Recent Feed Grains Analysis
Market Commentary: The Soybean Breakdown
The country song Oklahoma Breakdown (originally written by Mike Hosty, subsequently popularized by red dirt country artist Stony LaRue, then eventually covered by Toby Keith who, in this analyst’s opinion, ruined it) contains the line “That Oklahoma Breakdown sure do got you cryin’” – a stateme...
Summary of Futures
Mar 25 Corn closed at $4.3725/bushel, down $0.0625 from yesterday's close. Mar 25 Wheat closed at $5.4125/bushel, down $0.0375 from yesterday's close. Jan 25 Soybeans closed at $9.5175/bushel, down $0.25 from yesterday's close. Jan 25 Soymeal closed at $279.5/short ton, down $7.7...
Black Sea Regional Analysis
Russian Grain Markets: 9 – 13 December 2024Russian grain markets remained relatively stable but, in some areas, especially export platform, prices were bearish. Part of the reason behind a bearish trend is the potential decrease of stocks. As of early December, stocks of agricultural companies...
Market Commentary: New Contract Lows for Soybeans; Soyoil Makes Bear Move; Feeder Cattle Post Turnaround Tuesday
Bears were in full control of the CBOT on Tuesday with soybeans hitting new contract lows, soyoil posting a bearish breakout from technical formations, and wheat flirting with contract lows. Not even the news of fresh export sales of corn to Mexico and soybeans to unknown destinations and Spain...
Summary of Futures
Mar 25 Corn closed at $4.435/bushel, down $0.015 from yesterday's close. Mar 25 Wheat closed at $5.45/bushel, down $0.05 from yesterday's close. Jan 25 Soybeans closed at $9.7675/bushel, down $0.0525 from yesterday's close. Jan 25 Soymeal closed at $287.2/short ton, up $0.3 from...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt is rumored to be considering further devaluation of its currency against the U.S. dollar. The Egyptian pound has slipped a little in value to 51 to the U.S. dollar, from 48 to the dollar. However, Egypt’s Prime Minister says that t...
Market Commentary: Corn Bounces while Soybeans Fall; Cattle and Hogs Post Bearish Reversals
The CBOT was mixed on the start of the last full trading week of 2024 with exports and South American weather being the primary variables to affect market dynamics. The corn market turned higher on the strong export pace and on some hints of dryness emerging in south-central Argentina. The KC w...
Summary of Futures
Mar 25 Corn closed at $4.45/bushel, up $0.03 from yesterday's close. Mar 25 Wheat closed at $5.5/bushel, down $0.0225 from yesterday's close. Jan 25 Soybeans closed at $9.82/bushel, down $0.0625 from yesterday's close. Jan 25 Soymeal closed at $286.9/short ton, up $0.7 from yeste...
European Market Analysis
Regional News Last week, a vessel rammed a lock on the Moselle River in Germany, which led Euronext to suspend delivery at French delivery ports on the river for February 2025. The damage was sufficient that initial estimates cited “months” to repair the lock, but more recent news indicate...
CFTC COT Report Analysis
The major theme of the latest CFTC report is that funds continued to build length in the corn market on strong export demand and added length to seasonal record-setting long positions in livestock futures. Funds added more than 92,000 contracts to their net corn long, increasing the net positio...
Market Commentary: Dithering Through the Holidays
There is no way to make this sexy. This is a market mostly perceived to be at equilibrium. Perceptions can be wrong but with nothing else to go on, volume declined this week and, barring some surprise, will be even lower through the holidays. There was nothing unlucky about Friday the 13th, unl...
Summary of Futures
Mar 25 Corn closed at $4.42/bushel, down $0.015 from yesterday's close. Mar 25 Wheat closed at $5.5225/bushel, down $0.0625 from yesterday's close. Jan 25 Soybeans closed at $9.8825/bushel, down $0.075 from yesterday's close. Jan 25 Soymeal closed at $286.2/short ton, down $3.3 f...
Market Commentary: Grains, Oilseeds, Cattle All Fall on Exports and Technical Pressure
A disappointing Export Sales report for most of the major commodities sent CBOT futures broadly lower on Thursday. Export sales and shipments for corn, soybeans, and wheat were all on the low end of expectations and below last week’s values, which prompted traders to abandon (temporarily, at le...
Export Sales
Export Sales and Shipments for November 29-December 5, 2024.Wheat: Net sales of 290,200 metric tons (MT) for 2024/2025 were down 23 percent from the previous week and 31 percent from the prior 4-week average. Export shipments of 198,900 MT were down 38 percent from the previous week and 33 perc...
Market Commentary: Grains Firm Following Bullish WASDE; Cattle Extend Rally
Grain futures continued to find support from Tuesday’s bullish WASDE report with corn, wheat, and soybeans all trading higher, though corn futures dipped into the red during the final minutes of trading. Traders followed through on the bullish signals from the WASDE as well as increasingly bull...
Summary of Futures
Mar 25 Corn closed at $4.4825/bushel, down $0.0075 from yesterday's close. Mar 25 Wheat closed at $5.6325/bushel, up $0.015 from yesterday's close. Jan 25 Soybeans closed at $9.955/bushel, up $0.0075 from yesterday's close. Jan 25 Soymeal closed at $291.1/short ton, down $0.9 fro...
Black Sea Regional Analysis
Russian Grain Markets: 2 – 6 December 2024Export duties were the key driver followed by forex and increased freight costs for rail deliveries which are the main channel of grain delivery to the ports both from Russian territory and occupied territories of Ukraine. Before, freight was not a majo...
Wasde Corn
WASDE Corn: 2024/25 U.S. corn use for ethanol production is increased by 50 million bushels to 5.5 billion. U.S. corn exports are raised 150 million bushels to 2.5 billion. The result is that corn ending stocks are reduced by 200 million bushels to 1.7 billion. The season-average corn price rec...
