Recent Feed Grains Analysis
Market Commentary: Three-Factor Rally for Soy Complex; Corn Extends Gains
Overnight trade saw short covering and corrective trade in corn, soybeans, and wheat but only the former two markets were able to hold their gains. Soybeans saw a bullish day from the confluence of three factors – the NOPA crush report, fresh “flash” export sales, and Presiden...
Summary of Futures
Dec 25 Corn closed at $4.24/bushel, up $0.0425 from yesterday's close. Sep 25 Wheat closed at $5.4125/bushel, up $0.0325 from yesterday's close. Nov 25 Soybeans closed at $10.205/bushel, up $0.1875 from yesterday's close. Dec 25 Soymeal closed at $283.5/short ton, up $4 from y...
Black Sea Regional Analysis
Russian Grain Markets: 7 – 11 July 2025 The export market is drawing all the attention and in the southern (export oriented) regions of Russia, demand and hunger for more business surpass supply, thus bringing prices back to previous levels, sometimes even higher. In some regions where ha...
Market Commentary: Corn Reversal Continues; Weather, Conditions Ratings Sink Soybeans
The big move at the CBOT Tuesday was a 1¾-cent gain in December corn futures – which isn’t much but that the development followed Monday’s bullish reversal is. The strength in new crop corn defies much of the fundamental outlook and suggests traders are sensing somethin...
Summary of Futures
Dec 25 Corn closed at $4.1975/bushel, up $0.0175 from yesterday's close. Sep 25 Wheat closed at $5.38/bushel, down $0.035 from yesterday's close. Nov 25 Soybeans closed at $10.0175/bushel, down $0.0525 from yesterday's close. Dec 25 Soymeal closed at $279.5/short ton, down $2...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s annual inflation level is at 14.4 percent in the latest month, down from 16.5 percent the previous month. Egypt’s target for 65 percent self-sufficiency in wheat in 2025 has been revised by the government...
Market Commentary: Corn Posts Bullish Reversal while Soy, Wheat Slip Lower
Monday’s trade at the CBOT was interesting with corn, soybeans, and wheat all rallying off fresh contract or selloff lows overnight, but only corn holding onto those gains by the closing bell. For corn futures, the market seemed to be more focused on the USDA’s ending stocks figure...
Summary of Futures
Dec 25 Corn closed at $4.18/bushel, up $0.0575 from yesterday's close. Sep 25 Wheat closed at $5.415/bushel, down $0.035 from yesterday's close. Nov 25 Soybeans closed at $10.07/bushel, down $0.0025 from yesterday's close. Dec 25 Soymeal closed at $281.7/short ton, down $1.9 f...
WPI Crop Progress and Conditions App (Updated 14 July)
Update for 28 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 o...
Mercosur Regional Analysis
Wheat Argentina’s wheat planting is entering its final stage after a weekly advance of 12.7 percentage points at the national level, now covering 91 percent of the projected 6.7 million hectares. Regional progress of about 20 points was seen in areas previously delayed by surface wa...
European Market Analysis
Regional News President Trump announced 30 percent tariffs on imports from the EU effective 1 August even as the EU and U.S. trade negotiations continue. Western Europe saw heavy and mostly beneficial precipitation last week, but a dry trend is now emerging for the region. Last week...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money surprisingly shifting into a more bullish stance across the ag space, though still retaining a small net short. Funds cut 11,700 contacts (14.5 percent) off their small net short across all ag futures last week and now hold relatively neutral posi...
Market Commentary: Bears Resist WASDE Curveballs
U.S. crop growing weather looks near perfect. Even dry parts of Nebraska and northern Illinois have just received good relief rains. The rest of July is cooler and damp, perfect for pollination. The share of the corn crop rated Good/Excellent is 74 percent, and its 66 percent for soybeans. ...
WASDE Corn - July 2025
USDA’s July 2025 outlook for U.S. corn is a reduction in ending stocks from the June estimate of 1.75 billion bushels to 1.66 billion bushels. U.S. corn exports were increased 100 million bushels to 2.8 billion; If realized, those exports would be record high. The seasonal average farm pr...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
Summary of Futures
Dec 25 Corn closed at $4.1225/bushel, down $0.0425 from yesterday's close. Sep 25 Wheat closed at $5.45/bushel, down $0.095 from yesterday's close. Nov 25 Soybeans closed at $10.0725/bushel, down $0.065 from yesterday's close. Dec 25 Soymeal closed at $283.6/short ton, down $1...
Export Sales
Export Sales and Shipments for June 27-July 3, 2025 Wheat: Net sales of 567,800 metric tons (MT) for 2025/2026 were primarily for South Korea (90,000 MT), Japan (70,000 MT), Mexico (55,900 MT), Malaysia (55,000 MT), and the Philippines (54,400 MT) and were partly offset by reductions for the Do...
Market Commentary: Mostly Higher Ahead of Tomorrow’s WASDE
Wheat spent the session mostly higher while corn, soybeans, and soymeal bounced around treading lower but eking out gains later in the action. Part of this was position squaring ahead of tomorrow’s July WASDE report by USDA. It will be a bull/bear square off with any surprise to the bulli...
Summary of Futures
Dec 25 Corn closed at $4.165/bushel, up $0.01 from yesterday's close. Sep 25 Wheat closed at $5.545/bushel, up $0.075 from yesterday's close. Nov 25 Soybeans closed at $10.1375/bushel, up $0.065 from yesterday's close. Dec 25 Soymeal closed at $285.3/short ton, up $2.4 from ye...
