Summary of Futures
Dec 26 Corn closed at $5.275/bushel, down $0.015 from yesterday's close. Dec 26 Wheat closed at $7.07/bushel, down $0.015 from yesterday's close. Nov 26 Soybeans closed at $13.175/bushel, down $0.005 from yesterday's close. Dec 26 Soymeal closed at $372.4/short ton, up $1.8 fr...
Market Commentary: Markets Await Xi-Trump Meeting Outcome, Export Sales Disappoint
What You Need to Know Today: Chinese President Xi Jinping arrived at the White House today as part of a highly anticipated three-day visit to the United States, marking his first visit to Washington in eleven years. Trade is expected to feature prominently in discussions with President Trump,...
Livestock Round Up: Quick Hits – Elections, Beef Imports, Xi Meeting and ICE
Officials from the Trump Administration are reportedly considering rolling back the Administration’s beef import plan as there is a growing panic about the midterm elections. The proposal to reduce the 300,000 MT of beef imports – 100,000 MT for September – is being discussed...
The Farm at the Edge of the World: American Agriculture and a Global Reckoning
Key Takeaways: The United States shifted from a decades-long agricultural trade surplus to a growing deficit, reaching roughly forty-one to forty-four billion dollars in recent fiscal years, a structural change rather than a cyclical dip. Brazil has overtaken the United States as the leading s...
Transportation Perspectives - 24 September
Key Takeaways: Dry bulk markets are steady/firmer this week with Handysize vessels making the biggest gains. In particular, strong grain demand has improved Handysize rates, along with charterers dipping down into the smaller vessel classes after the recent Panamax and Supra/Ultramax ral...
Summary of Futures
Dec 26 Corn closed at $5.29/bushel, down $0.0775 from yesterday's close. Dec 26 Wheat closed at $7.085/bushel, down $0.0875 from yesterday's close. Nov 26 Soybeans closed at $13.18/bushel, down $0.075 from yesterday's close. Dec 26 Soymeal closed at $370.6/short ton, down $0.1...
Market Commentary: The Devil Is in the Details
Markets have no shortage of headlines today, but the reaction depends on what sits underneath them. Strong economic growth comes with renewed inflation pressure. Higher crude inventories do little to solve tight diesel supplies. Rain is delaying one crop while helping another, and trade expecta...
DDGS Price Outlook Turns Bullish
Key Takeaways: DDGS prices have been pushing higher this summer as corn, soybean meal, and other feedstuff values have surged amid strong export demand and supply concerns. WPI’s models anticipate additional gains for DDGS values heading into early 2027, with FOB plant prices reach...
FOB Prices and Freight Rates App (Updated 23 September)
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”...
Summary of Futures
Dec 26 Corn closed at $5.3675/bushel, down $0.0625 from yesterday's close. Dec 26 Wheat closed at $7.1725/bushel, down $0.095 from yesterday's close. Nov 26 Soybeans closed at $13.255/bushel, down $0.025 from yesterday's close. Dec 26 Soymeal closed at $370.7/short ton, up $2...
Market Commentary: Politics Drives Turnaround Tuesday
What You Need to Know Today: Cattle futures crashed on social media rumors that ICE raided one or possibly three fed cattle packing plants in Kansas Monday night or Tuesday morning. Operations at one plant have been disrupted and production curtailed. Outcomes for shipping via the Strait of Ho...
Soymeal Holds Its Value in an Oil-Driven Crush Market
Key Takeaways: The expansion of biofuel-driven soybean crushing was expected to increase soymeal supplies and pressure prices as soyoil became a larger driver of crush economics, but soymeal has instead retained considerable value. Strong domestic and global feed demand has helped absorb addit...
Livestock Industry Margins
Beef packer margins improved to $176/head last week, up $19 from the prior week as the Choice cutout edged higher while fed cattle prices eased. The cutout rose to $376/cwt while fed cattle slipped to $222/cwt, modestly widening packer profits. Margins remain well above year-ago levels despite...
Fed’s Warsh Defies Trump on Short-Term Monetary Policy Move
Last week, the Federal Reserve’s Federal Open Market Committee (FOMC) raised the federal funds rate by 0.25 percentage point to a target range of 3.75 to 4 percent. That was the first rate hike since mid-2023, and the vote was unanimous. President Trump, who nominated Kevin Warsh in March...
Summary of Futures
Dec 26 Corn closed at $5.43/bushel, up $0.155 from yesterday's close. Dec 26 Wheat closed at $7.2675/bushel, up $0.125 from yesterday's close. Nov 26 Soybeans closed at $13.28/bushel, up $0.245 from yesterday's close. Dec 26 Soymeal closed at $368.4/short ton, up $9.8 from yes...
Market Commentary: CBOT Posts Bullish Technical Day ahead of Trump-Xi Meeting
What You Need to Know Today: Grain markets were sharply higher overnight and through the day session as the concerning wet weather pattern persists over the Midwest. Grain traders – and soybean market players in particular – will be closely parsing both what is said and unsaid from...
