Summary of Futures
Dec 26 Corn closed at $5.365/bushel, up $0.03 from yesterday's close. Dec 26 Wheat closed at $7.84/bushel, up $0.2325 from yesterday's close. Nov 26 Soybeans closed at $12.88/bushel, up $0.2 from yesterday's close. Dec 26 Soymeal closed at $348.9/short ton, up $8 from yesterda...
Market Commentary: After Bullish Week, WPI Bias is Higher but Risk Management More Important
What You Need to Know Today: Corn, wheat, and the soy complex all formed new contract or at least rally highs to close what has become one of the most uniformly bullish weeks in CBOT history. Escalations in the fighting between Russia and Ukraine and attacks on civilian merchant vessels show n...
Readout on the Fed’s Jackson Hole Meeting
The Federal Reserve Board holds an annual meeting in Jackson Hole, Wyoming, each year about this time, and this year’s meeting is now. It’s always a “must-watch” event, but this year, amidst persistent inflation and with a new Fed chairman, Kevin Warsh, it drew additiona...
An Exploration of the Colorado River and Its Many Legal and Economic Canyons
You cannot escape the vortex of opinions about water scarcity in the Western United States, especially in the drought-stricken Colorado River Basin. Agriculture is the villain in many of these editorials. Agriculture uses too much water, so it should use less, is the refrain. We all wish it was...
Summary of Futures
Dec 26 Corn closed at $5.335/bushel, down $0.03 from yesterday's close. Dec 26 Wheat closed at $7.6075/bushel, up $0.125 from yesterday's close. Nov 26 Soybeans closed at $12.68/bushel, up $0.02 from yesterday's close. Dec 26 Soymeal closed at $340.9/short ton, up $1.6 from ye...
Market Commentary: When Bottlenecks Move Markets
Macro: Trade Flows Set the Tone Persian Gulf crude flows appear to be improving, with anecdotal estimates suggesting as much as 7–8 million barrels per day may now be leaving the region — nearly double the mid-July pace. That helps explain why crude has not maintained the full geopo...
Transportation Perspectives - 27 August
Key Takeaways: The Panama Canal traded at a record $5.3 million for a transit slot this week as line-up times extend to 17 days. The difficulties transiting the Canal are supporting the PNW/Gulf spread. Tanker freight markets remain elevated as the blockade in the Strait of Hormuz continues. I...
Ethanol Margins Set to Decline; Biodiesel Margins Set to Explode
Key Takeaways: Ethanol margins continue to retreat from recent highs as rising costs – particularly corn and natural gas – offset gains in ethanol and DDGS values. WPI’s models expect ethanol margins to broadly follow their seasonal pattern, declining into the new year,...
Livestock Round Up: Ag Groups Push Back on Trump Beef Plan
As WPI reported on 21 August, President Trump has announced a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas, which stand at 26.4 percent, allowing imports at 4.4 cents per kg, a move aimed at bringing down costs f...
Why U.S. Lamb Prices Are Import-Anchored and Why Carcass Divergence Matters
Key Takeaways: Imports supply 70–75 percent of U.S. lamb disappearance, with Australia and New Zealand accounting for nearly all imported volume. The deficit is structural, not cyclical: domestic production cannot scale quickly enough to displace imports or reset the market’s refer...
Summary of Futures
Dec 26 Corn closed at $5.365/bushel, up $0.13 from yesterday's close. Dec 26 Wheat closed at $7.4825/bushel, up $0.45 from yesterday's close. Nov 26 Soybeans closed at $12.66/bushel, up $0.2825 from yesterday's close. Dec 26 Soymeal closed at $339.3/short ton, up $10.1 from ye...
Market Commentary: Export, Yield, and Attack Headlines Drive Grains to New Highs
What You Need to Know Today: The day belonged to the bulls as fund buying and technical momentum boosted corn, soybeans, and wheat to new rally or contract highs. Wheat futures exploded Wednesday around the world after Russia indicated it will increase its attacks on Ukrainian export infrastru...
