Recent Feed Grains Analysis
CFTC COT Report Analysis
Favorable U.S. weather overrode the Black Sea export impacts in last week’s trade and left more bearish sentiments to dominate the CBOT. Managed money traders sold 65,000 contracts across the ag markets, reducing their all-ags net long 11 percent in the process. The biggest drivers of the...
Summary of Futures
Dec 26 Corn closed at $4.6175/bushel, down $0.0025 from yesterday's close. Sep 26 Wheat closed at $6.405/bushel, up $0.0075 from yesterday's close. Nov 26 Soybeans closed at $11.795/bushel, up $0.0325 from yesterday's close. Dec 26 Soymeal closed at $311.6/short ton, down $1.8...
Market Commentary: WASDE, Black Sea, and Iran Offer Offsetting Effects on Grain Futures
What You Need to Know Today: Tensions in the Middle East escalated over the weekend with Iran demanding the U.S. make multiple concessions that are likely non-starters before traffic can flow through the Strait of Hormuz again. Saudi Arabia, Pakistan, and Turkey signed a mutual defense agreeme...
Senate Farm Bill: What’s Next?
Senator John Boozman (R-Arkansas) has urged farmers to apply pressure on the failed farm bill during the August recess. His intent is to hold another vote on the legislation as soon as possible upon the Senate’s return from a five-week break on 14 September. From a parliamentary perspecti...
WPI Crop Progress and Conditions App (Updated 10 August)
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...
Mercosur Regional Analysis
Argentina Weather continues to dominate the Argentine grain market. Rainfall persisted across much of the country’s agricultural region during the week, accompanied by unusually warm temperatures. As a result, soil moisture profiles remain fully recharged across most production areas. The...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.3975/bushel, up $0.085 from yesterday's close. Nov 26 Soybeans closed at $11.7625/bushel, down $0.015 from yesterday's close. Dec 26 Soymeal closed at $313.4/short ton, down $3.2 from y...
Market Commentary: Attention Turns to August WASDE Yield Estimates
What You Need to Know Today: Traders are increasingly focused on next Wednesday’s August WASDE report, with corn and soybean yield estimates expected to drive the next major move in grain markets. Recent crop condition declines and late-July heat have increased uncertainty around USDA&rs...
WPI August Grain Balance Sheet Projections
Key Takeaways: WPI’s 2025/26 corn export models continue to reflect strong international demand and put the total marketing year volume slightly above USDA’s estimates. Strong old crop corn exports are offset by weaker feed and residual use, leaving ending stocks slightly ele...
Market Commentary: Grain Markets Awaiting New Catalysts
What You Need to Know Today: Iran has developed an initial draft plan that would prohibit U.S. and Israeli ships from transiting the Strait of Hormuz, increasing concerns over potential disruptions to global energy trade. Although no restrictions have been enacted, the proposal adds anot...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0.02 from yesterday's close. Sep 26 Wheat closed at $6.3125/bushel, down $0.11 from yesterday's close. Nov 26 Soybeans closed at $11.7775/bushel, up $0.03 from yesterday's close. Dec 26 Soymeal closed at $316.6/short ton, up $1 from yest...
Summary of Futures
Dec 26 Corn closed at $4.6/bushel, down $0.055 from yesterday's close. Sep 26 Wheat closed at $6.4225/bushel, up $0.0375 from yesterday's close. Nov 26 Soybeans closed at $11.7475/bushel, down $0.03 from yesterday's close. Dec 26 Soymeal closed at $315.6/short ton, down $2.8 f...
Market Commentary: Caution Beneath the Headlines
There are plenty of major headlines moving across the markets today, but the reaction beneath them remains cautious. Crude oil is holding steady despite reports of progress involving the Strait of Hormuz, corn and soybeans remain tied to changing weather forecasts, and wheat continues to weigh...
Black Sea Regional Analysis
Russian Grain Markets: 27–31 July 2026 Russian grain prices declined sharply during the week under review as new-crop supplies entered the market and demand weakened. Corn and barley prices declined, while both milling and feed wheat and rye experienced larger losses. The harvest campaign...
Market Commentary: Improved Weather Outlook, Possible Iran Deal Send Grains, Oil Lower
What You Need to Know Today: U.S. Treasury Secretary Bessent said the U.S. and Iran could “today or tomorrow” reach a deal to reopen the Strait of Hormuz. Despite the Secretary’s claims, an attack on a vessel off the Omani coast suggests plenty of risk remains in forming a lo...
