Recent Soy & Oilseeds Analysis

Market Commentary: CBOT Ends Bears Week on a Mixed Note; Bullish COF and Cold Storage Data

What You Need to Know Today: Crude oil prices extended their rally today, supported by several developments, including escalating Houthi attacks on Saudi Arabian oil infrastructure and growing concerns about supply disruptions. The Trump administration is reportedly preparing to remove 50 perc...

Summary of Futures

Dec 26 Corn closed at $4.56/bushel, down $0.045 from yesterday's close.  Dec 26 Wheat closed at $6.25/bushel, up $0.0025 from yesterday's close.  Nov 26 Soybeans closed at $12.565/bushel, up $0.035 from yesterday's close.  Dec 26 Soymeal closed at $346.1/short ton, down $1.2 from...

European Market Analysis

Regional News  Dry weather across the UK and Europe is becoming increasingly concerning for the 2027 crops as planting intentions are lowered amid dry soil conditions. Delayed sowing or establishment under adverse conditions could leave crops more vulnerable to frost/freeze events and dise...

Market Commentary: Strong Export Sales Support Grains; Screwworm Concerns Grow

What You Need to Know Today: New World screwworm is back in the headlines after new cases were found in a hunter-harvested elk in Texas and a beef cow in New Mexico. The detection in wildlife could further complicate containment efforts, as implementing effective biosecurity measures is consid...

Summary of Futures

Dec 26 Corn closed at $4.605/bushel, down $0.0275 from yesterday's close.  Dec 26 Wheat closed at $6.2475/bushel, down $0.035 from yesterday's close.  Nov 26 Soybeans closed at $12.53/bushel, up $0.0775 from yesterday's close.  Dec 26 Soymeal closed at $347.3/short ton, down $1 f...

Market Commentary: At the Crossroads of Pressure and Possibility

Markets are caught between reasons to keep selling and reasons to take another look. Fund liquidation and renewed peace talks are pressuring grains, while fresh export business and some diesel relief offer encouragement. Corn recovered nearly 10 cents from its low to finish higher, while soybea...

Summary of Futures

Dec 26 Corn closed at $4.6325/bushel, up $0.0125 from yesterday's close.  Dec 26 Wheat closed at $6.2825/bushel, down $0.15 from yesterday's close.  Nov 26 Soybeans closed at $12.4525/bushel, down $0.03 from yesterday's close.  Dec 26 Soymeal closed at $348.3/short ton, down $0.4...

Black Sea Regional Analysis

Russian Grain Markets: 12–16 October 2026 During the week in review, the Russian grain market began recovering after an extended decline driven largely by Black Sea logistics bottlenecks, a good crop and weaker global demand in traditional Russian markets. Russia is beginning to harvest c...

Summary of Futures

Dec 26 Corn closed at $4.62/bushel, down $0.05 from yesterday's close.  Dec 26 Wheat closed at $6.4325/bushel, down $0.12 from yesterday's close.  Nov 26 Soybeans closed at $12.4825/bushel, down $0.0525 from yesterday's close.  Dec 26 Soymeal closed at $348.7/short ton, down $6.1...

Market Commentary: Weaker Spread Trade Hints at Slack Demand, Triggers Fund Selling

What You Need to Know Today: Corn and soybeans were under heavy selling pressure as weaker (or at least as-expected) export demand runs into an accelerating harvest pace with more grain available in the spot market. Corn and soybean harvest progress remains below average across the U.S., espec...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Pakistan’s smaller wheat farmers have been holding protests to complain about the lack of a support price for wheat and the potential expansion of GMO crop production. They also want the reinstatement of PASSCO, the governme...

Summary of Futures

Dec 26 Corn closed at $4.67/bushel, down $0.0725 from yesterday's close.  Dec 26 Wheat closed at $6.5525/bushel, down $0.0525 from yesterday's close.  Nov 26 Soybeans closed at $12.535/bushel, down $0.0775 from yesterday's close.  Dec 26 Soymeal closed at $354.8/short ton, down $...

Market Commentary: Perceptions of Production Change as Harvest Advances

What You Need to Know Today: Harvest pressure in the U.S. sent corn and soybeans lower as supplies increased and there were signs USDA’s upward revisions to yields in the October WASDE could be close to right. The conflict between Russia and Ukraine escalated over the weekend, with Ukrai...

WPI Crop Progress and Conditions App (Updated 19 October)

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...

Mercosur Regional Analysis

Argentina Sunflower Sunflower remains one of the most attractive crops in Argentina, supported by strong demand and favorable prices that currently offer some of the best projected production margins among summer crops. Planted area is estimated at 3.0-3.1 Mha, with around 42 percent already se...

Summary of Futures

Dec 26 Corn closed at $4.7425/bushel, down $0.0375 from yesterday's close.  Dec 26 Wheat closed at $6.605/bushel, down $0.095 from yesterday's close.  Nov 26 Soybeans closed at $12.6125/bushel, down $0.0175 from yesterday's close.  Dec 26 Soymeal closed at $357.1/short ton, down...

Market Commentary: Another Big Soybean Purchase from China This Week

What You Need to Know Today: Chinese purchases of U.S. soybeans continued to accelerate, with USDA reporting another 558 KMT sold to China and 236 KMT to unknown destinations. Combined with sales announced Wednesday and Thursday, the latest purchases bring the three-day total to approximately...

CFTC COT Report Analysis

Managed money was a net seller across agricultural markets for the fourth straight week, selling a net 119,000 contracts through Tuesday’s reporting deadline and reducing the combined net-long position by 13.1 percent. Corn accounted for 70 percent of the weekly selling, while funds also...

Summary of Futures

Dec 26 Corn closed at $4.78/bushel, down $0.0275 from yesterday's close.  Dec 26 Wheat closed at $6.7/bushel, down $0.0325 from yesterday's close.  Nov 26 Soybeans closed at $12.63/bushel, down $0.1425 from yesterday's close.  Dec 26 Soymeal closed at $359.8/short ton, down $4.7...

Market Commentary: Soybeans Slide Despite Renewed Chinese Buying as Crush Disappoints

What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...

Summary of Futures

Dec 26 Corn closed at $4.8075/bushel, down $0.02 from yesterday's close.  Dec 26 Wheat closed at $6.7325/bushel, up $0.04 from yesterday's close.  Nov 26 Soybeans closed at $12.7725/bushel, down $0.065 from yesterday's close.  Dec 26 Soymeal closed at $364.5/short ton, up $1.3 fr...

Market Commentary: A Strong Dollar & A Short Fuse

Inflation is back in the driver’s seat, and agriculture is getting pulled in two directions. A stronger dollar is pressuring grains despite fresh Chinese buying, while renewed Middle East attacks lift crude oil. Higher energy prices can support commodities, but they also raise expenses an...

European Market Analysis

Regional News  European grocery stores have been targeted by cybersecurity attacks this week, with major retailers in France and the Netherlands affected. In France, major grocers, including Carrefour, Intermarché, and Coopérative U, all suffered attacks in which freezer and...

EPA Proposes Two Options for Reallocation of SRE RINs

Key Takeaways: The EPA has proposed reallocating 770 million RINs associated with Small Refinery Exemptions (SREs), either splitting the volume equally between 2026 and 2027 or assigning the full amount to 2027. The agency granted exemptions covering 1.76 billion RINs for 2025, substantially e...

Black Sea Regional Analysis

Russian Grain Markets: 5–9 October 2026 During the week in review Russian grain market remained relatively stable. The market finally realized that Black Sea trade may not resume soon so most of the trade calculations were done in the direction of Baltic Sea, Caspian Sea, Barents Sea and...

Market Commentary: Conflicting Ideas Abound

What You Need to Know Today: China’s state-run COFCO, in statements on Tuesday, implied that U.S. corn exports were currently uneconomical but hinted that the Middle Kingdom would import 3.5 MMT of the feed grain this year, with 1 MMT likely sourced from the U.S. Another drone attack has...

Summary of Futures

Dec 26 Corn closed at $4.8275/bushel, down $0.0025 from yesterday's close.  Dec 26 Wheat closed at $6.6925/bushel, down $0.03 from yesterday's close.  Nov 26 Soybeans closed at $12.8375/bushel, down $0.04 from yesterday's close.  Dec 26 Soymeal closed at $363.2/short ton, down $5...

