Australia
WPI Grain Transportation Report
Dry bulk markets are mixed this week as the Capesize sector saw renewed strength while Panamax and Supramax markets struggled to maintain rates. Capesize markets were higher on iron ore demand from west Australia with a steady flow of cargo bookings through the week. The improved booking...
Livestock Roundup: Australia Beef Production
According to Meat & Livestock Australia (MLA), that country is forecast to produce a record 2.79 MMT of beef in 2025. This is a large turnaround after drought, financial pressures, and animal welfare regulations had pressured the industry. For the near term, Australia is boosting exports to...
WASDE Wheat - Sep 2025
Wheat - USDA’s Sep 2025 outlook is for U.S. total wheat exports to increase by 25 million bushels to 900 million. That reduced ending stocks by 25 million bushels to 844 million - slightly less than last year. The projected 2025/26 seasonal average farm price is reduced by $0.20 per bushe...
WPI Grain Transportation Report
Dry bulk markets are mixed this week as the Capesize sector saw renewed strength while Panamax and Supramax markets struggled to maintain rates. Capesize markets were higher on iron ore demand from west Australia with a steady flow of cargo bookings through the week. The improved booking...
Livestock Roundup: Australia Beef Production
According to Meat & Livestock Australia (MLA), that country is forecast to produce a record 2.79 MMT of beef in 2025. This is a large turnaround after drought, financial pressures, and animal welfare regulations had pressured the industry. For the near term, Australia is boosting exports to...
WASDE Wheat - Sep 2025
Wheat - USDA’s Sep 2025 outlook is for U.S. total wheat exports to increase by 25 million bushels to 900 million. That reduced ending stocks by 25 million bushels to 844 million - slightly less than last year. The projected 2025/26 seasonal average farm price is reduced by $0.20 per bushe...
WASDE Wheat - August 2025
USDA increased their estimate for U.S. wheat exports by 25 million bushels to 875 million on the continued strong pace of sales and shipments, particularly for Hard Red Winter. Projected ending stocks are reduced by 21 million bushels to 869 million. Nevertheless, the 2025/26 season-average far...
Asia
WPI Grain Transportation Report
Dry bulk markets are waiting to see how rates will react now that China’s Golden Week and South Korea’s holidays are both over. The Golden Week celebrations ended on Wednesday and, so far, dry bulk rates have not seen much upward movement. Panamax and Capesize vessels are slightly f...
FOB Prices and Freight Rates App (Updated 8 October)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
WPI Grain Transportation Report
Dry bulk freight rates cratered this week as China started its Golden Week holiday, which blanketed markets with calm and quiet. Pacific markets were especially dull and weaker, especially amid doubts about how China’s grain demand will play out after the holiday. China still has not book...
WPI Grain Transportation Report
Dry bulk markets are waiting to see how rates will react now that China’s Golden Week and South Korea’s holidays are both over. The Golden Week celebrations ended on Wednesday and, so far, dry bulk rates have not seen much upward movement. Panamax and Capesize vessels are slightly f...
FOB Prices and Freight Rates App (Updated 8 October)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
WPI Grain Transportation Report
Dry bulk freight rates cratered this week as China started its Golden Week holiday, which blanketed markets with calm and quiet. Pacific markets were especially dull and weaker, especially amid doubts about how China’s grain demand will play out after the holiday. China still has not book...
WPI Grain Transportation Report
Dry bulk markets are mixed this week as the Capesize sector saw renewed strength while Panamax and Supramax markets struggled to maintain rates. Capesize markets were higher on iron ore demand from west Australia with a steady flow of cargo bookings through the week. The improved booking...
Black Sea
Black Sea Regional Analysis
Russian Grains Market: 29 September–03 October 2025 The market remained bearish under pressure from the new crop. However, the export market is fueling optimism. With relatively low export duties, Russian farmers may improve grain margins this year, supported by significant trade volumes...
FOB Prices and Freight Rates App (Updated 8 October)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Black Sea Regional Analysis
Russian Grains Market: 22–26 September 2025 The Russian grains market remained stable with a slightly bearish tone, particularly for corn, which led declines amid ongoing harvests and steady export flows. Barley and corn weakness is expected to pressure feed wheat prices. Peas are also un...
Black Sea Regional Analysis
Russian Grains Market: 29 September–03 October 2025 The market remained bearish under pressure from the new crop. However, the export market is fueling optimism. With relatively low export duties, Russian farmers may improve grain margins this year, supported by significant trade volumes...
FOB Prices and Freight Rates App (Updated 8 October)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Black Sea Regional Analysis
Russian Grains Market: 22–26 September 2025 The Russian grains market remained stable with a slightly bearish tone, particularly for corn, which led declines amid ongoing harvests and steady export flows. Barley and corn weakness is expected to pressure feed wheat prices. Peas are also un...
