Holiday Schedule
Financial markets will be closed on Thursday, 25 December for the Christmas holiday. As a result, there will be no Ag Perspectives report on Thursday. WPI wishes everyone a joyous and safe holiday. WPI will resume operations on Friday, 26 December. Note that Ag Perspectives will be providing ma...
Market Commentary: Exports, Conflict, Dry Weather Boost CBOT Before Holiday
The CBOT was mostly higher before the Christmas holiday with grains in the lead, though with each market seeing a different fundamental driver. Wheat futures rallied on the once-again-escalating tensions in the Black Sea and dry weather in the U.S. southern plains that has left the wheat crop v...
FOB Prices and Freight Rates App (Updated 24 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”...
Summary of Futures
Mar 26 Corn closed at $4.51/bushel, up $0.035 from yesterday's close. Mar 26 Wheat closed at $5.2175/bushel, up $0.0475 from yesterday's close. Jan 26 Soybeans closed at $10.6325/bushel, up $0.1175 from yesterday's close. Mar 26 Soymeal closed at $308.1/short ton, up $3.9 from...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money traders paring back long positions across the ag space as technical conditions quickly deteriorated for the soy complex and corn. Funds shed nearly 170,000 contracts from their all-ags position last week, with about 90 percent of that coming from...
Market Commentary: The Tempo not the Quantum
Everyone knows the volume traded this week will be lower, but there is no break in the directional adjustments. The corn market still had to continue its march higher, worries about wheat supplies moving out of Ukraine and even volume was not totally lower with soymeal and lean hog trading keep...
Summary of Futures
Mar 26 Corn closed at $4.475/bushel, up $0.005 from yesterday's close. Mar 26 Wheat closed at $5.17/bushel, up $0.015 from yesterday's close. Jan 26 Soybeans closed at $10.515/bushel, down $0.0175 from yesterday's close. Mar 26 Soymeal closed at $304.2/short ton, up $2.3 from...
Quarterly Hogs and Pigs Report
USDA released its quarterly Hogs and Pigs report today. The inventory of all hogs and pigs on 1 December was 75.5 million head, up 1 percent from December 2024, and up slightly from 1 September 2025. Breeding inventory, at 5.95 million head, was down 1 percent from last year and up sligh...
Livestock Industry Margins
Beef packer margins deteriorated further last week, extending their move into negative territory after early December’s strong profits. Margins fell another $65/head to –$140 as fed cattle prices held firm while the Choice cutout slipped nearly $2/cwt. The tightening spread reflects...
Market Commentary: CBOT Bounces on Short-Covering and Positive Export Data
The CBOT turned higher on Monday with positive export data from USDA and a healthy dose of bottom-picking and pre-holiday short covering driving the upside action. Corn was the upside leader for the day as export shipments remain strong with foreign buyers and end-users picking up the purchase...
Cattle on Feed for Dec 2025
USDA reports U.S. Cattle on Feed down 2 percent in feedlots with capacity of 1,000 or more head to total 11.7 million head on December 1, 2025. Placements in feedlots during November totaled 1.60 million head, 11 percent below 2024. Marketings of during November totaled 1.52 million...
WTO Gets Trumped; Novel Remains Unusual; Cheese Diversion
WTO Gets Trumped The WTO was thrown out back on 2 April when President Trump announced his reciprocal tariffs. The tariffs totally violated U.S. obligations under the WTO but the signal was clear that the U.S. would no longer be constrained by any agreements at the WTO. Still, the Administratio...
Summary of Futures
Mar 26 Corn closed at $4.47/bushel, up $0.0325 from yesterday's close. Mar 26 Wheat closed at $5.155/bushel, up $0.0575 from yesterday's close. Jan 26 Soybeans closed at $10.5325/bushel, up $0.04 from yesterday's close. Mar 26 Soymeal closed at $301.9/short ton, up $0.8 from y...
Beef Market Recap and Outlook
On 21 November, Tyson Foods, one of the largest beef packing companies in the United States, announced it will close its cattle slaughter facility in Lexington, Nebraska, and reduce its beef operations in Amarillo, Texas, down to a single, full-capacity shift. Based on estimated slaughter at bo...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...