Premium Vegetable Oils Fill a Niche in the Market

Key Takeaways: While soybean, palm, sunflower, and rapeseed oils dominate global vegetable oil markets, premium oils such as olive, avocado, coconut, and sesame command substantially higher prices due to their distinctive flavors, nutritional characteristics, and specialized culinary uses.. Ol...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s Ministry of Supply reports that it will begin the sale of imported wheat through the Egyptian Mercantile Exchange. Sales are expected to be mainly to private-sector flour mills and are intended to stabilize wheat and...

Market Commentary: CBOT Break Produces Flurry of Tenders; Markets Consolidate Amid Trader Debate

What You Need to Know Today: USDA reports are delayed until Tuesday due to the federal holiday on Monday. Over the weekend, President Trump announced a ceasefire between Russia and Ukraine. Russia warmly welcomed and confirmed this ceasefire by conducting more strikes against Ukraine. Specific...

Summary of Futures

Dec 26 Corn closed at $4.83/bushel, up $0.0325 from yesterday's close.  Dec 26 Wheat closed at $6.7225/bushel, up $0.0125 from yesterday's close.  Nov 26 Soybeans closed at $12.8775/bushel, down $0.0425 from yesterday's close.  Dec 26 Soymeal closed at $368.7/short ton, up $3.1 f...

State of USMCA Talks: Progress with Mexico, Canada Stalled

On Saturday, 10 October, at a campaign rally in Clarksville, Tennessee, President Trump said that the U.S. and Mexico would come to terms on a new trade deal, and he said Canada does not need to be part of the deal. Trump called the coming agreement with Mexico “great” but gave no d...

Mercosur Regional Analysis

Argentina Wheat Signs of El Niño are beginning to emerge across Argentina, with rainfall recorded across several key agricultural regions this week. The Core region's wheat crop has benefited particularly from these rains, alleviating previous moisture deficits and providing a firmer flo...

WASDE Soybeans - October 2026

USDA’s October WASDE outlook for 2026/27 U.S. soybeans increased ending stocks by 5 million bushels to 315 million. Prices are unchanged for 2026/27. The U.S. season-average soybean price is forecast at $12.00 per bushel; soybean meal and oil prices are projected at $340 per short ton and...

Summary of Futures

Dec 26 Corn closed at $4.7975/bushel, down $0.205 from yesterday's close.  Dec 26 Wheat closed at $6.71/bushel, down $0.1225 from yesterday's close.  Nov 26 Soybeans closed at $12.92/bushel, up $0.045 from yesterday's close.  Dec 26 Soymeal closed at $365.6/short ton, up $8 from...

Market Commentary: Corn Yield Above Expectations Shakes Outlook, Trump Announces Russian Diesel Deal

What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...

CFTC COT Report Analysis

Managed money was a net seller across agricultural markets for the third straight week, selling a net 43,000 contracts through Tuesday’s reporting deadline and reducing the combined net-long position to 911,000 contracts. Despite the modest overall selling, all three legs of the soy crush...

AP Quant: WASDE Soybeans

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...

AP Quant: WASDE Vegoils

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...

Summary of Futures

Dec 26 Corn closed at $5.0025/bushel, down $0.0175 from yesterday's close.  Dec 26 Wheat closed at $6.8325/bushel, down $0.0325 from yesterday's close.  Nov 26 Soybeans closed at $12.875/bushel, down $0.1 from yesterday's close.  Dec 26 Soymeal closed at $357.6/short ton, down $8...

Market Commentary: Grains Weaken Ahead of WASDE; Pork Cutout Hits Multi-Year Low

What You Need to Know Today:  Attention is turning toward Friday's USDA WASDE report, with traders looking for updated corn and soybean production estimates and revisions to domestic and global supply-and-demand balances. The report could help establish a clearer direction for grain price...

Market Commentary: Yesterday’s Momentum, Today’s Test

Yesterday’s momentum is facing a tougher test today. Stocks and most grain markets have pulled back, while higher Treasury yields and a firmer dollar are making buyers work harder to defend the gains. Crude oil has turned lower, easing some immediate energy pressure, but the Fed minutes l...

WPI’s October WASDE Outlook

Key Takeaways: Corn prices will see support in 2026/27 and likely average $5.11/bushel for farm-gate values across the marketing year. Support for corn values comes from an 8 percent year-over-year reduction in supplies that is only partially offset by a 2 percent reduction in total use. Soybe...

Global Vegetable Oil Markets Face Mixed Signals

Key Takeaways: Global vegetable oil production continues to expand, but the major oils are being driven by very different supply, demand, and trade dynamics. Palm oil faces heavy near-term supply pressure from rising Malaysian inventories, while Indonesia’s B50 mandate and El Niño...

Summary of Futures

Dec 26 Corn closed at $5.02/bushel, down $0.06 from yesterday's close.  Dec 26 Wheat closed at $6.865/bushel, down $0.1775 from yesterday's close.  Nov 26 Soybeans closed at $12.975/bushel, down $0.055 from yesterday's close.  Dec 26 Soymeal closed at $365.8/short ton, up $11 fro...

Black Sea Regional Analysis

Russian Grain Markets: 28 September–2 October 2026 During September, the Russian grain market clearly divided between export demand in the Baltic and Caspian seas. While Caspian business is still developing, Baltic business is showing greater stability and is becoming an important indicat...

Market Commentary: CBOT Rallies as Crop Ratings Fall and Wheat Planting Stalls

What You Need to Know Today: U.S. corn condition ratings took a surprise turn for the worse in Monday’s report, with 54 percent rated good/excellent (down 3 percent). Dry weather in the U.S. Wheat Belt is stalling planting and causing concerns for the 2027 crop, in turn boosting futures...

Summary of Futures

Dec 26 Corn closed at $5.08/bushel, up $0.1075 from yesterday's close.  Dec 26 Wheat closed at $7.0425/bushel, up $0.12 from yesterday's close.  Nov 26 Soybeans closed at $13.03/bushel, up $0.2225 from yesterday's close.  Dec 26 Soymeal closed at $354.8/short ton, up $7.7 from ye...

Understanding the Difference Between Export Inspections and Export Sales

Key Takeaways: Export sales measure new commitments for future delivery, while export inspections provide a timelier gauge of grain that is physically moving through the export system. Sales and inspections often diverge from week to week because they measure different stages of the export pro...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Sri Lanka poultry producer associations say that the delay in approving maize imports is pushing prices for poultry meat and eggs higher. Producers have had to use rice for feed rather than maize due to a lack of supply, and many...

Summary of Futures

Dec 26 Corn closed at $4.9725/bushel, down $0.005 from yesterday's close.  Dec 26 Wheat closed at $6.9225/bushel, up $0.0925 from yesterday's close.  Nov 26 Soybeans closed at $12.8075/bushel, up $0.025 from yesterday's close.  Dec 26 Soymeal closed at $347.1/short ton, down $0.4...

Market Commentary: Global Grain Demand Grows; Brazil Election, Currency Swing Boosts Soybeans

What You Need to Know Today: The Brazilian real surged to start the week after a surprise election result in which right-wing Flavio Bolsonaro won the first round of the election. The swing in the U.S. dollar/Brazilian real (USD/BRL) exchange rate caused soybeans to jump sharply higher in earl...

Harvest Pressure: Why Grain Prices Often Weaken at Harvest

Key Takeaways: Harvest pressure is fundamentally a timing issue: supply arrives much faster than demand can adjust, creating temporary weakness that can occur across crops and regions. The intensity of that pressure depends less on crop size alone than on how quickly grain moves into the syste...

Mercosur Regional Analysis

Wheat Argentina Argentina’s wheat conditions improved following the latest round of rainfall. Around 34 percent of the crop is now at heading or later stages, with the first harvests starting in the north and early yields coming in above historical averages. The area rated Good to Excelle...

Summary of Futures

Dec 26 Corn closed at $4.9775/bushel, down $0.045 from yesterday's close.  Dec 26 Wheat closed at $6.83/bushel, up $0.0025 from yesterday's close.  Nov 26 Soybeans closed at $12.7825/bushel, down $0.0575 from yesterday's close.  Dec 26 Soymeal closed at $347.5/short ton, down $5...

Market Commentary: Harvest Pressure Weighs on Grains, Diesel Could See Much-Needed Relief

What You Need to Know Today: The G7 agreed to release 100 million barrels of crude oil and fuel reserves over four months, with a substantial diesel release front-loaded into the first 20 days. The announcement initially pushed crude oil lower on Friday, although it later recovered a portion o...

