Recent Wheat Analysis
Market Commentary: Bears Resist WASDE Curveballs
U.S. crop growing weather looks near perfect. Even dry parts of Nebraska and northern Illinois have just received good relief rains. The rest of July is cooler and damp, perfect for pollination. The share of the corn crop rated Good/Excellent is 74 percent, and its 66 percent for soybeans. ...
WASDE Wheat - July 2025
USDA’s July 2025 outlook for U.S. wheat is for a 1 bushel per acre increase in average yield to 52.6 bushels per acre. The projection is for U.S. wheat production to increase 8 million bushels to 1,929 million bushels. However, the estimate for U.S. wheat exports is raised by 25 million b...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
Summary of Futures
Dec 25 Corn closed at $4.1225/bushel, down $0.0425 from yesterday's close. Sep 25 Wheat closed at $5.45/bushel, down $0.095 from yesterday's close. Nov 25 Soybeans closed at $10.0725/bushel, down $0.065 from yesterday's close. Dec 25 Soymeal closed at $283.6/short ton, down $1...
Export Sales
Export Sales and Shipments for June 27-July 3, 2025 Wheat: Net sales of 567,800 metric tons (MT) for 2025/2026 were primarily for South Korea (90,000 MT), Japan (70,000 MT), Mexico (55,900 MT), Malaysia (55,000 MT), and the Philippines (54,400 MT) and were partly offset by reductions for the Do...
Market Commentary: Mostly Higher Ahead of Tomorrow’s WASDE
Wheat spent the session mostly higher while corn, soybeans, and soymeal bounced around treading lower but eking out gains later in the action. Part of this was position squaring ahead of tomorrow’s July WASDE report by USDA. It will be a bull/bear square off with any surprise to the bulli...
Summary of Futures
Dec 25 Corn closed at $4.165/bushel, up $0.01 from yesterday's close. Sep 25 Wheat closed at $5.545/bushel, up $0.075 from yesterday's close. Nov 25 Soybeans closed at $10.1375/bushel, up $0.065 from yesterday's close. Dec 25 Soymeal closed at $285.3/short ton, up $2.4 from ye...
WPI 20225/26 Grain Outlook: Supplies Outpace Demand Growth
Heading into the USDA’s July WASDE report on Friday, WPI offers our outlook on the 2025/26 U.S. grain balance sheets and the season-average price. The big theme from this effort is that 2025/26 grain supplies will be ample and markets will have to move lower to stimulate enough demand to...
Market Commentary: Soybeans Break Support on Good Weather; Wheat, Corn Bounce off Lows
Weather is king right now for the grain markets and with no serious threat to the silking corn and pod-setting soybean crops, that meant lower trade at the CBOT. Soybeans bore the brunt of the selling for the day with the favorable weather forecast into early August suggesting the crop will set...
Summary of Futures
Dec 25 Corn closed at $4.155/bushel, up $0.0125 from yesterday's close. Sep 25 Wheat closed at $5.47/bushel, down $0.0075 from yesterday's close. Nov 25 Soybeans closed at $10.0725/bushel, down $0.1025 from yesterday's close. Dec 25 Soymeal closed at $282.9/short ton, down $1...
Black Sea Regional Analysis
Russian Grain Markets: 30 June – 4 July 2025 During the first week of the new season 2025/26, seasonal price depreciation continued, however, delayed harvesting was helping wheat prices rebound in the south, the Russia’s main export hub. To add fuel to the fire, yields are lower com...
Market Commentary: Corn Hits New Lows while Cattle Hit New Highs
Grains markets came under pressure again on Tuesday with USDA’s positive Crop Conditions report Monday evening reassuring traders and analysts of excellent yield prospects for this year. The report was most bearish corn where ratings hit another five-year seasonal high as the crop is silk...
Market Commentary: Bears Resist WASDE Curveballs
U.S. crop growing weather looks near perfect. Even dry parts of Nebraska and northern Illinois have just received good relief rains. The rest of July is cooler and damp, perfect for pollination. The share of the corn crop rated Good/Excellent is 74 percent, and its 66 percent for soybeans. ...
WASDE Wheat - July 2025
USDA’s July 2025 outlook for U.S. wheat is for a 1 bushel per acre increase in average yield to 52.6 bushels per acre. The projection is for U.S. wheat production to increase 8 million bushels to 1,929 million bushels. However, the estimate for U.S. wheat exports is raised by 25 million b...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
Summary of Futures
Dec 25 Corn closed at $4.1225/bushel, down $0.0425 from yesterday's close. Sep 25 Wheat closed at $5.45/bushel, down $0.095 from yesterday's close. Nov 25 Soybeans closed at $10.0725/bushel, down $0.065 from yesterday's close. Dec 25 Soymeal closed at $283.6/short ton, down $1...
Export Sales
Export Sales and Shipments for June 27-July 3, 2025 Wheat: Net sales of 567,800 metric tons (MT) for 2025/2026 were primarily for South Korea (90,000 MT), Japan (70,000 MT), Mexico (55,900 MT), Malaysia (55,000 MT), and the Philippines (54,400 MT) and were partly offset by reductions for the Do...
Market Commentary: Mostly Higher Ahead of Tomorrow’s WASDE
Wheat spent the session mostly higher while corn, soybeans, and soymeal bounced around treading lower but eking out gains later in the action. Part of this was position squaring ahead of tomorrow’s July WASDE report by USDA. It will be a bull/bear square off with any surprise to the bulli...
Summary of Futures
Dec 25 Corn closed at $4.165/bushel, up $0.01 from yesterday's close. Sep 25 Wheat closed at $5.545/bushel, up $0.075 from yesterday's close. Nov 25 Soybeans closed at $10.1375/bushel, up $0.065 from yesterday's close. Dec 25 Soymeal closed at $285.3/short ton, up $2.4 from ye...
WPI 20225/26 Grain Outlook: Supplies Outpace Demand Growth
Heading into the USDA’s July WASDE report on Friday, WPI offers our outlook on the 2025/26 U.S. grain balance sheets and the season-average price. The big theme from this effort is that 2025/26 grain supplies will be ample and markets will have to move lower to stimulate enough demand to...
Market Commentary: Soybeans Break Support on Good Weather; Wheat, Corn Bounce off Lows
Weather is king right now for the grain markets and with no serious threat to the silking corn and pod-setting soybean crops, that meant lower trade at the CBOT. Soybeans bore the brunt of the selling for the day with the favorable weather forecast into early August suggesting the crop will set...
Summary of Futures
Dec 25 Corn closed at $4.155/bushel, up $0.0125 from yesterday's close. Sep 25 Wheat closed at $5.47/bushel, down $0.0075 from yesterday's close. Nov 25 Soybeans closed at $10.0725/bushel, down $0.1025 from yesterday's close. Dec 25 Soymeal closed at $282.9/short ton, down $1...
Black Sea Regional Analysis
Russian Grain Markets: 30 June – 4 July 2025 During the first week of the new season 2025/26, seasonal price depreciation continued, however, delayed harvesting was helping wheat prices rebound in the south, the Russia’s main export hub. To add fuel to the fire, yields are lower com...
Market Commentary: Corn Hits New Lows while Cattle Hit New Highs
Grains markets came under pressure again on Tuesday with USDA’s positive Crop Conditions report Monday evening reassuring traders and analysts of excellent yield prospects for this year. The report was most bearish corn where ratings hit another five-year seasonal high as the crop is silk...