Market Commentary: USDA Surprises; Market Marches Its Own Beat
While there was some red flashing early in today’s trading session, by the close all major grain and oilseed contracts were in the green. Ahead of USDA’s September WASDE report, the trade was focused on yield cuts, which had also been the principal output of various private sector c...
WASDE Soybeans - Sep 2025
Soybeans – USDA’s Sep 2025 outlook is for higher U.S. ending stocks to 300 million bushels, up 10 million from last month. The U.S. seasonal average soybean price is forecast at $10.00 per bushel, down $0.10 from last month. The soybean meal and the soybean oil prices are unchanged...
WASDE Corn - Sep 2025
Corn – USDA’s Sep 2025 outlook is for greater supplies, larger exports, and a slight reduction in ending stocks by 7 million bushels to 2.1 billion. The seasonal average price for corn received by producers is unchanged at $3.90 per bushel. World corn ending stocks are down 1.1 mill...
WASDE Wheat - Sep 2025
Wheat - USDA’s Sep 2025 outlook is for U.S. total wheat exports to increase by 25 million bushels to 900 million. That reduced ending stocks by 25 million bushels to 844 million - slightly less than last year. The projected 2025/26 seasonal average farm price is reduced by $0.20 per bushe...
Summary of Futures
Dec 25 Corn closed at $4.3/bushel, up $0.1025 from yesterday's close. Dec 25 Wheat closed at $5.235/bushel, up $0.02 from yesterday's close. Nov 25 Soybeans closed at $10.4625/bushel, up $0.1275 from yesterday's close. Dec 25 Soymeal closed at $288.6/short ton, up $0.9 from ye...
WASDE Livestock: More Poultry and Less Red Meat
Despite record high yields from corn and soybeans in today’s WASDE, the forecast for red meat and broiler production in 2025 was reduced slightly from the August report. Both beef and pork production were down, while broiler production was up. For 2025, beef was down on lower fed cattle...
USDA’s Outlook for World Vegoils
The headline figures from the September WASDE were the U.S. corn and soybean yield and production figures, both of which were in line with expectations, and thus created the market’s ho-hum reaction. Somewhat lost in the day’s focus on primary crops, however, was the USDA’s up...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Soybeans
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
WPI Grain Transportation Report
Dry bulk freight markets rallied this week buyers extending coverage ahead of China’s Golden Week festival in 1-8 October. The rally came partly from an uptick in cargo demand but mostly from vessel supply disruptions stemming from the U.S. fees against Chinese vessels. This is causing Ch...
Market Commentary: Calm, Confident, But Correct?
The trading before a major WASDE report always entails differing vibes. It is more volatile when there is wide variance in expectations, and more subdued when the mood is more sublime. This might count as the latter except where it wasn’t. The volume trading corn, wheat and so...
Summary of Futures
Dec 25 Corn closed at $4.1975/bushel, up $0.0275 from yesterday's close. Dec 25 Wheat closed at $5.215/bushel, up $0.065 from yesterday's close. Nov 25 Soybeans closed at $10.335/bushel, up $0.0825 from yesterday's close. Dec 25 Soymeal closed at $287.7/short ton, up $1.9 from...
Livestock Roundup: Inflation Is Up
The CPI released this morning showed that August prices increased 0.4 percent and 2.9 percent over the last 12 months. For food at home, the index rose to 0.6 percent in August and for 0.3 percent for food away from home. The August data compares to a drop of -0.1 percent in July and 2.7 percen...
Remembering 9-11
Twenty-four years ago, on September 11, 2001, the U.S. experienced one of the most tragic and influential days in the nation’s history. The events of that day would spark great unity, and later division, as our nation grappled with terrorism’s fallout. The days and weeks immediately...
Market Commentary: Calm for the Day but Geopolitics Hint at Looming Volatility
The CBOT was solidly in the red on Wednesday while cattle futures regained some of their former strength. Markets had to process multiple headlines at the national/international political level, which led to some mild risk-off trade. Mostly, however, for grains, the looming WASDE dominated the...
Wheat from the Chaff; Europe Gets Squeezed
Wheat from the Chaff An agricultural meeting in Arkansas last week drew 400 to 500 farmers, a much larger group than expected at harvest time. They vented their angst over low commodity prices, high input costs, and consequently low profitability. One estimate from bankers is that farm bankrupt...