CFTC COT Report Analysis

Managed money was a slight net seller across agricultural markets for the second straight week, selling a net 63,000 contracts through Tuesday’s reporting deadline and reducing the combined net-long position to 954,000 contracts. Despite the modest overall selling, soymeal reached a new r...

Summary of Futures

Dec 26 Corn closed at $5.0225/bushel, up $0.015 from yesterday's close.  Dec 26 Wheat closed at $6.8275/bushel, up $0.07 from yesterday's close.  Nov 26 Soybeans closed at $12.84/bushel, down $0.09 from yesterday's close.  Dec 26 Soymeal closed at $353.3/short ton, down $3.6 from...

Market Commentary: Drier Weather Could Accelerate Soybean Harvest

What You Need to Know Today: A drier early-October forecast should help harvest accelerate across areas of the western Corn Belt that have been running behind, adding pressure to soybeans and soymeal today as concerns over near-term physical tightness begin to ease. Markets are still digesting...

Summary of Futures

Dec 26 Corn closed at $5.0075/bushel, down $0.2125 from yesterday's close.  Dec 26 Wheat closed at $6.7575/bushel, down $0.17 from yesterday's close.  Nov 26 Soybeans closed at $12.93/bushel, down $0.0475 from yesterday's close.  Dec 26 Soymeal closed at $356.9/short ton, down $2...

Market Commentary: Quarter & Month End Reality Checks

Markets are getting a quarter-end reality check as September comes to a close. Growth, inflation and interest rates remain central to the macro outlook, while tight diesel supplies keep pressure on the cost of moving goods. States are stepping in with relief, but policy changes alone cannot reb...

Higher Corn Stocks Contrast with Tighter Soybean Supplies

Key Takeaways: 1 September corn stocks totaled 2.095 billion bushels, 171 million above expectations and 544 million above last year, providing additional cushion for the 2026/27 balance sheet and potentially adding near-term pressure to prices. June-August corn disappearance increased just 10...

Black Sea Regional Analysis

Russian Grain Markets: 21–25 September 2026 During the third week of September, the Russian grain market remained bearish. For the first time since 2018, average 3rd-grade milling wheat prices dropped below RUB 10,000/t. This poses a serious threat to the Russian agricultural sector, as l...

Summary of Futures

Dec 26 Corn closed at $5.22/bushel, down $0.01 from yesterday's close.  Dec 26 Wheat closed at $6.9275/bushel, up $0.04 from yesterday's close.  Nov 26 Soybeans closed at $12.9775/bushel, up $0.095 from yesterday's close.  Dec 26 Soymeal closed at $359/short ton, down $0.4 from y...

Market Commentary: Wet Midwest Weather, Grain Stocks Positioning Support CBOT

What You Need to Know Today: CBOT markets pared Monday’s sharp losses as traders booked short profits and adjusted positions ahead of the Grain Stocks report that USDA will release Wednesday afternoon. The 7-day QPF forecast from NOAA now shows heavy rain across the central and western C...

How Comparative Advantage Shapes Global Trade

Key Takeaways: Comparative advantage encourages countries to specialize in goods they can produce at a lower opportunity cost and rely on trade for others. Differences in climate, land, infrastructure, and technology help determine where agricultural commodities can be produced most efficientl...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Iran is reported to have completed its rail link from the border with Afghanistan to the Iranian port of Chabahar on the Gulf of Oman — the link is expected to be fully operational in early 2027. This will be Afghanistan&rsq...

Summary of Futures

Dec 26 Corn closed at $5.23/bushel, down $0.0525 from yesterday's close.  Dec 26 Wheat closed at $6.8875/bushel, down $0.145 from yesterday's close.  Nov 26 Soybeans closed at $12.8825/bushel, down $0.3075 from yesterday's close.  Dec 26 Soymeal closed at $359.4/short ton, down $...

Market Commentary: Everything but Soybeans

What You Need to Know Today: Last week’s Trump-Xi meetings included China agreeing to roll back $60 billion in tariffs on a huge swath of U.S. ag products, just notably not soybeans. The exclusion of soybeans from the tariff-reduction list means China’s state-run importers COFCO an...

U.S.-China Deal Delivers Tariff Relief, but Little for Soybeans

Key Takeaways: The U.S.-China agreement lowers tariffs on several U.S. agricultural products, but the lack of additional soybean commitments or greater certainty surrounding China’s existing 25 MMT purchase pledge made the deal a slight disappointment. Lower tariffs on U.S. corn are unli...

Mercosur Regional Analysis

Wheat Argentina Wheat crop conditions remain broadly favorable despite a week marked by frost and localized hailstorms. Currently, 94.6 percent of the crop is rated Normal to Excellent. The most severe storms were reported in central-northern Córdoba and central-eastern Entre Ríos...

Market Commentary: U.S.-China Talks Leave Markets Waiting for More

What You Need to Know Today: Headlines emerging from negotiations between President Trump and President Xi were relatively limited, with a more substantive announcement expected Monday. U.S. Trade Representative Jamieson Greer indicated that additional details related to agricultural trade cou...

Summary of Futures

Dec 26 Corn closed at $5.2825/bushel, up $0.0075 from yesterday's close.  Dec 26 Wheat closed at $7.0325/bushel, down $0.0375 from yesterday's close.  Nov 26 Soybeans closed at $13.19/bushel, up $0.015 from yesterday's close.  Dec 26 Soymeal closed at $371/short ton, down $1.4 fr...

CFTC COT Report Analysis

Managed money was a slight net seller across agricultural markets for the second straight week, selling a net 3,200 contracts through Tuesday’s reporting deadline and reducing the combined net-long position to 1.017 million contracts. Despite the modest overall selling, soybeans and soyme...

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,...

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...

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...

Black Sea Regional Analysis

Russian Grain Markets: 14–18 September 2026 The Russian grain market remained bearish during the second week of September, although the market is attempting to establish a bottom as trading is now dominated by new-crop supplies. Logistics remain a major factor. Farms and traders located b...

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...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt is reported to be facing shipping delays for grain from Ukraine through Danube ports — delays could be as much as 26 days, according to reports. Ukraine has three ports on the Danube, but all vessels must transit the S...

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...

Mercosur Regional Analysis

Argentina Corn Argentina’s 2026/27 corn planting has reached 11.1 percent of the projected 8.4 Mha, according to the Buenos Aires Grain Exchange, advancing 5.6 percentage points over the past week. Progress is concentrated in central-eastern Entre Ríos, where 58.3 percent of the in...

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...

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...

Summary of Futures

Dec 26 Corn closed at $5.305/bushel, down $0.0375 from yesterday's close.  Dec 26 Wheat closed at $7.27/bushel, down $0.0375 from yesterday's close.  Nov 26 Soybeans closed at $13.1975/bushel, down $0.0075 from yesterday's close.  Dec 26 Soymeal closed at $371.3/short ton, up $5...

Market Commentary: The Dust Settles

Given yesterday’s headlines, today’s market action may not be what many expected. The dollar is little changed, crude oil is pulling back and stocks are trading higher. Crude may be the biggest piece of today’s reversal. Saudi Arabia is offering additional crude to Asian buyer...

Managed Money Makes a Record Bullish Bet on Agriculture

Key Takeaways: Managed money is holding more than one million net-long contracts across agricultural markets, with corn, soybeans, and soymeal all reaching record net-long positions in September. Fundamental concerns surrounding yields, supplies, and global availability have helped justify the...

Summary of Futures

Dec 26 Corn closed at $5.3425/bushel, down $0.015 from yesterday's close.  Dec 26 Wheat closed at $7.3075/bushel, up $0.0225 from yesterday's close.  Nov 26 Soybeans closed at $13.205/bushel, up $0.0175 from yesterday's close.  Dec 26 Soymeal closed at $365.6/short ton, up $0.2 f...

Market Commentary: Markets Digest Fed Hike as Trade Takes Center Stage

What You Need to Know Today:  As was widely expected, the Federal Reserve raised interest rates by 25 basis points to a target range of 3.75–4.00 percent, its first rate increase since 2023, as policymakers respond to persistent inflation pressures. The Fed also signaled that additi...

USDA Reports - The Real Divide in American Agriculture Isn't Who Has the Data — It's Who Can Afford to Read It

Key Takeaways: USDA data access is equal; the ability to use it is not. Larger operations can afford experts who turn public reports into business decisions. Analytical capacity is the true advantage. Forecasts matter only when converted into profit, purchasing, and risk-management decisions...