Summary of Futures
Dec 26 Corn closed at $4.655/bushel, down $0.07 from yesterday's close. Sep 26 Wheat closed at $6.385/bushel, down $0.125 from yesterday's close. Nov 26 Soybeans closed at $11.7775/bushel, down $0.145 from yesterday's close. Dec 26 Soymeal closed at $318.4/short ton, down $3.2...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region TMO, the Turkish Grain Board, has announced that milling wheat exports were allowed as of 29 July due to “sufficient domestic supplies.” All milling wheat exports will require approval of an export application; approva...
Market Commentary: Black Sea Export Halts, U.S. Weather Risks Send CBOT Higher
What You Need to Know Today: President Trump suspended the planned attacks on Iran and announced that the pieces for a framework for peace were in place in a weekend social media post. Iran, however, later said no efforts were underway to conduct negotiations with the U.S., though Oman indicat...
CFTC COT Report Analysis
The escalating impacts of Russia and Ukraine’s recent attacks and counter attacks in the Black Sea continues to drive bullish CBOT sentiments. Managed money traders purchased 122,000 contracts across the ag markets, expanding their all-ags net long 27 percent in the process. The biggest d...
Summary of Futures
Dec 26 Corn closed at $4.725/bushel, up $0.085 from yesterday's close. Sep 26 Wheat closed at $6.51/bushel, up $0.1175 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, up $0.0475 from yesterday's close. Dec 26 Soymeal closed at $321.6/short ton, up $0.4 from...
E15 Expansion Could Boost Corn Demand, But Adoption Faces Hurdles
Key Takeaways: E15 expansion would support corn and ethanol demand by increasing domestic biofuel consumption and reducing reliance on petroleum-based fuels. Year-round E15 has gained bipartisan momentum, but the policy remains in legislative limbo as lawmakers continue to negotiate provisions...
Senate Farm Bill Draft Released
Late Friday afternoon, Chairman John Boozman (R-Arkansas) released an updated draft of the Senate farm bill. The farm bill markup is scheduled for Thursday, 6 August at 9:30 a.m. Eastern time. Boozman has been negotiating with Ranking Minority Member Senator Amy Klobuchar (D-Minnesota) to craft...
Mercosur Regional Analysis
Corn Argentina's corn harvest has reached 69.8 percent of the national harvestable area. Harvest progress remains constrained primarily in southeastern Buenos Aires, where persistently high humidity has slowed grain dry-down and prevented moisture levels from reaching harvest standards. As a re...
Summary of Futures
Dec 26 Corn closed at $4.64/bushel, down $0.045 from yesterday's close. Sep 26 Wheat closed at $6.3925/bushel, down $0.2425 from yesterday's close. Nov 26 Soybeans closed at $11.875/bushel, down $0.0125 from yesterday's close. Dec 26 Soymeal closed at $321.2/short ton, down $1...
Market Commentary: Record Soyoil Demand Contrasts With Grain Market Weakness
What You Need to Know Today: Record biofuel demand continues to support soyoil values, as EIA data show that May soyoil usage as a biofuel feedstock reached a record 1.434 billion pounds. The latest data reinforces the strength of renewable fuel demand and helps explain ongoing investment in a...
Summary of Futures
Dec 26 Corn closed at $4.685/bushel, down $0.0325 from yesterday's close. Sep 26 Wheat closed at $6.635/bushel, up $0.0275 from yesterday's close. Nov 26 Soybeans closed at $11.8875/bushel, down $0.04 from yesterday's close. Dec 26 Soymeal closed at $322.8/short ton, down $0.7...
Market Commentary: Cattle Outperform Hogs on Quiet Day for Corn and Soy
What You Need to Know Today: The U.S. and Iran resumed missile strikes after a brief pause in fighting, raising concerns that the five-month conflict could expand across the Middle East. Jordan intercepted Iranian missiles, Kuwait reported a fatal strike, and drone attacks damaged two natural...
Summary of Futures
Dec 26 Corn closed at $4.7175/bushel, down $0.0875 from yesterday's close. Sep 26 Wheat closed at $6.6075/bushel, down $0.0175 from yesterday's close. Nov 26 Soybeans closed at $11.9275/bushel, down $0.2725 from yesterday's close. Dec 26 Soymeal closed at $323.5/short ton, dow...