Summary of Futures
Dec 25 Corn closed at $4.17/bushel, down $0.0275 from yesterday's close. Dec 25 Wheat closed at $5.15/bushel, down $0.0525 from yesterday's close. Nov 25 Soybeans closed at $10.2525/bushel, down $0.06 from yesterday's close. Dec 25 Soymeal closed at $285.8/short ton, down $3.2...
FOB Prices and Freight Rates App (Updated 10 September)
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: A Tale of Two Markets: Grains Consolidate While Cattle Correction Accelerates
Note: WPI’s data supplier for futures pricing and data experienced a significant outage on Tuesday, 9 September. All prices/quotes in this article are believed to be correct, but clients should double-check values before acting on any information contained herein. The ag markets sho...
Summary of Futures
Dec 25 Corn closed at $4.1975/bushel, down $0.02 from yesterday's close. Dec 25 Wheat closed at $5.2025/bushel, down $0.035 from yesterday's close. Nov 25 Soybeans closed at $10.3125/bushel, down $0.025 from yesterday's close. Dec 25 Soymeal closed at $289/short ton, up $3.4 f...
EV’s, Pork, and Trade
Last Friday China announced it would impose temporary anti-dumping duties on pork imports from the EU. China's commerce ministry said that the investigation has "preliminarily determined that imports of relevant pork and pig by-products originating in the European Union&nb...
Venting Hypocrisy; Xi – Trump Meeting; Say Cheese Please
Venting Hypocrisy At a BRICS meeting this past weekend, Brazilian President Luiz Inacio Lula da Silva characterized President Trump’s use of tariffs as a tool of “blackmail.” The formal definition of blackmail involves demanding benefit from someone in exchange for not reveali...
Livestock Industry Margins
Beef packer margins improved for the fifth straight week and added about $68/head in profits to put returns to processing back in a very healthy range. Margins are now around $80/head, which is on part with the 2020-2015 average. The increase in margins comes as beef prices hover near all-time...
Market Commentary: USDA Surprises; Market Marches Its Own Beat
While there was some red flashing early in today’s trading session, by the close all major grain and oilseed contracts were in the green. Ahead of USDA’s September WASDE report, the trade was focused on yield cuts, which had also been the principal output of various private sector c...
WASDE Soybeans - Sep 2025
Soybeans – USDA’s Sep 2025 outlook is for higher U.S. ending stocks to 300 million bushels, up 10 million from last month. The U.S. seasonal average soybean price is forecast at $10.00 per bushel, down $0.10 from last month. The soybean meal and the soybean oil prices are unchanged...
WASDE Corn - Sep 2025
Corn – USDA’s Sep 2025 outlook is for greater supplies, larger exports, and a slight reduction in ending stocks by 7 million bushels to 2.1 billion. The seasonal average price for corn received by producers is unchanged at $3.90 per bushel. World corn ending stocks are down 1.1 mill...
WASDE Wheat - Sep 2025
Wheat - USDA’s Sep 2025 outlook is for U.S. total wheat exports to increase by 25 million bushels to 900 million. That reduced ending stocks by 25 million bushels to 844 million - slightly less than last year. The projected 2025/26 seasonal average farm price is reduced by $0.20 per bushe...
Summary of Futures
Dec 25 Corn closed at $4.3/bushel, up $0.1025 from yesterday's close. Dec 25 Wheat closed at $5.235/bushel, up $0.02 from yesterday's close. Nov 25 Soybeans closed at $10.4625/bushel, up $0.1275 from yesterday's close. Dec 25 Soymeal closed at $288.6/short ton, up $0.9 from ye...
WASDE Livestock: More Poultry and Less Red Meat
Despite record high yields from corn and soybeans in today’s WASDE, the forecast for red meat and broiler production in 2025 was reduced slightly from the August report. Both beef and pork production were down, while broiler production was up. For 2025, beef was down on lower fed cattle...