Black Sea Regional Analysis

Russian Grain Markets: 7–11 September 2026 During the first week of September, the Russian grain market remained volatile but predominantly bearish. Among the few commodities that continued to show a bullish trend was rye, which is in short supply this year and has few offers available. I...

Summary of Futures

Dec 26 Corn closed at $5.3575/bushel, up $0.025 from yesterday's close.  Dec 26 Wheat closed at $7.285/bushel, up $0.065 from yesterday's close.  Nov 26 Soybeans closed at $13.1875/bushel, up $0.145 from yesterday's close.  Dec 26 Soymeal closed at $365.4/short ton, up $9.2 from...

Market Commentary: Soymeal Prices Reach Two-Year High

What You Need to Know Today: Oil prices extended their rally Tuesday as disruptions to global supplies intensified. Saudi Arabia halted crude loadings at its Yanbu Red Sea port following the shutdown of the East-West Pipeline, while protests by oil-sector security workers forced the suspension...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s grain imports have fallen off in recent weeks due to several reasons, according to local experts — large imports of maize earlier in the year built up good stocks, while the availability of local maize has sinc...

Summary of Futures

Dec 26 Corn closed at $5.3325/bushel, up $0.03 from yesterday's close.  Dec 26 Wheat closed at $7.22/bushel, down $0.0325 from yesterday's close.  Nov 26 Soybeans closed at $13.0425/bushel, up $0.0775 from yesterday's close.  Dec 26 Soymeal closed at $356.2/short ton, up $3.4 fro...

Market Commentary: Harvest Off to a Fast Start, Inflation Concerns Intensify

What You Need to Know Today: Oil prices moved higher early Monday before giving back some of their gains after drone attacks forced the shutdown of Saudi Arabia’s East-West Pipeline, a critical route for bypassing constrained shipping through the Strait of Hormuz. The disruption puts rou...

Cow-Calf Profit Expectations Weaken Further

Key Takeaways:  Expected returns to production for U.S. cow-calf producers have shifted lower from prior forecasts as cattle values fall and feed costs rise. Producer revenues are forecast 1 percent below our August outlook and will be 1.2 percent below 2025 levels. Feed costs have lessen...

Time Running Out: Fly In for the Farm Bill, North American Trade

The Senate will reconvene today after a late August recess and will adjourn in early October, in about 3 to 4 weeks. The farm bill will move front and center on the agenda. A major fly-in is scheduled for today and Tuesday, with the goal of hitting all Senate offices. Groups participating in th...

Mercosur Regional Analysis

Corn Argentina Corn planting for Argentina’s 2026/27 commercial crop is now underway, with 1.5 percent of the projected 8.4 Mha already seeded. Progress is concentrated mainly in central-northern Santa Fe, where around 13 percent of the regional area has been planted. At the same time, fa...

CFTC COT Report Analysis

Soybeans, soymeal, and corn all reached a record net-long through Tuesday’s reporting deadline, although overall fund positioning across ag was mixed. Managed money traders bought 24,000 contracts across the ag markets through last Tuesday’s data reporting deadline, pushing the tota...

WASDE Soybeans - September 2026

USDA’s September WASDE outlook for 2026/27 U.S. soybeans is for reduced ending stocks by 10 million bushels to 310 million. The U.S. season-average soybean price is forecast at $12.00 per bushel, up $0.60 from last month: Soybean meal price is increased $30 to $340 per short ton, and the...

Summary of Futures

Dec 26 Corn closed at $5.3025/bushel, down $0.035 from yesterday's close.  Dec 26 Wheat closed at $7.2525/bushel, down $0.16 from yesterday's close.  Nov 26 Soybeans closed at $12.965/bushel, down $0.3575 from yesterday's close.  Dec 26 Soymeal closed at $352.8/short ton, down $4...

Market Commentary: September WASDE Leaves Grain Outlook Largely Intact

What You Need to Know Today:  Corn and soybean yields in the September WASDE report were close to pre-report expectations. The corn yield came in at 178.5 bushels per acre, compared with an average analyst estimate of 178.1, while the soybean yield was 52.8 bushels per acre, slightly abov...

The Risk Isn’t Over for Corn and Soy Yields

Commodity markets – being composed primarily of human beings – reflect the impatience and forever forward-looking nature of humans. In the present case, this means that while the September WASDE offered some much-needed and much-desired updates, markets are now focused on that etern...

AP Quant: WASDE Vegoils

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...

AP Quant: WASDE Soybeans

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...

Summary of Futures

Dec 26 Corn closed at $5.3375/bushel, up $0.06 from yesterday's close.  Dec 26 Wheat closed at $7.4125/bushel, up $0.125 from yesterday's close.  Nov 26 Soybeans closed at $13.3225/bushel, up $0.2275 from yesterday's close.  Dec 26 Soymeal closed at $356.9/short ton, up $5.5 from...

Market Commentary: Soy Exports, Technical Support Send CBOT Higher Before WASDE

What You Need to Know Today: Risk-on money flow was present in the markets Thursday with headlines in Iran and the Black Sea driving the move. Russia attacked more of Ukraine’s processing and export facilities, including a Bunge facility near the Black Sea. One of the facilities hit was...

Implications of $100+ per Barrel Crude Oil on Agriculture

Key Takeaways: The significance of $100-per-barrel crude depends largely on how long prices remain elevated, as sustained high energy costs are more likely to influence longer-term agricultural decisions. Higher crude oil prices raise farm production costs most directly through diesel, while a...

Dairy Feed Cost Volatility and Margins

Key Takeaways: Corn and soybean meal markets are tightening together for the first time in more than a year, driven by lower U.S. yield expectations and continued Chinese soybean demand. A strong El Niño is replacing last year’s La Niña, shifting crop risk across the Americ...

Summary of Futures

Dec 26 Corn closed at $5.2775/bushel, down $0.0575 from yesterday's close.  Dec 26 Wheat closed at $7.2875/bushel, down $0.1825 from yesterday's close.  Nov 26 Soybeans closed at $13.095/bushel, down $0.0675 from yesterday's close.  Dec 26 Soymeal closed at $351.4/short ton, up $...

Market Commentary: Pressure is Stacking Up

Energy: Fewer Routes, More Pressure Brent crude is back above $100, while WTI has closed higher for seven consecutive sessions as multiple supply routes come under pressure and the market runs out of workarounds. U.S. forces destroyed five Iranian crude-oil carriers Tuesday after Iran attempted...

Why the Black Sea Dominates the Global Sunflower Oil Market

Key Takeaways: Sunflower oil is a major global vegetable oil despite its relatively limited presence in the United States, with sunflowerseed containing substantially more oil than soybeans. Russia and Ukraine sit at the center of the global sunflower oil market, together accounting for 57 per...

Black Sea Regional Analysis

Russian Grain Markets: 31 August – 4 September 2026 The Russian grain market continued its bearish trend during the first week of September, with ample stocks and weak demand keeping pressure on prices. At the same time, Russian exports are undergoing a structural shift as traders increas...

Summary of Futures

Dec 26 Corn closed at $5.335/bushel, down $0.0325 from yesterday's close.  Dec 26 Wheat closed at $7.47/bushel, up $0.13 from yesterday's close.  Nov 26 Soybeans closed at $13.1625/bushel, up $0.065 from yesterday's close.  Dec 26 Soymeal closed at $349.8/short ton, down $5.3 fro...

Market Commentary: Volatility is the Outlook

What You Need to Know Today: The U.S. weather forecast has shifted to favor more beneficial conditions for finishing the corn and soybean crops, which is removing some weather risk premium from futures. Traders are looking ahead to Friday’s September WASDE, which will offer major insight...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Pakistan’s government reports that it has purchased 750,000 MT of wheat that will be delivered in November 2026, along with another 250,000 MT for later delivery. The forecasted shortfall in wheat supply for 2026/27 could be...

Summary of Futures

Dec 26 Corn closed at $5.3675/bushel, down $0.04 from yesterday's close. Dec 26 Wheat closed at $7.34/bushel, down $0.2025 from yesterday's close.  Nov 26 Soybeans closed at $13.0975/bushel, down $0.065 from yesterday's close.  Dec 26 Soymeal closed at $355.1/short ton, down $0.4 from...

Market Commentary: Recent Rallies Lose Steam

What You Need to Know Today: U.S. and Chinese officials are expected to discuss agriculture and non-tariff trade barriers ahead of Chinese President Xi Jinping’s visit to Washington later this month, potentially opening the door to additional U.S. agricultural purchases or improved marke...