Black Sea Regional Analysis
Russian Grains Market: 15–19 September 2025 Bullish sentiment returned to the Russian grain markets during the third week of September, defying expectations of continued bearishness. Despite exportable surpluses and farmers’ need to generate cash to service rising interest-bearing l...
China
Market Commentary: New Lows for Wheat, New Highs for Cattle; Soybeans Eye Trade Talks
President Trump walked back some of his statements regarding China over the weekend, which allowed ag markets to breathe more easily this week. Soybeans and soyoil managed to post small gains to start the week after Friday’s trade-war-news-induced collapse, with traders turning hopeful th...
Cattle Market Relief on the Way, But to What End? And, Higher Tariffs on China
USDA is expected to announce details in the next few weeks on its plan to encourage cattle herd expansion after Agriculture Secretary Brooke Rollins recently pledged to “expand access to working lands” and “develop risk mitigation tools.” These options will be relied on...
What Spreads and Basis Are Saying About Soybean Exports
The government shutdown has entered its tenth day, leaving the grain markets without two weeks of export data. Fortunately, the USDA AMS and FGIS continue to publish the weekly Export Inspections report, leaving the grain industry not totally blind to exports. Even so, that report covers only a...
Market Commentary: New Lows for Wheat, New Highs for Cattle; Soybeans Eye Trade Talks
President Trump walked back some of his statements regarding China over the weekend, which allowed ag markets to breathe more easily this week. Soybeans and soyoil managed to post small gains to start the week after Friday’s trade-war-news-induced collapse, with traders turning hopeful th...
Cattle Market Relief on the Way, But to What End? And, Higher Tariffs on China
USDA is expected to announce details in the next few weeks on its plan to encourage cattle herd expansion after Agriculture Secretary Brooke Rollins recently pledged to “expand access to working lands” and “develop risk mitigation tools.” These options will be relied on...
What Spreads and Basis Are Saying About Soybean Exports
The government shutdown has entered its tenth day, leaving the grain markets without two weeks of export data. Fortunately, the USDA AMS and FGIS continue to publish the weekly Export Inspections report, leaving the grain industry not totally blind to exports. Even so, that report covers only a...
Livestock Roundup: China is Top Beef Importer of Brazilian and Australian Beef in September
Today was WASDE day, however, due to the government shutdown, that report has been suspended, as have been the reports usually highlighted below. Brazil's beef exports to China rose 38.3 percent in September from a year earlier, reaching 187,340 MT, according to the Brazilian industry group Abr...
Europe
Various Campaigns Diagnosed; EU Dependency
Various Campaigns Diagnosed Climate Change: Since the Paris Accord in 2015, environmentalists have poured hundreds of millions of dollars publicizing the dangers of climate change. They’ve had the buy-in from elites and a cooperative media ecosystem giving attention to the “cr...
European Market Analysis
Regional News Russia continues to dominate global agricultural export policy headlines after Moscow introduced a floating “damper” mechanism for export duties. The “damper” lowered the export tax on wheat shipments by about 20 percent for 8-14 October and pushed co...
WPI Grain Transportation Report
Dry bulk markets are waiting to see how rates will react now that China’s Golden Week and South Korea’s holidays are both over. The Golden Week celebrations ended on Wednesday and, so far, dry bulk rates have not seen much upward movement. Panamax and Capesize vessels are slightly f...
Various Campaigns Diagnosed; EU Dependency
Various Campaigns Diagnosed Climate Change: Since the Paris Accord in 2015, environmentalists have poured hundreds of millions of dollars publicizing the dangers of climate change. They’ve had the buy-in from elites and a cooperative media ecosystem giving attention to the “cr...
European Market Analysis
Regional News Russia continues to dominate global agricultural export policy headlines after Moscow introduced a floating “damper” mechanism for export duties. The “damper” lowered the export tax on wheat shipments by about 20 percent for 8-14 October and pushed co...
WPI Grain Transportation Report
Dry bulk markets are waiting to see how rates will react now that China’s Golden Week and South Korea’s holidays are both over. The Golden Week celebrations ended on Wednesday and, so far, dry bulk rates have not seen much upward movement. Panamax and Capesize vessels are slightly f...
FOB Prices and Freight Rates App (Updated 8 October)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
India
WASDE Soybeans - Sep 2025
Soybeans – USDA’s Sep 2025 outlook is for higher U.S. ending stocks to 300 million bushels, up 10 million from last month. The U.S. seasonal average soybean price is forecast at $10.00 per bushel, down $0.10 from last month. The soybean meal and the soybean oil prices are unchanged...