WPI 20225/26 Grain Outlook: Supplies Outpace Demand Growth
Heading into the USDA’s July WASDE report on Friday, WPI offers our outlook on the 2025/26 U.S. grain balance sheets and the season-average price. The big theme from this effort is that 2025/26 grain supplies will be ample and markets will have to move lower to stimulate enough demand to...
Market Commentary: Soybeans Break Support on Good Weather; Wheat, Corn Bounce off Lows
Weather is king right now for the grain markets and with no serious threat to the silking corn and pod-setting soybean crops, that meant lower trade at the CBOT. Soybeans bore the brunt of the selling for the day with the favorable weather forecast into early August suggesting the crop will set...
Summary of Futures
Dec 25 Corn closed at $4.155/bushel, up $0.0125 from yesterday's close. Sep 25 Wheat closed at $5.47/bushel, down $0.0075 from yesterday's close. Nov 25 Soybeans closed at $10.0725/bushel, down $0.1025 from yesterday's close. Dec 25 Soymeal closed at $282.9/short ton, down $1...
Black Sea Regional Analysis
Russian Grain Markets: 30 June – 4 July 2025 During the first week of the new season 2025/26, seasonal price depreciation continued, however, delayed harvesting was helping wheat prices rebound in the south, the Russia’s main export hub. To add fuel to the fire, yields are lower com...
Market Commentary: Corn Hits New Lows while Cattle Hit New Highs
Grains markets came under pressure again on Tuesday with USDA’s positive Crop Conditions report Monday evening reassuring traders and analysts of excellent yield prospects for this year. The report was most bearish corn where ratings hit another five-year seasonal high as the crop is silk...
Summary of Futures
Dec 25 Corn closed at $4.1425/bushel, down $0.065 from yesterday's close. Sep 25 Wheat closed at $5.4775/bushel, down $0.0075 from yesterday's close. Nov 25 Soybeans closed at $10.175/bushel, down $0.0325 from yesterday's close. Dec 25 Soymeal closed at $284.3/short ton, down...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Syria reports that the wheat collected in the North/East region since 5 June is at 282,000 MT. The government adds that the wheat received this year is of lower quality due to low rainfall and high temperatures. Yemeni Houthi rebe...
CFTC COT Report Analysis
Monday’s delayed CFTC report showed managed money traders shifting from a neutral to a more bearish sentiment across the ag space. Funds added 63,000 contacts (360 percent) to their small net short across all ag futures last week and now hold a bearish position of 81,000 contracts short...
Market Commentary: Grains Sink on Ideal Weather; Cattle Rally Despite Feeder Imports Resuming
Grain markets gapped-lower on the Sunday night opening after a weekend of uneventful and favorable weather that was absent of any significant trade news. The weakness continued into the day session with corn and soybeans turning in the biggest losses for the day as the weather outlook continues...
Summary of Futures
Dec 25 Corn closed at $4.2075/bushel, down $0.1625 from yesterday's close. Sep 25 Wheat closed at $5.485/bushel, down $0.0825 from yesterday's close. Nov 25 Soybeans closed at $10.2075/bushel, down $0.285 from yesterday's close. Dec 25 Soymeal closed at $285.9/short ton, down...
Mercosur Regional Analysis
Wheat Wheat planting now covers 78.2 percent of Argentina’s projected 6.7 million hectares after a weekly advance of 5.5 percentage points. Fieldwork slowed during the second half of June due to excess moisture from persistent rains, leaving progress 2.5 points behind the five-year...
European Market Analysis
Regional News Romania moved to extend its grain import licensing system for Ukrainian products through the end of 2025. The measure is intended to minimize price and oversupply pressure on Romania’s domestic markets but disrupts the free trade flows arranged in the EU framework earl...
Market Commentary: Mixed Day But a Strong Week, And More Ahead
It was the last trading day of a shorter trading week that provided lots of inputs. It started with the Acreage and Quarterly Stocks reports, which changed little but they did confirm expectations. Weather continues to point toward ample crop supplies. President Trump teased there is a trade de...
Summary of Futures
Dec 25 Corn closed at $4.37/bushel, up $0.035 from yesterday's close. Sep 25 Wheat closed at $5.5675/bushel, down $0.0725 from yesterday's close. Nov 25 Soybeans closed at $10.4925/bushel, up $0.0125 from yesterday's close. Dec 25 Soymeal closed at $292.2/short ton, up $1.4 fr...
Market Commentary: Grain Bulls Emerge from Hibernation
Usually, one discusses bears - not bulls - emerging from hibernation, but the somewhat discongruous title of today's report is an accurate image of Wednesday's market activity. The CBOT turned sharply higher at mid-week with corn, the soy complex, wheat, and livestock futures all posting strong...
Summary of Futures
Sep 25 Corn closed at $4.18/bushel, up $0.12 from yesterday's close. Sep 25 Wheat closed at $5.64/bushel, up $0.15 from yesterday's close. Nov 25 Soybeans closed at $10.48/bushel, up $0.2075 from yesterday's close. Dec 25 Soymeal closed at $290.8/short ton, up $3.2 from yester...
Black Sea Regional Analysis
Russian Grain Markets: 23 – 27 June 2025 Grain markets remained slightly bearish because harvesting is ongoing and traditionally with and excess of grains on the market, prices are bearish. However, the first cuts of wheat showed poor results and encouraged farmers to wait and see. The av...