Market Commentary: WASDE Increases Corn, Soyoil Demand; Cattle Rally on Cash Trade
The CBOT was mostly higher heading into the WASDE as funds were cautiously covering shorts and paring back risk before the holidays. The WASDE proved to be slightly bullish corn and mostly neutral soybeans and wheat, proving the short-covering trend to have been a good idea. Aside from the WASD...
Summary of Futures
Mar 25 Corn closed at $4.49/bushel, up $0.0725 from yesterday's close. Mar 25 Wheat closed at $5.6175/bushel, up $0.03 from yesterday's close. Jan 25 Soybeans closed at $9.9475/bushel, up $0.0475 from yesterday's close. Jan 25 Soymeal closed at $292/short ton, up $2.4 from yester...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONAn Egyptian military organization has reportedly taken over the wheat purchasing responsibility of Egypt’s GASC. Mostakbal Misr Agency, an armed forces offshoot, is said to now be fully responsible as the exclusive organi...
Market Commentary: Short Covering Ahead of the WASDE
The CBOT saw mostly WASDE-motivated short covering on Monday with funds scaling back short positions in wheat and soybeans and cautiously extending longs in the corn market. Fresh news was light for the day and traders were mostly focused on adjusting positions ahead of the WASDE. The weather r...
Summary of Futures
Mar 25 Corn closed at $4.4175/bushel, up $0.0175 from yesterday's close. Mar 25 Wheat closed at $5.5875/bushel, up $0.015 from yesterday's close. Jan 25 Soybeans closed at $9.9/bushel, down $0.0375 from yesterday's close. Jan 25 Soymeal closed at $289.6/short ton, up $2.2 from ye...
Mercosur Regional Analysis
Wheat The Argentine wheat harvest has reached 48.1 percent of the expected area, with weekly progress of 9.4 percentage points, with efforts primarily focused in the central agricultural region. Standing crops are transitioning from late grain filling to physiological maturity, with 80.7 p...
European Market Analysis
Regional News The EU and Mercosur trade blocs finally signed a free trade agreement that had been delayed and debated for 25 years or so. EU Commission President Ursula von der Leyen heralded the agreement in a press conference in Montevideo and cited the need for more free trade in the fa...
CFTC COT Report Analysis
The major theme of the latest CFTC report is funds paring back risk in corn and the soy complex heading into the December WASDE report and/or the holiday season. Corn’s range-bound trade these past two weeks prompted funds to shed 13 percent of their long position in the market and have liquida...
Market Commentary: Market Breath Holding for Tuesday
Commodity futures trading had a modest day and a modest week, but things will pick up with Tuesday’s USDA December WASDE report. Notable metrics include: Soybean meal hit a new contract low at 285.6/ST. Beef, feeders, and soymeal all closed lower today. All three wheats ended the week higher de...
Summary of Futures
Mar 25 Corn closed at $4.4/bushel, up $0.05 from yesterday's close. Mar 25 Wheat closed at $5.5725/bushel, down $0.01 from yesterday's close. Jan 25 Soybeans closed at $9.9375/bushel, up $0 from yesterday's close. Jan 25 Soymeal closed at $287.4/short ton, down $3.7 from yesterda...
Market Commentary: CBOT Turns Higher on Export Data
The CBOT moved higher on Thursday after the weekly Export Sales report provided bullish demand-side inputs for the major commodities. Corn, wheat, soybeans, and soyoil futures all pushed higher for the day with export demand seeming to pick up and remain above expectations in the case of corn,...
Summary of Futures
Mar 25 Corn closed at $4.35/bushel, up $0.05 from yesterday's close. Mar 25 Wheat closed at $5.5825/bushel, up $0.1 from yesterday's close. Jan 25 Soybeans closed at $9.9375/bushel, up $0.1 from yesterday's close. Jan 25 Soymeal closed at $291.1/short ton, down $0.8 from yesterda...
Export Sales
Export Sales and Shipments for November 22-28, 2024. Wheat: Net sales of 378,200 metric tons (MT) for 2024/2025 were up 3 percent from the previous week, but down 10 percent from the prior 4-week average. Export shipments of 322,400 MT were down 26 percent from the previous week, but up 1...
Market Commentary: New Lows for Wheat; Cattle Contemplate their Direction
The CBOT continued its mostly range-bound trading affair on Wednesday with the ag markets seeing little fresh news to drive price action one way or another. Wheat futures hit new contract lows but recovered from that selloff to end slightly higher, though the market seems committed to staying n...
Black Sea Regional Analysis
The Russian Ministry of Agriculture reported that as of 26 November, Russian farmers produced 132 MMT of grains in bunker weight which is 19.3 MMT less than a year ago. This is with the crop harvested from 97.7 percent of the area yielding only 2.82 M/ha versus 3.16/MT a year ago. Grain yields...
Summary of Futures
Mar 25 Corn closed at $4.3/bushel, down $0.0225 from yesterday's close. Mar 25 Wheat closed at $5.4825/bushel, up $0.0075 from yesterday's close. Jan 25 Soybeans closed at $9.8375/bushel, down $0.08 from yesterday's close. Jan 25 Soymeal closed at $291.9/short ton, up $1.5 from y...
Market Commentary: Firmer Trade Yields Few Gains; Cattle Continue Rally
The CBOT saw firmer trade on Tuesday, but that strength failed to develop into anything really meaningful on the charts. The soy complex saw the most widespread strength on the heels of a record-breaking U.S. crush in November, as reported by the USDA on Monday, and from Tuesday’s rally in crud...