CFTC COT Report Analysis

The bull market in ag commodities continued through Tuesday’s data reporting deadline with drought, yield, and Black Sea export concerns driving another week of massive fund and commercial buying. Managed money traders bought 225,000 contracts across the ag markets through last Tuesday&rs...

Summary of Futures

Dec 26 Corn closed at $5.4075/bushel, down $0.0275 from yesterday's close.  Dec 26 Wheat closed at $7.5425/bushel, down $0.1975 from yesterday's close.  Nov 26 Soybeans closed at $13.1625/bushel, up $0.06 from yesterday's close.  Dec 26 Soymeal closed at $355.5/short ton, up $5.9...

Market Commentary: “Chances” for Peace and Disinflation; Cattle Market Meddling

What You Need to Know Today: Wheat futures pulled back sharply after Russian President Putin said there was a “chance” for peace and an agreement to end the war in Ukraine. There is plenty of skepticism about the opportunity for peace in Ukraine, but that didn’t stop wheat fr...

Summary of Futures

Dec 26 Corn closed at $5.435/bushel, down $0.025 from yesterday's close.  Dec 26 Wheat closed at $7.74/bushel, down $0.085 from yesterday's close.  Nov 26 Soybeans closed at $13.1025/bushel, down $0.075 from yesterday's close.  Dec 26 Soymeal closed at $349.6/short ton, down $3 f...

Market Commentary: The Calendar Is Not in Control

Energy: Risk Over Rules Fighting between the United States and Iran over control of the Strait of Hormuz escalated overnight. Tehran accused U.S. forces of striking a residential area after U.S. Central Command said its second round of attacks in three days targeted Iranian radar systems and mi...

Paraguay’s Unique Place in the Global Soybean Trade

Key Takeaways: Paraguay typically ranks among the world’s largest soybean exporters, with roughly two-thirds of its production destined for export markets, although most shipments remain within South America. As a landlocked country, Paraguay relies heavily on the Paraguay-Paraná...

Black Sea Regional Analysis

Russian Grain Markets: 24–28 August 2026 During the fourth week of August, the Russian grain market continued to slide, although the pace of the decline slowed. The immediate market reaction and collapse in export activity have placed significant pressure on farmers. Price declines vary b...

Summary of Futures

Dec 26 Corn closed at $5.46/bushel, up $0.0825 from yesterday's close.  Dec 26 Wheat closed at $7.825/bushel, up $0.085 from yesterday's close.  Nov 26 Soybeans closed at $13.1775/bushel, up $0.2975 from yesterday's close.  Dec 26 Soymeal closed at $352.6/short ton, up $7.3 from...

Market Commentary: Contract Highs to Start September; Demand Destruction is the Point

What You Need to Know Today: The EPA offered an extension for 2025 RSF compliance reporting from 1 September 2026 to 1 October 2026 and announced decisions on requests to exempt 34 small refineries from the requirements. The U.S. is stepping up attacks against Iran after two tankers carrying c...

EPA Grants 29 SREs, but Reallocation is the Story

Key Takeaways: EPA granted full or partial Small Refinery Exemptions to 29 of the 34 petitions under consideration, removing approximately 1.76 billion RINs from 2025 compliance obligations, roughly 770 million more RINs than EPA had previously anticipated. The larger exemption total does not...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt, at the end of July, is once again the largest importer of maize from Brazil at about 2.6 million MT from January to July — followed by Iran at 1.1 MMT, Algeria at 665,000 MT, Saudi Arabia at 435,000 MT, and Israel at...

Summary of Futures

Dec 26 Corn closed at $5.3775/bushel, up $0.0125 from yesterday's close.  Dec 26 Wheat closed at $7.74/bushel, down $0.1 from yesterday's close.  Nov 26 Soybeans closed at $12.88/bushel, up $0 from yesterday's close.  Dec 26 Soymeal closed at $345.3/short ton, down $3.6 from yest...

Market Commentary: Grains Drift on Profit Taking but Trend-Higher Regime Remains in Place

What You Need to Know Today: End-of-month profit taking sent the CBOT broadly lower, though corn and soybeans managed to post small gains to continue their rallies. Turkey’s foreign ministry claimed to have a plan to ensure safe passage for both Ukrainian and Russian grain vessels via th...

Tightening Supplies and Strong Demand Fuel a Grain Market Rally

Key Takeaways: Corn and soybean prices rallied sharply last week as declining U.S. production expectations collided with strong demand, raising the prospect of tighter supplies and leaving the market with a smaller margin for further yield losses. The USDA’s lower August yield estimates...

Mercosur Regional Analysis

Corn Argentina The 2026/27 Argentine corn planting outlook remains broadly stable, with the Buenos Aires Grain Exchange projecting 8.4 Mha, unchanged from 2025/26. Regional shifts are expected to largely offset each other, with lower acreage in the NOA and NEA due to renewed concerns over Dalbu...

CFTC COT Report Analysis

The bull market in ag commodities reached a fevered pitch last week with drought, yield, and export concerns at key places around the world driving massive fund and commercial buying. Managed money traders bought 204,000 contracts across the ag markets through last Tuesday’s data reportin...

Summary of Futures

Dec 26 Corn closed at $5.365/bushel, up $0.03 from yesterday's close.  Dec 26 Wheat closed at $7.84/bushel, up $0.2325 from yesterday's close.  Nov 26 Soybeans closed at $12.88/bushel, up $0.2 from yesterday's close.  Dec 26 Soymeal closed at $348.9/short ton, up $8 from yesterda...

Market Commentary: After Bullish Week, WPI Bias is Higher but Risk Management More Important

What You Need to Know Today: Corn, wheat, and the soy complex all formed new contract or at least rally highs to close what has become one of the most uniformly bullish weeks in CBOT history. Escalations in the fighting between Russia and Ukraine and attacks on civilian merchant vessels show n...

Summary of Futures

Dec 26 Corn closed at $5.335/bushel, down $0.03 from yesterday's close.  Dec 26 Wheat closed at $7.6075/bushel, up $0.125 from yesterday's close.  Nov 26 Soybeans closed at $12.68/bushel, up $0.02 from yesterday's close.  Dec 26 Soymeal closed at $340.9/short ton, up $1.6 from ye...

Market Commentary: When Bottlenecks Move Markets

Macro: Trade Flows Set the Tone Persian Gulf crude flows appear to be improving, with anecdotal estimates suggesting as much as 7–8 million barrels per day may now be leaving the region — nearly double the mid-July pace. That helps explain why crude has not maintained the full geopo...

Ethanol Margins Set to Decline; Biodiesel Margins Set to Explode

Key Takeaways:  Ethanol margins continue to retreat from recent highs as rising costs – particularly corn and natural gas – offset gains in ethanol and DDGS values. WPI’s models expect ethanol margins to broadly follow their seasonal pattern, declining into the new year,...

Summary of Futures

Dec 26 Corn closed at $5.365/bushel, up $0.13 from yesterday's close.  Dec 26 Wheat closed at $7.4825/bushel, up $0.45 from yesterday's close.  Nov 26 Soybeans closed at $12.66/bushel, up $0.2825 from yesterday's close.  Dec 26 Soymeal closed at $339.3/short ton, up $10.1 from ye...

Market Commentary: Export, Yield, and Attack Headlines Drive Grains to New Highs

What You Need to Know Today: The day belonged to the bulls as fund buying and technical momentum boosted corn, soybeans, and wheat to new rally or contract highs. Wheat futures exploded Wednesday around the world after Russia indicated it will increase its attacks on Ukrainian export infrastru...

Black Sea Regional Analysis

Russian Grain Markets: 17–21 August 2026 The Russian grain market continued to decline during the third week of August as the Black Sea blockade severely disrupted export logistics. The resulting loss of export capacity is pressuring domestic prices and increasing storage concerns as the...

Summary of Futures

Dec 26 Corn closed at $5.235/bushel, up $0.08 from yesterday's close.  Dec 26 Wheat closed at $7.0325/bushel, up $0.0375 from yesterday's close.  Nov 26 Soybeans closed at $12.3775/bushel, up $0.135 from yesterday's close.  Dec 26 Soymeal closed at $329.2/short ton, up $0.6 from...

Market Commentary: Risk-On Trade Dominates as Yields, Supplies Face Threats

What You Need to Know Today: Corn and soybean crop ratings declined late Monday and set the stage for stronger CBOT trade Tuesday. Funds are in risk-on mode across the ag space, resulting in firm trade and solid gains for grains and oilseeds. Iran and Oman released a joint statement saying the...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Morocco is reported to be resuming soft wheat imports on 16 September 2026, ending the three-month ban on imports that had begun on 1 June 2026. The government will announce the details of the 2026 wheat support program shortly. N...