Market Commentary: Cattle Retreat on Import News; Corn Posts New Lows on Midwest Rains
With the June Acreage and Grain Stocks reports past, the CBOT resumed trading its favorite variable for the peak of summer – weather. For Tuesday’s trade, this meant a focus on five-year highs in corn ratings and an excellent outlook for the crop into mid-July at least, which were t...
Summary of Futures
Sep 25 Corn closed at $4.06/bushel, down $0.0325 from yesterday's close. Sep 25 Wheat closed at $5.49/bushel, up $0.1075 from yesterday's close. Nov 25 Soybeans closed at $10.2725/bushel, up $0.0025 from yesterday's close. Dec 25 Soymeal closed at $287.6/short ton, down $1.7 f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt is closing several collection centers for this year’s wheat crop due to a drop in available wheat for purchase. At the end of last week, the total government purchases were at a little over 3.9 MMT against the governme...
Market Commentary: USDA Reports Offer Few Surprises, Weather Dominates Trade Outlook
The USDA’s Grain Stocks and Acreage reports dominated the CBOT’s attention on Monday with the Noon ET release of both datasets driving the day’s action. There were relatively few surprises in the report but minor deviations from expectations helped create support in new crop s...
Summary of Futures
Sep 25 Corn closed at $4.0925/bushel, down $0.0225 from yesterday's close. Sep 25 Wheat closed at $5.3825/bushel, down $0.025 from yesterday's close. Nov 25 Soybeans closed at $10.27/bushel, up $0.0225 from yesterday's close. Aug 25 Soymeal closed at $275.8/short ton, up $0.2...
Mercosur Regional Analysis
Export Tax Update The Argentine government has officially issued a decree extending the reduction of export taxes for wheat and barley, while restoring previous rates for corn, soybeans, and soybean by-products. Much of the agricultural sector remained hopeful until the last minute, amid rumors...
CFTC COT Report Analysis
Monday’s delayed CFTC report showed managed money traders leaning mostly neutral the major ag markets last week, with activity across the grains and oilseed complex being rather subdued. Funds added just 1,997 contacts (12.8 percent) to their small net short across the ag space last week...
Summary of Futures
Jul 25 Corn closed at $4.175/bushel, up $0.08 from yesterday's close. Sep 25 Wheat closed at $5.4075/bushel, up $0.04 from yesterday's close. Nov 25 Soybeans closed at $10.2475/bushel, up $0.0825 from yesterday's close. Jul 25 Soymeal closed at $271.1/short ton, up $0.2 from y...
Market Commentary: Trade Deals, Emerging Dryness Spark CBOT Short Covering
Traders seemed content to take short risk off the table heading into the weekend with USDA’s June Acreage and Grain Stocks reports due out Monday. Funds in particular are comfortable with positions ahead of these reports and saw little reason to push markets further into oversold territor...
Summary of Futures
Jul 25 Corn closed at $4.095/bushel, down $0.0075 from yesterday's close. Sep 25 Wheat closed at $5.3675/bushel, down $0.0775 from yesterday's close. Nov 25 Soybeans closed at $10.165/bushel, down $0.02 from yesterday's close. Jul 25 Soymeal closed at $270.9/short ton, down $5...
Market Commentary: More Declines But They Slowed
The bleeding didn’t stop, but it slowed down today. Although corn and soybeans were up in the overnight and opened that way this morning, it didn’t last. It has been a very bearish week, though the declines were much shallower today than in previous days. While soybeans and wheat we...
Market Commentary: Good Weather is Bad for Bulls
The CBOT was sharply lower at mid-week with favorable weather for the U.S. 2025 spring crops and weaker global grain markets exacting a heavy toll. Notable among the day’s moves were the new contract lows in corn and soymeal and soybeans’ move back below the prices they traded just...
Summary of Futures
Jul 25 Corn closed at $4.1025/bushel, down $0.06 from yesterday's close. Sep 25 Wheat closed at $5.445/bushel, down $0.075 from yesterday's close. Jul 25 Soybeans closed at $10.2525/bushel, down $0.215 from yesterday's close. Jul 25 Soymeal closed at $276/short ton, down $4.5...
Black Sea Regional Analysis
Russian Grain Markets: 16 – 20 June 2025 Grain markets plummeted to seasonally low price levels which are usually established at the beginning of the season. This was probably the straw that broke the camels back and it is hard to see prices any lower. But on the other hand, the month of...
Market Commentary: Grains, Oil Fall on Risk-off Trade after Middle East Ceasefire
The biggest drive of the CBOT’s Tuesday trade had little to do with grain markets themselves and, rather, was primarily focused on risk and positioning dynamics following the apparent Israel-Iran ceasefire agreement. While both sides have apparently agreed to some sort of ceasefire deal,...
Summary of Futures
Jul 25 Corn closed at $4.1625/bushel, down $0.03 from yesterday's close. Sep 25 Wheat closed at $5.52/bushel, down $0.175 from yesterday's close. Jul 25 Soybeans closed at $10.4675/bushel, down $0.12 from yesterday's close. Jul 25 Soymeal closed at $280.5/short ton, down $1.9...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Jordan’s wheat reserves are reportedly at 10 month consumption with barley supply at 8 months consumption. Jordan is increasing its grain storage capacity to a level that will allow as much as 16 months of wheat supply. Egyp...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...