Market Commentary: War Moves Oil. Weather Moves Grain.
If Wednesday’s trade proved anything, it is that not every market is listening to the same headline. Renewed fighting between the U.S. and Iran sent crude oil sharply higher after Iran fired ballistic missiles at an American airbase in Jordan. President Trump promised a U.S. response, pus...
Sorghum’s Growing Role in Ethanol Production
Key Takeaways: Sorghum is gaining importance as an alternative ethanol feedstock, particularly in the Southern Plains where ethanol plants can utilize the grain based on relative pricing and availability compared to corn. Sorghum’s drought tolerance makes it a valuable alternative to cor...
Small Ruminants: A Global Protein System the U.S. Market Has Yet to Price In
Executive Summary Sheep and goats represent one of the largest livestock protein systems in the world, with an estimated 2.3 billion head globally; however, they remain almost entirely absent from U.S. agricultural policy, trade strategy, and market forecasting. The U.S. small ruminant herd, at...
Black Sea Regional Analysis
Russian Grain Markets: 20–24 July 2026 Bearish sentiment dominated the Russian grain market as the new harvest accelerated and supplies increased. Prices also weakened in eastern Russia ahead of harvest, reflecting expectations of ample supplies and Kazakhstan's import ban on Russian whea...
Summary of Futures
Dec 26 Corn closed at $4.805/bushel, up $0.065 from yesterday's close. Sep 26 Wheat closed at $6.625/bushel, up $0.025 from yesterday's close. Nov 26 Soybeans closed at $12.2/bushel, up $0.0625 from yesterday's close. Dec 26 Soymeal closed at $327.8/short ton, up $3.7 from yes...
Market Commentary: Grains Rally as Crop Ratings Fall; Global Shipping Becomes More Perilous
What You Need to Know Today: Shipping in the Black Sea is at a standstill, with neither Ukraine nor Russia yet ready to swerve in this game of maritime and export brinkmanship. Israeli media suggests the U.S. and Iran may be close to making a deal or at least restoring the memorandum of unders...
Brazil’s Emergence as a Major Pork Exporter
Key Takeaways: Brazil’s pork exports have more than doubled since 2019 as competitive feed costs, ASF-free status, and expanding global demand have strengthened the country’s position in international markets. Brazil’s abundant domestic production of corn and soybeans provide...
Banning Glyphosate Could be Expensive
The Make America Healthy Again (MAHA) movement has reached a critical point after the Supreme Court ruled on 25 June that Bayer is shielded from state-level lawsuits because federal regulation does not require the company to warn of alleged cancer risks from such products. Thousands of "failure...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Morocco and Kazakhstan are looking at ways to expand their grain import/export programs, according to details of a recent meeting in Casablanca. Kazakhstan has grain (mainly wheat) and flour exports of 15.3 MMT and is looking at n...
Summary of Futures
Dec 26 Corn closed at $4.74/bushel, down $0.135 from yesterday's close. Sep 26 Wheat closed at $6.6/bushel, down $0.18 from yesterday's close. Nov 26 Soybeans closed at $12.1375/bushel, down $0.3975 from yesterday's close. Dec 26 Soymeal closed at $324.1/short ton, down $11.1...
Market Commentary: Commodity Sell-Off on Middle East De-escalation and Border Reopening
What You Need to Know Today: It was just one of those days where seemingly everything was in the red as part of a broader risk-off economic sentiment amid de-escalation headlines in the Middle East. Other key fundamentals were also bearish, including the resumption of Mexican cattle imports an...
Cow-Calf Profit Outlook Riskier on Drought, Cost Pressures
Key Takeaways: U.S. cow-calf producers are facing another year of record-breaking revenues and net returns for 2026, though rising cost pressures and pullbacks in cattle prices increase risks. Drought remains a key concern for much of the cow-calf industry this year, with rising feed cos...
Mercosur Regional Analysis
Wheat Argentina's wheat planting advanced another 5.7 percentage points over the past week, reaching 97.7 percent of the projected 6.5 million hectares despite persistent rainfall across the country's agricultural region. Planting is now complete in the western production areas and the Northern...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.78/bushel, down $0.1825 from yesterday's close. Nov 26 Soybeans closed at $12.535/bushel, up $0.0975 from yesterday's close. Dec 26 Soymeal closed at $335.2/short ton, up $3.3 from yes...