WASDE Soybeans - August 2025
USDA reduced their estimate for U.S. soybean production for 2025/26 to 4.3 billion bushels, down 43 million. U.S. ending stocks are forecast at 290 million bushels, down 20 million from last month. The U.S. seasonal average farm price for soybean is unchanged at $10.10 per bushel. The soybean m...
WASDE Soybeans - July 2025
USDA’s July 2025 outlook for U.S. soybeans is for increased ending stocks compared to last month: U.S. soybean crush for 2025/26 was raised 50 million bushels to 2.54 billion on the assumption that demand for soybean oil for biofuel would increase. The U.S. seasonal average farm price of...
WASDE Soybeans - Sep 2025
Soybeans – USDA’s Sep 2025 outlook is for higher U.S. ending stocks to 300 million bushels, up 10 million from last month. The U.S. seasonal average soybean price is forecast at $10.00 per bushel, down $0.10 from last month. The soybean meal and the soybean oil prices are unchanged...
WASDE Soybeans - August 2025
USDA reduced their estimate for U.S. soybean production for 2025/26 to 4.3 billion bushels, down 43 million. U.S. ending stocks are forecast at 290 million bushels, down 20 million from last month. The U.S. seasonal average farm price for soybean is unchanged at $10.10 per bushel. The soybean m...
WASDE Soybeans - July 2025
USDA’s July 2025 outlook for U.S. soybeans is for increased ending stocks compared to last month: U.S. soybean crush for 2025/26 was raised 50 million bushels to 2.54 billion on the assumption that demand for soybean oil for biofuel would increase. The U.S. seasonal average farm price of...
WASDE Soybeans – June 2025
USDA’s outlook for 2025/26 U.S. soybeans is lower ending stocks compared with 2024/25. U.S. soybean crush for 2025/26 is projected at 2.49 billion bushels, up 70 million from the 2024/25 as higher soybean meal disappearance increases 2 percent due to greater pork and poultry production. I...
Middle East & Africa
Various Campaigns Diagnosed; EU Dependency
Various Campaigns Diagnosed Climate Change: Since the Paris Accord in 2015, environmentalists have poured hundreds of millions of dollars publicizing the dangers of climate change. They’ve had the buy-in from elites and a cooperative media ecosystem giving attention to the “cr...
FOB Prices and Freight Rates App (Updated 8 October)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Mediterranean/Middle East/North Africa/Africa – MEA Region
Mediterranean/Middle East/North Africa/Africa – MEA Region Saudi Arabia’s Tanmiah Food Company just opened a new feed production facility along with a poultry processing operation – both are part of the company’s $400 million expansion program in Saudi that will hel...
Various Campaigns Diagnosed; EU Dependency
Various Campaigns Diagnosed Climate Change: Since the Paris Accord in 2015, environmentalists have poured hundreds of millions of dollars publicizing the dangers of climate change. They’ve had the buy-in from elites and a cooperative media ecosystem giving attention to the “cr...
FOB Prices and Freight Rates App (Updated 8 October)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Mediterranean/Middle East/North Africa/Africa – MEA Region
Mediterranean/Middle East/North Africa/Africa – MEA Region Saudi Arabia’s Tanmiah Food Company just opened a new feed production facility along with a poultry processing operation – both are part of the company’s $400 million expansion program in Saudi that will hel...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Syria cancelled its tender for 200,000 MT of wheat. No reason was given for the cancellation but a new tender is expected shortly. Turkey’s wheat and barley production are seen as lower for 2025, by the FAO, with wheat produ...
North America
Summary of Futures
Dec 25 Corn closed at $4.1075/bushel, down $0.0225 from yesterday's close. Dec 25 Wheat closed at $4.9675/bushel, down $0.0175 from yesterday's close. Nov 25 Soybeans closed at $10.0775/bushel, up $0.01 from yesterday's close. Dec 25 Soymeal closed at $274.1/short ton, down $0...
Market Commentary: New Lows for Wheat, New Highs for Cattle; Soybeans Eye Trade Talks
President Trump walked back some of his statements regarding China over the weekend, which allowed ag markets to breathe more easily this week. Soybeans and soyoil managed to post small gains to start the week after Friday’s trade-war-news-induced collapse, with traders turning hopeful th...
Various Campaigns Diagnosed; EU Dependency
Various Campaigns Diagnosed Climate Change: Since the Paris Accord in 2015, environmentalists have poured hundreds of millions of dollars publicizing the dangers of climate change. They’ve had the buy-in from elites and a cooperative media ecosystem giving attention to the “cr...
Summary of Futures
Dec 25 Corn closed at $4.1075/bushel, down $0.0225 from yesterday's close. Dec 25 Wheat closed at $4.9675/bushel, down $0.0175 from yesterday's close. Nov 25 Soybeans closed at $10.0775/bushel, up $0.01 from yesterday's close. Dec 25 Soymeal closed at $274.1/short ton, down $0...