Market Commentary: Weather Not War Tanks the Market
Ags were mostly bearish on weather and an expected improving Crop Progress report, though the latter did not turn out that way. Equities opened partly in the red but quickly shifted green and stayed that way even after Iran launched missiles at U.S. bases in Qatar and Iraq. Save for hogs and Fe...
Summary of Futures
Jul 25 Corn closed at $4.1925/bushel, down $0.095 from yesterday's close. Sep 25 Wheat closed at $5.695/bushel, down $0.14 from yesterday's close. Jul 25 Soybeans closed at $10.5875/bushel, down $0.0925 from yesterday's close. Jul 25 Soymeal closed at $282.4/short ton, down $1...
Mercosur Regional Analysis
Wheat Argentina’s wheat planting advanced by 21.8 percentage points last week and now covers 60.3 percent of the projected 6.7 Mha for the 2025/26 season. This pace is above the historical average but remains 5 percentage points behind last year’s progress. In the core product...
European Market Analysis
Regional News The weather patterns remain unfavorable for EU and UK summer crop development with above-average temperatures forecast for the next 15 days. The hot temperatures will combine with below-normal rainfall to offer significant chances at crop stress heading into mid-July. The la...
Market Commentary: A Day and a Week of Surprises
There isn’t always a common theme across markets. Sometimes a session starts amid diverse influences. Sometimes, shorts or longs will dominate an open, then be tested by participants with different ideas. Each jockeying to have their way. Today’s trading opened bearishly for major g...
Summary of Futures
Jul 25 Corn closed at $4.2875/bushel, down $0.0475 from yesterday's close. Jul 25 Wheat closed at $5.6775/bushel, down $0.065 from yesterday's close. Jul 25 Soybeans closed at $10.68/bushel, down $0.0675 from yesterday's close. Jul 25 Soymeal closed at $284.1/short ton, down $...
Summary of Futures
Jul 25 Corn closed at $4.3275/bushel, down $0.0075 from yesterday's close. Jul 25 Wheat closed at $5.7375/bushel, down $0.005 from yesterday's close. Jul 25 Soybeans closed at $10.7275/bushel, down $0.02 from yesterday's close. Jul 25 Soymeal closed at $284.9/short ton, up $0...
Market Commentary: Wheat and War Rattle Ahead of Holiday
Corn and soybeans closed lower overnight and danced that way this morning but once again could not resist the pull of wheat higher. The wheat market doubled down on yesterday’s weather premium mood as the Southern Plains remain overly wet. The Fed walked back some of its previous alarm be...
Summary of Futures
Jul 25 Corn closed at $4.335/bushel, up $0.02 from yesterday's close. Jul 25 Wheat closed at $5.7425/bushel, up $0.2525 from yesterday's close. Jul 25 Soybeans closed at $10.7475/bushel, up $0.0075 from yesterday's close. Jul 25 Soymeal closed at $284.9/short ton, down $0.2 fr...
Black Sea Regional Analysis
Russian Grain Markets: 9 – 13 June 2025 The grains market saw no major changes especially with two days of holidays when the country celebrated Russia day. The new crop smell is in the air with annexed Crimea already harvesting. This season the crop in Crimea will be poor because the irri...
Market Commentary: Grain Consolidation Begins while Cattle Correction Continues
With the notable exception of soyoil, the CBOT was mostly higher on Tuesday with funds covering shorts ahead of the midweek holiday amid a few bullish headlines. Wheat was the upside leader as harvest delays and quality concerns mount for the Southern Plains HRW crop amid persistent rains. Soyb...
Summary of Futures
Jul 25 Corn closed at $4.315/bushel, down $0.0325 from yesterday's close. Jul 25 Wheat closed at $5.49/bushel, up $0.125 from yesterday's close. Jul 25 Soybeans closed at $10.74/bushel, up $0.0425 from yesterday's close. Jul 25 Soymeal closed at $285.1/short ton, up $1.4 from...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkish officials announced that the cost of vessels passing through the Bosphorus/Dardanelles will increase by 15 percent on 1 July. The new tariff is set at $5.83 per MT and will affect all grain/oilseed items from the Black Sea...
Market Commentary: Soyoil Locks Limit Up Again; Wheat, Corn Fall; New Highs for Hogs
Soyoil remained the star of the CBOT on Monday and locked limit-up for the second day following the surprisingly bullish EPA RVO mandates released Friday. That carried soybeans and ICE canola futures higher – along with other vegoil markets – for the day, but soybean and soyoil were...
Summary of Futures
Jul 25 Corn closed at $4.3475/bushel, down $0.0975 from yesterday's close. Jul 25 Wheat closed at $5.365/bushel, down $0.0725 from yesterday's close. Jul 25 Soybeans closed at $10.6975/bushel, up $0 from yesterday's close. Jul 25 Soymeal closed at $283.7/short ton, down $8.2 f...
Mercosur Regional Analysis
Corn Argentina’s corn harvest continues to advance slowly, with a weekly gain of less than 3 percent bringing nationwide progress to nearly 47 percent. Harvesting has begun in northwest Argentina with low but expected yields, while results are better in the Central-West region of Có...
European Market Analysis
Regional News Global grain and oilseed markets are reacting to several shocks that occurred last week, most notably the EPA’s surprise bullish renewable fuel obligations for the U.S. and the Israel-Iran conflict. Oil futures are sharply higher on the Middle East conflict that threat...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money traders became slightly more bullish the major ag market last week, due primarily to strong buying in the livestock and wheat complexes. Funds pared back bearish bets across the ag space by 28 percent (26,700 contracts) last week and now hold a re...