Market Commentary: Black Sea Headlines Shake Wheat Markets
What You Need to Know Today: The Trump administration announced new tariffs of 10 percent to 12.5 percent on imports from 60 major U.S. trading partners as part of a Section 301 action aimed at combating forced labor in global supply chains. Countries that have agreed to adopt and enforce bans...
Little Hope for Rumored Black Sea Civilian Vessel Agreement
Key Takeaways: Grain futures pulled back sharply in overnight trade Friday on rumors that Ukraine proposed two possible options for ensuring civilian vessel safety in the Black Sea. Both Russia and Ukraine have recently targeted civilian vessels carrying oil and grain in the Sea of Azov...
Section 301: A New Tariff Architecture
Just when we thought it was safe to step outside and enjoy some certainty in the world of international commerce, the Trump Administration announced on Thursday afternoon a barrage of tariffs on 60 countries based on its recent Section 301 investigations. Section 301 permits the executive branc...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0.0275 from yesterday's close. Sep 26 Wheat closed at $6.9625/bushel, down $0.095 from yesterday's close. Nov 26 Soybeans closed at $12.4375/bushel, up $0.0475 from yesterday's close. Dec 26 Soymeal closed at $331.9/short ton, down $1 f...
Market Commentary: Oil Surge, Weather Risks and Export Demand Drive Grain Market Strength
What You Need to Know Today: Oil prices surged today following reports of tanker attacks off the coast of Saudi Arabia by Houthi rebels and renewed U.S. threats to escalate military strikes against Iran, heightening concerns over potential disruptions to Middle East energy supplies. Brent crud...
Summary of Futures
Dec 26 Corn closed at $4.8475/bushel, up $0.095 from yesterday's close. Sep 26 Wheat closed at $7.0575/bushel, up $0.2775 from yesterday's close. Nov 26 Soybeans closed at $12.39/bushel, up $0.1625 from yesterday's close. Dec 26 Soymeal closed at $332.9/short ton, up $5.6 from...
CFTC COT Report Analysis
Favorable U.S. weather overrode the Black Sea export impacts in last week’s trade and left more bearish sentiments to dominate the CBOT. Managed money traders sold 65,000 contracts across the ag markets, reducing their all-ags net long 11 percent in the process. The biggest drivers of the...
Summary of Futures
Dec 26 Corn closed at $4.6175/bushel, down $0.0025 from yesterday's close. Sep 26 Wheat closed at $6.405/bushel, up $0.0075 from yesterday's close. Nov 26 Soybeans closed at $11.795/bushel, up $0.0325 from yesterday's close. Dec 26 Soymeal closed at $311.6/short ton, down $1.8...
Market Commentary: WASDE, Black Sea, and Iran Offer Offsetting Effects on Grain Futures
What You Need to Know Today: Tensions in the Middle East escalated over the weekend with Iran demanding the U.S. make multiple concessions that are likely non-starters before traffic can flow through the Strait of Hormuz again. Saudi Arabia, Pakistan, and Turkey signed a mutual defense agreeme...
Senate Farm Bill: What’s Next?
Senator John Boozman (R-Arkansas) has urged farmers to apply pressure on the failed farm bill during the August recess. His intent is to hold another vote on the legislation as soon as possible upon the Senate’s return from a five-week break on 14 September. From a parliamentary perspecti...
WPI Crop Progress and Conditions App (Updated 10 August)
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...
Mercosur Regional Analysis
Argentina Weather continues to dominate the Argentine grain market. Rainfall persisted across much of the country’s agricultural region during the week, accompanied by unusually warm temperatures. As a result, soil moisture profiles remain fully recharged across most production areas. The...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.3975/bushel, up $0.085 from yesterday's close. Nov 26 Soybeans closed at $11.7625/bushel, down $0.015 from yesterday's close. Dec 26 Soymeal closed at $313.4/short ton, down $3.2 from y...
Market Commentary: Attention Turns to August WASDE Yield Estimates
What You Need to Know Today: Traders are increasingly focused on next Wednesday’s August WASDE report, with corn and soybean yield estimates expected to drive the next major move in grain markets. Recent crop condition declines and late-July heat have increased uncertainty around USDA&rs...