Higher Interest Rates Put More Pressure on Farm Margins
Key Takeaways: Higher interest rates increase the cost of financing agricultural production, reducing farm margins without providing any corresponding increase in production or revenue. The financial impact of higher rates varies considerably by operation, with highly leveraged producers and t...
Senate Moves Farm Bill, but That May Be Not Enough
Last week, the Senate Ag Committee passed the farm bill on a party-line vote upon the return of Senators Mitch McConnell (R-Kentucky) and Tommy Tuberville (R-Alabama), who missed the vote on 6 August (see WPI coverage here) when it failed by a similar party-line vote, 10-11. Democrats held the...
WPI Crop Progress and Conditions App (Updated 21 September)
Developer's Note 24 August 2026: WPI recently completed an exercise that updated the codebase for this app and solved some of the discrepancies between our five-year average calculation and USDA's. There are a few lingering cases where early (late) starts (finishes) to the crop cycle resu...
CFTC COT Report Analysis
Managed money was a slight net seller across agricultural markets in the latest CFTC report, with funds selling a net 3,000 contracts through last Tuesday’s reporting deadline and reducing their combined net-long position to 1.021 million contracts. Despite the modest overall selling, pos...
Cattle on Feed - Sep 2026
U.S. Cattle on Feed totaled 11.2 million head on September 1, 2026 – which was 1 percent above September 1, 2025. Placements in feedlots during August totaled 1.62 million head - 9 percent below 2025. Marketings of fed cattle during August totaled 1.52 million head - 3 percent below...
Summary of Futures
Dec 26 Corn closed at $5.275/bushel, down $0.03 from yesterday's close. Dec 26 Wheat closed at $7.1425/bushel, down $0.1275 from yesterday's close. Nov 26 Soybeans closed at $13.035/bushel, down $0.1625 from yesterday's close. Dec 26 Soymeal closed at $358.6/short ton, down $1...
Market Commentary: Soymeal Pulls Back, Bullish Cattle on Feed
What You Need to Know Today: The September Cattle on Feed report was strongly bullish, with both the 1 September on-feed inventory and August placements coming in well below average expectations and below the bottom of their respective pre-report estimate ranges. China continues to buy U...
Cattle on Feed Report: Lowest August Placements and Marketings on Record
USDA’s September cattle on feed report was released Friday, with the total number of cattle in feedlots with 1,000 head or more capacity amounting to 11.2 million head, 101 percent of last year. Placements dropped in August to their lowest total for the month since records began in 1996...
Summary of Futures
Dec 26 Corn closed at $5.275/bushel, down $0.015 from yesterday's close. Dec 26 Wheat closed at $7.07/bushel, down $0.015 from yesterday's close. Nov 26 Soybeans closed at $13.175/bushel, down $0.005 from yesterday's close. Dec 26 Soymeal closed at $372.4/short ton, up $1.8 fr...
Market Commentary: Markets Await Xi-Trump Meeting Outcome, Export Sales Disappoint
What You Need to Know Today: Chinese President Xi Jinping arrived at the White House today as part of a highly anticipated three-day visit to the United States, marking his first visit to Washington in eleven years. Trade is expected to feature prominently in discussions with President Trump,...
Livestock Round Up: Quick Hits – Elections, Beef Imports, Xi Meeting and ICE
Officials from the Trump Administration are reportedly considering rolling back the Administration’s beef import plan as there is a growing panic about the midterm elections. The proposal to reduce the 300,000 MT of beef imports – 100,000 MT for September – is being discussed...
The Farm at the Edge of the World: American Agriculture and a Global Reckoning
Key Takeaways: The United States shifted from a decades-long agricultural trade surplus to a growing deficit, reaching roughly forty-one to forty-four billion dollars in recent fiscal years, a structural change rather than a cyclical dip. Brazil has overtaken the United States as the leading s...
Transportation Perspectives - 24 September
Key Takeaways: Dry bulk markets are steady/firmer this week with Handysize vessels making the biggest gains. In particular, strong grain demand has improved Handysize rates, along with charterers dipping down into the smaller vessel classes after the recent Panamax and Supra/Ultramax ral...
Summary of Futures
Dec 26 Corn closed at $5.29/bushel, down $0.0775 from yesterday's close. Dec 26 Wheat closed at $7.085/bushel, down $0.0875 from yesterday's close. Nov 26 Soybeans closed at $13.18/bushel, down $0.075 from yesterday's close. Dec 26 Soymeal closed at $370.6/short ton, down $0.1...
Market Commentary: The Devil Is in the Details
Markets have no shortage of headlines today, but the reaction depends on what sits underneath them. Strong economic growth comes with renewed inflation pressure. Higher crude inventories do little to solve tight diesel supplies. Rain is delaying one crop while helping another, and trade expecta...
DDGS Price Outlook Turns Bullish
Key Takeaways: DDGS prices have been pushing higher this summer as corn, soybean meal, and other feedstuff values have surged amid strong export demand and supply concerns. WPI’s models anticipate additional gains for DDGS values heading into early 2027, with FOB plant prices reach...
