Summary of Futures
Dec 26 Corn closed at $4.605/bushel, down $0.0125 from yesterday's close. Sep 26 Wheat closed at $6.3025/bushel, down $0.1025 from yesterday's close. Nov 26 Soybeans closed at $11.6875/bushel, down $0.1075 from yesterday's close. Dec 26 Soymeal closed at $310.9/short ton, down...
Market Commentary: Larger Global Supply Fears Send CBOT Lower Ahead of WASDE
What You Need to Know Today: The latest EIA Short-Term Energy Outlook forecast 2027 U.S. WTI crude oil at $65.39/brl, up about $5 from the prior forecast. President Trump late Monday claimed the U.S. has swept the entire Strait of Hormuz (SOH) for sea mines. Iran’s security council said...
Understanding Protein Content in Soymeal
Key Takeaways: Soymeal with 44 percent protein generally contains more soybean hulls and fiber, while 48 percent soymeal is more extensively dehulled, resulting in higher protein concentration and lower fiber. CBOT soymeal futures were lowered from a 48 percent to 47.5 percent protein specific...
Trade and Tariffs’ Effect on GDP for First Half of 2026
The trade deficit contracted slightly to $73.3 billion in June, a break from the volatility that has underscored international trade over the past year. Despite the small change, there was plenty of activity behind the scenes: imports fell $7.3 billion, led by crude oil, reflecting cheaper crud...
Livestock Industry Margins
Beef packer margins deteriorated sharply to -$167/head last week, down $89 from the prior week as fed cattle prices rebounded while the Choice cutout continued to weaken. The cutout slipped to $363/cwt, while fed cattle prices climbed to $235/cwt, reversing much of the recent improvement in pac...
CFTC COT Report Analysis
Favorable U.S. weather overrode the Black Sea export impacts in last week’s trade and left more bearish sentiments to dominate the CBOT. Managed money traders sold 65,000 contracts across the ag markets, reducing their all-ags net long 11 percent in the process. The biggest drivers of the...
Summary of Futures
Dec 26 Corn closed at $4.6175/bushel, down $0.0025 from yesterday's close. Sep 26 Wheat closed at $6.405/bushel, up $0.0075 from yesterday's close. Nov 26 Soybeans closed at $11.795/bushel, up $0.0325 from yesterday's close. Dec 26 Soymeal closed at $311.6/short ton, down $1.8...
Market Commentary: WASDE, Black Sea, and Iran Offer Offsetting Effects on Grain Futures
What You Need to Know Today: Tensions in the Middle East escalated over the weekend with Iran demanding the U.S. make multiple concessions that are likely non-starters before traffic can flow through the Strait of Hormuz again. Saudi Arabia, Pakistan, and Turkey signed a mutual defense agreeme...
Senate Farm Bill: What’s Next?
Senator John Boozman (R-Arkansas) has urged farmers to apply pressure on the failed farm bill during the August recess. His intent is to hold another vote on the legislation as soon as possible upon the Senate’s return from a five-week break on 14 September. From a parliamentary perspecti...
WPI Crop Progress and Conditions App (Updated 10 August)
Developer's Note: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where obs...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.3975/bushel, up $0.085 from yesterday's close. Nov 26 Soybeans closed at $11.7625/bushel, down $0.015 from yesterday's close. Dec 26 Soymeal closed at $313.4/short ton, down $3.2 from y...
Market Commentary: Attention Turns to August WASDE Yield Estimates
What You Need to Know Today: Traders are increasingly focused on next Wednesday’s August WASDE report, with corn and soybean yield estimates expected to drive the next major move in grain markets. Recent crop condition declines and late-July heat have increased uncertainty around USDA&rs...
Summary of Futures
Dec 26 Corn closed at $4.605/bushel, down $0.0125 from yesterday's close. Sep 26 Wheat closed at $6.3025/bushel, down $0.1025 from yesterday's close. Nov 26 Soybeans closed at $11.6875/bushel, down $0.1075 from yesterday's close. Dec 26 Soymeal closed at $310.9/short ton, down...
Market Commentary: Larger Global Supply Fears Send CBOT Lower Ahead of WASDE
What You Need to Know Today: The latest EIA Short-Term Energy Outlook forecast 2027 U.S. WTI crude oil at $65.39/brl, up about $5 from the prior forecast. President Trump late Monday claimed the U.S. has swept the entire Strait of Hormuz (SOH) for sea mines. Iran’s security council said...
Understanding Protein Content in Soymeal
Key Takeaways: Soymeal with 44 percent protein generally contains more soybean hulls and fiber, while 48 percent soymeal is more extensively dehulled, resulting in higher protein concentration and lower fiber. CBOT soymeal futures were lowered from a 48 percent to 47.5 percent protein specific...
Trade and Tariffs’ Effect on GDP for First Half of 2026
The trade deficit contracted slightly to $73.3 billion in June, a break from the volatility that has underscored international trade over the past year. Despite the small change, there was plenty of activity behind the scenes: imports fell $7.3 billion, led by crude oil, reflecting cheaper crud...
Livestock Industry Margins
Beef packer margins deteriorated sharply to -$167/head last week, down $89 from the prior week as fed cattle prices rebounded while the Choice cutout continued to weaken. The cutout slipped to $363/cwt, while fed cattle prices climbed to $235/cwt, reversing much of the recent improvement in pac...
CFTC COT Report Analysis
Favorable U.S. weather overrode the Black Sea export impacts in last week’s trade and left more bearish sentiments to dominate the CBOT. Managed money traders sold 65,000 contracts across the ag markets, reducing their all-ags net long 11 percent in the process. The biggest drivers of the...
Summary of Futures
Dec 26 Corn closed at $4.6175/bushel, down $0.0025 from yesterday's close. Sep 26 Wheat closed at $6.405/bushel, up $0.0075 from yesterday's close. Nov 26 Soybeans closed at $11.795/bushel, up $0.0325 from yesterday's close. Dec 26 Soymeal closed at $311.6/short ton, down $1.8...
Market Commentary: WASDE, Black Sea, and Iran Offer Offsetting Effects on Grain Futures
What You Need to Know Today: Tensions in the Middle East escalated over the weekend with Iran demanding the U.S. make multiple concessions that are likely non-starters before traffic can flow through the Strait of Hormuz again. Saudi Arabia, Pakistan, and Turkey signed a mutual defense agreeme...
Senate Farm Bill: What’s Next?
Senator John Boozman (R-Arkansas) has urged farmers to apply pressure on the failed farm bill during the August recess. His intent is to hold another vote on the legislation as soon as possible upon the Senate’s return from a five-week break on 14 September. From a parliamentary perspecti...
WPI Crop Progress and Conditions App (Updated 10 August)
Developer's Note: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where obs...
Summary of Futures
Dec 26 Corn closed at $4.62/bushel, up $0 from yesterday's close. Sep 26 Wheat closed at $6.3975/bushel, up $0.085 from yesterday's close. Nov 26 Soybeans closed at $11.7625/bushel, down $0.015 from yesterday's close. Dec 26 Soymeal closed at $313.4/short ton, down $3.2 from y...
Market Commentary: Attention Turns to August WASDE Yield Estimates
What You Need to Know Today: Traders are increasingly focused on next Wednesday’s August WASDE report, with corn and soybean yield estimates expected to drive the next major move in grain markets. Recent crop condition declines and late-July heat have increased uncertainty around USDA&rs...