Summary of Futures
Mar 25 Corn closed at $4.3225/bushel, down $0.0025 from yesterday's close. Mar 25 Wheat closed at $5.475/bushel, up $0.0025 from yesterday's close. Jan 25 Soybeans closed at $9.9175/bushel, up $0.065 from yesterday's close. Jan 25 Soymeal closed at $290.4/short ton, up $2.5 from...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONIraq’s grain import requirements for 2024/25 are expected to be lower according to the FAO as a result of the good 2023/24 wheat crop. Wheat imports are seen dropping by 23 percent to about 1.8 MMT. Iraq has also added a...
Market Commentary: Tariff Tweets Threaten to Upend Typically Slow Pre-Holiday Trade
The CBOT was mixed and mostly lower to start the between-holidays trading season with the soy complex seeing the worst of the selling. Soybeans – and the oilseed complex more broadly – are seeing pressure from excellent conditions in South America as well as the political ramifications of Presi...
Mercosur Regional Analysis
November Rainfall and Crop Impacts in ArgentinaRecent rains have brought significant rain accumulation for Argentina, with precipitation in November exceeding the historical monthly average in most areas. After three years of severe drought, the rainfall is a welcome development for soil moistu...
Summary of Futures
Mar 25 Corn closed at $4.325/bushel, down $0.005 from yesterday's close. Mar 25 Wheat closed at $5.4725/bushel, down $0.0075 from yesterday's close. Jan 25 Soybeans closed at $9.8525/bushel, down $0.0425 from yesterday's close. Jan 25 Soymeal closed at $287.9/short ton, down $4 f...
European Market Analysis
Regional News Russia announced last week that it will impose its now-typical export quota on grains from 15 February though 30 June 2025. This year’s quota will be reduced to 11 MMT, or about one-third of last year’s 29-MMT quota. During the quota period, no shipments of corn, barley, and...
Export Sales
Export Sales and Shipments for November 15-21, 2024. Wheat: Net sales of 366,800 metric tons (MT) for 2024/2025 were down 33 percent from the previous week and 15 percent from the prior 4-week average. Export shipments of 433,800 MT were up noticeably from the previous week and up 89 perc...
Market Commentary: Holiday Thinned but Notable Trade
With no overnight trading for comparison and shortened trading hours today, volume was low and there were no dramatic shifts. Friday’s agricultural futures trading mostly reinforced current trends. Those include:Trading this week lopped off the most value from wheat and lean hogsThe March HRW c...
Summary of Futures
Mar 25 Corn closed at $4.33/bushel, up $0.05 from yesterday's close. Mar 25 Wheat closed at $5.48/bushel, down $0.005 from yesterday's close. Jan 25 Soybeans closed at $9.895/bushel, up $0.0075 from yesterday's close. Jan 25 Soymeal closed at $291.9/short ton, down $3.5 from yest...
Mexico Corn Market Update
Mexico has been in the commodity news a lot recently, first due to its surge in imports from the U.S. and, this week, due to Trump’s threatened tariffs against the country. Given the importance of the country for U.S. grain and other agricultural exports (not to mention imports) WPI offers the...
Market Commentary: Grains, Soyoil Sink in Pre-Holiday Trade; Soybeans, Cattle Strengthen
Pre-Thanksgiving trade is usually a light-volume, range-bound affair with few fireworks, but this year’s market action offered more interest than most. Corn futures indeed traded a tight range, but did so with surprisingly heavy volume that likely belies a rash of fund selling. Fund selling was...
Summary of Futures
Mar 25 Corn closed at $4.28/bushel, up $0 from yesterday's close. Mar 25 Wheat closed at $5.485/bushel, down $0.095 from yesterday's close. Jan 25 Soybeans closed at $9.8875/bushel, up $0.0525 from yesterday's close. Jan 25 Soymeal closed at $295.4/short ton, up $4 from yesterday...
Black Sea Regional Analysis
Russian Grain Markets: 18 – 22 November 2024Russian Vice Premier Dmitri Patrushev is confident that Russia will export up to 60 MMT of grains this season. According to Mr. Patrushev, the gross grain production this season will reach 130 MMT in standard weight, of which 83 MMT is wheat. The Vice...
Market Commentary: Corn Falls, Soyoil Rallies on Trump Tariff Plans; Hogs Hit New Highs
News from Washington continued to be the primary driver of CBOT price action again on Tuesday, with most of the day’s action coming from plans for new import tariffs from President-elect Trump. The other news from Washington is the USDA APHIS’ ban on live cattle imports from Mexico, due to the...
Summary of Futures
Dec 24 Corn closed at $4.2/bushel, down $0.0475 from yesterday's close. Mar 25 Wheat closed at $5.58/bushel, up $0.0225 from yesterday's close. Jan 25 Soybeans closed at $9.835/bushel, down $0.0225 from yesterday's close. Jan 25 Soymeal closed at $291.4/short ton, down $4.5 from...
Market Commentary: CBOT Sees Mixed Monday on Risk-off Trade; Feeder Cattle Rally on Import Ban
The holiday trading season is officially here, which means the CBOT will likely see fading volume and volatility until the new year. Ag markets reflected much of that sentiment on Monday with wheat and corn falling amid reduced concerns about the conflict in the Black Sea while soybeans and soy...
WPI Crop Progress and Conditions App (Updated 25 November)
Update for 1 April 2024: 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...
Summary of Futures
Dec 24 Corn closed at $4.2475/bushel, down $0.0075 from yesterday's close. Mar 25 Wheat closed at $5.5575/bushel, down $0.09 from yesterday's close. Jan 25 Soybeans closed at $9.8575/bushel, up $0.0225 from yesterday's close. Jan 25 Soymeal closed at $295.9/short ton, up $4.4 fro...
Mercosur Regional Analysis
Wheat High temperatures in recent days have slightly accelerated crop maturity and the harvest in Argentina. Weekly harvest progress reached 12 percent, with 30 percent of the area harvested. Yields show significant variability. In some cases, yields are improving as harvesters move into t...
