Livestock Industry Margins
Beef packer margins weakened further last week, with estimated net losses widening to -$247/head, extending the deterioration seen through late January. Boxed beef values were firmer last week, but gains failed to offset increases in fed cattle prices, resulting in additional margin compression...
Black Sea Regional Analysis
Russian Grain Markets: 2–6 February 2026 The primary development during the first week of February was the allocation of grain export quotas for the balance of the 2025/26 marketing season. A total of 213 companies received export rights, compared with 219 companies in 2025. The majority...
Market Commentary: WASDE Confirms Big Supply, Big Demand; Soybeans Gain on Brazil Quality
The headline numbers from the February WASDE – the South American production estimates – were mostly in line with expectations, which is to say the massive Brazilian soybean crop was found to be even more so. USDA increased its assessment of the Brazilian crop to a new record, which...
WPI Website Security Update - 10 February
On the morning of 9 February, WPI identified unauthorized activity on our website server. Upon discovery, we immediately secured the website and server, took the necessary and advisable steps to examine the environment for comprimises, and deployed the website to a new, secure server. Our...
New World Screwworm Facility in the U.S.
In June 2025, Secretary Rollins announced a five-pronged plan to enhance USDA’s ability to detect, control, and eliminate NWS. As part of that announcement, she also shared plans to build a sterile NWS fly dispersal facility in South Texas. That announcement was made on 30 January, when U...
China Market Analysis
Soybeans Dim Sums report that Chinese propaganda’s focus on soybean self-sufficiency has faded as Brazil has become the top foreign supplier. In short, dependence on a main rival for a staple crop was the problem. China’s self-sufficiency in soybeans in 2025 was 16.2 percent, versus...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s snowfall and rainfall have returned to more normal levels following last year’s drought, which reduced wheat production by about 13.7 percent and barley production by 25.9 percent. Experts point out that, whil...
Market Commentary: CBOT Turns Lower on Weather, Pre-WASDE Consolidation
Except for the red-hot soyoil market, the CBOT was mostly lower on Monday, with favorable South American weather and pre-WASDE position adjustment driving the day’s mentality. Corn, wheat, and soybeans all settled slightly lower Monday in either consolidative trade or a continuation of ch...
Argentina Beef Imports Outlook for 2026
At the 2026 Cattle Industry Convention, Secretary of Health and Human Services Robert F. Kennedy, Jr., urged producers to expand the beef herd in a “fireside chat” with National Cattlemen’s Beef Association (NCBA) President Buck Wehrbein. Kennedy, however, acknowledged that he...
New Trade Agreements
Just as Donald Trump’s dismantling of the world order is said to have motivated Europe’s conclusion of trade agreements with Mercosur and India, his trade agreements with India and Argentina are thought to have been motivated by Europe’s trade moves. A novel question: who is f...
Mercosur Regional Analysis
After a very quiet prior week with limited activity, market conditions became significantly more active. Futures rallied early in the week after President Trump said he had spoken with Xi Jinping and that China agreed to buy up to 20 MMT of U.S. soybeans. China has already purchased around 12 M...
CFTC COT Report Analysis
WPI recently expanded our analysis of the weekly CFTC Commitments of Traders data to include reports on the regime (trending, cyclical, or transition) of each commodity we include. This addition will make it easier for clients to draw actionable inferences from the data that can support trading...
Livestock Industry Margins
Beef packer margins weakened further last week, with estimated net losses widening to -$247/head, extending the deterioration seen through late January. Boxed beef values were firmer last week, but gains failed to offset increases in fed cattle prices, resulting in additional margin compression...
Black Sea Regional Analysis
Russian Grain Markets: 2–6 February 2026 The primary development during the first week of February was the allocation of grain export quotas for the balance of the 2025/26 marketing season. A total of 213 companies received export rights, compared with 219 companies in 2025. The majority...
Market Commentary: WASDE Confirms Big Supply, Big Demand; Soybeans Gain on Brazil Quality
The headline numbers from the February WASDE – the South American production estimates – were mostly in line with expectations, which is to say the massive Brazilian soybean crop was found to be even more so. USDA increased its assessment of the Brazilian crop to a new record, which...
WPI Website Security Update - 10 February
On the morning of 9 February, WPI identified unauthorized activity on our website server. Upon discovery, we immediately secured the website and server, took the necessary and advisable steps to examine the environment for comprimises, and deployed the website to a new, secure server. Our...
New World Screwworm Facility in the U.S.
In June 2025, Secretary Rollins announced a five-pronged plan to enhance USDA’s ability to detect, control, and eliminate NWS. As part of that announcement, she also shared plans to build a sterile NWS fly dispersal facility in South Texas. That announcement was made on 30 January, when U...
China Market Analysis
Soybeans Dim Sums report that Chinese propaganda’s focus on soybean self-sufficiency has faded as Brazil has become the top foreign supplier. In short, dependence on a main rival for a staple crop was the problem. China’s self-sufficiency in soybeans in 2025 was 16.2 percent, versus...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s snowfall and rainfall have returned to more normal levels following last year’s drought, which reduced wheat production by about 13.7 percent and barley production by 25.9 percent. Experts point out that, whil...
Market Commentary: CBOT Turns Lower on Weather, Pre-WASDE Consolidation
Except for the red-hot soyoil market, the CBOT was mostly lower on Monday, with favorable South American weather and pre-WASDE position adjustment driving the day’s mentality. Corn, wheat, and soybeans all settled slightly lower Monday in either consolidative trade or a continuation of ch...
Argentina Beef Imports Outlook for 2026
At the 2026 Cattle Industry Convention, Secretary of Health and Human Services Robert F. Kennedy, Jr., urged producers to expand the beef herd in a “fireside chat” with National Cattlemen’s Beef Association (NCBA) President Buck Wehrbein. Kennedy, however, acknowledged that he...
New Trade Agreements
Just as Donald Trump’s dismantling of the world order is said to have motivated Europe’s conclusion of trade agreements with Mercosur and India, his trade agreements with India and Argentina are thought to have been motivated by Europe’s trade moves. A novel question: who is f...
Mercosur Regional Analysis
After a very quiet prior week with limited activity, market conditions became significantly more active. Futures rallied early in the week after President Trump said he had spoken with Xi Jinping and that China agreed to buy up to 20 MMT of U.S. soybeans. China has already purchased around 12 M...
CFTC COT Report Analysis
WPI recently expanded our analysis of the weekly CFTC Commitments of Traders data to include reports on the regime (trending, cyclical, or transition) of each commodity we include. This addition will make it easier for clients to draw actionable inferences from the data that can support trading...