WPI August Grain Balance Sheet Projections
Key Takeaways: WPI’s 2025/26 corn export models continue to reflect strong international demand and put the total marketing year volume slightly above USDA’s estimates. Strong old crop corn exports are offset by weaker feed and residual use, leaving ending stocks slightly ele...
Market Commentary: Grain Markets Awaiting New Catalysts
What You Need to Know Today: Iran has developed an initial draft plan that would prohibit U.S. and Israeli ships from transiting the Strait of Hormuz, increasing concerns over potential disruptions to global energy trade. Although no restrictions have been enacted, the proposal adds anot...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0.02 from yesterday's close. Sep 26 Wheat closed at $6.3125/bushel, down $0.11 from yesterday's close. Nov 26 Soybeans closed at $11.7775/bushel, up $0.03 from yesterday's close. Dec 26 Soymeal closed at $316.6/short ton, up $1 from yest...
Summary of Futures
Dec 26 Corn closed at $4.6/bushel, down $0.055 from yesterday's close. Sep 26 Wheat closed at $6.4225/bushel, up $0.0375 from yesterday's close. Nov 26 Soybeans closed at $11.7475/bushel, down $0.03 from yesterday's close. Dec 26 Soymeal closed at $315.6/short ton, down $2.8 f...
Market Commentary: Caution Beneath the Headlines
There are plenty of major headlines moving across the markets today, but the reaction beneath them remains cautious. Crude oil is holding steady despite reports of progress involving the Strait of Hormuz, corn and soybeans remain tied to changing weather forecasts, and wheat continues to weigh...
Black Sea Regional Analysis
Russian Grain Markets: 27–31 July 2026 Russian grain prices declined sharply during the week under review as new-crop supplies entered the market and demand weakened. Corn and barley prices declined, while both milling and feed wheat and rye experienced larger losses. The harvest campaign...
Market Commentary: Improved Weather Outlook, Possible Iran Deal Send Grains, Oil Lower
What You Need to Know Today: U.S. Treasury Secretary Bessent said the U.S. and Iran could “today or tomorrow” reach a deal to reopen the Strait of Hormuz. Despite the Secretary’s claims, an attack on a vessel off the Omani coast suggests plenty of risk remains in forming a lo...
Summary of Futures
Dec 26 Corn closed at $4.655/bushel, down $0.07 from yesterday's close. Sep 26 Wheat closed at $6.385/bushel, down $0.125 from yesterday's close. Nov 26 Soybeans closed at $11.7775/bushel, down $0.145 from yesterday's close. Dec 26 Soymeal closed at $318.4/short ton, down $3.2...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region TMO, the Turkish Grain Board, has announced that milling wheat exports were allowed as of 29 July due to “sufficient domestic supplies.” All milling wheat exports will require approval of an export application; approva...
Market Commentary: Black Sea Export Halts, U.S. Weather Risks Send CBOT Higher
What You Need to Know Today: President Trump suspended the planned attacks on Iran and announced that the pieces for a framework for peace were in place in a weekend social media post. Iran, however, later said no efforts were underway to conduct negotiations with the U.S., though Oman indicat...
CFTC COT Report Analysis
The escalating impacts of Russia and Ukraine’s recent attacks and counter attacks in the Black Sea continues to drive bullish CBOT sentiments. Managed money traders purchased 122,000 contracts across the ag markets, expanding their all-ags net long 27 percent in the process. The biggest d...
Summary of Futures
Dec 26 Corn closed at $4.725/bushel, up $0.085 from yesterday's close. Sep 26 Wheat closed at $6.51/bushel, up $0.1175 from yesterday's close. Nov 26 Soybeans closed at $11.9225/bushel, up $0.0475 from yesterday's close. Dec 26 Soymeal closed at $321.6/short ton, up $0.4 from...
E15 Expansion Could Boost Corn Demand, But Adoption Faces Hurdles
Key Takeaways: E15 expansion would support corn and ethanol demand by increasing domestic biofuel consumption and reducing reliance on petroleum-based fuels. Year-round E15 has gained bipartisan momentum, but the policy remains in legislative limbo as lawmakers continue to negotiate provisions...
Senate Farm Bill Draft Released
Late Friday afternoon, Chairman John Boozman (R-Arkansas) released an updated draft of the Senate farm bill. The farm bill markup is scheduled for Thursday, 6 August at 9:30 a.m. Eastern time. Boozman has been negotiating with Ranking Minority Member Senator Amy Klobuchar (D-Minnesota) to craft...