Not an Orphan Crop
Sorghum marketers often characterize their commodity as an ancient grain that is drought tolerant. They deflect comments that it is an orphan crop, grown locally for local consumption. They may agree it is under-utilized. In fact, a slightly higher share (16 percent) of world sorghum production...
European Market Analysis
Regional News Eastern Ukraine and southern Russia remain unseasonably warm and dry, though the regions received beneficial rains at the end of last week. The Balkans saw unusually heavy rainfall from the same storm system. Polish protesters are planning on blocking the border with Ukr...
CFTC COT Report Analysis
Once again, the major finding of Friday’s CFTC report is that funds still remain solidly bullish corn and added another 7 percent to their long position in that market. That was particularly impressive as the week ending 19 November (the reporting deadline for the CFTC report) included days wit...
Market Commentary: Black Sea Instability and Trade War Influences
There were some jitters this week as Russia and Ukraine stepped up assaults ahead of what may become talks to end the conflict. Alongside concerns about a kinetic war is the uncertainty around the incoming Trump Administration’s aggressions in trade policy.It should be noted that geopolitical u...
Summary of Futures
Dec 24 Corn closed at $4.255/bushel, down $0.0125 from yesterday's close. Mar 25 Wheat closed at $5.6475/bushel, down $0.0475 from yesterday's close. Jan 25 Soybeans closed at $9.835/bushel, up $0.0575 from yesterday's close. Dec 24 Soymeal closed at $289.2/short ton, up $1.5 fro...
WPI Quarterly Grain Balance Sheet Forecasts
The latest updates and model runs from WPI’s grain balance sheet and pricing forecasts show that corn and wheat are likely to see stronger-than-expected demand that should create upside potential for cash and futures markets. Conversely, soybeans are expected to see weaker demand (particularly...
Export Sales
Export Sales and Shipments for November 8-14, 2024. Wheat: Net sales of 549,600 metric tons (MT) for 2024/2025 were up 45 percent from the previous week and 29 percent from the prior 4-week average. Export shipments of 133,900 MT--a marketing-year low--were down 56 percent from the previou...
Market Commentary: New Lows for Soybeans; Corn, Wheat Fall on Export Data
The CBOT was mostly lower for the day with corn, wheat, and the entire soy complex finding their way into the red for various reasons. Wheat initially rallied on rising tensions and attacks between Rusia and Ukraine, with Ukraine accusing Russia of launching an intercontinental ballistic missil...
Summary of Futures
Dec 24 Corn closed at $4.2675/bushel, down $0.035 from yesterday's close. Mar 25 Wheat closed at $5.695/bushel, down $0.0275 from yesterday's close. Jan 25 Soybeans closed at $9.7775/bushel, down $0.1275 from yesterday's close. Dec 24 Soymeal closed at $287.7/short ton, down $1.7...
Market Commentary: Soy Complex Falls on Brazilian Weather; Wheat Rises on Ukraine News
The Thanksgiving holiday isn’t until next week, but the CBOT is starting to feel like traders are taking their vacation time a little early. Trading volumes were muted on Wednesday and other than the KC wheat market and soyoil futures, none of the major ag markets made major technical moves. Ma...
Summary of Futures
Dec 24 Corn closed at $4.3025/bushel, up $0.03 from yesterday's close. Dec 24 Wheat closed at $5.525/bushel, up $0.0275 from yesterday's close. Jan 25 Soybeans closed at $9.905/bushel, down $0.08 from yesterday's close. Dec 24 Soymeal closed at $289.4/short ton, up $0.8 from yest...
Black Sea Regional Analysis
Russian Grain Markets: 11 – 15 November 2024Russian Union of Grain producers and exporters announced that winter wheat area for 2025/26 may drop to 15.4 Mha which will be the smallest planted winter crops area since 2018/19. Particularly, wheat area may drop by 0.9 Mha to 16.3 Mha, and after wi...
Market Commentary: Price Action Follows One of Two Factors
The CBOT saw distinctly mixed trade with price action being largely determined by one of two factors: either bullishness from Ukraine’s attack on interior Russia or bearishness from favorable weather in South America. Based solely upon that statement, you can probably figure out which markets d...
Summary of Futures
Dec 24 Corn closed at $4.2725/bushel, down $0.02 from yesterday's close. Dec 24 Wheat closed at $5.4975/bushel, up $0.025 from yesterday's close. Jan 25 Soybeans closed at $9.985/bushel, down $0.1125 from yesterday's close. Dec 24 Soymeal closed at $288.6/short ton, down $1.7 fro...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt’s strategic wheat reserves are at 4.6 months. This is a little lower than usual due to delays in wheat shipments from Russia.Iraq advises that is has sent 50 truckloads of aid to Syria, mainly wheat. The aid will be used to support...
Mercosur Regional Analysis
Wheat The wheat harvest in Argentina is progressing at a steady pace. Last week, the harvested area share increased by 5 percentage points, bringing the total to 17 percent of the sown area. The harvest begins in the north and gradually moves southward. In the northwest, the harvest is nea...
Market Commentary: CBOT Rallies on Ukraine War Developments, Fund Buying
The CBOT was mostly higher to start the week with markets reacting to Friday’s CFTC data as well as news that will impact the Ukraine-Russia war. First, the CFTC data showed managed money traders engaged in a surprise, massive buying spree in corn last week, a move that sparked support in futur...
Summary of Futures
Dec 24 Corn closed at $4.2925/bushel, up $0.0525 from yesterday's close. Dec 24 Wheat closed at $5.4725/bushel, up $0.1075 from yesterday's close. Jan 25 Soybeans closed at $10.0975/bushel, up $0.1125 from yesterday's close. Dec 24 Soymeal closed at $290.3/short ton, up $0.7 from...
