Recent Feed Grains Analysis
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. Nov 26 Soybeans closed at $12.2275/bushel, down $0.035 from yesterday's close. Dec 26 Soymeal closed at $327.3/short ton, up $3.5 from...
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 and soybeans, despite difficult weather last week. The Conditions report was even more bearish in light of meaningfully beneficial rains acr...
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 established to "undertake an objective, science-based, and evidence-driven review of Pakistan’s policy regarding the commercialization o...
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. Nov 26 Soybeans closed at $12.2625/bushel, up $0.2325 from yesterday's close. Dec 26 Soymeal closed at $323.8/short ton, up $5.3 from...
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. President Trump said Iran “will pay” for recent attacks that claimed the lives of U.S. troops stationed in Jordan. There are some signs...
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 counter attacks continues to drive bullish CBOT sentiments. Managed money traders purchased 93,000 contracts across the ag markets, expandin...
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 capacity and logistical constraints make diesel markets especially sensitive to supply disruptions. Diesel supply disruptions are more difficu...
WPI Crop Progress and Conditions App (Updated 20 July)
Developer's Note: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where obs...
Mercosur Regional Analysis
Corn Harvest delays continue to complicate Argentina's corn market. Persistently high humidity, combined with scattered rainfall across key producing regions, continues to slow harvest progress. In southern Buenos Aires, harvesting remains constrained by poor field access, while across central...
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. Nov 26 Soybeans closed at $12.03/bushel, up $0.08 from yesterday's close. Dec 26 Soymeal closed at $318.5/short ton, down $3.9 from ye...
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 launched a missile into Kuwait that damaged a desalination plant. Crude oil futures surged on heightened Middle East tensions, providing supp...
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 blow to maize yields. France, much of western Europe, and Hungary have suffered the worst of the heat, with yield potential collapsing. WPI&r...
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. Nov 26 Soybeans closed at $11.95/bushel, down $0.0675 from yesterday's close. Dec 26 Soymeal closed at $322.4/short ton, up $2.4...
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 threatened to do next week if negotiations between the two nations do not resume. President Trump is scheduled to deliver a primetime addre...
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. Nov 26 Soybeans closed at $12.0175/bushel, up $0.1075 from yesterday's close. Dec 26 Soymeal closed at $320/short ton, up $3.7 from yes...
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 charge, outside markets are becoming more supportive, and geopolitical and weather risks are once again demanding attention. Does that mean the...
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 cover crops do not provide immediate revenue, their long-term benefits include improved nutrient retention, water management, and soil produc...
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 corn consumption for 2025/26 and early 2026/27. The EIA reported that ethanol production fell 4.8 percent for the week ending 10 July...
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 southern Russia and the Volga Valley, where harvest begins first and export access is strongest. Price volatility remains elevated across producing...
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 against Iran will begin at 3:00 PM CDT Tuesday. President Trump said the Strait of Hormuz is open to all shipping traffic, except Iran. In an...
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. Nov 26 Soybeans closed at $11.91/bushel, down $0.0375 from yesterday's close. Dec 26 Soymeal closed at $316.3/short ton, up $1.3 fr...
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 production limitations. Superior feed conversion efficiency gives aquaculture a competitive advantage over traditional livestock production, with l...
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 of July. It is expected to handle 250,000 MT of cargo per month, including wheat and other grains. Initial shipments are expected to be Rus...
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 traders purchased 93,000 contracts across the ag markets, expanding their all-ags net long 98 percent in the process. The biggest drivers of the...
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 in macroeconomic markets, though the CBOT seemed immune. President Trump announced the U.S. military would resume its naval blockade on Iran...
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. Nov 26 Soybeans closed at $11.9475/bushel, up $0.04 from yesterday's close. Dec 26 Soymeal closed at $315/short ton, down $3.7 fro...
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 flexibility to manage timing, basis, and pricing decisions. Brazil's storage deficit increases harvest-time pressure on logistics and exports,...
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 is entering its final stage across the central and northern production regions, except for parts of north-central Santa Fe, where excessive s...
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 the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which WPI feels are of...
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. Nov 26 Soybeans closed at $11.9075/bushel, up $0.0925 from yesterday's close. Dec 26 Soymeal closed at $318.7/short ton, up $3.3 from y...
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 through the Sea of Azov, Kerch Strait, and Black Sea. The July WASDE report offered a modestly supportive outlook for corn, wheat, and soybe...
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 Crop Progress reports, providing the first comprehensive look at the size and condition of the crop. Most years the reports simply confirm...
Summary of Futures
Dec 26 Corn closed at $4.52/bushel, down $0.0425 from yesterday's close. Sep 26 Wheat closed at $6.1975/bushel, up $0.12 from yesterday's close. Nov 26 Soybeans closed at $11.815/bushel, down $0.1075 from yesterday's close. Dec 26 Soymeal closed at $315.4/short ton, up $4.2 fr...
Market Commentary: The Market Is Always Looking Ahead
Weather remains the dominant driver of grain markets this time of year, but this week's trade has been a reminder that futures markets are constantly looking ahead. Corn and soybean prices don't simply react to today's weather — they respond to where traders believe production risks will...
Summary of Futures
Dec 26 Corn closed at $4.5625/bushel, down $0.08 from yesterday's close. Sep 26 Wheat closed at $6.0775/bushel, down $0.1075 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, down $0.055 from yesterday's close. Dec 26 Soymeal closed at $311.2/short ton, down $...
