Who is Paying for U.S. Tariffs?
Over the course of 2025, the average tariff rate on U.S. imports increased from 2.6 percent at the beginning of the year to 13 percent by year-end. It then spiked in April and May, when tariffs on Chinese goods were raised by 125 percentage points, before being reversed by 115 percentage points...
Transportation and Export Report - 13 February 2026
U.S. grain transportation markets are slowly recovering from the shocks of bitter cold weather and low water levels on the Mississippi River System and from the surge in export demand. The latter is also causing strong rallies in ocean freight markets, particularly in the Atlantic basin. With g...
WASDE Wheat - Feb 2026
USDA’s outlook for 2025/26 U.S. wheat is unchanged for exports and slightly higher ending stocks to 931 million bushels - 9 percent higher than last year and the largest since 2019/20. The projected 2025/26 season-average farm price remains at $4.90 per bushel. The global outlook fo...
WASDE Corn - Feb 2026
USDA’s outlook for 2025/26 U.S. corn is for greater exports and lower ending stocks. Exports are increased 100 million bushels to 3.3 billion, reflecting sales and shipments to date. With no supply changes and use increasing, corn ending stocks are down 100 million bushels to 2.1 billion...
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...
Transportation and Export Report for 4 February 2025
U.S. grain transportation markets remain skewed by the impacts of cold weather and low water levels on the Mississippi River System, which have pushed spot CIF and FOB values sharply higher. Internationally, the recovery in ocean freight rates continues, with strong demand in the Atlantic while...
Rock, Paper, Scissors
Markets still do not know how to react to President Trump’s announcement that he has completed a trade deal with India. U.S. Trade Representative Jamieson Greer says the details are being papered, or written up, now. The deal has sparked a transatlantic war of words, with Brussels mocking...
FOB Prices and Freight Rates App (Updated 4 February)
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”...
Transportation and Export Report - 28 January 2026
Grain transportation was thrown into confusion this week as ice and low water levels on the Mississippi River System snarled barge traffic and caused a surge in CIF grain values. On the ocean freight markets, rising bunker prices and improved demand in the Atlantic drove dry-bulk markets higher...
Thailand Soy Tariffs Update
Thailand’s market is now officially reopened to soybean and soymeal imports as the government has resolved a lapse in tariff policy that caused import duties to default to prohibitively high levels earlier this month. On 27 January, the Thai Cabinet approved the continuation of its market...
Free Trade Style; 30,000 Feet; Technology Evolution; Taxing Food
Free Trade Style Brussels realizes the mistake it made when it included agriculture in its free trade negotiations with the Mercosur countries. Proponents bragged that it would remove most tariffs on EU–Latin American food trade and concurrently protect Europe’s geographic indicator...
Water Wars: 2026 Edition
Water is the world’s most important commodity, but also its most underappreciated—until scarcity starts. Water scarcity runs in cycles, and reports of shortages, debates on policy, and conflicts about ownership and usage pop up every few years with the reliability and sameness of Fa...
2026 Outlook: Market Home Runs Unlikely, Use Risk Management to Stay at Bat This Year
With the spring planting effort just around the corner, producers and traders are starting to get a handle on the outlook for the coming marketing year. That outlook suffered a bit of a shock following the January WASDE report, as USDA reiterated the large-supply narrative for U.S. and world gr...
Transportation and Export Report - January 22, 2026
WPI is pleased to release the third week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report, which WPI recently acquired, will strengthen WPI’s coverage of global ocean freight markets by bui...
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
Transportation and Export Report - January 15, 2026
WPI is pleased to the second week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report, which WPI recently acquired, will strengthen WPI’s coverage of global ocean freight markets by building o...
Market Commentary: Strong Grain Demand, Technical Factors Stabilize CBOT
The CBOT finally saw bulls emerge after the past two days of selling as technical factors and strong corn and soybean demand supported positive sentiments. Futures were oversold based on short-term technical factors and, consequently, were ripe for a little bounce. The day’s news confirme...
