Market Commentary: Cattle are Hot Again, Grain Not so Much
Despite assurances from Treasury Secretary Scott Bessent and the announcement this morning of nearly a half million tons of new soybean sales to China, the trade just doesn’t see the plausibility of a full 12 MMT of beans being bought near-term by Beijing. Particularly not when commitment...
Summary of Futures
Mar 26 Corn closed at $4.4475/bushel, down $0.025 from yesterday's close. Mar 26 Wheat closed at $5.3575/bushel, down $0.045 from yesterday's close. Jan 26 Soybeans closed at $11.0525/bushel, down $0.1425 from yesterday's close. Jan 26 Soymeal closed at $307.4/short ton, down...
2026 Acreage Outlook: Expected Crop Shifts Diminishing
WPI’s second fall acreage forecasts for the 2026 U.S. crop year show producers executing a mild expansion of soybean acres that will not quite offset corn area losses while simultaneously reducing wheat area. Producers are also expected to keep minor crop acreage essentially unchanged, wh...
USMCA Review Underway
U.S. trade officials have started the formal review process for the U.S.-Mexico-Canada Agreement (USMCA), inviting public comment ahead of next year's renegotiation of the pact. Under the process, the Office of the U.S. Trade Representative (USTR) will eventually be required to provide reports...
Market Commentary: Mixed Session and More Ahead
Corn and soybeans traded much the way they did in the overnight session, though wheat posted something of a reversal. There were flash sales of corn to Mexico and Colombia but no new soybeans sales, which was bearish. Treasury Secretary Scott Bessent, who is reportedly rising as a lead po...
Soybean Crushing Margins Outlook for Q1 2025
With China back in the market for U.S. soybeans and soy product margins diverging from recent patterns, soybean crushing margins are again in a state of uncertainty. Volatility in CBOT board soybean crush margins has lessened over the past month with the soybean futures rally being almost equal...
Summary of Futures
Mar 26 Corn closed at $4.4725/bushel, up $0.0375 from yesterday's close. Mar 26 Wheat closed at $5.4025/bushel, up $0.02 from yesterday's close. Jan 26 Soybeans closed at $11.195/bushel, up $0.0375 from yesterday's close. Jan 26 Soymeal closed at $311.2/short ton, down $0.1 fr...
Market Commentary: CBOT Ends Lower as Slow Export News Overrides Black Sea Tensions
The CBOT was mostly lower at mid-week with the threat of Russian attacks on Ukrainian vessels and ag infrastructure taking a backseat to the lack of export news, particularly from China. Corn, wheat, and soybeans all settled in the red for the day with soybeans leading the downside move on anot...
Waste Energy; Selective Protectionism
Waste Energy The cudgel held over agriculture-based feedstocks has typically been indirect land use. The U.S. biofuel industry is currently battling with California regulators over its calculation. Works in Progress editor Samuel Hughes identifies land use restrictions as newly common across al...
Summary of Futures
Mar 26 Corn closed at $4.435/bushel, down $0.065 from yesterday's close. Mar 26 Wheat closed at $5.3825/bushel, down $0.0275 from yesterday's close. Jan 26 Soybeans closed at $11.1575/bushel, down $0.09 from yesterday's close. Jan 26 Soymeal closed at $311.3/short ton, down $0...
CFTC COT Report Analysis
The following tables/charts reflect the CFTC's latest data release, which covers traders' positions through 21 October. The data are, obviously, delayed due to the 40-day 2025 U.S. government shutdown. While the positions below likely have little influence on today's markets or fund positioning...
FOB Prices and Freight Rates App (Updated 3 December)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Market Commentary: Cattle are Hot Again, Grain Not so Much
Despite assurances from Treasury Secretary Scott Bessent and the announcement this morning of nearly a half million tons of new soybean sales to China, the trade just doesn’t see the plausibility of a full 12 MMT of beans being bought near-term by Beijing. Particularly not when commitment...
Summary of Futures
Mar 26 Corn closed at $4.4475/bushel, down $0.025 from yesterday's close. Mar 26 Wheat closed at $5.3575/bushel, down $0.045 from yesterday's close. Jan 26 Soybeans closed at $11.0525/bushel, down $0.1425 from yesterday's close. Jan 26 Soymeal closed at $307.4/short ton, down...
2026 Acreage Outlook: Expected Crop Shifts Diminishing
WPI’s second fall acreage forecasts for the 2026 U.S. crop year show producers executing a mild expansion of soybean acres that will not quite offset corn area losses while simultaneously reducing wheat area. Producers are also expected to keep minor crop acreage essentially unchanged, wh...
USMCA Review Underway
U.S. trade officials have started the formal review process for the U.S.-Mexico-Canada Agreement (USMCA), inviting public comment ahead of next year's renegotiation of the pact. Under the process, the Office of the U.S. Trade Representative (USTR) will eventually be required to provide reports...
Market Commentary: Mixed Session and More Ahead
Corn and soybeans traded much the way they did in the overnight session, though wheat posted something of a reversal. There were flash sales of corn to Mexico and Colombia but no new soybeans sales, which was bearish. Treasury Secretary Scott Bessent, who is reportedly rising as a lead po...
Soybean Crushing Margins Outlook for Q1 2025
With China back in the market for U.S. soybeans and soy product margins diverging from recent patterns, soybean crushing margins are again in a state of uncertainty. Volatility in CBOT board soybean crush margins has lessened over the past month with the soybean futures rally being almost equal...
Summary of Futures
Mar 26 Corn closed at $4.4725/bushel, up $0.0375 from yesterday's close. Mar 26 Wheat closed at $5.4025/bushel, up $0.02 from yesterday's close. Jan 26 Soybeans closed at $11.195/bushel, up $0.0375 from yesterday's close. Jan 26 Soymeal closed at $311.2/short ton, down $0.1 fr...
Market Commentary: CBOT Ends Lower as Slow Export News Overrides Black Sea Tensions
The CBOT was mostly lower at mid-week with the threat of Russian attacks on Ukrainian vessels and ag infrastructure taking a backseat to the lack of export news, particularly from China. Corn, wheat, and soybeans all settled in the red for the day with soybeans leading the downside move on anot...
Waste Energy; Selective Protectionism
Waste Energy The cudgel held over agriculture-based feedstocks has typically been indirect land use. The U.S. biofuel industry is currently battling with California regulators over its calculation. Works in Progress editor Samuel Hughes identifies land use restrictions as newly common across al...
Summary of Futures
Mar 26 Corn closed at $4.435/bushel, down $0.065 from yesterday's close. Mar 26 Wheat closed at $5.3825/bushel, down $0.0275 from yesterday's close. Jan 26 Soybeans closed at $11.1575/bushel, down $0.09 from yesterday's close. Jan 26 Soymeal closed at $311.3/short ton, down $0...
CFTC COT Report Analysis
The following tables/charts reflect the CFTC's latest data release, which covers traders' positions through 21 October. The data are, obviously, delayed due to the 40-day 2025 U.S. government shutdown. While the positions below likely have little influence on today's markets or fund positioning...
FOB Prices and Freight Rates App (Updated 3 December)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...