Recent Feed Grains Analysis
Market Commentary: Biofuel Demand and Weather Risks Support Ag Markets Despite Fed Pause
What Matters Today... Fed holds rates steady as inflation uncertainty tied to the Iran conflict pressures equities and supports broader commodity risk premia Biofuel demand accelerating globally, with U.S. imports of used cooking oil and strong soyoil demand reinforcing upside across the soy c...
Summary of Futures
Jul 26 Corn closed at $4.7775/bushel, up $0.0225 from yesterday's close. Jul 26 Wheat closed at $6.53/bushel, down $0.0475 from yesterday's close. Jul 26 Soybeans closed at $11.97/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $323.8/short ton, down $3.6 f...
Black Sea Regional Analysis
Russian Grain Markets: 20-24 April 2026 During the week in review, the Russian grains market remained volatile with a broadly bullish undertone. However, it remains too early to determine whether this shift is being driven by geopolitical factors or short-term positioning. The market continues...
Market Commentary: Wheat, Corn Score New Highs on Weather, Fund Buying
Weather concerns and the impacts of the war in Iran helped push wheat and corn to sharp gains Tuesday, with both markets blowing past key technical resistance levels. The weather is now coupled with geopolitical tensions that look increasingly hard to resolve, which is giving funds the perfect...
Summary of Futures
Jul 26 Corn closed at $4.755/bushel, up $0.0625 from yesterday's close. Jul 26 Wheat closed at $6.5775/bushel, up $0.28 from yesterday's close. Jul 26 Soybeans closed at $11.8925/bushel, down $0.0275 from yesterday's close. Jul 26 Soymeal closed at $327.4/short ton, down $0.4...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Tunisian researchers have been able to fully sequence the genomes of two local durum wheat types that have been grown in Tunisia for generations. They say that this “could be the key to developing more climate-resistant duru...
WPI Crop Progress and Conditions App (Updated 27 April)
Update for 6 April 2025: 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 ob...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long position across the major ag futures contracts after a two week break as deteriorating negotiations in the Middle East and the emergence of weather concerns triggered risk-on buying. Funds bought 40,000 contracts (4.7 percent) to their...
Summary of Futures
Jul 26 Corn closed at $4.6925/bushel, up $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2975/bushel, up $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.92/bushel, up $0.135 from yesterday's close. Jul 26 Soymeal closed at $327.8/short ton, up $8.7 from y...
Market Commentary: Grain Markets’ Two Key Factors Increasingly Bullish
The big picture for commodity markets is that imperfect weather and the lack of a peace deal in the Middle East are mandating that traders keep risk premia in prices. All other developments in ag futures stem in some way from these two factors, though the details of how, exactly, these factors...
Mercosur Regional Analysis
Argentina Corn Intermittent rains of varying intensity continue to disrupt Argentina’s corn harvest across key agricultural regions. Dry windows have not been sufficient to improve field conditions or reduce grain moisture, keeping progress slow and prompting many producers to prioritize...
Summary of Futures
Jul 26 Corn closed at $4.635/bushel, down $0.0025 from yesterday's close. Jul 26 Wheat closed at $6.1675/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $11.785/bushel, up $0.0375 from yesterday's close. Jul 26 Soymeal closed at $319.1/short ton, up $2.6...
Market Commentary: Mixed Week and a Mixed Outlook
This is the limbo period between the expectations and reality of a new crop going into the ground. Prices gyrate in a narrow range, awaiting something more definitive than planting “intentions.” The bears see a planting pace off to a quick start, the bulls see ground that in many pl...
Summary of Futures
May 26 Corn closed at $4.555/bushel, up $0.0125 from yesterday's close. Jul 26 Wheat closed at $6.2025/bushel, up $0.1325 from yesterday's close. May 26 Soybeans closed at $11.5975/bushel, down $0.0475 from yesterday's close. Jul 26 Soymeal closed at $316.5/short ton, up $0.2...
Market Commentary: War Sustains Wheat; Corn Up Fifth Day
The Middle East truce is a rough one and the uncertainty spiked oil prices and the dollar again for another day. The wheat market has droughty conditions in the U.S., but globally there is pressure on a crop that gets both its fertilizer and a chunk of its demand from this volatile region. ...
