Livestock Industry Margins
Beef packer margins deteriorated further last week to -$85/head, down from -$17/head the prior week, as continued strength in fed cattle prices again outpaced weakening boxed beef values. The Choice cutout declined $5.14/cwt to $386.41/cwt, while fed cattle prices rose $3.78/cwt to $388.36/cwt,...
Summary of Futures
May 26 Corn closed at $4.4025/bushel, down $0.0075 from yesterday's close. May 26 Wheat closed at $5.8225/bushel, up $0.1125 from yesterday's close. May 26 Soybeans closed at $11.6225/bushel, down $0.135 from yesterday's close. May 26 Soymeal closed at $331.9/short ton, up $0...
Market Commentary: Political Tail Still Wagging the Market Dog
Politics are once again the tail wagging the dog in commodity markets. U.S. negotiations with Iran fell apart (again) over the weekend after Iran refused to agree to a permanent end of its nuclear weapons program. Rather than a return to the recent status quo, however, markets are adjusting to...
War Impacts
Commodity markets were mixed today, while Wall Street traded higher after President Trump said the Iranians still want to negotiate after he closed the Strait of Hormuz. The result is baffling to some, but the market reflects investor expectations about future corporate earnings and growth rath...
JBS Strike Settled, Beef Sector Still Under Inflationary Pressure
JBS USA announced on Sunday that it has reached a new collective bargaining agreement with UFCW Local 7, allowing the Greeley beef production facility to return to normal operations. The plant had been on strike since 16 March, with approximately 3,800 workers affected. The plant has the capaci...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts, ending a ten-week streak of net buying. Funds sold 62,000 contracts (6.4 percent) to their all-ags net long position last week with selling in corn, soybeans, and CBOT wheat respon...
Summary of Futures
May 26 Corn closed at $4.41/bushel, down $0.03 from yesterday's close. May 26 Wheat closed at $5.71/bushel, down $0.035 from yesterday's close. May 26 Soybeans closed at $11.7575/bushel, up $0.105 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, up $14.2 from...
Market Commentary: Conflicting Factors Equals Mixed Day
There are so many conflicting narratives between war and peace, rain and drought, hopes and fears, that it was a mixed day of trading on Friday, and a mixed outcome for the week. For today, corn suffered its sixth lower day in the past seven trading sessions. There was high volume in soyb...
Inflation Ramps Up on Energy and Food Away from Home
The Bureau of Labor Statistics (BLS) released the March Consumer Price Index (CPI) today, showing that it rose 0.9 percent, seasonally adjusted, month over month, after being up 0.3 percent in February, and rose 3.3 percent over the last 12 months, not seasonally adjusted. Energy was the...
Wheat’s Fall from Grace
Buried in the many mountains of USDA data last week was the March 2026 Prospective Plantings report. There you will find one specific figure among the many that was a record: USDA’s lowest ever prospective plantings estimate for wheat. It was not a surprise. U.S. wheat plantings and harve...
Transportation Perspectives - 9 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscr...
Summary of Futures
May 26 Corn closed at $4.44/bushel, down $0.0325 from yesterday's close. May 26 Wheat closed at $5.745/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.6525/bushel, up $0.0325 from yesterday's close. May 26 Soymeal closed at $317.6/short ton, up $3.5...
Livestock Industry Margins
Beef packer margins deteriorated further last week to -$85/head, down from -$17/head the prior week, as continued strength in fed cattle prices again outpaced weakening boxed beef values. The Choice cutout declined $5.14/cwt to $386.41/cwt, while fed cattle prices rose $3.78/cwt to $388.36/cwt,...
Summary of Futures
May 26 Corn closed at $4.4025/bushel, down $0.0075 from yesterday's close. May 26 Wheat closed at $5.8225/bushel, up $0.1125 from yesterday's close. May 26 Soybeans closed at $11.6225/bushel, down $0.135 from yesterday's close. May 26 Soymeal closed at $331.9/short ton, up $0...
Market Commentary: Political Tail Still Wagging the Market Dog
Politics are once again the tail wagging the dog in commodity markets. U.S. negotiations with Iran fell apart (again) over the weekend after Iran refused to agree to a permanent end of its nuclear weapons program. Rather than a return to the recent status quo, however, markets are adjusting to...
War Impacts
Commodity markets were mixed today, while Wall Street traded higher after President Trump said the Iranians still want to negotiate after he closed the Strait of Hormuz. The result is baffling to some, but the market reflects investor expectations about future corporate earnings and growth rath...
JBS Strike Settled, Beef Sector Still Under Inflationary Pressure
JBS USA announced on Sunday that it has reached a new collective bargaining agreement with UFCW Local 7, allowing the Greeley beef production facility to return to normal operations. The plant had been on strike since 16 March, with approximately 3,800 workers affected. The plant has the capaci...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts, ending a ten-week streak of net buying. Funds sold 62,000 contracts (6.4 percent) to their all-ags net long position last week with selling in corn, soybeans, and CBOT wheat respon...
Summary of Futures
May 26 Corn closed at $4.41/bushel, down $0.03 from yesterday's close. May 26 Wheat closed at $5.71/bushel, down $0.035 from yesterday's close. May 26 Soybeans closed at $11.7575/bushel, up $0.105 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, up $14.2 from...
Market Commentary: Conflicting Factors Equals Mixed Day
There are so many conflicting narratives between war and peace, rain and drought, hopes and fears, that it was a mixed day of trading on Friday, and a mixed outcome for the week. For today, corn suffered its sixth lower day in the past seven trading sessions. There was high volume in soyb...
Inflation Ramps Up on Energy and Food Away from Home
The Bureau of Labor Statistics (BLS) released the March Consumer Price Index (CPI) today, showing that it rose 0.9 percent, seasonally adjusted, month over month, after being up 0.3 percent in February, and rose 3.3 percent over the last 12 months, not seasonally adjusted. Energy was the...
Wheat’s Fall from Grace
Buried in the many mountains of USDA data last week was the March 2026 Prospective Plantings report. There you will find one specific figure among the many that was a record: USDA’s lowest ever prospective plantings estimate for wheat. It was not a surprise. U.S. wheat plantings and harve...
Transportation Perspectives - 9 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscr...
Summary of Futures
May 26 Corn closed at $4.44/bushel, down $0.0325 from yesterday's close. May 26 Wheat closed at $5.745/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.6525/bushel, up $0.0325 from yesterday's close. May 26 Soymeal closed at $317.6/short ton, up $3.5...