Market Commentary: The Soybean Breakdown
The country song Oklahoma Breakdown (originally written by Mike Hosty, subsequently popularized by red dirt country artist Stony LaRue, then eventually covered by Toby Keith who, in this analyst’s opinion, ruined it) contains the line “That Oklahoma Breakdown sure do got you cryin’” – a stateme...
Summary of Futures
Mar 25 Corn closed at $4.3725/bushel, down $0.0625 from yesterday's close. Mar 25 Wheat closed at $5.4125/bushel, down $0.0375 from yesterday's close. Jan 25 Soybeans closed at $9.5175/bushel, down $0.25 from yesterday's close. Jan 25 Soymeal closed at $279.5/short ton, down $7.7...
Black Sea Regional Analysis
Russian Grain Markets: 9 – 13 December 2024Russian grain markets remained relatively stable but, in some areas, especially export platform, prices were bearish. Part of the reason behind a bearish trend is the potential decrease of stocks. As of early December, stocks of agricultural companies...
Market Commentary: New Contract Lows for Soybeans; Soyoil Makes Bear Move; Feeder Cattle Post Turnaround Tuesday
Bears were in full control of the CBOT on Tuesday with soybeans hitting new contract lows, soyoil posting a bearish breakout from technical formations, and wheat flirting with contract lows. Not even the news of fresh export sales of corn to Mexico and soybeans to unknown destinations and Spain...
Summary of Futures
Mar 25 Corn closed at $4.435/bushel, down $0.015 from yesterday's close. Mar 25 Wheat closed at $5.45/bushel, down $0.05 from yesterday's close. Jan 25 Soybeans closed at $9.7675/bushel, down $0.0525 from yesterday's close. Jan 25 Soymeal closed at $287.2/short ton, up $0.3 from...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt is rumored to be considering further devaluation of its currency against the U.S. dollar. The Egyptian pound has slipped a little in value to 51 to the U.S. dollar, from 48 to the dollar. However, Egypt’s Prime Minister says that t...
Market Commentary: Corn Bounces while Soybeans Fall; Cattle and Hogs Post Bearish Reversals
The CBOT was mixed on the start of the last full trading week of 2024 with exports and South American weather being the primary variables to affect market dynamics. The corn market turned higher on the strong export pace and on some hints of dryness emerging in south-central Argentina. The KC w...
Summary of Futures
Mar 25 Corn closed at $4.45/bushel, up $0.03 from yesterday's close. Mar 25 Wheat closed at $5.5/bushel, down $0.0225 from yesterday's close. Jan 25 Soybeans closed at $9.82/bushel, down $0.0625 from yesterday's close. Jan 25 Soymeal closed at $286.9/short ton, up $0.7 from yeste...
European Market Analysis
Regional News Last week, a vessel rammed a lock on the Moselle River in Germany, which led Euronext to suspend delivery at French delivery ports on the river for February 2025. The damage was sufficient that initial estimates cited “months” to repair the lock, but more recent news indicate...
CFTC COT Report Analysis
The major theme of the latest CFTC report is that funds continued to build length in the corn market on strong export demand and added length to seasonal record-setting long positions in livestock futures. Funds added more than 92,000 contracts to their net corn long, increasing the net positio...
Market Commentary: Dithering Through the Holidays
There is no way to make this sexy. This is a market mostly perceived to be at equilibrium. Perceptions can be wrong but with nothing else to go on, volume declined this week and, barring some surprise, will be even lower through the holidays. There was nothing unlucky about Friday the 13th, unl...
Summary of Futures
Mar 25 Corn closed at $4.42/bushel, down $0.015 from yesterday's close. Mar 25 Wheat closed at $5.5225/bushel, down $0.0625 from yesterday's close. Jan 25 Soybeans closed at $9.8825/bushel, down $0.075 from yesterday's close. Jan 25 Soymeal closed at $286.2/short ton, down $3.3 f...
Market Commentary: Grains, Oilseeds, Cattle All Fall on Exports and Technical Pressure
A disappointing Export Sales report for most of the major commodities sent CBOT futures broadly lower on Thursday. Export sales and shipments for corn, soybeans, and wheat were all on the low end of expectations and below last week’s values, which prompted traders to abandon (temporarily, at le...
Export Sales
Export Sales and Shipments for November 29-December 5, 2024.Wheat: Net sales of 290,200 metric tons (MT) for 2024/2025 were down 23 percent from the previous week and 31 percent from the prior 4-week average. Export shipments of 198,900 MT were down 38 percent from the previous week and 33 perc...
Market Commentary: Grains Firm Following Bullish WASDE; Cattle Extend Rally
Grain futures continued to find support from Tuesday’s bullish WASDE report with corn, wheat, and soybeans all trading higher, though corn futures dipped into the red during the final minutes of trading. Traders followed through on the bullish signals from the WASDE as well as increasingly bull...
Summary of Futures
Mar 25 Corn closed at $4.4825/bushel, down $0.0075 from yesterday's close. Mar 25 Wheat closed at $5.6325/bushel, up $0.015 from yesterday's close. Jan 25 Soybeans closed at $9.955/bushel, up $0.0075 from yesterday's close. Jan 25 Soymeal closed at $291.1/short ton, down $0.9 fro...
Black Sea Regional Analysis
Russian Grain Markets: 2 – 6 December 2024Export duties were the key driver followed by forex and increased freight costs for rail deliveries which are the main channel of grain delivery to the ports both from Russian territory and occupied territories of Ukraine. Before, freight was not a majo...
Wasde Corn
WASDE Corn: 2024/25 U.S. corn use for ethanol production is increased by 50 million bushels to 5.5 billion. U.S. corn exports are raised 150 million bushels to 2.5 billion. The result is that corn ending stocks are reduced by 200 million bushels to 1.7 billion. The season-average corn price rec...