WPI Grain Transportation Report
Dry-bulk freight markets are mixed this week with pre-holiday trade driving diverging trends. The Capesize sector saw some strength, primarily in the Atlantic, with demand for Brazilian loadings driving the market. Panamax and Supramax markets, in contrast, saw weaker pricing as ballaster...
Market Commentary: Volume Gives Way as Bearish Slide Moderates
There was lower volume in the grain pits today, with perhaps some stronger interest in the last few days of holiday shopping. Traders were not buying corn or soybeans for their loved ones today, but maybe a wee bit of HRS, which closed up today and uniquely was higher for the week. There were...
Cattle on Feed Report: Record Low Placements, Second Lowest Marketings
USDA’s monthly Cattle on Feed report was released today. Total cattle on feed amounted to 11.7 million head, 98 percent of last year. Placements were the lowest for the month of November since the series began in 1996, dropping 11 percent on the year due to a tight cattle su...
Summary of Futures
Mar 26 Corn closed at $4.4375/bushel, down $0.0075 from yesterday's close. Mar 26 Wheat closed at $5.0975/bushel, up $0.02 from yesterday's close. Jan 26 Soybeans closed at $10.4925/bushel, down $0.03 from yesterday's close. Jan 26 Soymeal closed at $297.6/short ton, down $0.8...
It’s Official, Cow-Calf Profits Hit Record for 2025
December is upon us and the fall calf run all but ended, the beef industry is finalizing its estimates of 2025 profitability and market performance. For cow-calf producers, the results from all but the last two weeks of the year indicate profits easily hit a record high, even on an inflation-ad...
Market Commentary: Corn Firm, Bean Weak, Weak Wheat Rebound
Overall, it remains a sideways market with corn showing the most confidence but overall market weakness that is both seasonal, and reflective of the fundamentals. China’s purchases of soybeans are now humdrum, but rumor of a possible Chinese corn purchase added a little spice to the marke...
Livestock Roundup: Meat Market Recap, Beef is Driver
Reported November meat sales data show meat department sales were positive and have remained so since Q1 of 2023. In all cases, dollar gains were from a combination of inflation and demand growth. Indeed, meat demand has remained remarkably resilient through 2025. On a per capita basis, chicken...
Summary of Futures
Mar 26 Corn closed at $4.445/bushel, up $0.04 from yesterday's close. Mar 26 Wheat closed at $5.0775/bushel, up $0.015 from yesterday's close. Jan 26 Soybeans closed at $10.5225/bushel, down $0.06 from yesterday's close. Jan 26 Soymeal closed at $298.4/short ton, up $0.2 from...
Export Sales
Export Sales and Shipments data for the week ending Nov 27, 2025...
CFTC COT Report Analysis
The following tables/charts reflect the CFTC's latest data release, which covers traders' positions through 2 December. 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...
Market Commentary: Corn Bounces while Wheat, Soybeans Fall Further
Bears were once again in charge of the CBOT on Wednesday, though they temporarily relinquished control of the corn market to bulls. Funds were aggressive sellers again in soybeans, soymeal, and wheat futures amid bearish fundamentals for each of the commodities and pushed wheat to a new contrac...
Europe; Greening; AI; Ice Cream; UPFs; Algorithms
Europe Pivot Point EU leaders will hold a very pivotal meeting tomorrow covering a range of issues including the use of Russian assets and security guarantees for Ukraine, and a trade agreement with Mercosur. More importantly, their reputations are at risk. President Trump predicts Europe&rsquo...
Summary of Futures
Mar 26 Corn closed at $4.405/bushel, up $0.04 from yesterday's close. Mar 26 Wheat closed at $5.0625/bushel, down $0.0325 from yesterday's close. Jan 26 Soybeans closed at $10.5825/bushel, down $0.045 from yesterday's close. Jan 26 Soymeal closed at $298.2/short ton, down $4.2...
Livestock Industry Margins
Beef packer margins reversed sharply lower last week, swinging back into negative territory after six straight weeks of positive returns. Margins fell $145/head to –$75 as fed cattle prices rebounded $7/cwt (live basis), while the Choice cutout slipped nearly $7/cwt. The rapid compression...
