USMCA: A Review or a Renegotiation?
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
U.S. Juneteenth Holiday
The CBOT/CME markets and our offices will be closed tomorrow, Friday, 19 June in observance of the U.S. Juneteenth holiday. Please note that the next Ag Perspectives will be published on Monday, 22 June. ...
Naturally Resilient Crops Are Key to Drought Mitigation
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
Port of Chancay's Success Hinges on Inland Infrastructure
Key Takeaways: China has invested heavily in the Port of Chancay to strengthen trade links between South America and Asia. The port could reduce shipping times to China by up to two weeks and improve export competitiveness. Inland transportation infrastructure remains the primary obstacle to r...
New Agreements on Iran War and EU Tariffs, Questions Remain
The U.S. and Iran announced a framework peace deal. Crude oil futures dropped to $83.08, the lowest since early March. The breakthrough comes as President Trump said that if Iran failed to reach a deal, he would order renewed military attacks. An LNG tanker chartered by India’s Petronet c...
Vertical Farming: A Promising Concept Held Back by Economic Challenges
Key Takeaways: Vertical farming offers year-round production, reduced water use, and the ability to grow fresh produce closer to consumers. High electricity consumption for lighting and climate control has proven to be the industry's biggest obstacle to profitability. Large upfront investments...
Policy Roundup: NWS, Section 122 Tariffs, and Dairy Producer Agenda
New World Screwworm Another day, another case of New World Screwworm. USDA has reported nine cases of New World Screwworm (NWS) in the U.S. Of the nine reported cases, eight are located across four counties in Texas—Edwards, Gillespie, La Salle, and Zavala. Of the eight cases in Texas, si...
Regenerate, or not? You Get to Choose
It is easy to get overwhelmed by the debates surrounding farm policy and crop production, especially the current back-and-forth about regenerative agriculture. Regeneration appears to be the word of the decade, the one that won’t go away. Its ubiquity cannot be ignored; in the same way we...
Then, Now and Next - Final Thoughts
Why read this? Because Mark Twain correctly noted that “History doesn’t repeat itself, but it often rhymes.” One of the most successful commodity traders and an eventual analyst at WPI was Bob Kohlmeyer. He was a history major from Princeton. After 47 years of profession...
Celebrating Gary Blumenthal’s Retirement After a Storied Career
After more than 40 years serving the agricultural industry and leading World Perspectives, Inc., Gary Blumenthal is retiring. His career—which included time on Capitol Hill, at USDA and the White House—helped shape U.S. and international agricultural policy and guided strategic disc...
China Market Analysis
Miscellaneous Initial excitement over China’s pledges to buy American farm products has faded, as no purchases have immediately materialized. USDA Deputy Secretary Stephen Vaden said he is confident that China will meet its purchase commitments from the U.S., but market conditions and tra...
E15 Moves to Senate
In January of this year, the House passed House Resolution 375, which established an E15 Rural Domestic Energy Council and directed the council to investigate the sale of E15, to develop legislative solutions, and to submit those solutions to Congress. E15 legislation was included in a short-te...
EU Sovereignty Ruse; Imbalanced Views; USMCA Voices
EU Sovereignty Ruse For years politicians talked like banty roosters about Europe’s soft power leadership, with American leaders hoping that a strong EU would multiply the U.S. power equation. Then Donald Trump ascended to power and called Europe a Potemkin village, infuriating Brussels t...
More Cases of Screwworm in Texas Confirmed
The USDA’s Animal and Plant Health Inspection Service (APHIS) has confirmed two new cases of New World Screwworm (NWS). One was in Zavala County, Texas, the site of the first case. That case was found in a one-month-old calf, 5.6 miles from the first incident, and the quarantine effort in...
Market Commentary: Strong Jobs Report Lowers Risk Appetite
What You Need to Know Today: Non-farm payrolls rose by 172,000 jobs in May, above economist expectations of 80,000 jobs. With the job market strong, the Fed may consider raising interest rates to tame inflation. The strong jobs report was a catalyst for lower risk appetite across financial and...