FOB Prices and Freight Rates App (Updated 23 September)
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”...
Summary of Futures
Dec 26 Corn closed at $5.3675/bushel, down $0.0625 from yesterday's close. Dec 26 Wheat closed at $7.1725/bushel, down $0.095 from yesterday's close. Nov 26 Soybeans closed at $13.255/bushel, down $0.025 from yesterday's close. Dec 26 Soymeal closed at $370.7/short ton, up $2...
Market Commentary: Politics Drives Turnaround Tuesday
What You Need to Know Today: Cattle futures crashed on social media rumors that ICE raided one or possibly three fed cattle packing plants in Kansas Monday night or Tuesday morning. Operations at one plant have been disrupted and production curtailed. Outcomes for shipping via the Strait of Ho...
Soymeal Holds Its Value in an Oil-Driven Crush Market
Key Takeaways: The expansion of biofuel-driven soybean crushing was expected to increase soymeal supplies and pressure prices as soyoil became a larger driver of crush economics, but soymeal has instead retained considerable value. Strong domestic and global feed demand has helped absorb addit...
Livestock Industry Margins
Beef packer margins improved to $176/head last week, up $19 from the prior week as the Choice cutout edged higher while fed cattle prices eased. The cutout rose to $376/cwt while fed cattle slipped to $222/cwt, modestly widening packer profits. Margins remain well above year-ago levels despite...
Fed’s Warsh Defies Trump on Short-Term Monetary Policy Move
Last week, the Federal Reserve’s Federal Open Market Committee (FOMC) raised the federal funds rate by 0.25 percentage point to a target range of 3.75 to 4 percent. That was the first rate hike since mid-2023, and the vote was unanimous. President Trump, who nominated Kevin Warsh in March...
Summary of Futures
Dec 26 Corn closed at $5.43/bushel, up $0.155 from yesterday's close. Dec 26 Wheat closed at $7.2675/bushel, up $0.125 from yesterday's close. Nov 26 Soybeans closed at $13.28/bushel, up $0.245 from yesterday's close. Dec 26 Soymeal closed at $368.4/short ton, up $9.8 from yes...
Market Commentary: CBOT Posts Bullish Technical Day ahead of Trump-Xi Meeting
What You Need to Know Today: Grain markets were sharply higher overnight and through the day session as the concerning wet weather pattern persists over the Midwest. Grain traders – and soybean market players in particular – will be closely parsing both what is said and unsaid from...
Higher Interest Rates Put More Pressure on Farm Margins
Key Takeaways: Higher interest rates increase the cost of financing agricultural production, reducing farm margins without providing any corresponding increase in production or revenue. The financial impact of higher rates varies considerably by operation, with highly leveraged producers and t...
Senate Moves Farm Bill, but That May Be Not Enough
Last week, the Senate Ag Committee passed the farm bill on a party-line vote upon the return of Senators Mitch McConnell (R-Kentucky) and Tommy Tuberville (R-Alabama), who missed the vote on 6 August (see WPI coverage here) when it failed by a similar party-line vote, 10-11. Democrats held the...
WPI Crop Progress and Conditions App (Updated 21 September)
Developer's Note 24 August 2026: WPI recently completed an exercise that updated the codebase for this app and solved some of the discrepancies between our five-year average calculation and USDA's. There are a few lingering cases where early (late) starts (finishes) to the crop cycle resu...
CFTC COT Report Analysis
Managed money was a slight net seller across agricultural markets in the latest CFTC report, with funds selling a net 3,000 contracts through last Tuesday’s reporting deadline and reducing their combined net-long position to 1.021 million contracts. Despite the modest overall selling, pos...
Cattle on Feed - Sep 2026
U.S. Cattle on Feed totaled 11.2 million head on September 1, 2026 – which was 1 percent above September 1, 2025. Placements in feedlots during August totaled 1.62 million head - 9 percent below 2025. Marketings of fed cattle during August totaled 1.52 million head - 3 percent below...
Summary of Futures
Dec 26 Corn closed at $5.275/bushel, down $0.03 from yesterday's close. Dec 26 Wheat closed at $7.1425/bushel, down $0.1275 from yesterday's close. Nov 26 Soybeans closed at $13.035/bushel, down $0.1625 from yesterday's close. Dec 26 Soymeal closed at $358.6/short ton, down $1...
Market Commentary: Soymeal Pulls Back, Bullish Cattle on Feed
What You Need to Know Today: The September Cattle on Feed report was strongly bullish, with both the 1 September on-feed inventory and August placements coming in well below average expectations and below the bottom of their respective pre-report estimate ranges. China continues to buy U...
Cattle on Feed Report: Lowest August Placements and Marketings on Record
USDA’s September cattle on feed report was released Friday, with the total number of cattle in feedlots with 1,000 head or more capacity amounting to 11.2 million head, 101 percent of last year. Placements dropped in August to their lowest total for the month since records began in 1996...