Market Commentary: Three-Factor Rally for Soy Complex; Corn Extends Gains
Overnight trade saw short covering and corrective trade in corn, soybeans, and wheat but only the former two markets were able to hold their gains. Soybeans saw a bullish day from the confluence of three factors – the NOPA crush report, fresh “flash” export sales, and Presiden...
Summary of Futures
Dec 25 Corn closed at $4.24/bushel, up $0.0425 from yesterday's close. Sep 25 Wheat closed at $5.4125/bushel, up $0.0325 from yesterday's close. Nov 25 Soybeans closed at $10.205/bushel, up $0.1875 from yesterday's close. Dec 25 Soymeal closed at $283.5/short ton, up $4 from y...
Black Sea Regional Analysis
Russian Grain Markets: 7 – 11 July 2025 The export market is drawing all the attention and in the southern (export oriented) regions of Russia, demand and hunger for more business surpass supply, thus bringing prices back to previous levels, sometimes even higher. In some regions where ha...
Market Commentary: Corn Reversal Continues; Weather, Conditions Ratings Sink Soybeans
The big move at the CBOT Tuesday was a 1¾-cent gain in December corn futures – which isn’t much but that the development followed Monday’s bullish reversal is. The strength in new crop corn defies much of the fundamental outlook and suggests traders are sensing somethin...
Summary of Futures
Dec 25 Corn closed at $4.1975/bushel, up $0.0175 from yesterday's close. Sep 25 Wheat closed at $5.38/bushel, down $0.035 from yesterday's close. Nov 25 Soybeans closed at $10.0175/bushel, down $0.0525 from yesterday's close. Dec 25 Soymeal closed at $279.5/short ton, down $2...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s annual inflation level is at 14.4 percent in the latest month, down from 16.5 percent the previous month. Egypt’s target for 65 percent self-sufficiency in wheat in 2025 has been revised by the government...
Market Commentary: Corn Posts Bullish Reversal while Soy, Wheat Slip Lower
Monday’s trade at the CBOT was interesting with corn, soybeans, and wheat all rallying off fresh contract or selloff lows overnight, but only corn holding onto those gains by the closing bell. For corn futures, the market seemed to be more focused on the USDA’s ending stocks figure...
Summary of Futures
Dec 25 Corn closed at $4.18/bushel, up $0.0575 from yesterday's close. Sep 25 Wheat closed at $5.415/bushel, down $0.035 from yesterday's close. Nov 25 Soybeans closed at $10.07/bushel, down $0.0025 from yesterday's close. Dec 25 Soymeal closed at $281.7/short ton, down $1.9 f...
WPI Crop Progress and Conditions App (Updated 14 July)
Update for 28 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 o...
Mercosur Regional Analysis
Wheat Argentina’s wheat planting is entering its final stage after a weekly advance of 12.7 percentage points at the national level, now covering 91 percent of the projected 6.7 million hectares. Regional progress of about 20 points was seen in areas previously delayed by surface wa...
European Market Analysis
Regional News President Trump announced 30 percent tariffs on imports from the EU effective 1 August even as the EU and U.S. trade negotiations continue. Western Europe saw heavy and mostly beneficial precipitation last week, but a dry trend is now emerging for the region. Last week...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money surprisingly shifting into a more bullish stance across the ag space, though still retaining a small net short. Funds cut 11,700 contacts (14.5 percent) off their small net short across all ag futures last week and now hold relatively neutral posi...
Market Commentary: Bears Resist WASDE Curveballs
U.S. crop growing weather looks near perfect. Even dry parts of Nebraska and northern Illinois have just received good relief rains. The rest of July is cooler and damp, perfect for pollination. The share of the corn crop rated Good/Excellent is 74 percent, and its 66 percent for soybeans. ...
WASDE Corn - July 2025
USDA’s July 2025 outlook for U.S. corn is a reduction in ending stocks from the June estimate of 1.75 billion bushels to 1.66 billion bushels. U.S. corn exports were increased 100 million bushels to 2.8 billion; If realized, those exports would be record high. The seasonal average farm pr...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
Summary of Futures
Dec 25 Corn closed at $4.1225/bushel, down $0.0425 from yesterday's close. Sep 25 Wheat closed at $5.45/bushel, down $0.095 from yesterday's close. Nov 25 Soybeans closed at $10.0725/bushel, down $0.065 from yesterday's close. Dec 25 Soymeal closed at $283.6/short ton, down $1...
Export Sales
Export Sales and Shipments for June 27-July 3, 2025 Wheat: Net sales of 567,800 metric tons (MT) for 2025/2026 were primarily for South Korea (90,000 MT), Japan (70,000 MT), Mexico (55,900 MT), Malaysia (55,000 MT), and the Philippines (54,400 MT) and were partly offset by reductions for the Do...
Market Commentary: Mostly Higher Ahead of Tomorrow’s WASDE
Wheat spent the session mostly higher while corn, soybeans, and soymeal bounced around treading lower but eking out gains later in the action. Part of this was position squaring ahead of tomorrow’s July WASDE report by USDA. It will be a bull/bear square off with any surprise to the bulli...
Summary of Futures
Dec 25 Corn closed at $4.165/bushel, up $0.01 from yesterday's close. Sep 25 Wheat closed at $5.545/bushel, up $0.075 from yesterday's close. Nov 25 Soybeans closed at $10.1375/bushel, up $0.065 from yesterday's close. Dec 25 Soymeal closed at $285.3/short ton, up $2.4 from ye...