Mercosur Regional Analysis
Corn Argentina's corn harvest has reached 69.8 percent of the national harvestable area. Harvest progress remains constrained primarily in southeastern Buenos Aires, where persistently high humidity has slowed grain dry-down and prevented moisture levels from reaching harvest standards. As a re...
Summary of Futures
Dec 26 Corn closed at $4.64/bushel, down $0.045 from yesterday's close. Sep 26 Wheat closed at $6.3925/bushel, down $0.2425 from yesterday's close. Nov 26 Soybeans closed at $11.875/bushel, down $0.0125 from yesterday's close. Dec 26 Soymeal closed at $321.2/short ton, down $1...
Market Commentary: Record Soyoil Demand Contrasts With Grain Market Weakness
What You Need to Know Today: Record biofuel demand continues to support soyoil values, as EIA data show that May soyoil usage as a biofuel feedstock reached a record 1.434 billion pounds. The latest data reinforces the strength of renewable fuel demand and helps explain ongoing investment in a...
Summary of Futures
Dec 26 Corn closed at $4.685/bushel, down $0.0325 from yesterday's close. Sep 26 Wheat closed at $6.635/bushel, up $0.0275 from yesterday's close. Nov 26 Soybeans closed at $11.8875/bushel, down $0.04 from yesterday's close. Dec 26 Soymeal closed at $322.8/short ton, down $0.7...
Market Commentary: Cattle Outperform Hogs on Quiet Day for Corn and Soy
What You Need to Know Today: The U.S. and Iran resumed missile strikes after a brief pause in fighting, raising concerns that the five-month conflict could expand across the Middle East. Jordan intercepted Iranian missiles, Kuwait reported a fatal strike, and drone attacks damaged two natural...
Summary of Futures
Dec 26 Corn closed at $4.7175/bushel, down $0.0875 from yesterday's close. Sep 26 Wheat closed at $6.6075/bushel, down $0.0175 from yesterday's close. Nov 26 Soybeans closed at $11.9275/bushel, down $0.2725 from yesterday's close. Dec 26 Soymeal closed at $323.5/short ton, dow...
Market Commentary: War Moves Oil. Weather Moves Grain.
If Wednesday’s trade proved anything, it is that not every market is listening to the same headline. Renewed fighting between the U.S. and Iran sent crude oil sharply higher after Iran fired ballistic missiles at an American airbase in Jordan. President Trump promised a U.S. response, pus...
Sorghum’s Growing Role in Ethanol Production
Key Takeaways: Sorghum is gaining importance as an alternative ethanol feedstock, particularly in the Southern Plains where ethanol plants can utilize the grain based on relative pricing and availability compared to corn. Sorghum’s drought tolerance makes it a valuable alternative to cor...
Small Ruminants: A Global Protein System the U.S. Market Has Yet to Price In
Executive Summary Sheep and goats represent one of the largest livestock protein systems in the world, with an estimated 2.3 billion head globally; however, they remain almost entirely absent from U.S. agricultural policy, trade strategy, and market forecasting. The U.S. small ruminant herd, at...
Black Sea Regional Analysis
Russian Grain Markets: 20–24 July 2026 Bearish sentiment dominated the Russian grain market as the new harvest accelerated and supplies increased. Prices also weakened in eastern Russia ahead of harvest, reflecting expectations of ample supplies and Kazakhstan's import ban on Russian whea...
Summary of Futures
Dec 26 Corn closed at $4.805/bushel, up $0.065 from yesterday's close. Sep 26 Wheat closed at $6.625/bushel, up $0.025 from yesterday's close. Nov 26 Soybeans closed at $12.2/bushel, up $0.0625 from yesterday's close. Dec 26 Soymeal closed at $327.8/short ton, up $3.7 from yes...
Market Commentary: Grains Rally as Crop Ratings Fall; Global Shipping Becomes More Perilous
What You Need to Know Today: Shipping in the Black Sea is at a standstill, with neither Ukraine nor Russia yet ready to swerve in this game of maritime and export brinkmanship. Israeli media suggests the U.S. and Iran may be close to making a deal or at least restoring the memorandum of unders...