Screwworm Updates; Executive Action on Import Enforcement; Bullish Jobs Report
Newworld screwworm Update The detection of New World screwworm (NWS) in Texas on Wednesday has been volatile for the cattle markets. The confirmation came on Wednesday evening, and the futures market opened sharply lower on Thursday. Market participants cited unknowns about cattle supplies and...
Man Behind the Curtain; Asia Reversal; Better Mousetrap
Man Behind the Curtain Hypocrisy is a feature and not a bug in politics, but it still deserves no mercy. EU trade minister Maros Sefcovic told Chinese Vice Commerce Minister Li Chenggang that Europe’s trade deficit with the Middle Kingdom is "unsustainable." He urged Li to address it even...
Big Ag Understood
Bernie Sanders attracted attention this week by declaring AI a “public resource” and calling for a 50 percent tax on AI companies to fund a sovereign wealth fund. Critics reacted by saying the idea proved that Sanders doesn’t understand AI or business, which is probably true o...
Black Sea Regional Analysis
Russian Grain Market, 25-29 May 2026 Russian grain markets remained firm across most of European Russia last week, while activity in Asian regions was more mixed. Farmer selling remains limited despite large carryover stocks, helping support domestic values. The spread between old-crop and new-...
Wolf Joins WPI Team as Director of Commodity Intelligence
World Perspectives, Inc. welcomes Steve Wolf as Director of Commodity Intelligence. Steve brings a broad range of agribusiness, commodity market, and consulting experience to WPI from previous roles at Tyson Foods and Informa Economics (now part of S&P Global). Steve most recently spent thr...
Tariffs II Messaging; Interstate Trade War; Oh Canada
Tariffs II Messaging President Trump’s use of IEPPA as the legal basis for last year’s reciprocal tariffs was struck down but they are returning under a different legal underpinning, Section 301. It is generally recognized that only the legal underpinning has changed while the polic...
Market Commentary: Technical Pressure, Crude Oil Decoupling Drive CBOT Selling
What You Need to Know Today: The USTR says Brazil has committed “unreasonable” acts against global trade rules and is recommending at 25 percent tariff on nearly all Brazilian ag products (unclear whether this includes beef amid President Trump’s effort to lower beef prices)...
Market Commentary: Bears Control CBOT at Least Until Weather Market Forms
What You Need to Know Today: U.S. Treasury Secretary Bessent said Friday that the U.S. has seized $1b of Iranian crypto assets. Iran’s IGGC says 15 merchant vessels, including 4 oil tankers, have passed through the Strait of Hormuz in the past 24 hours. Managed money traders...
Game of Chicken; Turnberry Precedent
Game of Chicken The U.S. and Mexico just completed an initial round of bilateral negotiations leading up to completing a joint review of the U.S. Mexico Canada Agreement (USMCA). A second round is scheduled for June 16-17 in Washington and will include agriculture as a key agenda item. A third...
Food Inflation; Last Laugh; MAHA Progress; Offense is Defense
Food Inflation The Open Markets Institute, which is notably funded by several “anonymous” donors and liberal foundations, obtained a guest editorial in the New York Times in which they blame agribusiness concentration for higher grocery prices. This is their schtick and it is politi...
Foodflation Coming Home
Since the closure of the Strait of Hormuz in February 2026, energy markets have experienced significant disruptions. Crude oil, diesel fuel, and other petroleum products rose sharply as traders responded to uncertainty in one of the world's most important shipping corridors. The question for fo...
Market Commentary: Grains and oilseeds see strength on high PCE reading, Crude oil and macros remain topsy-turvy with U.S.-Iran headline risk
What You Need to Know Today: The U.S. struck Iranian military targets for the second time this week. During a cabinet meeting, President Trump said that the Strait of Hormuz is international waters and will be open to everybody, which appears to be wishful thinking. Control of the Strait...
Responsible Use of AI; Ukraine and CAP Money
Responsible Use of AI WPI does not have an encyclical on AI but since it employs real human analysts there is a view towards the technology. In short, it is a tool that should be used responsibly. AI analysis is not bad unless it is the default. It has advanced to the point that it is no longer...
