European Market Analysis
Regional News The weather for the UK and northern Europe remains a major concern for crops. The UK is currently experiencing its driest year of the 21st century while western and northern Europe are slated for more dry conditions over the next two weeks. The EU model now favors more rain...
Policy Quick Hits
The following is a rundown of some key issues impacting agriculture: Reconciliation: The reconciliation bill passed through the Agriculture Committee on a party line vote, 29 to 25. All the amendments offered also passed by the same party line vote. The bill would cut the Supplemental Nutrition...
Phase II Deal; EU Strategy; Mimicking EU
Phase II Deal U.S. Treasury Secretary Scott Bessent suggested that a phase-one deal may be a model for trade talks with China. It may be the only model that would help U.S. farmers. Brazil still has a price edge on soybeans, and even a 10 percent tariff is enough to price out U.S. commodities...
WASDE Soybeans - May 2025
USDA’s outlook for 2025/26 U.S. soybeans is for lower ending stocks: The U.S. share of global soybean exports is forecast at 26 percent - down from 28 percent last year. Accordingly, U.S. soybean exports are forecast at 1.815 billion bushels, down 35 million from 2024/25. The 2025/26 U.S...
WASDE Corn - May 2025
USDA’s outlook for 2025/26 U.S. corn is for record supplies and total use: Higher ending stocks are expected to result from 15.8 billion bushels of corn production, up 6 percent from a year ago. Projected planted area of 95.3 million acres would be the highest in over a decade. The corn y...
WASDE Wheat - May 2025
USDA’s outlook for 2025/26 U.S. wheat is for supplies to be up 2 percent from 2024/25 as higher beginning stocks more than offset lower production. The average wheat yield is projected at 51.6 bushels per acre, up 0.4 bushels from last year. Exports are projected lower at 800 million bush...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Soybeans
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
European Market Analysis
Regional News France and Romania are lobbying for stricter alignment of Ukrainian grain terms with EU standards. The move comes as concerns about logistical bottlenecks, customs issues, and environmental regulations mount. The EU-Ukraine trade corridor continues to evolve and there is gro...
Trade Deal with UK
Yesterday, President Trump announced from the Oval Office a trade deal “in principle” with the UK, the first of its kind following the reciprocal tariffs imposed by the U.S. While details are still lacking, according to the Administration, the agreement includes increased market acc...
FOB Prices and Freight Rates App (Updated 9 May)
Transportation and Freight Market Comments - 9 May 2025 By Matt Herrington Dry-Bulk Ocean Freight Dry bulk markets saw little action this past week with China on a 5-day Labor Day holiday. Between the Chinese holiday, uncertainty on the global economic outlook for the next 6 months, cargo deman...
Market Commentary: Trade Deal, Retaliation List, Mixed Outcomes
Soybeans and soyoil held their gains from higher overnight closes, but the guidance of being higher to neutral overnight in corn, wheat and meal was rejected by day traders. Neither solid corn export sales, weather concerns in European and Chinese wheat, nor the prospect of trade agreement reli...
European Market Analysis
Regional News The weather forecast for Europe and the Black Sea remain highly varied, though mostly optimistic for grain and oilseed production. Conditions have been favorable for planting across the UK and EU to date, though Ukraine and Russia have seen unseasonably cold conditions that...
European Market Analysis
Regional News EU grain markets continue to see pressure as the euro’s meteoric rise to a 3½-year high against the U.S. dollar undermines grain export competitiveness. The currency’s rally has sparked significant technical selling in Matif futures with Paris wheat fallin...
Market Commentary: Markets Continue Rebound
Soybeans and corn rose in overnight trading on optimism about the de-escalation of the trade war with China, the world’s largest importer of the oilseeds. Both opened lower this morning but climbed out of the hole to end higher. Wheat closed lower overnight and opened that way this mornin...
EU and China on EV Tariffs
Yesterday, European Commissioner for Trade and Economic Security, Maros Sefcovic, came to Washington for meetings with U.S. officials. The trip follows comments from Ursula von der Lyden. The European Commission issued an official statement: "In response to the widespread disruption cause...