Summary of Futures

Dec 26 Corn closed at $5.155/bushel, up $0.07 from yesterday's close.  Dec 26 Wheat closed at $6.995/bushel, up $0.0025 from yesterday's close.  Nov 26 Soybeans closed at $12.2425/bushel, down $0.1525 from yesterday's close.  Dec 26 Soymeal closed at $328.6/short ton, up $2.8 fro...

Market Commentary: Yield Assessments Drive CBOT Reactions; Cattle Fall on Beef Import News

What You Need to Know Today: Pro Farmer’s crop tour pegged the 2026 U.S. corn crop at 173.2 BPA and anticipated a 15.344 Bbu crop – both figures well below expectations. Pro Farmer forecast 2026 U.S. soybean yields at 53.3 BPA, above most private estimates and USDA’s August W...

Gene Editing Offers a New Path for Crop Development

Key Takeaways: Gene editing makes targeted changes to a plant’s existing DNA, while genetic modification can introduce genetic material from another organism to create traits not naturally present in the crop. Gene editing is unlikely to replace genetic modification entirely, as the two...

Mercosur Regional Analysis

Corn Argentina’s corn harvest continued to face delays due to high grain moisture and poor field conditions in some areas. Despite elevated moisture levels, an increasing number of farmers began harvesting as crop losses and lodging emerged. Harvest progress has now surpassed 80 percent b...

CFTC COT Report Analysis

Concerns about U.S. corn and soybean yields and continued disruptions in the Black Sea drove a week of bullish activity at the CBOT. Managed money traders bought 127,000 contracts across the ag markets, expanding their all-ags net long 29 percent in the process. The biggest drivers of the buyin...

Summary of Futures

Dec 26 Corn closed at $5.085/bushel, up $0.05 from yesterday's close.  Dec 26 Wheat closed at $6.9925/bushel, down $0.0075 from yesterday's close.  Nov 26 Soybeans closed at $12.395/bushel, up $0.03 from yesterday's close.  Dec 26 Soymeal closed at $325.8/short ton, up $2 from ye...

Market Commentary: Bullish Momentum Continues for Corn and Soybeans

What You Need to Know Today: There has already been a strong run of flash soybean sales announcements in recent weeks, but more than 1.4 MMT reported this morning is an exceptionally large single-day total with major implications for the market. If the sales to China and unknown destinations w...

Summary of Futures

Dec 26 Corn closed at $5.035/bushel, up $0.055 from yesterday's close.  Dec 26 Wheat closed at $7/bushel, up $0.025 from yesterday's close.  Nov 26 Soybeans closed at $12.365/bushel, down $0.0075 from yesterday's close.  Dec 26 Soymeal closed at $323.8/short ton, down $1.8 from y...

Market Commentary: Pro Farmer Crop Tour Results Point to Lower Yield Potential

What You Need to Know Today: Day three of the Pro Farmer Crop Tour found corn yield potential below last year in both Illinois and western Iowa. Illinois corn yields averaged 184.2 bushels/acre, down from 199.6 bushels/acre last year and the 199.2 bushels/acre three-year average, while wester...

Summary of Futures

Dec 26 Corn closed at $4.98/bushel, up $0.1 from yesterday's close.  Dec 26 Wheat closed at $6.975/bushel, up $0.1625 from yesterday's close.  Nov 26 Soybeans closed at $12.3725/bushel, up $0.205 from yesterday's close.  Dec 26 Soymeal closed at $325.6/short ton, up $6.8 from yes...

Market Commentary: Pressure Moves, Markets Reprice the Risk

Macro: Treasury Squeezes Yields, the Dollar Gives Way Today’s markets are offering a lesson in pressure: it rarely disappears — it simply moves. The U.S. Treasury stepped into the bond market after long-term yields surged to levels not seen in nearly two decades. By announcing plans...

Black Sea Regional Analysis

Russian Grain Markets: 10–14 August 2026 The Russian grain market continued to weaken sharply during the second week of August as the Black Sea logistics situation deteriorated. Russia and Ukraine continued exchanging drone and ballistic attacks on seaports, infrastructure and commercial...

Summary of Futures

Dec 26 Corn closed at $4.88/bushel, down $0.015 from yesterday's close.  Dec 26 Wheat closed at $6.8125/bushel, down $0.08 from yesterday's close.  Nov 26 Soybeans closed at $12.1675/bushel, up $0.0075 from yesterday's close.  Dec 26 Soymeal closed at $318.8/short ton, up $0.1 fr...

Market Commentary: Turnaround Tuesday Hints at Rally Doubts

What You Need to Know Today: Declining crop conditions ratings and shaky results from the Pro Farmer crop tour sent grains sharply higher on Tuesday. The Pro Farmer tour in Ohio pegged the state yield at 180.18 BPA, about 5.5 BPA below the tour’s 2025 estimate. Similarly, the Pro Farmer...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt is the largest importer of Brazilian maize in the first six months of 2026. Egypt imported about 28.4 percent of maize exports, or about 1.7 million MT. Iran was the third-largest importer at 14.5 percent, or 900,000 MT, fol...

Brazil’s Reliance on Imported Fertilizer Is a Potential Weak Link

Key Takeaways: Brazil’s growing role in global agriculture is accompanied by a major vulnerability: the country imports approximately 88 percent of its fertilizer needs. High natural gas costs and development challenges have limited domestic nitrogen and potash production despite Brazil&...

Market Commentary: CBOT Rises as Crop Tours Start and Weather Forecasts Shift

What You Need to Know Today: U.S. weather is getting more attention this week as conditions vary greatly across the western, central, and eastern corn belts, with the different regions battling dryness and too much rain simultaneously. The ProFarmer Crop Tour began today in Indiana and Nebrask...

CFTC COT Report Analysis

Favorable U.S. weather and pre-WASDE positioning last week overrode the Black Sea export and allowed bearish sentiments to dominate the CBOT for the second straight week. Managed money traders sold 63,000 contracts across the ag markets, reducing their all-ags net long 12.5 percent in the proce...

Summary of Futures

Dec 26 Corn closed at $4.895/bushel, up $0.0625 from yesterday's close.  Sep 26 Wheat closed at $6.7475/bushel, up $0 from yesterday's close.  Nov 26 Soybeans closed at $12.16/bushel, up $0.235 from yesterday's close.  Dec 26 Soymeal closed at $318.7/short ton, up $2.4 from yeste...

Mercosur Regional Analysis

Corn Argentina Argentina’s corn harvest progress has fallen further behind the normal pace, with the latest estimate showing more than 15 percentage points of delay versus previous years. Excessive grain moisture and poor road conditions continue to limit field access and slow harvest act...

Summary of Futures

Dec 26 Corn closed at $4.8325/bushel, up $0.1125 from yesterday's close.  Sep 26 Wheat closed at $6.7475/bushel, up $0.22 from yesterday's close.  Nov 26 Soybeans closed at $11.925/bushel, up $0.1025 from yesterday's close.  Dec 26 Soymeal closed at $316.3/short ton, up $2.3 from...

Market Commentary: Russia Resists Black Sea Truce, Cattle Processing Consolidating Further

What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...

Summary of Futures

Dec 26 Corn closed at $4.72/bushel, down $0.0875 from yesterday's close.  Sep 26 Wheat closed at $6.5275/bushel, up $0 from yesterday's close.  Nov 26 Soybeans closed at $11.8225/bushel, down $0.01 from yesterday's close.  Dec 26 Soymeal closed at $314/short ton, down $1.1 from y...

Market Commentary: Potential Black Sea Deal Could Reshape Global Grain Outlook

What You Need to Know Today: Wholesale inflation was flat in July, with the Producer Price Index (PPI) unchanged versus expectations for a 0.2 percent increase. Core PPI rose 0.2 percent, also below expectations. The softer inflation data has reduced the odds of a September interest rate incre...

Summary of Futures

Dec 26 Corn closed at $4.8075/bushel, up $0.2025 from yesterday's close.  Sep 26 Wheat closed at $6.5275/bushel, up $0.225 from yesterday's close.  Nov 26 Soybeans closed at $11.8325/bushel, up $0.145 from yesterday's close.  Dec 26 Soymeal closed at $315.1/short ton, up $4.2 fro...