Market Commentary: Plenty of Risk, Not Enough Conviction
Key Market Insights Markets aren’t trading fundamentals right now—they’re pricing risk. The Middle East remains the center of gravity, and the latest developments point to a situation that is not escalating—but not resolving either. That’s a difficult environment...
Summary of Futures
May 26 Corn closed at $4.5425/bushel, up $0.005 from yesterday's close. Jul 26 Wheat closed at $6.07/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.645/bushel, down $0.1 from yesterday's close. Jul 26 Soymeal closed at $316.3/short ton, down $4.9 fr...
Black Sea Regional Analysis
Russian Grain Markets: 13-17 April 2026 The Russian grains market remained relatively stable during the week, pressured by ample global wheat supply, strong international competition, and a firmer ruble. To maintain competitiveness—particularly against Ukraine and Kazakhstan—the gov...
European Market Analysis
Key Takeaways: Wheat markets are supported by U.S. weather risk, though EU fundamentals remain bearish on strong supply, weak demand, and currency pressure. Upside is limited, with global strength unlikely to drive sustained EU gains. Maize markets are firming on Brazil weather risk and tighte...
Summary of Futures
May 26 Corn closed at $4.5375/bushel, up $0.0175 from yesterday's close. Jul 26 Wheat closed at $6.1275/bushel, up $0.0675 from yesterday's close. May 26 Soybeans closed at $11.745/bushel, up $0.0875 from yesterday's close. Jul 26 Soymeal closed at $321.2/short ton, up $0 from...
Market Commentary: Grains Rally on Weather, Biofuel Demand Prospects
For much of the period since the U.S.–Iran war started, commodity markets have been buoyed by macroeconomic “risk on” buying fueled by the geopolitical risk and crude oil’s rally. Recently, the impact of this risk and crude oil on the ag markets has faded, leaving crop f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Pakistan has a Saudi Arabia-backed irrigation program that it says will increase wheat production through improved water use efficiency. The program is part of Pakistan’s Green Pakistan Incentive. Saudi Arabia is said to hav...
Market Commentary: SOH Confusion Persists, but Ags Focus on Weather, Exports
The situation in the Persian Gulf remains as volatile as ever since it started on 28 February with a supposed weekend peace agreement dissolving into the U.S. Navy firing upon an Iranian vessel. The vessel was trying to pass through the Strait of Hormuz and reportedly did not heed commands to h...
Summary of Futures
May 26 Corn closed at $4.52/bushel, up $0.0325 from yesterday's close. Jul 26 Wheat closed at $6.06/bushel, up $0.0675 from yesterday's close. May 26 Soybeans closed at $11.6575/bushel, down $0.015 from yesterday's close. Jul 26 Soymeal closed at $321.2/short ton, down $6 from...
Iran Peace Talks on Again, Off Again: Impacting Fertilizer
President Trump and Iranian Foreign Minister Abbas Araghchi announced on social media Friday that the Strait of Hormuz is now fully open to commercial vessels. Araghchi’s post said the strait will stay open for the remainder of the U.S.-Iran ceasefire. President Trump said, “the Str...
Mercosur Regional Analysis
Argentina Corn Rains continued across Argentina’s core agricultural regions, with additional heavy accumulations keeping rural roads largely impassable and further slowing the corn harvest. Harvest progress remains limited at approximately 3 percent per week. At the same time, farmers are...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts for the second straight week as signs of hope in the Middle East triggered an exit of geological “risk on” trades from commodity markets. Funds sold 40,000 contracts (4...
Summary of Futures
May 26 Corn closed at $4.4875/bushel, up $0.0025 from yesterday's close. May 26 Wheat closed at $5.9125/bushel, down $0.0725 from yesterday's close. May 26 Soybeans closed at $11.6725/bushel, up $0.035 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, down $0...
Market Commentary: Rebound for Corn, Beans on Iran News; Wheat Declines
New variables specifically in the agricultural markets were light today, but the Iran war news hit some markets like a tsunami. The war and Iran’s chokehold on global oil supplies have subjugated economies for nearly seven weeks with outsized petrol prices. Everything became distorted aro...
Market Commentary: More Wheat Weather Premium, but Weakness Elsewhere
There was generally modest volume today, with the exception of wheat, which was also uniquely higher on the day. New highs for the calendar year were printed in HRW as the fledgling crop is about to have the double-whammy of freezing temperatures added to drought as the welcoming committee for...