Market Commentary: New Lows for Wheat, New Highs for Cattle; Soybeans Eye Trade Talks
President Trump walked back some of his statements regarding China over the weekend, which allowed ag markets to breathe more easily this week. Soybeans and soyoil managed to post small gains to start the week after Friday’s trade-war-news-induced collapse, with traders turning hopeful th...
Various Campaigns Diagnosed; EU Dependency
Various Campaigns Diagnosed Climate Change: Since the Paris Accord in 2015, environmentalists have poured hundreds of millions of dollars publicizing the dangers of climate change. They’ve had the buy-in from elites and a cooperative media ecosystem giving attention to the “cr...
Cattle Market Relief on the Way, But to What End? And, Higher Tariffs on China
USDA is expected to announce details in the next few weeks on its plan to encourage cattle herd expansion after Agriculture Secretary Brooke Rollins recently pledged to “expand access to working lands” and “develop risk mitigation tools.” These options will be relied on...
South America
Mercosur Regional Analysis
Wheat Although nearly 97 percent of Argentina’s wheat crop is rated from normal to excellent, excessive rainfall in some areas is becoming a concern. Certain fields have been inaccessible for months, preventing necessary fieldwork. Fungal diseases are spreading, but farmers are still inve...
What Spreads and Basis Are Saying About Soybean Exports
The government shutdown has entered its tenth day, leaving the grain markets without two weeks of export data. Fortunately, the USDA AMS and FGIS continue to publish the weekly Export Inspections report, leaving the grain industry not totally blind to exports. Even so, that report covers only a...
WPI Grain Transportation Report
Dry bulk markets are waiting to see how rates will react now that China’s Golden Week and South Korea’s holidays are both over. The Golden Week celebrations ended on Wednesday and, so far, dry bulk rates have not seen much upward movement. Panamax and Capesize vessels are slightly f...
Mercosur Regional Analysis
Wheat Although nearly 97 percent of Argentina’s wheat crop is rated from normal to excellent, excessive rainfall in some areas is becoming a concern. Certain fields have been inaccessible for months, preventing necessary fieldwork. Fungal diseases are spreading, but farmers are still inve...
What Spreads and Basis Are Saying About Soybean Exports
The government shutdown has entered its tenth day, leaving the grain markets without two weeks of export data. Fortunately, the USDA AMS and FGIS continue to publish the weekly Export Inspections report, leaving the grain industry not totally blind to exports. Even so, that report covers only a...
WPI Grain Transportation Report
Dry bulk markets are waiting to see how rates will react now that China’s Golden Week and South Korea’s holidays are both over. The Golden Week celebrations ended on Wednesday and, so far, dry bulk rates have not seen much upward movement. Panamax and Capesize vessels are slightly f...
FOB Prices and Freight Rates App (Updated 8 October)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Russia
Black Sea Regional Analysis
Russian Grains Market: 29 September–03 October 2025 The market remained bearish under pressure from the new crop. However, the export market is fueling optimism. With relatively low export duties, Russian farmers may improve grain margins this year, supported by significant trade volumes...
Black Sea Regional Analysis
Russian Grains Market: 22–26 September 2025 The Russian grains market remained stable with a slightly bearish tone, particularly for corn, which led declines amid ongoing harvests and steady export flows. Barley and corn weakness is expected to pressure feed wheat prices. Peas are also un...
Black Sea Regional Analysis
Russian Grains Market: 15–19 September 2025 Bullish sentiment returned to the Russian grain markets during the third week of September, defying expectations of continued bearishness. Despite exportable surpluses and farmers’ need to generate cash to service rising interest-bearing l...
Black Sea Regional Analysis
Russian Grains Market: 29 September–03 October 2025 The market remained bearish under pressure from the new crop. However, the export market is fueling optimism. With relatively low export duties, Russian farmers may improve grain margins this year, supported by significant trade volumes...
Black Sea Regional Analysis
Russian Grains Market: 22–26 September 2025 The Russian grains market remained stable with a slightly bearish tone, particularly for corn, which led declines amid ongoing harvests and steady export flows. Barley and corn weakness is expected to pressure feed wheat prices. Peas are also un...
Black Sea Regional Analysis
Russian Grains Market: 15–19 September 2025 Bullish sentiment returned to the Russian grain markets during the third week of September, defying expectations of continued bearishness. Despite exportable surpluses and farmers’ need to generate cash to service rising interest-bearing l...
Black Sea Regional Analysis
Russian Grains Market: 8–12 September 2025 Bearish sentiment in the Russian grains markets eased during the second week of September, with prices stabilizing in some regions. Proximity to ports continues to offer premiums as export activity gains momentum. Most grains are experiencing sol...