Market Commentary: Downtrend Dominance; Wheat Hits New Lows; Soy Falls on Crush Numbers
Each year, the Chinese zodiac calendar features one animal to mark and typify the coming 365 days. If that process were applied to CBOT trade, Tuesday would have been the “day of the bear”, with all major grain markets ending in the red. The only specific trigger was the bearish NOP...
Bearish Sugar Prices to Continue Despite Production Increases
The U.S. 2025/26 sugar supply is forecast at 14.119 million short tons, raw value (STRV), down 1,800 STRV from November as the decrease in expected imports of refined organic and specialty sugar, which pays the high tier, out of quota duty, more than offsets the increase in beginning stocks and...
Summary of Futures
Mar 26 Corn closed at $4.365/bushel, down $0.0325 from yesterday's close. Mar 26 Wheat closed at $5.095/bushel, down $0.1125 from yesterday's close. Jan 26 Soybeans closed at $10.6275/bushel, down $0.09 from yesterday's close. Jan 26 Soymeal closed at $302.4/short ton, down $1...
Market Commentary: Grain Futures Buying Demand; Livestock Futures Buying Time
Bears were in control of the CBOT again on Monday with technical pressure and bearish fundamental headlines driving prices lower. Soybeans and wheat were the downside leaders for the day as funds accelerated their exit from long positions in these markets amid the chart weakness. Corn futures s...
Summary of Futures
Mar 26 Corn closed at $4.3975/bushel, down $0.01 from yesterday's close. Mar 26 Wheat closed at $5.2075/bushel, down $0.085 from yesterday's close. Jan 26 Soybeans closed at $10.7175/bushel, down $0.05 from yesterday's close. Jan 26 Soymeal closed at $303.5/short ton, up $1 fr...
Farmer Bridge Assistance Program Early Details
The USDA will base the $12 billion in farmer payments it recently announced under the Farmer Bridge Assistance (FBA) program on 2025 planted acreage. The department announced that acreage reports, as of 19 December, by 5 p.m., should be “accurate.” Payment rates will be announced th...
Market Commentary: Bear, Bear, Every Where a Bear
Today was National Poinsettia Day, a plant that is supposed to symbolize goodwill and success but that is only true for the bears today. There was red all over Chicago and New York as investors counted their blessings of too much grain and too much risk. The only thing rising in value was...
Summary of Futures
Mar 26 Corn closed at $4.4075/bushel, down $0.0575 from yesterday's close. Mar 26 Wheat closed at $5.2925/bushel, down $0.0425 from yesterday's close. Jan 26 Soybeans closed at $10.7675/bushel, down $0.1675 from yesterday's close. Jan 26 Soymeal closed at $302.5/short ton, up...
Export Sales
U.S. Export Sales and Shipments for the week ending Nov 13, 2025...
WPI Grain Transportation Report
Dry-bulk markets were softer last week with Capesize markets seeing weaker interest from East Australia and other Pacific locales. Traders are describing spot tonnage in the Pacific as “abundant”, a mentality that is pressuring rates. Similarly, demand for C3 ex Brazil and West Afri...
Trade Deficit Shrinks, Fed Cuts Federal Funds Rate at December
The U.S. trade deficit narrowed unexpectedly to $52.8 billion in September, the smallest since mid-2020. The decline in the deficit was due to a large increase in exports, which rose $8.4 billion. Imports were up a more modest $1.9 billion. The President may see this as a win, as the cor...
WPI Quarterly Grain Balance Sheets
Following the December WASDE report from Tuesday, WPI has updated our corn, wheat, and soybean supply and use models to examine market trends for the rest of MY 2025/26. Current indications for U.S. grain complex point to uneven fundamentals across these crops, particularly in terms of global e...
Market Commentary: Low Holiday Cheer
Grain markets traded without conviction today, see-sawing around unchanged and with modest volume. Aggies had WASDE day and outside markets had Fed day, and both events this week were kind of a bust. Some might consider it a positive to lack drama interrupting the holiday period, and that is th...