WASDE Corn
Corn - USDA’s April 2025 estimates increase U.S. corn exports by 100 million bushels. U.S. corn ending stocks are down 75 million bushels from last month to 1.5 billion. The season-average corn price received by producers is unchanged at $4.35 per bushel. Global corn ending stocks,...
European Market Analysis
Regional News Both the GBP and EUR are seen as safe-haven trades right now, which has led to appreciation in both currencies. That is making exports less attractive from the UK and Europe, which is not what the markets need as they are already facing strong competition from Russia and Ukr...
Market Commentary: Tariffs on, Risk off
The market opened today as it had closed from the previous night’s session, with double digit declines in many contracts. An hour into today’s session, first soymeal, then corn, then HRW and hogs turned green. Many then wobbled both sides of unchanged. There was a new contract...
Market Commentary: Big Day for USDA Data; Grains Rise While Soy Suffers
The big news in commodity markets Monday was the release of USDA’s Prospective Plantings and Grain Stocks reports, the former of which offered the agency’s first detailed assessment of 2025 acreage. The report featured the expected increase in corn area and decrease in soybean plant...
Oilseed Highlights: Soyoil, Rapeseed Rally on Demand Surge
The Market The big movement in oilseed markets this week is the rally in soyoil futures, which are up 4 percent from last week. The market has rallied due to its large discount against palm oil futures and recent gains in rapeseed prices that are supporting oilseed and vegoils broadly. U...
European Market Analysis
Regional News Egg shortages and rising prices are not just a feature of U.S. agriculture right now, German and northern European markets broadly are experiencing similar shortages. German sources note the supply of “barn eggs” is too small for “prevailing demand”...
CONAB Forecasts Record Soybean Production
Brazilian soybean farmers will reap an even bigger crop in the 2024/25 season than previously expected, according to forecasts released by the Brazilian crop agency CONAB yesterday. Brazil's soybean crop, which farmers are harvesting now, is expected to total 167.37 MMT, about 1.3 M...
European Market Analysis
Regional News The weather for the UK and northern Europe remains a major concern for crops. The UK is currently experiencing its driest year of the 21st century while western and northern Europe are slated for more dry conditions over the next two weeks. The EU model now favors more rain...
Policy Quick Hits
The following is a rundown of some key issues impacting agriculture: Reconciliation: The reconciliation bill passed through the Agriculture Committee on a party line vote, 29 to 25. All the amendments offered also passed by the same party line vote. The bill would cut the Supplemental Nutrition...
Phase II Deal; EU Strategy; Mimicking EU
Phase II Deal U.S. Treasury Secretary Scott Bessent suggested that a phase-one deal may be a model for trade talks with China. It may be the only model that would help U.S. farmers. Brazil still has a price edge on soybeans, and even a 10 percent tariff is enough to price out U.S. commodities...
WASDE Soybeans - May 2025
USDA’s outlook for 2025/26 U.S. soybeans is for lower ending stocks: The U.S. share of global soybean exports is forecast at 26 percent - down from 28 percent last year. Accordingly, U.S. soybean exports are forecast at 1.815 billion bushels, down 35 million from 2024/25. The 2025/26 U.S...
WASDE Corn - May 2025
USDA’s outlook for 2025/26 U.S. corn is for record supplies and total use: Higher ending stocks are expected to result from 15.8 billion bushels of corn production, up 6 percent from a year ago. Projected planted area of 95.3 million acres would be the highest in over a decade. The corn y...
WASDE Wheat - May 2025
USDA’s outlook for 2025/26 U.S. wheat is for supplies to be up 2 percent from 2024/25 as higher beginning stocks more than offset lower production. The average wheat yield is projected at 51.6 bushels per acre, up 0.4 bushels from last year. Exports are projected lower at 800 million bush...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Soybeans
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
European Market Analysis
Regional News France and Romania are lobbying for stricter alignment of Ukrainian grain terms with EU standards. The move comes as concerns about logistical bottlenecks, customs issues, and environmental regulations mount. The EU-Ukraine trade corridor continues to evolve and there is gro...