WPI 20225/26 Grain Outlook: Supplies Outpace Demand Growth
Heading into the USDA’s July WASDE report on Friday, WPI offers our outlook on the 2025/26 U.S. grain balance sheets and the season-average price. The big theme from this effort is that 2025/26 grain supplies will be ample and markets will have to move lower to stimulate enough demand to...
Market Commentary: Soybeans Break Support on Good Weather; Wheat, Corn Bounce off Lows
Weather is king right now for the grain markets and with no serious threat to the silking corn and pod-setting soybean crops, that meant lower trade at the CBOT. Soybeans bore the brunt of the selling for the day with the favorable weather forecast into early August suggesting the crop will set...
Summary of Futures
Dec 25 Corn closed at $4.155/bushel, up $0.0125 from yesterday's close. Sep 25 Wheat closed at $5.47/bushel, down $0.0075 from yesterday's close. Nov 25 Soybeans closed at $10.0725/bushel, down $0.1025 from yesterday's close. Dec 25 Soymeal closed at $282.9/short ton, down $1...
Black Sea Regional Analysis
Russian Grain Markets: 30 June – 4 July 2025 During the first week of the new season 2025/26, seasonal price depreciation continued, however, delayed harvesting was helping wheat prices rebound in the south, the Russia’s main export hub. To add fuel to the fire, yields are lower com...
Market Commentary: Corn Hits New Lows while Cattle Hit New Highs
Grains markets came under pressure again on Tuesday with USDA’s positive Crop Conditions report Monday evening reassuring traders and analysts of excellent yield prospects for this year. The report was most bearish corn where ratings hit another five-year seasonal high as the crop is silk...
Summary of Futures
Dec 25 Corn closed at $4.1425/bushel, down $0.065 from yesterday's close. Sep 25 Wheat closed at $5.4775/bushel, down $0.0075 from yesterday's close. Nov 25 Soybeans closed at $10.175/bushel, down $0.0325 from yesterday's close. Dec 25 Soymeal closed at $284.3/short ton, down...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Syria reports that the wheat collected in the North/East region since 5 June is at 282,000 MT. The government adds that the wheat received this year is of lower quality due to low rainfall and high temperatures. Yemeni Houthi rebe...
CFTC COT Report Analysis
Monday’s delayed CFTC report showed managed money traders shifting from a neutral to a more bearish sentiment across the ag space. Funds added 63,000 contacts (360 percent) to their small net short across all ag futures last week and now hold a bearish position of 81,000 contracts short...
Market Commentary: Grains Sink on Ideal Weather; Cattle Rally Despite Feeder Imports Resuming
Grain markets gapped-lower on the Sunday night opening after a weekend of uneventful and favorable weather that was absent of any significant trade news. The weakness continued into the day session with corn and soybeans turning in the biggest losses for the day as the weather outlook continues...
Summary of Futures
Dec 25 Corn closed at $4.2075/bushel, down $0.1625 from yesterday's close. Sep 25 Wheat closed at $5.485/bushel, down $0.0825 from yesterday's close. Nov 25 Soybeans closed at $10.2075/bushel, down $0.285 from yesterday's close. Dec 25 Soymeal closed at $285.9/short ton, down...
Mercosur Regional Analysis
Wheat Wheat planting now covers 78.2 percent of Argentina’s projected 6.7 million hectares after a weekly advance of 5.5 percentage points. Fieldwork slowed during the second half of June due to excess moisture from persistent rains, leaving progress 2.5 points behind the five-year...
European Market Analysis
Regional News Romania moved to extend its grain import licensing system for Ukrainian products through the end of 2025. The measure is intended to minimize price and oversupply pressure on Romania’s domestic markets but disrupts the free trade flows arranged in the EU framework earl...
Market Commentary: Mixed Day But a Strong Week, And More Ahead
It was the last trading day of a shorter trading week that provided lots of inputs. It started with the Acreage and Quarterly Stocks reports, which changed little but they did confirm expectations. Weather continues to point toward ample crop supplies. President Trump teased there is a trade de...
Summary of Futures
Dec 25 Corn closed at $4.37/bushel, up $0.035 from yesterday's close. Sep 25 Wheat closed at $5.5675/bushel, down $0.0725 from yesterday's close. Nov 25 Soybeans closed at $10.4925/bushel, up $0.0125 from yesterday's close. Dec 25 Soymeal closed at $292.2/short ton, up $1.4 fr...
Market Commentary: Grain Bulls Emerge from Hibernation
Usually, one discusses bears - not bulls - emerging from hibernation, but the somewhat discongruous title of today's report is an accurate image of Wednesday's market activity. The CBOT turned sharply higher at mid-week with corn, the soy complex, wheat, and livestock futures all posting strong...
Summary of Futures
Sep 25 Corn closed at $4.18/bushel, up $0.12 from yesterday's close. Sep 25 Wheat closed at $5.64/bushel, up $0.15 from yesterday's close. Nov 25 Soybeans closed at $10.48/bushel, up $0.2075 from yesterday's close. Dec 25 Soymeal closed at $290.8/short ton, up $3.2 from yester...
Black Sea Regional Analysis
Russian Grain Markets: 23 – 27 June 2025 Grain markets remained slightly bearish because harvesting is ongoing and traditionally with and excess of grains on the market, prices are bearish. However, the first cuts of wheat showed poor results and encouraged farmers to wait and see. The av...