Market Commentary: Trading Headlines, Pricing Risk
Key Market Insights Today was another reminder that this market is trading headlines first, facts second. Early optimism surrounding reports of a possible U.S.-Iran memorandum of understanding helped pressure energy risk premium and kept the broader commodity space defensive. An hour later, how...
Dangerously Clueless; Old is New Category (Den of Pirates); Trade Purists
Dangerously Clueless Lazy analysts and food system critics have shifted attention temporarily from how bad our food is (UPFs,) to why it is expensive. Bloomberg correctly sites higher labor costs, tariffs, weather (El Niño), fertilizer prices, higher energy and transportation costs, the...
Black Sea Regional Analysis
Russian Grains Market, 18-22 May 2026 Last week, Russian grain markets remained bullish all over the European part of the country. This times, even the Asian regions saw prices recover to new levels. This rally occurred on the heels of zero export duties and a very strong RUB. The rally i...
China Partially Lifts HPAI Restrictions
As we reported on 19 May, China has also committed to the resumption of U.S. poultry imports from states without confirmed HPAI detections. USDA’s Animal and Plant Health Inspection Service (APHIS) has updated its China export restrictions webpage to reflect that China has lifted HPAI-rel...
Memorial Day Holiday
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
Fake Meat? On the End of the Aisle
Let’s return briefly to the fake meat hype cycle, now sitting somewhere in a dusty corner of your mind, not entirely forgotten. What happened to all those products, known as plant-based alternative proteins? They were supposed to be as good as real meat—cheaper, more environmentally...
New Trade Agreements; Hold the Beef; Where’s the Beef
New Trade Agreements U.S. and Indian officials say that bilateral trade negotiations are progressing on a comprehensive deal to expand earlier completed chapters on market access, NTBs and purchases. Prime Minister Narendra Modi has become more free trade oriented since consolidating his power...
Free Trade to State Direction; Transatlantic Concessions
Free Trade to State Direction Conceptually, American farmers are huge winners under a free trade policy promising fair and equitable terms. As critics of President Trump’s trade wars will be quick to point out, “U.S. farmers have been some of the biggest beneficiaries of U.S...
USMCA: A Review or a Renegotiation?
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
U.S. Juneteenth Holiday
The CBOT/CME markets and our offices will be closed tomorrow, Friday, 19 June in observance of the U.S. Juneteenth holiday. Please note that the next Ag Perspectives will be published on Monday, 22 June. ...
Naturally Resilient Crops Are Key to Drought Mitigation
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
Port of Chancay's Success Hinges on Inland Infrastructure
Key Takeaways: China has invested heavily in the Port of Chancay to strengthen trade links between South America and Asia. The port could reduce shipping times to China by up to two weeks and improve export competitiveness. Inland transportation infrastructure remains the primary obstacle to r...
New Agreements on Iran War and EU Tariffs, Questions Remain
The U.S. and Iran announced a framework peace deal. Crude oil futures dropped to $83.08, the lowest since early March. The breakthrough comes as President Trump said that if Iran failed to reach a deal, he would order renewed military attacks. An LNG tanker chartered by India’s Petronet c...
Vertical Farming: A Promising Concept Held Back by Economic Challenges
Key Takeaways: Vertical farming offers year-round production, reduced water use, and the ability to grow fresh produce closer to consumers. High electricity consumption for lighting and climate control has proven to be the industry's biggest obstacle to profitability. Large upfront investments...
Policy Roundup: NWS, Section 122 Tariffs, and Dairy Producer Agenda
New World Screwworm Another day, another case of New World Screwworm. USDA has reported nine cases of New World Screwworm (NWS) in the U.S. Of the nine reported cases, eight are located across four counties in Texas—Edwards, Gillespie, La Salle, and Zavala. Of the eight cases in Texas, si...
Regenerate, or not? You Get to Choose
It is easy to get overwhelmed by the debates surrounding farm policy and crop production, especially the current back-and-forth about regenerative agriculture. Regeneration appears to be the word of the decade, the one that won’t go away. Its ubiquity cannot be ignored; in the same way we...