Trade Deal with UK
Yesterday, President Trump announced from the Oval Office a trade deal “in principle” with the UK, the first of its kind following the reciprocal tariffs imposed by the U.S. While details are still lacking, according to the Administration, the agreement includes increased market acc...
FOB Prices and Freight Rates App (Updated 9 May)
Transportation and Freight Market Comments - 9 May 2025 By Matt Herrington Dry-Bulk Ocean Freight Dry bulk markets saw little action this past week with China on a 5-day Labor Day holiday. Between the Chinese holiday, uncertainty on the global economic outlook for the next 6 months, cargo deman...
Market Commentary: Trade Deal, Retaliation List, Mixed Outcomes
Soybeans and soyoil held their gains from higher overnight closes, but the guidance of being higher to neutral overnight in corn, wheat and meal was rejected by day traders. Neither solid corn export sales, weather concerns in European and Chinese wheat, nor the prospect of trade agreement reli...
European Market Analysis
Regional News The weather forecast for Europe and the Black Sea remain highly varied, though mostly optimistic for grain and oilseed production. Conditions have been favorable for planting across the UK and EU to date, though Ukraine and Russia have seen unseasonably cold conditions that...
European Market Analysis
Regional News EU grain markets continue to see pressure as the euro’s meteoric rise to a 3½-year high against the U.S. dollar undermines grain export competitiveness. The currency’s rally has sparked significant technical selling in Matif futures with Paris wheat fallin...
Market Commentary: Markets Continue Rebound
Soybeans and corn rose in overnight trading on optimism about the de-escalation of the trade war with China, the world’s largest importer of the oilseeds. Both opened lower this morning but climbed out of the hole to end higher. Wheat closed lower overnight and opened that way this mornin...
EU and China on EV Tariffs
Yesterday, European Commissioner for Trade and Economic Security, Maros Sefcovic, came to Washington for meetings with U.S. officials. The trip follows comments from Ursula von der Lyden. The European Commission issued an official statement: "In response to the widespread disruption cause...
WASDE Corn
Corn - USDA’s April 2025 estimates increase U.S. corn exports by 100 million bushels. U.S. corn ending stocks are down 75 million bushels from last month to 1.5 billion. The season-average corn price received by producers is unchanged at $4.35 per bushel. Global corn ending stocks,...
European Market Analysis
Regional News Both the GBP and EUR are seen as safe-haven trades right now, which has led to appreciation in both currencies. That is making exports less attractive from the UK and Europe, which is not what the markets need as they are already facing strong competition from Russia and Ukr...
Market Commentary: Tariffs on, Risk off
The market opened today as it had closed from the previous night’s session, with double digit declines in many contracts. An hour into today’s session, first soymeal, then corn, then HRW and hogs turned green. Many then wobbled both sides of unchanged. There was a new contract...
Market Commentary: Big Day for USDA Data; Grains Rise While Soy Suffers
The big news in commodity markets Monday was the release of USDA’s Prospective Plantings and Grain Stocks reports, the former of which offered the agency’s first detailed assessment of 2025 acreage. The report featured the expected increase in corn area and decrease in soybean plant...
Oilseed Highlights: Soyoil, Rapeseed Rally on Demand Surge
The Market The big movement in oilseed markets this week is the rally in soyoil futures, which are up 4 percent from last week. The market has rallied due to its large discount against palm oil futures and recent gains in rapeseed prices that are supporting oilseed and vegoils broadly. U...
European Market Analysis
Regional News Egg shortages and rising prices are not just a feature of U.S. agriculture right now, German and northern European markets broadly are experiencing similar shortages. German sources note the supply of “barn eggs” is too small for “prevailing demand”...
CONAB Forecasts Record Soybean Production
Brazilian soybean farmers will reap an even bigger crop in the 2024/25 season than previously expected, according to forecasts released by the Brazilian crop agency CONAB yesterday. Brazil's soybean crop, which farmers are harvesting now, is expected to total 167.37 MMT, about 1.3 M...