Summary of Futures
May 26 Corn closed at $4.485/bushel, down $0.0275 from yesterday's close. May 26 Wheat closed at $5.985/bushel, up $0.0475 from yesterday's close. May 26 Soybeans closed at $11.6375/bushel, down $0.0325 from yesterday's close. May 26 Soymeal closed at $332.7/short ton, down $1...
Summary of Futures
May 26 Corn closed at $4.5125/bushel, up $0.0825 from yesterday's close. May 26 Wheat closed at $5.9375/bushel, up $0.0175 from yesterday's close. May 26 Soybeans closed at $11.67/bushel, up $0.09 from yesterday's close. May 26 Soymeal closed at $334.4/short ton, up $4.7 from...
Market Commentary: Markets Discount Risk as Grains Quietly Hold Ground
Key Market Developments Macros & Energy: Outside markets continue to trade in a tug-of-war between escalation and de-escalation — and crude oil is right at the center of it. Overnight, crude pulled back toward $87 as headlines pointed to a potential resumption of peace negotiat...
Black Sea Regional Analysis
Russian Grain Markets: 6-10 April 2026 During the week in review, the Russian grains market was volatile. Domestic sentiment remained bullish, supporting an upward trend; however, the export market in the south stayed bearish. Given Russia’s export-driven structure, weak export demand is...
Summary of Futures
May 26 Corn closed at $4.43/bushel, up $0.0275 from yesterday's close. May 26 Wheat closed at $5.92/bushel, up $0.0975 from yesterday's close. May 26 Soybeans closed at $11.58/bushel, down $0.0425 from yesterday's close. May 26 Soymeal closed at $329.7/short ton, down $2.2 fro...
Market Commentary: Wheat Rallies on Falling Conditions; Cattle Surge to New Records
The CBOT received several pieces of key fundamental information on Tuesday, including updated production figures from CONAB, the results of the USDA’s Monday Crop Progress report, and fresh export sales of corn to Mexico. The result was that wheat popped higher on growing concerns for yie...
Market Commentary: Biofuel Demand and Weather Risks Support Ag Markets Despite Fed Pause
What Matters Today... Fed holds rates steady as inflation uncertainty tied to the Iran conflict pressures equities and supports broader commodity risk premia Biofuel demand accelerating globally, with U.S. imports of used cooking oil and strong soyoil demand reinforcing upside across the soy c...
Summary of Futures
Jul 26 Corn closed at $4.7775/bushel, up $0.0225 from yesterday's close. Jul 26 Wheat closed at $6.53/bushel, down $0.0475 from yesterday's close. Jul 26 Soybeans closed at $11.97/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $323.8/short ton, down $3.6 f...
Black Sea Regional Analysis
Russian Grain Markets: 20-24 April 2026 During the week in review, the Russian grains market remained volatile with a broadly bullish undertone. However, it remains too early to determine whether this shift is being driven by geopolitical factors or short-term positioning. The market continues...
Market Commentary: Wheat, Corn Score New Highs on Weather, Fund Buying
Weather concerns and the impacts of the war in Iran helped push wheat and corn to sharp gains Tuesday, with both markets blowing past key technical resistance levels. The weather is now coupled with geopolitical tensions that look increasingly hard to resolve, which is giving funds the perfect...
Summary of Futures
Jul 26 Corn closed at $4.755/bushel, up $0.0625 from yesterday's close. Jul 26 Wheat closed at $6.5775/bushel, up $0.28 from yesterday's close. Jul 26 Soybeans closed at $11.8925/bushel, down $0.0275 from yesterday's close. Jul 26 Soymeal closed at $327.4/short ton, down $0.4...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Tunisian researchers have been able to fully sequence the genomes of two local durum wheat types that have been grown in Tunisia for generations. They say that this “could be the key to developing more climate-resistant duru...
WPI Crop Progress and Conditions App (Updated 27 April)
Update for 6 April 2025: 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 ob...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long position across the major ag futures contracts after a two week break as deteriorating negotiations in the Middle East and the emergence of weather concerns triggered risk-on buying. Funds bought 40,000 contracts (4.7 percent) to their...