Then, Now and Next - Final Thoughts
Why read this? Because Mark Twain correctly noted that “History doesn’t repeat itself, but it often rhymes.” One of the most successful commodity traders and an eventual analyst at WPI was Bob Kohlmeyer. He was a history major from Princeton. After 47 years of profession...
Celebrating Gary Blumenthal’s Retirement After a Storied Career
After more than 40 years serving the agricultural industry and leading World Perspectives, Inc., Gary Blumenthal is retiring. His career—which included time on Capitol Hill, at USDA and the White House—helped shape U.S. and international agricultural policy and guided strategic disc...
China Market Analysis
Miscellaneous Initial excitement over China’s pledges to buy American farm products has faded, as no purchases have immediately materialized. USDA Deputy Secretary Stephen Vaden said he is confident that China will meet its purchase commitments from the U.S., but market conditions and tra...
E15 Moves to Senate
In January of this year, the House passed House Resolution 375, which established an E15 Rural Domestic Energy Council and directed the council to investigate the sale of E15, to develop legislative solutions, and to submit those solutions to Congress. E15 legislation was included in a short-te...
EU Sovereignty Ruse; Imbalanced Views; USMCA Voices
EU Sovereignty Ruse For years politicians talked like banty roosters about Europe’s soft power leadership, with American leaders hoping that a strong EU would multiply the U.S. power equation. Then Donald Trump ascended to power and called Europe a Potemkin village, infuriating Brussels t...
More Cases of Screwworm in Texas Confirmed
The USDA’s Animal and Plant Health Inspection Service (APHIS) has confirmed two new cases of New World Screwworm (NWS). One was in Zavala County, Texas, the site of the first case. That case was found in a one-month-old calf, 5.6 miles from the first incident, and the quarantine effort in...
Market Commentary: Strong Jobs Report Lowers Risk Appetite
What You Need to Know Today: Non-farm payrolls rose by 172,000 jobs in May, above economist expectations of 80,000 jobs. With the job market strong, the Fed may consider raising interest rates to tame inflation. The strong jobs report was a catalyst for lower risk appetite across financial and...
Screwworm Updates; Executive Action on Import Enforcement; Bullish Jobs Report
Newworld screwworm Update The detection of New World screwworm (NWS) in Texas on Wednesday has been volatile for the cattle markets. The confirmation came on Wednesday evening, and the futures market opened sharply lower on Thursday. Market participants cited unknowns about cattle supplies and...
Man Behind the Curtain; Asia Reversal; Better Mousetrap
Man Behind the Curtain Hypocrisy is a feature and not a bug in politics, but it still deserves no mercy. EU trade minister Maros Sefcovic told Chinese Vice Commerce Minister Li Chenggang that Europe’s trade deficit with the Middle Kingdom is "unsustainable." He urged Li to address it even...
Big Ag Understood
Bernie Sanders attracted attention this week by declaring AI a “public resource” and calling for a 50 percent tax on AI companies to fund a sovereign wealth fund. Critics reacted by saying the idea proved that Sanders doesn’t understand AI or business, which is probably true o...
Black Sea Regional Analysis
Russian Grain Market, 25-29 May 2026 Russian grain markets remained firm across most of European Russia last week, while activity in Asian regions was more mixed. Farmer selling remains limited despite large carryover stocks, helping support domestic values. The spread between old-crop and new-...
Wolf Joins WPI Team as Director of Commodity Intelligence
World Perspectives, Inc. welcomes Steve Wolf as Director of Commodity Intelligence. Steve brings a broad range of agribusiness, commodity market, and consulting experience to WPI from previous roles at Tyson Foods and Informa Economics (now part of S&P Global). Steve most recently spent thr...
Tariffs II Messaging; Interstate Trade War; Oh Canada
Tariffs II Messaging President Trump’s use of IEPPA as the legal basis for last year’s reciprocal tariffs was struck down but they are returning under a different legal underpinning, Section 301. It is generally recognized that only the legal underpinning has changed while the polic...
Market Commentary: Technical Pressure, Crude Oil Decoupling Drive CBOT Selling
What You Need to Know Today: The USTR says Brazil has committed “unreasonable” acts against global trade rules and is recommending at 25 percent tariff on nearly all Brazilian ag products (unclear whether this includes beef amid President Trump’s effort to lower beef prices)...