USDA’s Outlook for World Vegoils
The headline figures from the September WASDE were the U.S. corn and soybean yield and production figures, both of which were in line with expectations, and thus created the market’s ho-hum reaction. Somewhat lost in the day’s focus on primary crops, however, was the USDA’s up...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Soybeans
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
WPI Grain Transportation Report
Dry bulk freight markets rallied this week buyers extending coverage ahead of China’s Golden Week festival in 1-8 October. The rally came partly from an uptick in cargo demand but mostly from vessel supply disruptions stemming from the U.S. fees against Chinese vessels. This is causing Ch...
Market Commentary: Calm, Confident, But Correct?
The trading before a major WASDE report always entails differing vibes. It is more volatile when there is wide variance in expectations, and more subdued when the mood is more sublime. This might count as the latter except where it wasn’t. The volume trading corn, wheat and so...
Summary of Futures
Dec 25 Corn closed at $4.1975/bushel, up $0.0275 from yesterday's close. Dec 25 Wheat closed at $5.215/bushel, up $0.065 from yesterday's close. Nov 25 Soybeans closed at $10.335/bushel, up $0.0825 from yesterday's close. Dec 25 Soymeal closed at $287.7/short ton, up $1.9 from...
Livestock Roundup: Inflation Is Up
The CPI released this morning showed that August prices increased 0.4 percent and 2.9 percent over the last 12 months. For food at home, the index rose to 0.6 percent in August and for 0.3 percent for food away from home. The August data compares to a drop of -0.1 percent in July and 2.7 percen...
Remembering 9-11
Twenty-four years ago, on September 11, 2001, the U.S. experienced one of the most tragic and influential days in the nation’s history. The events of that day would spark great unity, and later division, as our nation grappled with terrorism’s fallout. The days and weeks immediately...
Market Commentary: Calm for the Day but Geopolitics Hint at Looming Volatility
The CBOT was solidly in the red on Wednesday while cattle futures regained some of their former strength. Markets had to process multiple headlines at the national/international political level, which led to some mild risk-off trade. Mostly, however, for grains, the looming WASDE dominated the...
Wheat from the Chaff; Europe Gets Squeezed
Wheat from the Chaff An agricultural meeting in Arkansas last week drew 400 to 500 farmers, a much larger group than expected at harvest time. They vented their angst over low commodity prices, high input costs, and consequently low profitability. One estimate from bankers is that farm bankrupt...
Summary of Futures
Dec 25 Corn closed at $4.17/bushel, down $0.0275 from yesterday's close. Dec 25 Wheat closed at $5.15/bushel, down $0.0525 from yesterday's close. Nov 25 Soybeans closed at $10.2525/bushel, down $0.06 from yesterday's close. Dec 25 Soymeal closed at $285.8/short ton, down $3.2...
FOB Prices and Freight Rates App (Updated 10 September)
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: A Tale of Two Markets: Grains Consolidate While Cattle Correction Accelerates
Note: WPI’s data supplier for futures pricing and data experienced a significant outage on Tuesday, 9 September. All prices/quotes in this article are believed to be correct, but clients should double-check values before acting on any information contained herein. The ag markets sho...
Summary of Futures
Dec 25 Corn closed at $4.1975/bushel, down $0.02 from yesterday's close. Dec 25 Wheat closed at $5.2025/bushel, down $0.035 from yesterday's close. Nov 25 Soybeans closed at $10.3125/bushel, down $0.025 from yesterday's close. Dec 25 Soymeal closed at $289/short ton, up $3.4 f...
EV’s, Pork, and Trade
Last Friday China announced it would impose temporary anti-dumping duties on pork imports from the EU. China's commerce ministry said that the investigation has "preliminarily determined that imports of relevant pork and pig by-products originating in the European Union&nb...
Venting Hypocrisy; Xi – Trump Meeting; Say Cheese Please
Venting Hypocrisy At a BRICS meeting this past weekend, Brazilian President Luiz Inacio Lula da Silva characterized President Trump’s use of tariffs as a tool of “blackmail.” The formal definition of blackmail involves demanding benefit from someone in exchange for not reveali...
Livestock Industry Margins
Beef packer margins improved for the fifth straight week and added about $68/head in profits to put returns to processing back in a very healthy range. Margins are now around $80/head, which is on part with the 2020-2015 average. The increase in margins comes as beef prices hover near all-time...