Market Commentary: Geopolitical Risk Back in Play
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
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. Nov 26 Soybeans closed at $12.2275/bushel, down $0.035 from yesterday's close. Dec 26 Soymeal closed at $327.3/short ton, up $3.5 from...
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 and soybeans, despite difficult weather last week. The Conditions report was even more bearish in light of meaningfully beneficial rains acr...
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 established to "undertake an objective, science-based, and evidence-driven review of Pakistan’s policy regarding the commercialization o...
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. Nov 26 Soybeans closed at $12.2625/bushel, up $0.2325 from yesterday's close. Dec 26 Soymeal closed at $323.8/short ton, up $5.3 from...
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. President Trump said Iran “will pay” for recent attacks that claimed the lives of U.S. troops stationed in Jordan. There are some signs...
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 counter attacks continues to drive bullish CBOT sentiments. Managed money traders purchased 93,000 contracts across the ag markets, expandin...
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 capacity and logistical constraints make diesel markets especially sensitive to supply disruptions. Diesel supply disruptions are more difficu...
WPI Crop Progress and Conditions App (Updated 20 July)
Developer's Note: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where obs...
Mercosur Regional Analysis
Corn Harvest delays continue to complicate Argentina's corn market. Persistently high humidity, combined with scattered rainfall across key producing regions, continues to slow harvest progress. In southern Buenos Aires, harvesting remains constrained by poor field access, while across central...
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. Nov 26 Soybeans closed at $12.03/bushel, up $0.08 from yesterday's close. Dec 26 Soymeal closed at $318.5/short ton, down $3.9 from ye...
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 launched a missile into Kuwait that damaged a desalination plant. Crude oil futures surged on heightened Middle East tensions, providing supp...
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 blow to maize yields. France, much of western Europe, and Hungary have suffered the worst of the heat, with yield potential collapsing. WPI&r...
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. Nov 26 Soybeans closed at $11.95/bushel, down $0.0675 from yesterday's close. Dec 26 Soymeal closed at $322.4/short ton, up $2.4...
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 threatened to do next week if negotiations between the two nations do not resume. President Trump is scheduled to deliver a primetime addre...
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. Nov 26 Soybeans closed at $12.0175/bushel, up $0.1075 from yesterday's close. Dec 26 Soymeal closed at $320/short ton, up $3.7 from yes...
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 charge, outside markets are becoming more supportive, and geopolitical and weather risks are once again demanding attention. Does that mean the...
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 cover crops do not provide immediate revenue, their long-term benefits include improved nutrient retention, water management, and soil produc...
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 corn consumption for 2025/26 and early 2026/27. The EIA reported that ethanol production fell 4.8 percent for the week ending 10 July...
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 southern Russia and the Volga Valley, where harvest begins first and export access is strongest. Price volatility remains elevated across producing...
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 against Iran will begin at 3:00 PM CDT Tuesday. President Trump said the Strait of Hormuz is open to all shipping traffic, except Iran. In an...
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. Nov 26 Soybeans closed at $11.91/bushel, down $0.0375 from yesterday's close. Dec 26 Soymeal closed at $316.3/short ton, up $1.3 fr...
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 production limitations. Superior feed conversion efficiency gives aquaculture a competitive advantage over traditional livestock production, with l...
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 of July. It is expected to handle 250,000 MT of cargo per month, including wheat and other grains. Initial shipments are expected to be Rus...
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 traders purchased 93,000 contracts across the ag markets, expanding their all-ags net long 98 percent in the process. The biggest drivers of the...
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 in macroeconomic markets, though the CBOT seemed immune. President Trump announced the U.S. military would resume its naval blockade on Iran...
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. Nov 26 Soybeans closed at $11.9475/bushel, up $0.04 from yesterday's close. Dec 26 Soymeal closed at $315/short ton, down $3.7 fro...
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 flexibility to manage timing, basis, and pricing decisions. Brazil's storage deficit increases harvest-time pressure on logistics and exports,...
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 is entering its final stage across the central and northern production regions, except for parts of north-central Santa Fe, where excessive s...
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 the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which WPI feels are of...
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. Nov 26 Soybeans closed at $11.9075/bushel, up $0.0925 from yesterday's close. Dec 26 Soymeal closed at $318.7/short ton, up $3.3 from y...
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 through the Sea of Azov, Kerch Strait, and Black Sea. The July WASDE report offered a modestly supportive outlook for corn, wheat, and soybe...
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 Crop Progress reports, providing the first comprehensive look at the size and condition of the crop. Most years the reports simply confirm...
Summary of Futures
Dec 26 Corn closed at $4.52/bushel, down $0.0425 from yesterday's close. Sep 26 Wheat closed at $6.1975/bushel, up $0.12 from yesterday's close. Nov 26 Soybeans closed at $11.815/bushel, down $0.1075 from yesterday's close. Dec 26 Soymeal closed at $315.4/short ton, up $4.2 fr...
Market Commentary: The Market Is Always Looking Ahead
Weather remains the dominant driver of grain markets this time of year, but this week's trade has been a reminder that futures markets are constantly looking ahead. Corn and soybean prices don't simply react to today's weather — they respond to where traders believe production risks will...
Summary of Futures
Dec 26 Corn closed at $4.5625/bushel, down $0.08 from yesterday's close. Sep 26 Wheat closed at $6.0775/bushel, down $0.1075 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, down $0.055 from yesterday's close. Dec 26 Soymeal closed at $311.2/short ton, down $...
Market Commentary: Geopolitical Risk Back in Play
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...