Market Commentary: Grains Give up Gains while Cattle Turn Higher on Cash Trade
The CBOT saw its typical low-volume post-Christmas trading session on Friday, but low trading volume didn’t stop the markets from making some notable technical moves. The first of which, on a broad scale, is that early strength in corn, the soy complex, and to a lesser extent wheat, all f...
Holiday Schedule
Financial markets will be closed on Thursday, 25 December for the Christmas holiday. As a result, there will be no Ag Perspectives report on Thursday. WPI wishes everyone a joyous and safe holiday. WPI will resume operations on Friday, 26 December. Note that Ag Perspectives will be providing ma...
Market Commentary: Exports, Conflict, Dry Weather Boost CBOT Before Holiday
The CBOT was mostly higher before the Christmas holiday with grains in the lead, though with each market seeing a different fundamental driver. Wheat futures rallied on the once-again-escalating tensions in the Black Sea and dry weather in the U.S. southern plains that has left the wheat crop v...
FOB Prices and Freight Rates App (Updated 24 December)
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”...
China Market Analysis
Soybean Auction Falters To make way for recent purchases of U.S.-grown soybeans, Sinograin has been auctioning state-owned reserves of soybeans imported in earlier years. At its second auction, sales fell to 62 percent of the volume offered, versus 77 percent in the first auction. And the avera...
Black Sea Regional Analysis
Russian Grains Market: 15–19 December 2025 Russia’s grain markets remained stable and bearish, with weak domestic and export demand limiting price gains. Trade activity was slow, and a strong ruble prompted the government to maintain export duties. Global wheat supply remains ample,...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money traders paring back long positions across the ag space as technical conditions quickly deteriorated for the soy complex and corn. Funds shed nearly 170,000 contracts from their all-ags position last week, with about 90 percent of that coming from...
Market Commentary: The Tempo not the Quantum
Everyone knows the volume traded this week will be lower, but there is no break in the directional adjustments. The corn market still had to continue its march higher, worries about wheat supplies moving out of Ukraine and even volume was not totally lower with soymeal and lean hog trading keep...
Quarterly Hogs and Pigs Report
USDA released its quarterly Hogs and Pigs report today. The inventory of all hogs and pigs on 1 December was 75.5 million head, up 1 percent from December 2024, and up slightly from 1 September 2025. Breeding inventory, at 5.95 million head, was down 1 percent from last year and up sligh...
European Market Analysis
Regional News Russia’s latest attacks on Ukraine’s Odesa Black Sea port infrastructure on 23 December reportedly damaged a vessel carrying Ukrainian soybeans. The EU Commission raised its forecast of EU common wheat production to 134.4 MMT for 2025/26 and bumped th...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s Safaga port, south on the Red Sea, will be expanded and improved as a result of an agreement between Egypt’s Al Dahra Agriculture and Abu Dhabi based AD Pors Group. There are plans to make Safaga into a regiona...
Livestock Industry Margins
Beef packer margins deteriorated further last week, extending their move into negative territory after early December’s strong profits. Margins fell another $65/head to –$140 as fed cattle prices held firm while the Choice cutout slipped nearly $2/cwt. The tightening spread reflects...
Market Commentary: Grains Give up Gains while Cattle Turn Higher on Cash Trade
The CBOT saw its typical low-volume post-Christmas trading session on Friday, but low trading volume didn’t stop the markets from making some notable technical moves. The first of which, on a broad scale, is that early strength in corn, the soy complex, and to a lesser extent wheat, all f...
Holiday Schedule
Financial markets will be closed on Thursday, 25 December for the Christmas holiday. As a result, there will be no Ag Perspectives report on Thursday. WPI wishes everyone a joyous and safe holiday. WPI will resume operations on Friday, 26 December. Note that Ag Perspectives will be providing ma...
Market Commentary: Exports, Conflict, Dry Weather Boost CBOT Before Holiday
The CBOT was mostly higher before the Christmas holiday with grains in the lead, though with each market seeing a different fundamental driver. Wheat futures rallied on the once-again-escalating tensions in the Black Sea and dry weather in the U.S. southern plains that has left the wheat crop v...
FOB Prices and Freight Rates App (Updated 24 December)
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”...
China Market Analysis
Soybean Auction Falters To make way for recent purchases of U.S.-grown soybeans, Sinograin has been auctioning state-owned reserves of soybeans imported in earlier years. At its second auction, sales fell to 62 percent of the volume offered, versus 77 percent in the first auction. And the avera...
Black Sea Regional Analysis
Russian Grains Market: 15–19 December 2025 Russia’s grain markets remained stable and bearish, with weak domestic and export demand limiting price gains. Trade activity was slow, and a strong ruble prompted the government to maintain export duties. Global wheat supply remains ample,...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money traders paring back long positions across the ag space as technical conditions quickly deteriorated for the soy complex and corn. Funds shed nearly 170,000 contracts from their all-ags position last week, with about 90 percent of that coming from...
Market Commentary: The Tempo not the Quantum
Everyone knows the volume traded this week will be lower, but there is no break in the directional adjustments. The corn market still had to continue its march higher, worries about wheat supplies moving out of Ukraine and even volume was not totally lower with soymeal and lean hog trading keep...
Quarterly Hogs and Pigs Report
USDA released its quarterly Hogs and Pigs report today. The inventory of all hogs and pigs on 1 December was 75.5 million head, up 1 percent from December 2024, and up slightly from 1 September 2025. Breeding inventory, at 5.95 million head, was down 1 percent from last year and up sligh...
European Market Analysis
Regional News Russia’s latest attacks on Ukraine’s Odesa Black Sea port infrastructure on 23 December reportedly damaged a vessel carrying Ukrainian soybeans. The EU Commission raised its forecast of EU common wheat production to 134.4 MMT for 2025/26 and bumped th...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s Safaga port, south on the Red Sea, will be expanded and improved as a result of an agreement between Egypt’s Al Dahra Agriculture and Abu Dhabi based AD Pors Group. There are plans to make Safaga into a regiona...
Livestock Industry Margins
Beef packer margins deteriorated further last week, extending their move into negative territory after early December’s strong profits. Margins fell another $65/head to –$140 as fed cattle prices held firm while the Choice cutout slipped nearly $2/cwt. The tightening spread reflects...