Summary of Futures
Jul 26 Corn closed at $4.6925/bushel, up $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2975/bushel, up $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.92/bushel, up $0.135 from yesterday's close. Jul 26 Soymeal closed at $327.8/short ton, up $8.7 from y...
Market Commentary: Grain Markets’ Two Key Factors Increasingly Bullish
The big picture for commodity markets is that imperfect weather and the lack of a peace deal in the Middle East are mandating that traders keep risk premia in prices. All other developments in ag futures stem in some way from these two factors, though the details of how, exactly, these factors...
Mercosur Regional Analysis
Argentina Corn Intermittent rains of varying intensity continue to disrupt Argentina’s corn harvest across key agricultural regions. Dry windows have not been sufficient to improve field conditions or reduce grain moisture, keeping progress slow and prompting many producers to prioritize...
Summary of Futures
Jul 26 Corn closed at $4.635/bushel, down $0.0025 from yesterday's close. Jul 26 Wheat closed at $6.1675/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $11.785/bushel, up $0.0375 from yesterday's close. Jul 26 Soymeal closed at $319.1/short ton, up $2.6...
Market Commentary: Mixed Week and a Mixed Outlook
This is the limbo period between the expectations and reality of a new crop going into the ground. Prices gyrate in a narrow range, awaiting something more definitive than planting “intentions.” The bears see a planting pace off to a quick start, the bulls see ground that in many pl...
Summary of Futures
May 26 Corn closed at $4.555/bushel, up $0.0125 from yesterday's close. Jul 26 Wheat closed at $6.2025/bushel, up $0.1325 from yesterday's close. May 26 Soybeans closed at $11.5975/bushel, down $0.0475 from yesterday's close. Jul 26 Soymeal closed at $316.5/short ton, up $0.2...
Market Commentary: War Sustains Wheat; Corn Up Fifth Day
The Middle East truce is a rough one and the uncertainty spiked oil prices and the dollar again for another day. The wheat market has droughty conditions in the U.S., but globally there is pressure on a crop that gets both its fertilizer and a chunk of its demand from this volatile region. ...
Market Commentary: Plenty of Risk, Not Enough Conviction
Key Market Insights Markets aren’t trading fundamentals right now—they’re pricing risk. The Middle East remains the center of gravity, and the latest developments point to a situation that is not escalating—but not resolving either. That’s a difficult environment...
Summary of Futures
May 26 Corn closed at $4.5425/bushel, up $0.005 from yesterday's close. Jul 26 Wheat closed at $6.07/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.645/bushel, down $0.1 from yesterday's close. Jul 26 Soymeal closed at $316.3/short ton, down $4.9 fr...
Black Sea Regional Analysis
Russian Grain Markets: 13-17 April 2026 The Russian grains market remained relatively stable during the week, pressured by ample global wheat supply, strong international competition, and a firmer ruble. To maintain competitiveness—particularly against Ukraine and Kazakhstan—the gov...
European Market Analysis
Key Takeaways: Wheat markets are supported by U.S. weather risk, though EU fundamentals remain bearish on strong supply, weak demand, and currency pressure. Upside is limited, with global strength unlikely to drive sustained EU gains. Maize markets are firming on Brazil weather risk and tighte...
Summary of Futures
May 26 Corn closed at $4.5375/bushel, up $0.0175 from yesterday's close. Jul 26 Wheat closed at $6.1275/bushel, up $0.0675 from yesterday's close. May 26 Soybeans closed at $11.745/bushel, up $0.0875 from yesterday's close. Jul 26 Soymeal closed at $321.2/short ton, up $0 from...
Market Commentary: Grains Rally on Weather, Biofuel Demand Prospects
For much of the period since the U.S.–Iran war started, commodity markets have been buoyed by macroeconomic “risk on” buying fueled by the geopolitical risk and crude oil’s rally. Recently, the impact of this risk and crude oil on the ag markets has faded, leaving crop f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Pakistan has a Saudi Arabia-backed irrigation program that it says will increase wheat production through improved water use efficiency. The program is part of Pakistan’s Green Pakistan Incentive. Saudi Arabia is said to hav...