Summary of Futures
Dec 26 Corn closed at $5.365/bushel, up $0.03 from yesterday's close. Dec 26 Wheat closed at $7.84/bushel, up $0.2325 from yesterday's close. Nov 26 Soybeans closed at $12.88/bushel, up $0.2 from yesterday's close. Dec 26 Soymeal closed at $348.9/short ton, up $8 from yesterda...
Market Commentary: After Bullish Week, WPI Bias is Higher but Risk Management More Important
What You Need to Know Today: Corn, wheat, and the soy complex all formed new contract or at least rally highs to close what has become one of the most uniformly bullish weeks in CBOT history. Escalations in the fighting between Russia and Ukraine and attacks on civilian merchant vessels show n...
Readout on the Fed’s Jackson Hole Meeting
The Federal Reserve Board holds an annual meeting in Jackson Hole, Wyoming, each year about this time, and this year’s meeting is now. It’s always a “must-watch” event, but this year, amidst persistent inflation and with a new Fed chairman, Kevin Warsh, it drew additiona...
An Exploration of the Colorado River and Its Many Legal and Economic Canyons
You cannot escape the vortex of opinions about water scarcity in the Western United States, especially in the drought-stricken Colorado River Basin. Agriculture is the villain in many of these editorials. Agriculture uses too much water, so it should use less, is the refrain. We all wish it was...
Summary of Futures
Dec 26 Corn closed at $5.335/bushel, down $0.03 from yesterday's close. Dec 26 Wheat closed at $7.6075/bushel, up $0.125 from yesterday's close. Nov 26 Soybeans closed at $12.68/bushel, up $0.02 from yesterday's close. Dec 26 Soymeal closed at $340.9/short ton, up $1.6 from ye...
Market Commentary: When Bottlenecks Move Markets
Macro: Trade Flows Set the Tone Persian Gulf crude flows appear to be improving, with anecdotal estimates suggesting as much as 7–8 million barrels per day may now be leaving the region — nearly double the mid-July pace. That helps explain why crude has not maintained the full geopo...
Transportation Perspectives - 27 August
Key Takeaways: The Panama Canal traded at a record $5.3 million for a transit slot this week as line-up times extend to 17 days. The difficulties transiting the Canal are supporting the PNW/Gulf spread. Tanker freight markets remain elevated as the blockade in the Strait of Hormuz continues. I...
Ethanol Margins Set to Decline; Biodiesel Margins Set to Explode
Key Takeaways: Ethanol margins continue to retreat from recent highs as rising costs – particularly corn and natural gas – offset gains in ethanol and DDGS values. WPI’s models expect ethanol margins to broadly follow their seasonal pattern, declining into the new year,...
Livestock Round Up: Ag Groups Push Back on Trump Beef Plan
As WPI reported on 21 August, President Trump has announced a 90-day window during which up to 300,000 metric tons of product for ground beef could be imported outside of tariff-rate quotas, which stand at 26.4 percent, allowing imports at 4.4 cents per kg, a move aimed at bringing down costs f...
Why U.S. Lamb Prices Are Import-Anchored and Why Carcass Divergence Matters
Key Takeaways: Imports supply 70–75 percent of U.S. lamb disappearance, with Australia and New Zealand accounting for nearly all imported volume. The deficit is structural, not cyclical: domestic production cannot scale quickly enough to displace imports or reset the market’s refer...
Summary of Futures
Dec 26 Corn closed at $5.365/bushel, up $0.13 from yesterday's close. Dec 26 Wheat closed at $7.4825/bushel, up $0.45 from yesterday's close. Nov 26 Soybeans closed at $12.66/bushel, up $0.2825 from yesterday's close. Dec 26 Soymeal closed at $339.3/short ton, up $10.1 from ye...
Market Commentary: Export, Yield, and Attack Headlines Drive Grains to New Highs
What You Need to Know Today: The day belonged to the bulls as fund buying and technical momentum boosted corn, soybeans, and wheat to new rally or contract highs. Wheat futures exploded Wednesday around the world after Russia indicated it will increase its attacks on Ukrainian export infrastru...