Market Commentary: Cattle Retreat on Import News; Corn Posts New Lows on Midwest Rains
With the June Acreage and Grain Stocks reports past, the CBOT resumed trading its favorite variable for the peak of summer – weather. For Tuesday’s trade, this meant a focus on five-year highs in corn ratings and an excellent outlook for the crop into mid-July at least, which were t...
Summary of Futures
Sep 25 Corn closed at $4.06/bushel, down $0.0325 from yesterday's close. Sep 25 Wheat closed at $5.49/bushel, up $0.1075 from yesterday's close. Nov 25 Soybeans closed at $10.2725/bushel, up $0.0025 from yesterday's close. Dec 25 Soymeal closed at $287.6/short ton, down $1.7 f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt is closing several collection centers for this year’s wheat crop due to a drop in available wheat for purchase. At the end of last week, the total government purchases were at a little over 3.9 MMT against the governme...
Market Commentary: USDA Reports Offer Few Surprises, Weather Dominates Trade Outlook
The USDA’s Grain Stocks and Acreage reports dominated the CBOT’s attention on Monday with the Noon ET release of both datasets driving the day’s action. There were relatively few surprises in the report but minor deviations from expectations helped create support in new crop s...
Summary of Futures
Sep 25 Corn closed at $4.0925/bushel, down $0.0225 from yesterday's close. Sep 25 Wheat closed at $5.3825/bushel, down $0.025 from yesterday's close. Nov 25 Soybeans closed at $10.27/bushel, up $0.0225 from yesterday's close. Aug 25 Soymeal closed at $275.8/short ton, up $0.2...
Mercosur Regional Analysis
Export Tax Update The Argentine government has officially issued a decree extending the reduction of export taxes for wheat and barley, while restoring previous rates for corn, soybeans, and soybean by-products. Much of the agricultural sector remained hopeful until the last minute, amid rumors...
CFTC COT Report Analysis
Monday’s delayed CFTC report showed managed money traders leaning mostly neutral the major ag markets last week, with activity across the grains and oilseed complex being rather subdued. Funds added just 1,997 contacts (12.8 percent) to their small net short across the ag space last week...
Summary of Futures
Jul 25 Corn closed at $4.175/bushel, up $0.08 from yesterday's close. Sep 25 Wheat closed at $5.4075/bushel, up $0.04 from yesterday's close. Nov 25 Soybeans closed at $10.2475/bushel, up $0.0825 from yesterday's close. Jul 25 Soymeal closed at $271.1/short ton, up $0.2 from y...
Market Commentary: Trade Deals, Emerging Dryness Spark CBOT Short Covering
Traders seemed content to take short risk off the table heading into the weekend with USDA’s June Acreage and Grain Stocks reports due out Monday. Funds in particular are comfortable with positions ahead of these reports and saw little reason to push markets further into oversold territor...
Summary of Futures
Jul 25 Corn closed at $4.095/bushel, down $0.0075 from yesterday's close. Sep 25 Wheat closed at $5.3675/bushel, down $0.0775 from yesterday's close. Nov 25 Soybeans closed at $10.165/bushel, down $0.02 from yesterday's close. Jul 25 Soymeal closed at $270.9/short ton, down $5...
Market Commentary: More Declines But They Slowed
The bleeding didn’t stop, but it slowed down today. Although corn and soybeans were up in the overnight and opened that way this morning, it didn’t last. It has been a very bearish week, though the declines were much shallower today than in previous days. While soybeans and wheat we...
Market Commentary: Good Weather is Bad for Bulls
The CBOT was sharply lower at mid-week with favorable weather for the U.S. 2025 spring crops and weaker global grain markets exacting a heavy toll. Notable among the day’s moves were the new contract lows in corn and soymeal and soybeans’ move back below the prices they traded just...
Summary of Futures
Jul 25 Corn closed at $4.1025/bushel, down $0.06 from yesterday's close. Sep 25 Wheat closed at $5.445/bushel, down $0.075 from yesterday's close. Jul 25 Soybeans closed at $10.2525/bushel, down $0.215 from yesterday's close. Jul 25 Soymeal closed at $276/short ton, down $4.5...
Black Sea Regional Analysis
Russian Grain Markets: 16 – 20 June 2025 Grain markets plummeted to seasonally low price levels which are usually established at the beginning of the season. This was probably the straw that broke the camels back and it is hard to see prices any lower. But on the other hand, the month of...
Market Commentary: Grains, Oil Fall on Risk-off Trade after Middle East Ceasefire
The biggest drive of the CBOT’s Tuesday trade had little to do with grain markets themselves and, rather, was primarily focused on risk and positioning dynamics following the apparent Israel-Iran ceasefire agreement. While both sides have apparently agreed to some sort of ceasefire deal,...
Summary of Futures
Jul 25 Corn closed at $4.1625/bushel, down $0.03 from yesterday's close. Sep 25 Wheat closed at $5.52/bushel, down $0.175 from yesterday's close. Jul 25 Soybeans closed at $10.4675/bushel, down $0.12 from yesterday's close. Jul 25 Soymeal closed at $280.5/short ton, down $1.9...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Jordan’s wheat reserves are reportedly at 10 month consumption with barley supply at 8 months consumption. Jordan is increasing its grain storage capacity to a level that will allow as much as 16 months of wheat supply. Egyp...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...
