Recent Wheat Analysis
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...
Little Hope for Rumored Black Sea Civilian Vessel Agreement
Key Takeaways: Grain futures pulled back sharply in overnight trade Friday on rumors that Ukraine proposed two possible options for ensuring civilian vessel safety in the Black Sea. Both Russia and Ukraine have recently targeted civilian vessels carrying oil and grain in the Sea of Azov...
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...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Pakistan has just held its first meeting of the Committee on GM Corn. The Committee was established to "undertake an objective, science-based, and evidence-driven review of Pakistan’s policy regarding the commercialization o...
Summary of Futures
Dec 26 Corn closed at $4.73/bushel, up $0.055 from yesterday's close. Sep 26 Wheat closed at $6.74/bushel, down $0.0875 from yesterday's close. Nov 26 Soybeans closed at $12.2625/bushel, up $0.2325 from yesterday's close. Dec 26 Soymeal closed at $323.8/short ton, up $5.3 from...
Market Commentary: Soybeans Pop on China Buying; Weather Fuels Corn Rally; Cattle Score Reversal
What You Need to Know Today: The conflict between the U.S. and Iran continues to escalate with the two sides exchanging attacks over the weekend. President Trump said Iran “will pay” for recent attacks that claimed the lives of U.S. troops stationed in Jordan. There are some signs...
CFTC COT Report Analysis
The weather rally in conjunction with the resumption of the war in Iran and the export-tightening impacts of Russia and Ukraine’s recent attacks and counter attacks continues to drive bullish CBOT sentiments. Managed money traders purchased 93,000 contracts across the ag markets, expandin...
Russia’s Diesel Export Ban Tightens Global Fuel Markets and Raises Agricultural Costs
Key Takeaways: Russia’s diesel export ban is tightening global fuel supplies and increasing dependence on alternative exporters. Limited refining capacity and logistical constraints make diesel markets especially sensitive to supply disruptions. Diesel supply disruptions are more difficu...
WPI Crop Progress and Conditions App (Updated 20 July)
Developer's Note: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where obs...
Mercosur Regional Analysis
Corn Harvest delays continue to complicate Argentina's corn market. Persistently high humidity, combined with scattered rainfall across key producing regions, continues to slow harvest progress. In southern Buenos Aires, harvesting remains constrained by poor field access, while across central...
Summary of Futures
Dec 26 Corn closed at $4.675/bushel, up $0.035 from yesterday's close. Sep 26 Wheat closed at $6.8275/bushel, up $0.08 from yesterday's close. Nov 26 Soybeans closed at $12.03/bushel, up $0.08 from yesterday's close. Dec 26 Soymeal closed at $318.5/short ton, down $3.9 from ye...
Market Commentary: Geopolitical Tensions Driving Markets
What You Need to Know Today: The U.S. and Iran exchanged strikes, with the U.S. hitting Iranian bridges, energy sites, and military infrastructure. Iran launched a missile into Kuwait that damaged a desalination plant. Crude oil futures surged on heightened Middle East tensions, providing supp...
Summary of Futures
Dec 26 Corn closed at $4.64/bushel, down $0.055 from yesterday's close. Sep 26 Wheat closed at $6.7475/bushel, down $0.0275 from yesterday's close. Nov 26 Soybeans closed at $11.95/bushel, down $0.0675 from yesterday's close. Dec 26 Soymeal closed at $322.4/short ton, up $2.4...
Market Commentary: Cattle Markets Remain Under Pressure, China Buys More Soybeans
What You Need to Know Today: Iran warned that it will retaliate against the U.S. if American strikes target Iranian infrastructure, as President Trump has threatened to do next week if negotiations between the two nations do not resume. President Trump is scheduled to deliver a primetime addre...
Summary of Futures
Dec 26 Corn closed at $4.695/bushel, up $0.09 from yesterday's close. Sep 26 Wheat closed at $6.775/bushel, up $0.325 from yesterday's close. Nov 26 Soybeans closed at $12.0175/bushel, up $0.1075 from yesterday's close. Dec 26 Soymeal closed at $320/short ton, up $3.7 from yes...
Market Commentary: The Bulls Are Back in Town?
After spending much of the year searching for a reason to stay, the bulls suddenly have several. Grain markets have strengthened, wheat is leading the charge, outside markets are becoming more supportive, and geopolitical and weather risks are once again demanding attention. Does that mean the...
Black Sea Regional Analysis
Russian Grain Markets: 6–10 July 2026 New-crop price formation remained underway during the week, with bearish price movement concentrated in southern Russia and the Volga Valley, where harvest begins first and export access is strongest. Price volatility remains elevated across producing...
