Recent Feed Grains Analysis
CFTC COT Report Analysis
The weather rally continues to shift fund positioning and sentiment from its former bearish posture to a far more bullish configuration. Managed money traders purchased 93,000 contracts across the ag markets, expanding their all-ags net long 98 percent in the process. The biggest drivers of the...
Market Commentary: Reassessing Weather and Geopolitical Risks
What You Need to Know Today: Rising hostilities and an end to any semblance of a ceasefire between the U.S. and Iran created geopolitical risk-off trade in macroeconomic markets, though the CBOT seemed immune. President Trump announced the U.S. military would resume its naval blockade on Iran...
WPI Crop Progress and Conditions App (Updated 13 July)
Developer's Note: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where obs...
Summary of Futures
Dec 26 Corn closed at $4.6325/bushel, up $0.0225 from yesterday's close. Sep 26 Wheat closed at $6.3525/bushel, down $0.05 from yesterday's close. Nov 26 Soybeans closed at $11.9475/bushel, up $0.04 from yesterday's close. Dec 26 Soymeal closed at $315/short ton, down $3.7 fro...
U.S. Farmers Maintain a Storage Advantage over Brazilian Counterparts
Key Takeaways: The U.S. maintains a significant storage advantage, with a much larger share of grain storage located on farms, giving producers greater flexibility to manage timing, basis, and pricing decisions. Brazil's storage deficit increases harvest-time pressure on logistics and exports,...
Mercosur Regional Analysis
Wheat Argentina's wheat planting advanced another 7 percentage points over the past week, with 87.9 percent of the projected 6.5 Mha now seeded. Planting is entering its final stage across the central and northern production regions, except for parts of north-central Santa Fe, where excessive s...
AP Quant: WASDE Corn
Ag Perspectives Quant - WPI's data-driven look at ag market fundamentals - 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 WPI feels are of...
Summary of Futures
Dec 26 Corn closed at $4.61/bushel, up $0.09 from yesterday's close. Sep 26 Wheat closed at $6.4025/bushel, up $0.205 from yesterday's close. Nov 26 Soybeans closed at $11.9075/bushel, up $0.0925 from yesterday's close. Dec 26 Soymeal closed at $318.7/short ton, up $3.3 from y...
Market Commentary: Bullish WASDE and Sea of Azov Strikes Lift Grains
What You Need to Know Today: Wheat prices surged after Ukrainian strikes on Russian vessels and infrastructure disrupted grain shipments, halting traffic through the Sea of Azov, Kerch Strait, and Black Sea. The July WASDE report offered a modestly supportive outlook for corn, wheat, and soybe...
Wheat's Declining, Millers Keep Milling
Every June combines begin their annual sweep across the winter wheat fields of Texas, Oklahoma, and Kansas. At the same time, USDA releases its Acreage and Crop Progress reports, providing the first comprehensive look at the size and condition of the crop. Most years the reports simply confirm...
Summary of Futures
Dec 26 Corn closed at $4.52/bushel, down $0.0425 from yesterday's close. Sep 26 Wheat closed at $6.1975/bushel, up $0.12 from yesterday's close. Nov 26 Soybeans closed at $11.815/bushel, down $0.1075 from yesterday's close. Dec 26 Soymeal closed at $315.4/short ton, up $4.2 fr...
Market Commentary: The Market Is Always Looking Ahead
Weather remains the dominant driver of grain markets this time of year, but this week's trade has been a reminder that futures markets are constantly looking ahead. Corn and soybean prices don't simply react to today's weather — they respond to where traders believe production risks will...
Summary of Futures
Dec 26 Corn closed at $4.5625/bushel, down $0.08 from yesterday's close. Sep 26 Wheat closed at $6.0775/bushel, down $0.1075 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, down $0.055 from yesterday's close. Dec 26 Soymeal closed at $311.2/short ton, down $...
Market Commentary: Geopolitical Risk Back in Play
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Black Sea Regional Analysis
Russian Grain Markets: 29 June-3 July 2026 The new marketing season has officially begun in Russia, although bearish sentiment has been concentrated in the southern regions closest to the Black Sea ports, where export demand has been weakest. Delays in grain deliveries to inland elevators have...
Summary of Futures
Dec 26 Corn closed at $4.6425/bushel, up $0.065 from yesterday's close. Sep 26 Wheat closed at $6.185/bushel, up $0.045 from yesterday's close. Nov 26 Soybeans closed at $11.9775/bushel, up $0.055 from yesterday's close. Dec 26 Soymeal closed at $316.5/short ton, up $3 from ye...
