Recent Soy & Oilseeds Analysis
Summary of Futures
May 26 Corn closed at $4.5375/bushel, up $0.0175 from yesterday's close. Jul 26 Wheat closed at $6.1275/bushel, up $0.0675 from yesterday's close. May 26 Soybeans closed at $11.745/bushel, up $0.0875 from yesterday's close. Jul 26 Soymeal closed at $321.2/short ton, up $0 from...
Market Commentary: Grains Rally on Weather, Biofuel Demand Prospects
For much of the period since the U.S.–Iran war started, commodity markets have been buoyed by macroeconomic “risk on” buying fueled by the geopolitical risk and crude oil’s rally. Recently, the impact of this risk and crude oil on the ag markets has faded, leaving crop f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Pakistan has a Saudi Arabia-backed irrigation program that it says will increase wheat production through improved water use efficiency. The program is part of Pakistan’s Green Pakistan Incentive. Saudi Arabia is said to hav...
Market Commentary: SOH Confusion Persists, but Ags Focus on Weather, Exports
The situation in the Persian Gulf remains as volatile as ever since it started on 28 February with a supposed weekend peace agreement dissolving into the U.S. Navy firing upon an Iranian vessel. The vessel was trying to pass through the Strait of Hormuz and reportedly did not heed commands to h...
Summary of Futures
May 26 Corn closed at $4.52/bushel, up $0.0325 from yesterday's close. Jul 26 Wheat closed at $6.06/bushel, up $0.0675 from yesterday's close. May 26 Soybeans closed at $11.6575/bushel, down $0.015 from yesterday's close. Jul 26 Soymeal closed at $321.2/short ton, down $6 from...
Iran Peace Talks on Again, Off Again: Impacting Fertilizer
President Trump and Iranian Foreign Minister Abbas Araghchi announced on social media Friday that the Strait of Hormuz is now fully open to commercial vessels. Araghchi’s post said the strait will stay open for the remainder of the U.S.-Iran ceasefire. President Trump said, “the Str...
WPI Crop Progress and Conditions App (Updated 20 April)
Update for 6 April 2025: 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 ob...
Mercosur Regional Analysis
Argentina Corn Rains continued across Argentina’s core agricultural regions, with additional heavy accumulations keeping rural roads largely impassable and further slowing the corn harvest. Harvest progress remains limited at approximately 3 percent per week. At the same time, farmers are...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts for the second straight week as signs of hope in the Middle East triggered an exit of geological “risk on” trades from commodity markets. Funds sold 40,000 contracts (4...
Summary of Futures
May 26 Corn closed at $4.4875/bushel, up $0.0025 from yesterday's close. May 26 Wheat closed at $5.9125/bushel, down $0.0725 from yesterday's close. May 26 Soybeans closed at $11.6725/bushel, up $0.035 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, down $0...
Market Commentary: Rebound for Corn, Beans on Iran News; Wheat Declines
New variables specifically in the agricultural markets were light today, but the Iran war news hit some markets like a tsunami. The war and Iran’s chokehold on global oil supplies have subjugated economies for nearly seven weeks with outsized petrol prices. Everything became distorted aro...
Market Commentary: More Wheat Weather Premium, but Weakness Elsewhere
There was generally modest volume today, with the exception of wheat, which was also uniquely higher on the day. New highs for the calendar year were printed in HRW as the fledgling crop is about to have the double-whammy of freezing temperatures added to drought as the welcoming committee for...
Summary of Futures
May 26 Corn closed at $4.5375/bushel, up $0.0175 from yesterday's close. Jul 26 Wheat closed at $6.1275/bushel, up $0.0675 from yesterday's close. May 26 Soybeans closed at $11.745/bushel, up $0.0875 from yesterday's close. Jul 26 Soymeal closed at $321.2/short ton, up $0 from...
Market Commentary: Grains Rally on Weather, Biofuel Demand Prospects
For much of the period since the U.S.–Iran war started, commodity markets have been buoyed by macroeconomic “risk on” buying fueled by the geopolitical risk and crude oil’s rally. Recently, the impact of this risk and crude oil on the ag markets has faded, leaving crop f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Pakistan has a Saudi Arabia-backed irrigation program that it says will increase wheat production through improved water use efficiency. The program is part of Pakistan’s Green Pakistan Incentive. Saudi Arabia is said to hav...
Market Commentary: SOH Confusion Persists, but Ags Focus on Weather, Exports
The situation in the Persian Gulf remains as volatile as ever since it started on 28 February with a supposed weekend peace agreement dissolving into the U.S. Navy firing upon an Iranian vessel. The vessel was trying to pass through the Strait of Hormuz and reportedly did not heed commands to h...
Summary of Futures
May 26 Corn closed at $4.52/bushel, up $0.0325 from yesterday's close. Jul 26 Wheat closed at $6.06/bushel, up $0.0675 from yesterday's close. May 26 Soybeans closed at $11.6575/bushel, down $0.015 from yesterday's close. Jul 26 Soymeal closed at $321.2/short ton, down $6 from...
Iran Peace Talks on Again, Off Again: Impacting Fertilizer
President Trump and Iranian Foreign Minister Abbas Araghchi announced on social media Friday that the Strait of Hormuz is now fully open to commercial vessels. Araghchi’s post said the strait will stay open for the remainder of the U.S.-Iran ceasefire. President Trump said, “the Str...
WPI Crop Progress and Conditions App (Updated 20 April)
Update for 6 April 2025: 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 ob...
Mercosur Regional Analysis
Argentina Corn Rains continued across Argentina’s core agricultural regions, with additional heavy accumulations keeping rural roads largely impassable and further slowing the corn harvest. Harvest progress remains limited at approximately 3 percent per week. At the same time, farmers are...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts for the second straight week as signs of hope in the Middle East triggered an exit of geological “risk on” trades from commodity markets. Funds sold 40,000 contracts (4...
Summary of Futures
May 26 Corn closed at $4.4875/bushel, up $0.0025 from yesterday's close. May 26 Wheat closed at $5.9125/bushel, down $0.0725 from yesterday's close. May 26 Soybeans closed at $11.6725/bushel, up $0.035 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, down $0...
Market Commentary: Rebound for Corn, Beans on Iran News; Wheat Declines
New variables specifically in the agricultural markets were light today, but the Iran war news hit some markets like a tsunami. The war and Iran’s chokehold on global oil supplies have subjugated economies for nearly seven weeks with outsized petrol prices. Everything became distorted aro...
Market Commentary: More Wheat Weather Premium, but Weakness Elsewhere
There was generally modest volume today, with the exception of wheat, which was also uniquely higher on the day. New highs for the calendar year were printed in HRW as the fledgling crop is about to have the double-whammy of freezing temperatures added to drought as the welcoming committee for...