Market Commentary: WASDE Increases Corn, Soyoil Demand; Cattle Rally on Cash Trade
The CBOT was mostly higher heading into the WASDE as funds were cautiously covering shorts and paring back risk before the holidays. The WASDE proved to be slightly bullish corn and mostly neutral soybeans and wheat, proving the short-covering trend to have been a good idea. Aside from the WASD...
Summary of Futures
Mar 25 Corn closed at $4.49/bushel, up $0.0725 from yesterday's close. Mar 25 Wheat closed at $5.6175/bushel, up $0.03 from yesterday's close. Jan 25 Soybeans closed at $9.9475/bushel, up $0.0475 from yesterday's close. Jan 25 Soymeal closed at $292/short ton, up $2.4 from yester...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONAn Egyptian military organization has reportedly taken over the wheat purchasing responsibility of Egypt’s GASC. Mostakbal Misr Agency, an armed forces offshoot, is said to now be fully responsible as the exclusive organi...
Market Commentary: Short Covering Ahead of the WASDE
The CBOT saw mostly WASDE-motivated short covering on Monday with funds scaling back short positions in wheat and soybeans and cautiously extending longs in the corn market. Fresh news was light for the day and traders were mostly focused on adjusting positions ahead of the WASDE. The weather r...
Summary of Futures
Mar 25 Corn closed at $4.4175/bushel, up $0.0175 from yesterday's close. Mar 25 Wheat closed at $5.5875/bushel, up $0.015 from yesterday's close. Jan 25 Soybeans closed at $9.9/bushel, down $0.0375 from yesterday's close. Jan 25 Soymeal closed at $289.6/short ton, up $2.2 from ye...
Mercosur Regional Analysis
Wheat The Argentine wheat harvest has reached 48.1 percent of the expected area, with weekly progress of 9.4 percentage points, with efforts primarily focused in the central agricultural region. Standing crops are transitioning from late grain filling to physiological maturity, with 80.7 p...
European Market Analysis
Regional News The EU and Mercosur trade blocs finally signed a free trade agreement that had been delayed and debated for 25 years or so. EU Commission President Ursula von der Leyen heralded the agreement in a press conference in Montevideo and cited the need for more free trade in the fa...
CFTC COT Report Analysis
The major theme of the latest CFTC report is funds paring back risk in corn and the soy complex heading into the December WASDE report and/or the holiday season. Corn’s range-bound trade these past two weeks prompted funds to shed 13 percent of their long position in the market and have liquida...
Market Commentary: Market Breath Holding for Tuesday
Commodity futures trading had a modest day and a modest week, but things will pick up with Tuesday’s USDA December WASDE report. Notable metrics include: Soybean meal hit a new contract low at 285.6/ST. Beef, feeders, and soymeal all closed lower today. All three wheats ended the week higher de...
Summary of Futures
Mar 25 Corn closed at $4.4/bushel, up $0.05 from yesterday's close. Mar 25 Wheat closed at $5.5725/bushel, down $0.01 from yesterday's close. Jan 25 Soybeans closed at $9.9375/bushel, up $0 from yesterday's close. Jan 25 Soymeal closed at $287.4/short ton, down $3.7 from yesterda...
Market Commentary: CBOT Turns Higher on Export Data
The CBOT moved higher on Thursday after the weekly Export Sales report provided bullish demand-side inputs for the major commodities. Corn, wheat, soybeans, and soyoil futures all pushed higher for the day with export demand seeming to pick up and remain above expectations in the case of corn,...
Summary of Futures
Mar 25 Corn closed at $4.35/bushel, up $0.05 from yesterday's close. Mar 25 Wheat closed at $5.5825/bushel, up $0.1 from yesterday's close. Jan 25 Soybeans closed at $9.9375/bushel, up $0.1 from yesterday's close. Jan 25 Soymeal closed at $291.1/short ton, down $0.8 from yesterda...
Export Sales
Export Sales and Shipments for November 22-28, 2024. Wheat: Net sales of 378,200 metric tons (MT) for 2024/2025 were up 3 percent from the previous week, but down 10 percent from the prior 4-week average. Export shipments of 322,400 MT were down 26 percent from the previous week, but up 1...
Market Commentary: New Lows for Wheat; Cattle Contemplate their Direction
The CBOT continued its mostly range-bound trading affair on Wednesday with the ag markets seeing little fresh news to drive price action one way or another. Wheat futures hit new contract lows but recovered from that selloff to end slightly higher, though the market seems committed to staying n...
Black Sea Regional Analysis
The Russian Ministry of Agriculture reported that as of 26 November, Russian farmers produced 132 MMT of grains in bunker weight which is 19.3 MMT less than a year ago. This is with the crop harvested from 97.7 percent of the area yielding only 2.82 M/ha versus 3.16/MT a year ago. Grain yields...
Summary of Futures
Mar 25 Corn closed at $4.3/bushel, down $0.0225 from yesterday's close. Mar 25 Wheat closed at $5.4825/bushel, up $0.0075 from yesterday's close. Jan 25 Soybeans closed at $9.8375/bushel, down $0.08 from yesterday's close. Jan 25 Soymeal closed at $291.9/short ton, up $1.5 from y...
Market Commentary: Firmer Trade Yields Few Gains; Cattle Continue Rally
The CBOT saw firmer trade on Tuesday, but that strength failed to develop into anything really meaningful on the charts. The soy complex saw the most widespread strength on the heels of a record-breaking U.S. crush in November, as reported by the USDA on Monday, and from Tuesday’s rally in crud...
Summary of Futures
Mar 25 Corn closed at $4.3225/bushel, down $0.0025 from yesterday's close. Mar 25 Wheat closed at $5.475/bushel, up $0.0025 from yesterday's close. Jan 25 Soybeans closed at $9.9175/bushel, up $0.065 from yesterday's close. Jan 25 Soymeal closed at $290.4/short ton, up $2.5 from...