Market Commentary: SOH Confusion Persists, but Ags Focus on Weather, Exports
The situation in the Persian Gulf remains as volatile as ever since it started on 28 February with a supposed weekend peace agreement dissolving into the U.S. Navy firing upon an Iranian vessel. The vessel was trying to pass through the Strait of Hormuz and reportedly did not heed commands to h...
Summary of Futures
May 26 Corn closed at $4.52/bushel, up $0.0325 from yesterday's close. Jul 26 Wheat closed at $6.06/bushel, up $0.0675 from yesterday's close. May 26 Soybeans closed at $11.6575/bushel, down $0.015 from yesterday's close. Jul 26 Soymeal closed at $321.2/short ton, down $6 from...
Iran Peace Talks on Again, Off Again: Impacting Fertilizer
President Trump and Iranian Foreign Minister Abbas Araghchi announced on social media Friday that the Strait of Hormuz is now fully open to commercial vessels. Araghchi’s post said the strait will stay open for the remainder of the U.S.-Iran ceasefire. President Trump said, “the Str...
Mercosur Regional Analysis
Argentina Corn Rains continued across Argentina’s core agricultural regions, with additional heavy accumulations keeping rural roads largely impassable and further slowing the corn harvest. Harvest progress remains limited at approximately 3 percent per week. At the same time, farmers are...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts for the second straight week as signs of hope in the Middle East triggered an exit of geological “risk on” trades from commodity markets. Funds sold 40,000 contracts (4...
Summary of Futures
May 26 Corn closed at $4.4875/bushel, up $0.0025 from yesterday's close. May 26 Wheat closed at $5.9125/bushel, down $0.0725 from yesterday's close. May 26 Soybeans closed at $11.6725/bushel, up $0.035 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, down $0...
Market Commentary: Rebound for Corn, Beans on Iran News; Wheat Declines
New variables specifically in the agricultural markets were light today, but the Iran war news hit some markets like a tsunami. The war and Iran’s chokehold on global oil supplies have subjugated economies for nearly seven weeks with outsized petrol prices. Everything became distorted aro...
Market Commentary: More Wheat Weather Premium, but Weakness Elsewhere
There was generally modest volume today, with the exception of wheat, which was also uniquely higher on the day. New highs for the calendar year were printed in HRW as the fledgling crop is about to have the double-whammy of freezing temperatures added to drought as the welcoming committee for...
Summary of Futures
May 26 Corn closed at $4.485/bushel, down $0.0275 from yesterday's close. May 26 Wheat closed at $5.985/bushel, up $0.0475 from yesterday's close. May 26 Soybeans closed at $11.6375/bushel, down $0.0325 from yesterday's close. May 26 Soymeal closed at $332.7/short ton, down $1...
Summary of Futures
May 26 Corn closed at $4.5125/bushel, up $0.0825 from yesterday's close. May 26 Wheat closed at $5.9375/bushel, up $0.0175 from yesterday's close. May 26 Soybeans closed at $11.67/bushel, up $0.09 from yesterday's close. May 26 Soymeal closed at $334.4/short ton, up $4.7 from...
Market Commentary: Markets Discount Risk as Grains Quietly Hold Ground
Key Market Developments Macros & Energy: Outside markets continue to trade in a tug-of-war between escalation and de-escalation — and crude oil is right at the center of it. Overnight, crude pulled back toward $87 as headlines pointed to a potential resumption of peace negotiat...
Black Sea Regional Analysis
Russian Grain Markets: 6-10 April 2026 During the week in review, the Russian grains market was volatile. Domestic sentiment remained bullish, supporting an upward trend; however, the export market in the south stayed bearish. Given Russia’s export-driven structure, weak export demand is...
Summary of Futures
May 26 Corn closed at $4.43/bushel, up $0.0275 from yesterday's close. May 26 Wheat closed at $5.92/bushel, up $0.0975 from yesterday's close. May 26 Soybeans closed at $11.58/bushel, down $0.0425 from yesterday's close. May 26 Soymeal closed at $329.7/short ton, down $2.2 fro...
Market Commentary: Wheat Rallies on Falling Conditions; Cattle Surge to New Records
The CBOT received several pieces of key fundamental information on Tuesday, including updated production figures from CONAB, the results of the USDA’s Monday Crop Progress report, and fresh export sales of corn to Mexico. The result was that wheat popped higher on growing concerns for yie...