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...
Little Hope for Rumored Black Sea Civilian Vessel Agreement
Key Takeaways: Grain futures pulled back sharply in overnight trade Friday on rumors that Ukraine proposed two possible options for ensuring civilian vessel safety in the Black Sea. Both Russia and Ukraine have recently targeted civilian vessels carrying oil and grain in the Sea of Azov...
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...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Pakistan has just held its first meeting of the Committee on GM Corn. The Committee was established to "undertake an objective, science-based, and evidence-driven review of Pakistan’s policy regarding the commercialization o...
Summary of Futures
Dec 26 Corn closed at $4.73/bushel, up $0.055 from yesterday's close. Sep 26 Wheat closed at $6.74/bushel, down $0.0875 from yesterday's close. Nov 26 Soybeans closed at $12.2625/bushel, up $0.2325 from yesterday's close. Dec 26 Soymeal closed at $323.8/short ton, up $5.3 from...
Market Commentary: Soybeans Pop on China Buying; Weather Fuels Corn Rally; Cattle Score Reversal
What You Need to Know Today: The conflict between the U.S. and Iran continues to escalate with the two sides exchanging attacks over the weekend. President Trump said Iran “will pay” for recent attacks that claimed the lives of U.S. troops stationed in Jordan. There are some signs...
CFTC COT Report Analysis
The weather rally in conjunction with the resumption of the war in Iran and the export-tightening impacts of Russia and Ukraine’s recent attacks and counter attacks continues to drive bullish CBOT sentiments. Managed money traders purchased 93,000 contracts across the ag markets, expandin...
Russia’s Diesel Export Ban Tightens Global Fuel Markets and Raises Agricultural Costs
Key Takeaways: Russia’s diesel export ban is tightening global fuel supplies and increasing dependence on alternative exporters. Limited refining capacity and logistical constraints make diesel markets especially sensitive to supply disruptions. Diesel supply disruptions are more difficu...
WPI Crop Progress and Conditions App (Updated 20 July)
Developer's Note: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where obs...
Mercosur Regional Analysis
Corn Harvest delays continue to complicate Argentina's corn market. Persistently high humidity, combined with scattered rainfall across key producing regions, continues to slow harvest progress. In southern Buenos Aires, harvesting remains constrained by poor field access, while across central...
Summary of Futures
Dec 26 Corn closed at $4.675/bushel, up $0.035 from yesterday's close. Sep 26 Wheat closed at $6.8275/bushel, up $0.08 from yesterday's close. Nov 26 Soybeans closed at $12.03/bushel, up $0.08 from yesterday's close. Dec 26 Soymeal closed at $318.5/short ton, down $3.9 from ye...
Market Commentary: Geopolitical Tensions Driving Markets
What You Need to Know Today: The U.S. and Iran exchanged strikes, with the U.S. hitting Iranian bridges, energy sites, and military infrastructure. Iran launched a missile into Kuwait that damaged a desalination plant. Crude oil futures surged on heightened Middle East tensions, providing supp...
Summary of Futures
Dec 26 Corn closed at $4.64/bushel, down $0.055 from yesterday's close. Sep 26 Wheat closed at $6.7475/bushel, down $0.0275 from yesterday's close. Nov 26 Soybeans closed at $11.95/bushel, down $0.0675 from yesterday's close. Dec 26 Soymeal closed at $322.4/short ton, up $2.4...
Market Commentary: Cattle Markets Remain Under Pressure, China Buys More Soybeans
What You Need to Know Today: Iran warned that it will retaliate against the U.S. if American strikes target Iranian infrastructure, as President Trump has threatened to do next week if negotiations between the two nations do not resume. President Trump is scheduled to deliver a primetime addre...
Summary of Futures
Dec 26 Corn closed at $4.695/bushel, up $0.09 from yesterday's close. Sep 26 Wheat closed at $6.775/bushel, up $0.325 from yesterday's close. Nov 26 Soybeans closed at $12.0175/bushel, up $0.1075 from yesterday's close. Dec 26 Soymeal closed at $320/short ton, up $3.7 from yes...
Market Commentary: The Bulls Are Back in Town?
After spending much of the year searching for a reason to stay, the bulls suddenly have several. Grain markets have strengthened, wheat is leading the charge, outside markets are becoming more supportive, and geopolitical and weather risks are once again demanding attention. Does that mean the...
Black Sea Regional Analysis
Russian Grain Markets: 6–10 July 2026 New-crop price formation remained underway during the week, with bearish price movement concentrated in southern Russia and the Volga Valley, where harvest begins first and export access is strongest. Price volatility remains elevated across producing...