Middle East, Mediterranean and Africa Regional Analysis
Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONIraq’s grain import requirements for 2024/25 are expected to be lower according to the FAO as a result of the good 2023/24 wheat crop. Wheat imports are seen dropping by 23 percent to about 1.8 MMT. Iraq has also added a...
Market Commentary: Tariff Tweets Threaten to Upend Typically Slow Pre-Holiday Trade
The CBOT was mixed and mostly lower to start the between-holidays trading season with the soy complex seeing the worst of the selling. Soybeans – and the oilseed complex more broadly – are seeing pressure from excellent conditions in South America as well as the political ramifications of Presi...
Mercosur Regional Analysis
November Rainfall and Crop Impacts in ArgentinaRecent rains have brought significant rain accumulation for Argentina, with precipitation in November exceeding the historical monthly average in most areas. After three years of severe drought, the rainfall is a welcome development for soil moistu...
Summary of Futures
Mar 25 Corn closed at $4.325/bushel, down $0.005 from yesterday's close. Mar 25 Wheat closed at $5.4725/bushel, down $0.0075 from yesterday's close. Jan 25 Soybeans closed at $9.8525/bushel, down $0.0425 from yesterday's close. Jan 25 Soymeal closed at $287.9/short ton, down $4 f...
European Market Analysis
Regional News Russia announced last week that it will impose its now-typical export quota on grains from 15 February though 30 June 2025. This year’s quota will be reduced to 11 MMT, or about one-third of last year’s 29-MMT quota. During the quota period, no shipments of corn, barley, and...
Export Sales
Export Sales and Shipments for November 15-21, 2024. Wheat: Net sales of 366,800 metric tons (MT) for 2024/2025 were down 33 percent from the previous week and 15 percent from the prior 4-week average. Export shipments of 433,800 MT were up noticeably from the previous week and up 89 perc...
Market Commentary: Holiday Thinned but Notable Trade
With no overnight trading for comparison and shortened trading hours today, volume was low and there were no dramatic shifts. Friday’s agricultural futures trading mostly reinforced current trends. Those include:Trading this week lopped off the most value from wheat and lean hogsThe March HRW c...
Summary of Futures
Mar 25 Corn closed at $4.33/bushel, up $0.05 from yesterday's close. Mar 25 Wheat closed at $5.48/bushel, down $0.005 from yesterday's close. Jan 25 Soybeans closed at $9.895/bushel, up $0.0075 from yesterday's close. Jan 25 Soymeal closed at $291.9/short ton, down $3.5 from yest...
Mexico Corn Market Update
Mexico has been in the commodity news a lot recently, first due to its surge in imports from the U.S. and, this week, due to Trump’s threatened tariffs against the country. Given the importance of the country for U.S. grain and other agricultural exports (not to mention imports) WPI offers the...
Market Commentary: Grains, Soyoil Sink in Pre-Holiday Trade; Soybeans, Cattle Strengthen
Pre-Thanksgiving trade is usually a light-volume, range-bound affair with few fireworks, but this year’s market action offered more interest than most. Corn futures indeed traded a tight range, but did so with surprisingly heavy volume that likely belies a rash of fund selling. Fund selling was...
Summary of Futures
Mar 25 Corn closed at $4.28/bushel, up $0 from yesterday's close. Mar 25 Wheat closed at $5.485/bushel, down $0.095 from yesterday's close. Jan 25 Soybeans closed at $9.8875/bushel, up $0.0525 from yesterday's close. Jan 25 Soymeal closed at $295.4/short ton, up $4 from yesterday...
Black Sea Regional Analysis
Russian Grain Markets: 18 – 22 November 2024Russian Vice Premier Dmitri Patrushev is confident that Russia will export up to 60 MMT of grains this season. According to Mr. Patrushev, the gross grain production this season will reach 130 MMT in standard weight, of which 83 MMT is wheat. The Vice...
Market Commentary: Corn Falls, Soyoil Rallies on Trump Tariff Plans; Hogs Hit New Highs
News from Washington continued to be the primary driver of CBOT price action again on Tuesday, with most of the day’s action coming from plans for new import tariffs from President-elect Trump. The other news from Washington is the USDA APHIS’ ban on live cattle imports from Mexico, due to the...
Summary of Futures
Dec 24 Corn closed at $4.2/bushel, down $0.0475 from yesterday's close. Mar 25 Wheat closed at $5.58/bushel, up $0.0225 from yesterday's close. Jan 25 Soybeans closed at $9.835/bushel, down $0.0225 from yesterday's close. Jan 25 Soymeal closed at $291.4/short ton, down $4.5 from...
Market Commentary: CBOT Sees Mixed Monday on Risk-off Trade; Feeder Cattle Rally on Import Ban
The holiday trading season is officially here, which means the CBOT will likely see fading volume and volatility until the new year. Ag markets reflected much of that sentiment on Monday with wheat and corn falling amid reduced concerns about the conflict in the Black Sea while soybeans and soy...
WPI Crop Progress and Conditions App (Updated 25 November)
Update for 1 April 2024: 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...
Summary of Futures
Dec 24 Corn closed at $4.2475/bushel, down $0.0075 from yesterday's close. Mar 25 Wheat closed at $5.5575/bushel, down $0.09 from yesterday's close. Jan 25 Soybeans closed at $9.8575/bushel, up $0.0225 from yesterday's close. Jan 25 Soymeal closed at $295.9/short ton, up $4.4 fro...
Mercosur Regional Analysis
Wheat High temperatures in recent days have slightly accelerated crop maturity and the harvest in Argentina. Weekly harvest progress reached 12 percent, with 30 percent of the area harvested. Yields show significant variability. In some cases, yields are improving as harvesters move into t...