Market Commentary: From Headlines to Hard Numbers

Macro: Relief Meets Reality July’s CPI report matched expectations. Headline inflation eased to 3.4 percent year over year, while core inflation declined to 2.5 percent. On a monthly basis, headline CPI rose 0.1 percent and core increased 0.2 percent. Equities and the U.S. dollar traded h...

Implications of the Lower-than-Expected August WASDE Yields and Added Acreage

Key Takeaways: Corn yield came in below expectations at 180.7 bushels per acre, validating WPI’s view that last year’s exceptional yield may have anchored analyst estimates higher. Despite slightly higher production for corn, stronger export projections tightened the balance sheet,...

AP Quant: WASDE Vegoils

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...

AP Quant: WASDE Soybeans

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...

WASDE Soybeans - August 2026

USDA’s August WASDE outlook for 2026/27 U.S. soybeans is for a modest increase in the U.S. ending stocks by 10 million bushels to 320 million. There was no impact on prices – the seasonal-average farm price of soybeans remains unchanged at $11.40 per bushel; soybean meal and oil pri...

Black Sea Regional Analysis

Russian Grain Markets: 3–7 August 2026 The Russian grain market continued to decline during the first week of August following the closure of the Azov and Don ports and restrictions on Black Sea trade linked to the war in Ukraine. Regular air attacks on infrastructure and vessels have fur...

Summary of Futures

Dec 26 Corn closed at $4.605/bushel, down $0.0125 from yesterday's close.  Sep 26 Wheat closed at $6.3025/bushel, down $0.1025 from yesterday's close.  Nov 26 Soybeans closed at $11.6875/bushel, down $0.1075 from yesterday's close.  Dec 26 Soymeal closed at $310.9/short ton, down...

Market Commentary: Larger Global Supply Fears Send CBOT Lower Ahead of WASDE

What You Need to Know Today: The latest EIA Short-Term Energy Outlook forecast 2027 U.S. WTI crude oil at $65.39/brl, up about $5 from the prior forecast. President Trump late Monday claimed the U.S. has swept the entire Strait of Hormuz (SOH) for sea mines. Iran’s security council said...

Understanding Protein Content in Soymeal

Key Takeaways: Soymeal with 44 percent protein generally contains more soybean hulls and fiber, while 48 percent soymeal is more extensively dehulled, resulting in higher protein concentration and lower fiber. CBOT soymeal futures were lowered from a 48 percent to 47.5 percent protein specific...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s annual urban consumer inflation rate is at 14.9 percent for July 2026, up from 14.3 percent in June. Nationwide annual inflation stands at 13.0 percent. Pakistan’s wheat and wheat flour prices continue to move...

CFTC COT Report Analysis

Favorable U.S. weather overrode the Black Sea export impacts in last week’s trade and left more bearish sentiments to dominate the CBOT. Managed money traders sold 65,000 contracts across the ag markets, reducing their all-ags net long 11 percent in the process. The biggest drivers of the...

Summary of Futures

Dec 26 Corn closed at $4.6175/bushel, down $0.0025 from yesterday's close.  Sep 26 Wheat closed at $6.405/bushel, up $0.0075 from yesterday's close.  Nov 26 Soybeans closed at $11.795/bushel, up $0.0325 from yesterday's close.  Dec 26 Soymeal closed at $311.6/short ton, down $1.8...

Market Commentary: WASDE, Black Sea, and Iran Offer Offsetting Effects on Grain Futures

What You Need to Know Today: Tensions in the Middle East escalated over the weekend with Iran demanding the U.S. make multiple concessions that are likely non-starters before traffic can flow through the Strait of Hormuz again. Saudi Arabia, Pakistan, and Turkey signed a mutual defense agreeme...

India’s Role as the Largest Global Vegetable Oil Importer

Key Takeaways: India is the world’s largest vegetable oil importer, making it a critical source of global demand despite being less prominent than China in broader agricultural trade. India’s vegetable oil import dependence is structural, with domestic oilseed production unable to...

Mercosur Regional Analysis

Argentina Weather continues to dominate the Argentine grain market. Rainfall persisted across much of the country’s agricultural region during the week, accompanied by unusually warm temperatures. As a result, soil moisture profiles remain fully recharged across most production areas. The...

Summary of Futures

Dec 26 Corn closed at $4.62/bushel, up $0 from yesterday's close.  Sep 26 Wheat closed at $6.3975/bushel, up $0.085 from yesterday's close.  Nov 26 Soybeans closed at $11.7625/bushel, down $0.015 from yesterday's close.  Dec 26 Soymeal closed at $313.4/short ton, down $3.2 from y...

Market Commentary: Attention Turns to August WASDE Yield Estimates

What You Need to Know Today: Traders are increasingly focused on next Wednesday’s August WASDE report, with corn and soybean yield estimates expected to drive the next major move in grain markets. Recent crop condition declines and late-July heat have increased uncertainty around USDA&rs...

WPI August Grain Balance Sheet Projections

Key Takeaways:  WPI’s 2025/26 corn export models continue to reflect strong international demand and put the total marketing year volume slightly above USDA’s estimates. Strong old crop corn exports are offset by weaker feed and residual use, leaving ending stocks slightly ele...

Market Commentary: Grain Markets Awaiting New Catalysts

What You Need to Know Today:  Iran has developed an initial draft plan that would prohibit U.S. and Israeli ships from transiting the Strait of Hormuz, increasing concerns over potential disruptions to global energy trade. Although no restrictions have been enacted, the proposal adds anot...

Summary of Futures

Dec 26 Corn closed at $4.62/bushel, up $0.02 from yesterday's close.  Sep 26 Wheat closed at $6.3125/bushel, down $0.11 from yesterday's close.  Nov 26 Soybeans closed at $11.7775/bushel, up $0.03 from yesterday's close.  Dec 26 Soymeal closed at $316.6/short ton, up $1 from yest...

Summary of Futures

Dec 26 Corn closed at $4.6/bushel, down $0.055 from yesterday's close.  Sep 26 Wheat closed at $6.4225/bushel, up $0.0375 from yesterday's close.  Nov 26 Soybeans closed at $11.7475/bushel, down $0.03 from yesterday's close.  Dec 26 Soymeal closed at $315.6/short ton, down $2.8 f...

Market Commentary: Caution Beneath the Headlines

There are plenty of major headlines moving across the markets today, but the reaction beneath them remains cautious. Crude oil is holding steady despite reports of progress involving the Strait of Hormuz, corn and soybeans remain tied to changing weather forecasts, and wheat continues to weigh...

Black Sea Regional Analysis

Russian Grain Markets: 27–31 July 2026 Russian grain prices declined sharply during the week under review as new-crop supplies entered the market and demand weakened. Corn and barley prices declined, while both milling and feed wheat and rye experienced larger losses. The harvest campaign...

Market Commentary: Improved Weather Outlook, Possible Iran Deal Send Grains, Oil Lower

What You Need to Know Today: U.S. Treasury Secretary Bessent said the U.S. and Iran could “today or tomorrow” reach a deal to reopen the Strait of Hormuz. Despite the Secretary’s claims, an attack on a vessel off the Omani coast suggests plenty of risk remains in forming a lo...

Summary of Futures

Dec 26 Corn closed at $4.655/bushel, down $0.07 from yesterday's close.  Sep 26 Wheat closed at $6.385/bushel, down $0.125 from yesterday's close.  Nov 26 Soybeans closed at $11.7775/bushel, down $0.145 from yesterday's close.  Dec 26 Soymeal closed at $318.4/short ton, down $3.2...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region TMO, the Turkish Grain Board, has announced that milling wheat exports were allowed as of 29 July due to “sufficient domestic supplies.” All milling wheat exports will require approval of an export application; approva...

Market Commentary: Black Sea Export Halts, U.S. Weather Risks Send CBOT Higher

What You Need to Know Today: President Trump suspended the planned attacks on Iran and announced that the pieces for a framework for peace were in place in a weekend social media post. Iran, however, later said no efforts were underway to conduct negotiations with the U.S., though Oman indicat...

CFTC COT Report Analysis

The escalating impacts of Russia and Ukraine’s recent attacks and counter attacks in the Black Sea continues to drive bullish CBOT sentiments. Managed money traders purchased 122,000 contracts across the ag markets, expanding their all-ags net long 27 percent in the process. The biggest d...

Summary of Futures

Dec 26 Corn closed at $4.725/bushel, up $0.085 from yesterday's close.  Sep 26 Wheat closed at $6.51/bushel, up $0.1175 from yesterday's close.  Nov 26 Soybeans closed at $11.9225/bushel, up $0.0475 from yesterday's close.  Dec 26 Soymeal closed at $321.6/short ton, up $0.4 from...