Trump’s Rhetoric; Ag Fear; Ag Trade Future
Trump’s Rhetoric The timing for release of the U.S. Supreme Court’s decision on President Trump’s tariffs has been speculated by the media rather than preordained by the Court itself. Today came and went without such an announcement. The fundamental issue for the Court is whet...
WASDE Livestock
USDA’s World Agriculture Supply and Demand Estimates (WASDE) report was released yesterday, the first of the year. Beef production is still down compared to 2024, but projections were raised for 2026. Beef production was raised as heavier slaughter weights more than offset the reduction i...
India Holds Out; USMCA Friction; AI and Ag
India Holds Out The most disappointed of U.S. trading partners has to be India. It has long held hope that it would succeed China as the largest foreign supplier to the American market. It is a natural foil to China, which has been politely designated by Washington as a strategic competitor and...
Oilseed Highlights: Oilseed Demand Slumps while Vegoils Rise
The Market With just two days left before the January WASDE, the soy complex is trading above week-ago levels, but that fact belies the weakness that has enveloped the market since late November. Skepticism over China’s long-term commitment to U.S. soybean purchases – especial...
Transportation and Export Report - 7 January
WPI is pleased to announce the acquisition of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report will strengthen WPI’s coverage of global ocean freight markets by building on the best-in-class i...
Market Commentary: Export Chatter Lifts Soymeal, Soybeans; Weather Worries Boost Wheat
The CBOT renewed its early-week strength at mid-week and turned higher with soybeans and soymeal in the lead. Fresh news was light for the day, but markets responded positively to rumors of export business getting done for soybeans and soymeal, with wheat gaining on an increasingly warm and les...
Market Commentary: Grains Rally on Crude Oil and Short Covering; Cattle Tempest Now Tempered
Ag markets were higher with support coming from a rally in crude oil and broader energy markets after the U.S. removed Venezuela’s president from power over the weekend. The move has direct bullish implications for crude oil supplies in the near term, which should help broader commodity m...
Who is Paying for U.S. Tariffs?
Over the course of 2025, the average tariff rate on U.S. imports increased from 2.6 percent at the beginning of the year to 13 percent by year-end. It then spiked in April and May, when tariffs on Chinese goods were raised by 125 percentage points, before being reversed by 115 percentage points...
Transportation and Export Report - 13 February 2026
U.S. grain transportation markets are slowly recovering from the shocks of bitter cold weather and low water levels on the Mississippi River System and from the surge in export demand. The latter is also causing strong rallies in ocean freight markets, particularly in the Atlantic basin. With g...
WASDE Wheat - Feb 2026
USDA’s outlook for 2025/26 U.S. wheat is unchanged for exports and slightly higher ending stocks to 931 million bushels - 9 percent higher than last year and the largest since 2019/20. The projected 2025/26 season-average farm price remains at $4.90 per bushel. The global outlook fo...
WASDE Corn - Feb 2026
USDA’s outlook for 2025/26 U.S. corn is for greater exports and lower ending stocks. Exports are increased 100 million bushels to 3.3 billion, reflecting sales and shipments to date. With no supply changes and use increasing, corn ending stocks are down 100 million bushels to 2.1 billion...
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...
Transportation and Export Report for 4 February 2025
U.S. grain transportation markets remain skewed by the impacts of cold weather and low water levels on the Mississippi River System, which have pushed spot CIF and FOB values sharply higher. Internationally, the recovery in ocean freight rates continues, with strong demand in the Atlantic while...
Rock, Paper, Scissors
Markets still do not know how to react to President Trump’s announcement that he has completed a trade deal with India. U.S. Trade Representative Jamieson Greer says the details are being papered, or written up, now. The deal has sparked a transatlantic war of words, with Brussels mocking...
FOB Prices and Freight Rates App (Updated 4 February)
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”...