Brazil’s Emergence as a Major Pork Exporter
Key Takeaways: Brazil’s pork exports have more than doubled since 2019 as competitive feed costs, ASF-free status, and expanding global demand have strengthened the country’s position in international markets. Brazil’s abundant domestic production of corn and soybeans provide...
Banning Glyphosate Could be Expensive
The Make America Healthy Again (MAHA) movement has reached a critical point after the Supreme Court ruled on 25 June that Bayer is shielded from state-level lawsuits because federal regulation does not require the company to warn of alleged cancer risks from such products. Thousands of "failure...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Morocco and Kazakhstan are looking at ways to expand their grain import/export programs, according to details of a recent meeting in Casablanca. Kazakhstan has grain (mainly wheat) and flour exports of 15.3 MMT and is looking at n...
Summary of Futures
Dec 26 Corn closed at $4.74/bushel, down $0.135 from yesterday's close. Sep 26 Wheat closed at $6.6/bushel, down $0.18 from yesterday's close. Nov 26 Soybeans closed at $12.1375/bushel, down $0.3975 from yesterday's close. Dec 26 Soymeal closed at $324.1/short ton, down $11.1...
Market Commentary: Commodity Sell-Off on Middle East De-escalation and Border Reopening
What You Need to Know Today: It was just one of those days where seemingly everything was in the red as part of a broader risk-off economic sentiment amid de-escalation headlines in the Middle East. Other key fundamentals were also bearish, including the resumption of Mexican cattle imports an...
Cow-Calf Profit Outlook Riskier on Drought, Cost Pressures
Key Takeaways: U.S. cow-calf producers are facing another year of record-breaking revenues and net returns for 2026, though rising cost pressures and pullbacks in cattle prices increase risks. Drought remains a key concern for much of the cow-calf industry this year, with rising feed cos...
Mercosur Regional Analysis
Wheat Argentina's wheat planting advanced another 5.7 percentage points over the past week, reaching 97.7 percent of the projected 6.5 million hectares despite persistent rainfall across the country's agricultural region. Planting is now complete in the western production areas and the Northern...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.78/bushel, down $0.1825 from yesterday's close. Nov 26 Soybeans closed at $12.535/bushel, up $0.0975 from yesterday's close. Dec 26 Soymeal closed at $335.2/short ton, up $3.3 from yes...
Market Commentary: Black Sea Headlines Shake Wheat Markets
What You Need to Know Today: The Trump administration announced new tariffs of 10 percent to 12.5 percent on imports from 60 major U.S. trading partners as part of a Section 301 action aimed at combating forced labor in global supply chains. Countries that have agreed to adopt and enforce bans...
Little Hope for Rumored Black Sea Civilian Vessel Agreement
Key Takeaways: Grain futures pulled back sharply in overnight trade Friday on rumors that Ukraine proposed two possible options for ensuring civilian vessel safety in the Black Sea. Both Russia and Ukraine have recently targeted civilian vessels carrying oil and grain in the Sea of Azov...
Section 301: A New Tariff Architecture
Just when we thought it was safe to step outside and enjoy some certainty in the world of international commerce, the Trump Administration announced on Thursday afternoon a barrage of tariffs on 60 countries based on its recent Section 301 investigations. Section 301 permits the executive branc...
Summary of Futures
Dec 26 Corn closed at $4.875/bushel, up $0.0275 from yesterday's close. Sep 26 Wheat closed at $6.9625/bushel, down $0.095 from yesterday's close. Nov 26 Soybeans closed at $12.4375/bushel, up $0.0475 from yesterday's close. Dec 26 Soymeal closed at $331.9/short ton, down $1 f...
Market Commentary: Oil Surge, Weather Risks and Export Demand Drive Grain Market Strength
What You Need to Know Today: Oil prices surged today following reports of tanker attacks off the coast of Saudi Arabia by Houthi rebels and renewed U.S. threats to escalate military strikes against Iran, heightening concerns over potential disruptions to Middle East energy supplies. Brent crud...
Summary of Futures
Dec 26 Corn closed at $4.8475/bushel, up $0.095 from yesterday's close. Sep 26 Wheat closed at $7.0575/bushel, up $0.2775 from yesterday's close. Nov 26 Soybeans closed at $12.39/bushel, up $0.1625 from yesterday's close. Dec 26 Soymeal closed at $332.9/short ton, up $5.6 from...