Not an Orphan Crop
Sorghum marketers often characterize their commodity as an ancient grain that is drought tolerant. They deflect comments that it is an orphan crop, grown locally for local consumption. They may agree it is under-utilized. In fact, a slightly higher share (16 percent) of world sorghum production...
European Market Analysis
Regional News Eastern Ukraine and southern Russia remain unseasonably warm and dry, though the regions received beneficial rains at the end of last week. The Balkans saw unusually heavy rainfall from the same storm system. Polish protesters are planning on blocking the border with Ukr...
CFTC COT Report Analysis
Once again, the major finding of Friday’s CFTC report is that funds still remain solidly bullish corn and added another 7 percent to their long position in that market. That was particularly impressive as the week ending 19 November (the reporting deadline for the CFTC report) included days wit...
Market Commentary: Black Sea Instability and Trade War Influences
There were some jitters this week as Russia and Ukraine stepped up assaults ahead of what may become talks to end the conflict. Alongside concerns about a kinetic war is the uncertainty around the incoming Trump Administration’s aggressions in trade policy.It should be noted that geopolitical u...
Summary of Futures
Dec 24 Corn closed at $4.255/bushel, down $0.0125 from yesterday's close. Mar 25 Wheat closed at $5.6475/bushel, down $0.0475 from yesterday's close. Jan 25 Soybeans closed at $9.835/bushel, up $0.0575 from yesterday's close. Dec 24 Soymeal closed at $289.2/short ton, up $1.5 fro...
WPI Quarterly Grain Balance Sheet Forecasts
The latest updates and model runs from WPI’s grain balance sheet and pricing forecasts show that corn and wheat are likely to see stronger-than-expected demand that should create upside potential for cash and futures markets. Conversely, soybeans are expected to see weaker demand (particularly...
Export Sales
Export Sales and Shipments for November 8-14, 2024. Wheat: Net sales of 549,600 metric tons (MT) for 2024/2025 were up 45 percent from the previous week and 29 percent from the prior 4-week average. Export shipments of 133,900 MT--a marketing-year low--were down 56 percent from the previou...
Market Commentary: New Lows for Soybeans; Corn, Wheat Fall on Export Data
The CBOT was mostly lower for the day with corn, wheat, and the entire soy complex finding their way into the red for various reasons. Wheat initially rallied on rising tensions and attacks between Rusia and Ukraine, with Ukraine accusing Russia of launching an intercontinental ballistic missil...
Summary of Futures
Dec 24 Corn closed at $4.2675/bushel, down $0.035 from yesterday's close. Mar 25 Wheat closed at $5.695/bushel, down $0.0275 from yesterday's close. Jan 25 Soybeans closed at $9.7775/bushel, down $0.1275 from yesterday's close. Dec 24 Soymeal closed at $287.7/short ton, down $1.7...
Market Commentary: Soy Complex Falls on Brazilian Weather; Wheat Rises on Ukraine News
The Thanksgiving holiday isn’t until next week, but the CBOT is starting to feel like traders are taking their vacation time a little early. Trading volumes were muted on Wednesday and other than the KC wheat market and soyoil futures, none of the major ag markets made major technical moves. Ma...
Summary of Futures
Dec 24 Corn closed at $4.3025/bushel, up $0.03 from yesterday's close. Dec 24 Wheat closed at $5.525/bushel, up $0.0275 from yesterday's close. Jan 25 Soybeans closed at $9.905/bushel, down $0.08 from yesterday's close. Dec 24 Soymeal closed at $289.4/short ton, up $0.8 from yest...
Black Sea Regional Analysis
Russian Grain Markets: 11 – 15 November 2024Russian Union of Grain producers and exporters announced that winter wheat area for 2025/26 may drop to 15.4 Mha which will be the smallest planted winter crops area since 2018/19. Particularly, wheat area may drop by 0.9 Mha to 16.3 Mha, and after wi...
Market Commentary: Price Action Follows One of Two Factors
The CBOT saw distinctly mixed trade with price action being largely determined by one of two factors: either bullishness from Ukraine’s attack on interior Russia or bearishness from favorable weather in South America. Based solely upon that statement, you can probably figure out which markets d...
Summary of Futures
Dec 24 Corn closed at $4.2725/bushel, down $0.02 from yesterday's close. Dec 24 Wheat closed at $5.4975/bushel, up $0.025 from yesterday's close. Jan 25 Soybeans closed at $9.985/bushel, down $0.1125 from yesterday's close. Dec 24 Soymeal closed at $288.6/short ton, down $1.7 fro...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt’s strategic wheat reserves are at 4.6 months. This is a little lower than usual due to delays in wheat shipments from Russia.Iraq advises that is has sent 50 truckloads of aid to Syria, mainly wheat. The aid will be used to support...
Mercosur Regional Analysis
Wheat The wheat harvest in Argentina is progressing at a steady pace. Last week, the harvested area share increased by 5 percentage points, bringing the total to 17 percent of the sown area. The harvest begins in the north and gradually moves southward. In the northwest, the harvest is nea...
Market Commentary: CBOT Rallies on Ukraine War Developments, Fund Buying
The CBOT was mostly higher to start the week with markets reacting to Friday’s CFTC data as well as news that will impact the Ukraine-Russia war. First, the CFTC data showed managed money traders engaged in a surprise, massive buying spree in corn last week, a move that sparked support in futur...
Summary of Futures
Dec 24 Corn closed at $4.2925/bushel, up $0.0525 from yesterday's close. Dec 24 Wheat closed at $5.4725/bushel, up $0.1075 from yesterday's close. Jan 25 Soybeans closed at $10.0975/bushel, up $0.1125 from yesterday's close. Dec 24 Soymeal closed at $290.3/short ton, up $0.7 from...