Market Commentary: CBOT Rallies Amid Weather Market; U.S. Revokes Iran’s Oil Licenses
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Bangladesh is reported to have finalized the purchase of 270,000 MT of wheat, including 220,000 MT of U.S. wheat. The U.S. wheat is priced at $322/MT, with an additional 50,000 MT of wheat at $297.90/MT through an international te...
Summary of Futures
Dec 26 Corn closed at $4.5775/bushel, up $0.1625 from yesterday's close. Sep 26 Wheat closed at $6.14/bushel, up $0.1425 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, up $0.445 from yesterday's close. Dec 26 Soymeal closed at $313.5/short ton, up $9.1 from...
Market Commentary: Weather Risk Materializes
What You Need to Know Today: This time of year, grain markets are often just one weather forecast away from a sharp rally, and today's hotter, drier outlook provided the catalyst for significant gains in corn and soybean futures. Livestock markets were relatively quiet by comparison, with most...
Mercosur Regional Analysis
Corn Argentina Argentina's corn harvest has reached 52.9 percent of the national harvestable area, with an average yield of 8.15 MT/ha. Harvest continues at a moderate pace because of high grain and field moisture, particularly across central and southern Buenos Aires Province. Over the past se...
Summary of Futures
Dec 26 Corn closed at $4.415/bushel, down $0.0075 from yesterday's close. Sep 26 Wheat closed at $5.9975/bushel, down $0.0025 from yesterday's close. Nov 26 Soybeans closed at $11.4775/bushel, down $0.015 from yesterday's close. Dec 26 Soymeal closed at $304.4/short ton, down...
Market Commentary: Trading Cools Off After an Eventful Report Week
What You Need to Know Today: The June jobs report showed nonfarm payrolls increased by 57k jobs, less than the 115k jobs expected by economists surveyed by Dow Jones. The labor force participation rate dropped by 0.3 percent to 61.5 percent, the lowest since March 2021, and the lowest in 50 ye...
U.S. Exports to Cuba: It’s About Displacement
As Cuba's economic crisis has deepened, discussions about the country's eventual economic and political transition have reemerged. One question that inevitably follows is what opportunities might emerge for U.S. agricultural exports. So, here’s a brief review of those opportunities, but n...
CFTC COT Report Analysis
The weather rally continues to shift fund positioning and sentiment from its former bearish posture to a far more bullish configuration. Managed money traders purchased 93,000 contracts across the ag markets, expanding their all-ags net long 98 percent in the process. The biggest drivers of the...
Market Commentary: Reassessing Weather and Geopolitical Risks
What You Need to Know Today: Rising hostilities and an end to any semblance of a ceasefire between the U.S. and Iran created geopolitical risk-off trade in macroeconomic markets, though the CBOT seemed immune. President Trump announced the U.S. military would resume its naval blockade on Iran...
WPI Crop Progress and Conditions App (Updated 13 July)
Developer's Note: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where obs...
Summary of Futures
Dec 26 Corn closed at $4.6325/bushel, up $0.0225 from yesterday's close. Sep 26 Wheat closed at $6.3525/bushel, down $0.05 from yesterday's close. Nov 26 Soybeans closed at $11.9475/bushel, up $0.04 from yesterday's close. Dec 26 Soymeal closed at $315/short ton, down $3.7 fro...
U.S. Farmers Maintain a Storage Advantage over Brazilian Counterparts
Key Takeaways: The U.S. maintains a significant storage advantage, with a much larger share of grain storage located on farms, giving producers greater flexibility to manage timing, basis, and pricing decisions. Brazil's storage deficit increases harvest-time pressure on logistics and exports,...
Mercosur Regional Analysis
Wheat Argentina's wheat planting advanced another 7 percentage points over the past week, with 87.9 percent of the projected 6.5 Mha now seeded. Planting is entering its final stage across the central and northern production regions, except for parts of north-central Santa Fe, where excessive s...
AP Quant: WASDE Corn
Ag Perspectives Quant - WPI's data-driven look at ag market fundamentals - 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 WPI feels are of...
Summary of Futures
Dec 26 Corn closed at $4.61/bushel, up $0.09 from yesterday's close. Sep 26 Wheat closed at $6.4025/bushel, up $0.205 from yesterday's close. Nov 26 Soybeans closed at $11.9075/bushel, up $0.0925 from yesterday's close. Dec 26 Soymeal closed at $318.7/short ton, up $3.3 from y...
