WASDE Wheat - Sep 2025
Wheat - USDA’s Sep 2025 outlook is for U.S. total wheat exports to increase by 25 million bushels to 900 million. That reduced ending stocks by 25 million bushels to 844 million - slightly less than last year. The projected 2025/26 seasonal average farm price is reduced by $0.20 per bushe...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
WPI Grain Transportation Report
Dry bulk freight markets rallied this week buyers extending coverage ahead of China’s Golden Week festival in 1-8 October. The rally came partly from an uptick in cargo demand but mostly from vessel supply disruptions stemming from the U.S. fees against Chinese vessels. This is causing Ch...
Market Commentary: Calm for the Day but Geopolitics Hint at Looming Volatility
The CBOT was solidly in the red on Wednesday while cattle futures regained some of their former strength. Markets had to process multiple headlines at the national/international political level, which led to some mild risk-off trade. Mostly, however, for grains, the looming WASDE dominated the...
Black Sea Regional Analysis
Russian Grains Market: 1–5 September 2025 Bearish sentiments prevailed across both the European and Asian parts of Russia. The market is under pressure as stocks and yields are better than expected especially in Volga Valley and Black Soil region. Siberia and Urals harvesting campaign is...
Black Sea Regional Analysis
Russian Grains Market: 25 – 29 August 2025 Bearish sentiments prevail on the Russian market. Most likely the bottom price levels are near for most of the grains except corn whose season started in September. Bearish trend is a tradition for this part of the season as harvesting is un...
Black Sea Regional Analysis
Russian Grains Market: 18 – 22 August 2025 The market continues following a bearish trend, mostly related to the peak of the harvest campaign and a surplus of freshly cut grains. The export market continues driving prices inside the country and while European Russia is focused on Azov Sea...
Market Commentary: CBOT Rallies, but is it a Correction or a Trend Reversal?
The CBOT turned higher at mid-week with wheat leading the way and corn and soybeans following on somewhat minor news items. Wheat saw a strong rally develop that created bullish key reversals on the charts after rumors of Asian export demand – fueled by the U.S. Gulf’s discount to R...
Black Sea Regional Analysis
Russian Grain Markets: 11 – 15 August 2025 During the second week of August, the market realized that harvesting produces all the grain the market needs and this caused bearish sentiments in most of Russia’s regions. Some regions like Siberia and Ural are sensitive to the harvesting...
Market Commentary: Green Crop Fields Create Sea of Market Red
The CBOT was sharply lower on Tuesday as traders reacted to the USDA’s Crop Progress report, in which corn, soybean, and spring wheat conditions and development were highly favorable. That, combined with high corn yield and soybean pod count estimates from various crop tours sent the mark...
Market Commentary: Corn Defies Red Trend at CBOT
The CBOT started the new week on a mixed note with wheat and soybeans turning lower while corn strengthened for the fourth straight day. Technical action was mixed as funds covered corn shorts but expanded bearish positions in wheat and, to a lesser extent, the soy complex. Fresh news was light...
European Market Analysis
Regional News The Association of German Cooperatives (DRV) raised its forecast for the German grain harvest from 41.7 MMT to 43.0 MMT, up 10 percent from the 2024 crop. Wheat production was increased from 21.6 MMT to 22.4 MMT and corn from 4.5 MMT to 4.6 MMT. Heavy July rains boosted corn yield...
Black Sea Regional Analysis
Russian Grain Markets: 4 – 8 August 2025 The speed of the harvesting campaign was the key price driver. Improved harvesting pace in the Centre and Black Soil regions made most of the grain prices plummet except for the best milling quality wheat. This is understandable as excessive rains...
WASDE Corn - August 2025
USDA’s first survey-based corn yield forecast is a record 188.8 bushels per acre, which is 7.8 bushels higher than last month’s projection. U.S. exports are increased 200 million bushels to a record 2.9 billion bushels. Regardless, U.S. ending stocks are up 457 million bushels to 2...
WASDE Wheat - August 2025
USDA increased their estimate for U.S. wheat exports by 25 million bushels to 875 million on the continued strong pace of sales and shipments, particularly for Hard Red Winter. Projected ending stocks are reduced by 21 million bushels to 869 million. Nevertheless, the 2025/26 season-average far...
Black Sea Regional Analysis
Russian Grain Markets: 28 July – 1 August 2025 The harmonizing of July old crop and new crop pricing is coming to an end. As harvesting continues with a delay, prices are volatile depending on the region. Delayed harvest often causes bullish sentiments in some individual regions but press...
Market Commentary: Pushing Toward New Lows on Bearish Supplies
There was higher volume today trading corn and hogs, and lower volume in the soy complex and SRW. New contract lows were printed for corn, SRW, and HRW. Yesterday’s crop progress report reflected potentially stellar crops and yield estimates from private analysts continue to p...
Black Sea Regional Analysis
Russian Grain Markets: 21 – 25 July 2025 During the fourth week of the new 2025/26 season, the export market was still the driving force behind pricing patterns. Harvesting entered into the active phase filling the needs on the market to the brim. As a result, domestic prices plummeted. T...