Transportation and Export Report - 28 January 2026
Grain transportation was thrown into confusion this week as ice and low water levels on the Mississippi River System snarled barge traffic and caused a surge in CIF grain values. On the ocean freight markets, rising bunker prices and improved demand in the Atlantic drove dry-bulk markets higher...
Thailand Soy Tariffs Update
Thailand’s market is now officially reopened to soybean and soymeal imports as the government has resolved a lapse in tariff policy that caused import duties to default to prohibitively high levels earlier this month. On 27 January, the Thai Cabinet approved the continuation of its market...
Free Trade Style; 30,000 Feet; Technology Evolution; Taxing Food
Free Trade Style Brussels realizes the mistake it made when it included agriculture in its free trade negotiations with the Mercosur countries. Proponents bragged that it would remove most tariffs on EU–Latin American food trade and concurrently protect Europe’s geographic indicator...
Water Wars: 2026 Edition
Water is the world’s most important commodity, but also its most underappreciated—until scarcity starts. Water scarcity runs in cycles, and reports of shortages, debates on policy, and conflicts about ownership and usage pop up every few years with the reliability and sameness of Fa...
2026 Outlook: Market Home Runs Unlikely, Use Risk Management to Stay at Bat This Year
With the spring planting effort just around the corner, producers and traders are starting to get a handle on the outlook for the coming marketing year. That outlook suffered a bit of a shock following the January WASDE report, as USDA reiterated the large-supply narrative for U.S. and world gr...
Transportation and Export Report - January 22, 2026
WPI is pleased to release the third week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report, which WPI recently acquired, will strengthen WPI’s coverage of global ocean freight markets by bui...
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
Transportation and Export Report - January 15, 2026
WPI is pleased to the second week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report, which WPI recently acquired, will strengthen WPI’s coverage of global ocean freight markets by building o...
Market Commentary: Strong Grain Demand, Technical Factors Stabilize CBOT
The CBOT finally saw bulls emerge after the past two days of selling as technical factors and strong corn and soybean demand supported positive sentiments. Futures were oversold based on short-term technical factors and, consequently, were ripe for a little bounce. The day’s news confirme...
Trump’s Rhetoric; Ag Fear; Ag Trade Future
Trump’s Rhetoric The timing for release of the U.S. Supreme Court’s decision on President Trump’s tariffs has been speculated by the media rather than preordained by the Court itself. Today came and went without such an announcement. The fundamental issue for the Court is whet...
WASDE Livestock
USDA’s World Agriculture Supply and Demand Estimates (WASDE) report was released yesterday, the first of the year. Beef production is still down compared to 2024, but projections were raised for 2026. Beef production was raised as heavier slaughter weights more than offset the reduction i...
India Holds Out; USMCA Friction; AI and Ag
India Holds Out The most disappointed of U.S. trading partners has to be India. It has long held hope that it would succeed China as the largest foreign supplier to the American market. It is a natural foil to China, which has been politely designated by Washington as a strategic competitor and...
Oilseed Highlights: Oilseed Demand Slumps while Vegoils Rise
The Market With just two days left before the January WASDE, the soy complex is trading above week-ago levels, but that fact belies the weakness that has enveloped the market since late November. Skepticism over China’s long-term commitment to U.S. soybean purchases – especial...
Transportation and Export Report - 7 January
WPI is pleased to announce the acquisition of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report will strengthen WPI’s coverage of global ocean freight markets by building on the best-in-class i...
Market Commentary: Export Chatter Lifts Soymeal, Soybeans; Weather Worries Boost Wheat
The CBOT renewed its early-week strength at mid-week and turned higher with soybeans and soymeal in the lead. Fresh news was light for the day, but markets responded positively to rumors of export business getting done for soybeans and soymeal, with wheat gaining on an increasingly warm and les...
Market Commentary: Grains Rally on Crude Oil and Short Covering; Cattle Tempest Now Tempered
Ag markets were higher with support coming from a rally in crude oil and broader energy markets after the U.S. removed Venezuela’s president from power over the weekend. The move has direct bullish implications for crude oil supplies in the near term, which should help broader commodity m...