Market Commentary: Bullish WASDE and Sea of Azov Strikes Lift Grains
What You Need to Know Today: Wheat prices surged after Ukrainian strikes on Russian vessels and infrastructure disrupted grain shipments, halting traffic through the Sea of Azov, Kerch Strait, and Black Sea. The July WASDE report offered a modestly supportive outlook for corn, wheat, and soybe...
Wheat's Declining, Millers Keep Milling
Every June combines begin their annual sweep across the winter wheat fields of Texas, Oklahoma, and Kansas. At the same time, USDA releases its Acreage and Crop Progress reports, providing the first comprehensive look at the size and condition of the crop. Most years the reports simply confirm...
Summary of Futures
Dec 26 Corn closed at $4.52/bushel, down $0.0425 from yesterday's close. Sep 26 Wheat closed at $6.1975/bushel, up $0.12 from yesterday's close. Nov 26 Soybeans closed at $11.815/bushel, down $0.1075 from yesterday's close. Dec 26 Soymeal closed at $315.4/short ton, up $4.2 fr...
Market Commentary: The Market Is Always Looking Ahead
Weather remains the dominant driver of grain markets this time of year, but this week's trade has been a reminder that futures markets are constantly looking ahead. Corn and soybean prices don't simply react to today's weather — they respond to where traders believe production risks will...
Summary of Futures
Dec 26 Corn closed at $4.5625/bushel, down $0.08 from yesterday's close. Sep 26 Wheat closed at $6.0775/bushel, down $0.1075 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, down $0.055 from yesterday's close. Dec 26 Soymeal closed at $311.2/short ton, down $...
Market Commentary: Geopolitical Risk Back in Play
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Black Sea Regional Analysis
Russian Grain Markets: 29 June-3 July 2026 The new marketing season has officially begun in Russia, although bearish sentiment has been concentrated in the southern regions closest to the Black Sea ports, where export demand has been weakest. Delays in grain deliveries to inland elevators have...
Summary of Futures
Dec 26 Corn closed at $4.6425/bushel, up $0.065 from yesterday's close. Sep 26 Wheat closed at $6.185/bushel, up $0.045 from yesterday's close. Nov 26 Soybeans closed at $11.9775/bushel, up $0.055 from yesterday's close. Dec 26 Soymeal closed at $316.5/short ton, up $3 from ye...
Market Commentary: CBOT Rallies Amid Weather Market; U.S. Revokes Iran’s Oil Licenses
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Bangladesh is reported to have finalized the purchase of 270,000 MT of wheat, including 220,000 MT of U.S. wheat. The U.S. wheat is priced at $322/MT, with an additional 50,000 MT of wheat at $297.90/MT through an international te...
Summary of Futures
Dec 26 Corn closed at $4.5775/bushel, up $0.1625 from yesterday's close. Sep 26 Wheat closed at $6.14/bushel, up $0.1425 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, up $0.445 from yesterday's close. Dec 26 Soymeal closed at $313.5/short ton, up $9.1 from...
Market Commentary: Weather Risk Materializes
What You Need to Know Today: This time of year, grain markets are often just one weather forecast away from a sharp rally, and today's hotter, drier outlook provided the catalyst for significant gains in corn and soybean futures. Livestock markets were relatively quiet by comparison, with most...
Mercosur Regional Analysis
Corn Argentina Argentina's corn harvest has reached 52.9 percent of the national harvestable area, with an average yield of 8.15 MT/ha. Harvest continues at a moderate pace because of high grain and field moisture, particularly across central and southern Buenos Aires Province. Over the past se...
Summary of Futures
Dec 26 Corn closed at $4.415/bushel, down $0.0075 from yesterday's close. Sep 26 Wheat closed at $5.9975/bushel, down $0.0025 from yesterday's close. Nov 26 Soybeans closed at $11.4775/bushel, down $0.015 from yesterday's close. Dec 26 Soymeal closed at $304.4/short ton, down...
Market Commentary: Trading Cools Off After an Eventful Report Week
What You Need to Know Today: The June jobs report showed nonfarm payrolls increased by 57k jobs, less than the 115k jobs expected by economists surveyed by Dow Jones. The labor force participation rate dropped by 0.3 percent to 61.5 percent, the lowest since March 2021, and the lowest in 50 ye...
U.S. Exports to Cuba: It’s About Displacement
As Cuba's economic crisis has deepened, discussions about the country's eventual economic and political transition have reemerged. One question that inevitably follows is what opportunities might emerge for U.S. agricultural exports. So, here’s a brief review of those opportunities, but n...