Market Commentary: Bears Control CBOT at Least Until Weather Market Forms
What You Need to Know Today: U.S. Treasury Secretary Bessent said Friday that the U.S. has seized $1b of Iranian crypto assets. Iran’s IGGC says 15 merchant vessels, including 4 oil tankers, have passed through the Strait of Hormuz in the past 24 hours. Managed money traders...
Game of Chicken; Turnberry Precedent
Game of Chicken The U.S. and Mexico just completed an initial round of bilateral negotiations leading up to completing a joint review of the U.S. Mexico Canada Agreement (USMCA). A second round is scheduled for June 16-17 in Washington and will include agriculture as a key agenda item. A third...
Food Inflation; Last Laugh; MAHA Progress; Offense is Defense
Food Inflation The Open Markets Institute, which is notably funded by several “anonymous” donors and liberal foundations, obtained a guest editorial in the New York Times in which they blame agribusiness concentration for higher grocery prices. This is their schtick and it is politi...
Foodflation Coming Home
Since the closure of the Strait of Hormuz in February 2026, energy markets have experienced significant disruptions. Crude oil, diesel fuel, and other petroleum products rose sharply as traders responded to uncertainty in one of the world's most important shipping corridors. The question for fo...
Market Commentary: Grains and oilseeds see strength on high PCE reading, Crude oil and macros remain topsy-turvy with U.S.-Iran headline risk
What You Need to Know Today: The U.S. struck Iranian military targets for the second time this week. During a cabinet meeting, President Trump said that the Strait of Hormuz is international waters and will be open to everybody, which appears to be wishful thinking. Control of the Strait...
Responsible Use of AI; Ukraine and CAP Money
Responsible Use of AI WPI does not have an encyclical on AI but since it employs real human analysts there is a view towards the technology. In short, it is a tool that should be used responsibly. AI analysis is not bad unless it is the default. It has advanced to the point that it is no longer...
Market Commentary: Trading Headlines, Pricing Risk
Key Market Insights Today was another reminder that this market is trading headlines first, facts second. Early optimism surrounding reports of a possible U.S.-Iran memorandum of understanding helped pressure energy risk premium and kept the broader commodity space defensive. An hour later, how...
Dangerously Clueless; Old is New Category (Den of Pirates); Trade Purists
Dangerously Clueless Lazy analysts and food system critics have shifted attention temporarily from how bad our food is (UPFs,) to why it is expensive. Bloomberg correctly sites higher labor costs, tariffs, weather (El Niño), fertilizer prices, higher energy and transportation costs, the...
Black Sea Regional Analysis
Russian Grains Market, 18-22 May 2026 Last week, Russian grain markets remained bullish all over the European part of the country. This times, even the Asian regions saw prices recover to new levels. This rally occurred on the heels of zero export duties and a very strong RUB. The rally i...
China Partially Lifts HPAI Restrictions
As we reported on 19 May, China has also committed to the resumption of U.S. poultry imports from states without confirmed HPAI detections. USDA’s Animal and Plant Health Inspection Service (APHIS) has updated its China export restrictions webpage to reflect that China has lifted HPAI-rel...
Memorial Day Holiday
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
Fake Meat? On the End of the Aisle
Let’s return briefly to the fake meat hype cycle, now sitting somewhere in a dusty corner of your mind, not entirely forgotten. What happened to all those products, known as plant-based alternative proteins? They were supposed to be as good as real meat—cheaper, more environmentally...
New Trade Agreements; Hold the Beef; Where’s the Beef
New Trade Agreements U.S. and Indian officials say that bilateral trade negotiations are progressing on a comprehensive deal to expand earlier completed chapters on market access, NTBs and purchases. Prime Minister Narendra Modi has become more free trade oriented since consolidating his power...
Free Trade to State Direction; Transatlantic Concessions
Free Trade to State Direction Conceptually, American farmers are huge winners under a free trade policy promising fair and equitable terms. As critics of President Trump’s trade wars will be quick to point out, “U.S. farmers have been some of the biggest beneficiaries of U.S...