Market Commentary: Weather Not War Tanks the Market
Ags were mostly bearish on weather and an expected improving Crop Progress report, though the latter did not turn out that way. Equities opened partly in the red but quickly shifted green and stayed that way even after Iran launched missiles at U.S. bases in Qatar and Iraq. Save for hogs and Fe...
Summary of Futures
Jul 25 Corn closed at $4.1925/bushel, down $0.095 from yesterday's close. Sep 25 Wheat closed at $5.695/bushel, down $0.14 from yesterday's close. Jul 25 Soybeans closed at $10.5875/bushel, down $0.0925 from yesterday's close. Jul 25 Soymeal closed at $282.4/short ton, down $1...
Mercosur Regional Analysis
Wheat Argentina’s wheat planting advanced by 21.8 percentage points last week and now covers 60.3 percent of the projected 6.7 Mha for the 2025/26 season. This pace is above the historical average but remains 5 percentage points behind last year’s progress. In the core product...
European Market Analysis
Regional News The weather patterns remain unfavorable for EU and UK summer crop development with above-average temperatures forecast for the next 15 days. The hot temperatures will combine with below-normal rainfall to offer significant chances at crop stress heading into mid-July. The la...
Market Commentary: A Day and a Week of Surprises
There isn’t always a common theme across markets. Sometimes a session starts amid diverse influences. Sometimes, shorts or longs will dominate an open, then be tested by participants with different ideas. Each jockeying to have their way. Today’s trading opened bearishly for major g...
Summary of Futures
Jul 25 Corn closed at $4.2875/bushel, down $0.0475 from yesterday's close. Jul 25 Wheat closed at $5.6775/bushel, down $0.065 from yesterday's close. Jul 25 Soybeans closed at $10.68/bushel, down $0.0675 from yesterday's close. Jul 25 Soymeal closed at $284.1/short ton, down $...
Summary of Futures
Jul 25 Corn closed at $4.3275/bushel, down $0.0075 from yesterday's close. Jul 25 Wheat closed at $5.7375/bushel, down $0.005 from yesterday's close. Jul 25 Soybeans closed at $10.7275/bushel, down $0.02 from yesterday's close. Jul 25 Soymeal closed at $284.9/short ton, up $0...
Market Commentary: Wheat and War Rattle Ahead of Holiday
Corn and soybeans closed lower overnight and danced that way this morning but once again could not resist the pull of wheat higher. The wheat market doubled down on yesterday’s weather premium mood as the Southern Plains remain overly wet. The Fed walked back some of its previous alarm be...
Summary of Futures
Jul 25 Corn closed at $4.335/bushel, up $0.02 from yesterday's close. Jul 25 Wheat closed at $5.7425/bushel, up $0.2525 from yesterday's close. Jul 25 Soybeans closed at $10.7475/bushel, up $0.0075 from yesterday's close. Jul 25 Soymeal closed at $284.9/short ton, down $0.2 fr...
Black Sea Regional Analysis
Russian Grain Markets: 9 – 13 June 2025 The grains market saw no major changes especially with two days of holidays when the country celebrated Russia day. The new crop smell is in the air with annexed Crimea already harvesting. This season the crop in Crimea will be poor because the irri...
Market Commentary: Grain Consolidation Begins while Cattle Correction Continues
With the notable exception of soyoil, the CBOT was mostly higher on Tuesday with funds covering shorts ahead of the midweek holiday amid a few bullish headlines. Wheat was the upside leader as harvest delays and quality concerns mount for the Southern Plains HRW crop amid persistent rains. Soyb...
Summary of Futures
Jul 25 Corn closed at $4.315/bushel, down $0.0325 from yesterday's close. Jul 25 Wheat closed at $5.49/bushel, up $0.125 from yesterday's close. Jul 25 Soybeans closed at $10.74/bushel, up $0.0425 from yesterday's close. Jul 25 Soymeal closed at $285.1/short ton, up $1.4 from...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkish officials announced that the cost of vessels passing through the Bosphorus/Dardanelles will increase by 15 percent on 1 July. The new tariff is set at $5.83 per MT and will affect all grain/oilseed items from the Black Sea...
Market Commentary: Soyoil Locks Limit Up Again; Wheat, Corn Fall; New Highs for Hogs
Soyoil remained the star of the CBOT on Monday and locked limit-up for the second day following the surprisingly bullish EPA RVO mandates released Friday. That carried soybeans and ICE canola futures higher – along with other vegoil markets – for the day, but soybean and soyoil were...
Summary of Futures
Jul 25 Corn closed at $4.3475/bushel, down $0.0975 from yesterday's close. Jul 25 Wheat closed at $5.365/bushel, down $0.0725 from yesterday's close. Jul 25 Soybeans closed at $10.6975/bushel, up $0 from yesterday's close. Jul 25 Soymeal closed at $283.7/short ton, down $8.2 f...
Mercosur Regional Analysis
Corn Argentina’s corn harvest continues to advance slowly, with a weekly gain of less than 3 percent bringing nationwide progress to nearly 47 percent. Harvesting has begun in northwest Argentina with low but expected yields, while results are better in the Central-West region of Có...
European Market Analysis
Regional News Global grain and oilseed markets are reacting to several shocks that occurred last week, most notably the EPA’s surprise bullish renewable fuel obligations for the U.S. and the Israel-Iran conflict. Oil futures are sharply higher on the Middle East conflict that threat...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money traders became slightly more bullish the major ag market last week, due primarily to strong buying in the livestock and wheat complexes. Funds pared back bearish bets across the ag space by 28 percent (26,700 contracts) last week and now hold a re...