Mercosur Regional Analysis

Corn Argentina's corn harvest has reached 69.8 percent of the national harvestable area. Harvest progress remains constrained primarily in southeastern Buenos Aires, where persistently high humidity has slowed grain dry-down and prevented moisture levels from reaching harvest standards. As a re...

Summary of Futures

Dec 26 Corn closed at $4.64/bushel, down $0.045 from yesterday's close.  Sep 26 Wheat closed at $6.3925/bushel, down $0.2425 from yesterday's close.  Nov 26 Soybeans closed at $11.875/bushel, down $0.0125 from yesterday's close.  Dec 26 Soymeal closed at $321.2/short ton, down $1...

Market Commentary: Record Soyoil Demand Contrasts With Grain Market Weakness

What You Need to Know Today: Record biofuel demand continues to support soyoil values, as EIA data show that May soyoil usage as a biofuel feedstock reached a record 1.434 billion pounds. The latest data reinforces the strength of renewable fuel demand and helps explain ongoing investment in a...

Biomass-Based Diesel Feedstock Update: May Sets Record for Soyoil Usage

Key Takeaways: Soyoil consumption as a biofuel feedstock climbed to a record 1.434 billion pounds in May, setting a new all-time monthly high. Improved 45Z policy clarity in February 2026 has supported stronger soyoil demand from the biofuel sector by providing producers with greater certainty...

Summary of Futures

Dec 26 Corn closed at $4.685/bushel, down $0.0325 from yesterday's close.  Sep 26 Wheat closed at $6.635/bushel, up $0.0275 from yesterday's close.  Nov 26 Soybeans closed at $11.8875/bushel, down $0.04 from yesterday's close.  Dec 26 Soymeal closed at $322.8/short ton, down $0.7...

Market Commentary: Cattle Outperform Hogs on Quiet Day for Corn and Soy

What You Need to Know Today: The U.S. and Iran resumed missile strikes after a brief pause in fighting, raising concerns that the five-month conflict could expand across the Middle East. Jordan intercepted Iranian missiles, Kuwait reported a fatal strike, and drone attacks damaged two natural...

Summary of Futures

Dec 26 Corn closed at $4.7175/bushel, down $0.0875 from yesterday's close.  Sep 26 Wheat closed at $6.6075/bushel, down $0.0175 from yesterday's close.  Nov 26 Soybeans closed at $11.9275/bushel, down $0.2725 from yesterday's close.  Dec 26 Soymeal closed at $323.5/short ton, dow...

Market Commentary: War Moves Oil. Weather Moves Grain.

If Wednesday’s trade proved anything, it is that not every market is listening to the same headline. Renewed fighting between the U.S. and Iran sent crude oil sharply higher after Iran fired ballistic missiles at an American airbase in Jordan. President Trump promised a U.S. response, pus...

Black Sea Regional Analysis

Russian Grain Markets: 20–24 July 2026 Bearish sentiment dominated the Russian grain market as the new harvest accelerated and supplies increased. Prices also weakened in eastern Russia ahead of harvest, reflecting expectations of ample supplies and Kazakhstan's import ban on Russian whea...

Summary of Futures

Dec 26 Corn closed at $4.805/bushel, up $0.065 from yesterday's close.  Sep 26 Wheat closed at $6.625/bushel, up $0.025 from yesterday's close.  Nov 26 Soybeans closed at $12.2/bushel, up $0.0625 from yesterday's close.  Dec 26 Soymeal closed at $327.8/short ton, up $3.7 from yes...

Market Commentary: Grains Rally as Crop Ratings Fall; Global Shipping Becomes More Perilous

What You Need to Know Today: Shipping in the Black Sea is at a standstill, with neither Ukraine nor Russia yet ready to swerve in this game of maritime and export brinkmanship. Israeli media suggests the U.S. and Iran may be close to making a deal or at least restoring the memorandum of unders...

Brazil’s Emergence as a Major Pork Exporter

Key Takeaways: Brazil’s pork exports have more than doubled since 2019 as competitive feed costs, ASF-free status, and expanding global demand have strengthened the country’s position in international markets. Brazil’s abundant domestic production of corn and soybeans provide...

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Morocco and Kazakhstan are looking at ways to expand their grain import/export programs, according to details of a recent meeting in Casablanca. Kazakhstan has grain (mainly wheat) and flour exports of 15.3 MMT and is looking at n...

Summary of Futures

Dec 26 Corn closed at $4.74/bushel, down $0.135 from yesterday's close.  Sep 26 Wheat closed at $6.6/bushel, down $0.18 from yesterday's close.  Nov 26 Soybeans closed at $12.1375/bushel, down $0.3975 from yesterday's close.  Dec 26 Soymeal closed at $324.1/short ton, down $11.1...

Market Commentary: Commodity Sell-Off on Middle East De-escalation and Border Reopening

What You Need to Know Today: It was just one of those days where seemingly everything was in the red as part of a broader risk-off economic sentiment amid de-escalation headlines in the Middle East. Other key fundamentals were also bearish, including the resumption of Mexican cattle imports an...

Mercosur Regional Analysis

Wheat Argentina's wheat planting advanced another 5.7 percentage points over the past week, reaching 97.7 percent of the projected 6.5 million hectares despite persistent rainfall across the country's agricultural region. Planting is now complete in the western production areas and the Northern...

Summary of Futures

Dec 26 Corn closed at $4.875/bushel, up $0 from yesterday's close.  Sep 26 Wheat closed at $6.78/bushel, down $0.1825 from yesterday's close.  Nov 26 Soybeans closed at $12.535/bushel, up $0.0975 from yesterday's close.  Dec 26 Soymeal closed at $335.2/short ton, up $3.3 from yes...

Market Commentary: Black Sea Headlines Shake Wheat Markets

What You Need to Know Today: The Trump administration announced new tariffs of 10 percent to 12.5 percent on imports from 60 major U.S. trading partners as part of a Section 301 action aimed at combating forced labor in global supply chains. Countries that have agreed to adopt and enforce bans...

Section 301: A New Tariff Architecture

Just when we thought it was safe to step outside and enjoy some certainty in the world of international commerce, the Trump Administration announced on Thursday afternoon a barrage of tariffs on 60 countries based on its recent Section 301 investigations. Section 301 permits the executive branc...

Summary of Futures

Dec 26 Corn closed at $4.875/bushel, up $0.0275 from yesterday's close.  Sep 26 Wheat closed at $6.9625/bushel, down $0.095 from yesterday's close.  Nov 26 Soybeans closed at $12.4375/bushel, up $0.0475 from yesterday's close.  Dec 26 Soymeal closed at $331.9/short ton, down $1 f...

Market Commentary: Oil Surge, Weather Risks and Export Demand Drive Grain Market Strength

What You Need to Know Today: Oil prices surged today following reports of tanker attacks off the coast of Saudi Arabia by Houthi rebels and renewed U.S. threats to escalate military strikes against Iran, heightening concerns over potential disruptions to Middle East energy supplies. Brent crud...

Summary of Futures

Dec 26 Corn closed at $4.8475/bushel, up $0.095 from yesterday's close.  Sep 26 Wheat closed at $7.0575/bushel, up $0.2775 from yesterday's close.  Nov 26 Soybeans closed at $12.39/bushel, up $0.1625 from yesterday's close.  Dec 26 Soymeal closed at $332.9/short ton, up $5.6 from...

Market Commentary: Wild Wednesday: Weather, War and Worry

Grains posted strong gains today, putting the bulls firmly in the driver’s seat. There was no shortage of fuel for the move, with three W’s driving the rally: weather, war and worry. Weather: Cooler temperatures are temporarily easing stress across the Northern Plains and Midwest, b...

Black Sea Regional Analysis

Russian Grain Markets: 13–17 July 2026 New-crop trading dominated the Russian grain market during the week as old-crop business largely came to an end. Most transactions shifted to new-crop supplies, establishing new price ranges across the market. Bearish sentiment prevailed across most...

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...

New Mexico’s Clean Fuel Program Adds Pressure to Renewable Feedstock Markets

Key Takeaways: New Mexico’s Clean Transportation Fuel Program expands demand for low-carbon fuels and creates another market for renewable feedstocks, adding incremental pressure to already limited supplies of lower-carbon inputs. Growing competition for waste-based feedstocks such as an...

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...

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...

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