Livestock Round Up: WASDE Livestock
USDA’s World Agriculture Supply and Demand Estimates (WASDE) report was released yesterday. The WASDE forecast corn exports for MY 2025-26 hitting a record high, topping the previous record of last year. The net change in the export forecast from a month ago was 125 million bushels, or a...
Summary of Futures
Mar 26 Corn closed at $4.465/bushel, up $0.0225 from yesterday's close. Mar 26 Wheat closed at $5.335/bushel, up $0.04 from yesterday's close. Jan 26 Soybeans closed at $10.935/bushel, up $0.0225 from yesterday's close. Jan 26 Soymeal closed at $302.1/short ton, up $0.9 from y...
No Trade Bailout; Statements Betray USMCA
No Trade Bailout The Trump Administration’s $12 billion economic assistance package to farmers is being framed by the media as a “bailout” for the adverse impact of the President’s tariffs and trade wars. But there is no adverse impact in most instances. Wheat prices hav...
Summary of Futures
Mar 26 Corn closed at $4.4425/bushel, down $0.0375 from yesterday's close. Mar 26 Wheat closed at $5.295/bushel, down $0.05 from yesterday's close. Jan 26 Soybeans closed at $10.9125/bushel, up $0.04 from yesterday's close. Jan 26 Soymeal closed at $301.2/short ton, down $0.1...
Market Commentary: China Buys While Timeline Changes; Wheat Drops on Export Outlook
Once again, the headlines for CBOT trade revolved around news from China, this time in support of both bulls and bears. Bulls benefited from the news of “flash” export sales of 17 Mbu to China and unknown destinations, which was an obvious encouragement to the market. One of the rea...
WASDE Corn - Dec 2025
USDA’s Dec 2025 estimate is that the 2025/26 season-average corn price received by U.S. farmers will remain at $4.00 per bushel. Global corn stocks are down 2.2 million to 279.2 million tons...
Holiday Schedule
Financial markets will be closed on Thursday, 25 December for the Christmas holiday. As a result, there will be no Ag Perspectives report on Thursday. WPI wishes everyone a joyous and safe holiday. WPI will resume operations on Friday, 26 December. Note that Ag Perspectives will be providing ma...
Market Commentary: Exports, Conflict, Dry Weather Boost CBOT Before Holiday
The CBOT was mostly higher before the Christmas holiday with grains in the lead, though with each market seeing a different fundamental driver. Wheat futures rallied on the once-again-escalating tensions in the Black Sea and dry weather in the U.S. southern plains that has left the wheat crop v...
FOB Prices and Freight Rates App (Updated 24 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”...
Summary of Futures
Mar 26 Corn closed at $4.51/bushel, up $0.035 from yesterday's close. Mar 26 Wheat closed at $5.2175/bushel, up $0.0475 from yesterday's close. Jan 26 Soybeans closed at $10.6325/bushel, up $0.1175 from yesterday's close. Mar 26 Soymeal closed at $308.1/short ton, up $3.9 from...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money traders paring back long positions across the ag space as technical conditions quickly deteriorated for the soy complex and corn. Funds shed nearly 170,000 contracts from their all-ags position last week, with about 90 percent of that coming from...
Market Commentary: The Tempo not the Quantum
Everyone knows the volume traded this week will be lower, but there is no break in the directional adjustments. The corn market still had to continue its march higher, worries about wheat supplies moving out of Ukraine and even volume was not totally lower with soymeal and lean hog trading keep...
Summary of Futures
Mar 26 Corn closed at $4.475/bushel, up $0.005 from yesterday's close. Mar 26 Wheat closed at $5.17/bushel, up $0.015 from yesterday's close. Jan 26 Soybeans closed at $10.515/bushel, down $0.0175 from yesterday's close. Mar 26 Soymeal closed at $304.2/short ton, up $2.3 from...
Quarterly Hogs and Pigs Report
USDA released its quarterly Hogs and Pigs report today. The inventory of all hogs and pigs on 1 December was 75.5 million head, up 1 percent from December 2024, and up slightly from 1 September 2025. Breeding inventory, at 5.95 million head, was down 1 percent from last year and up sligh...
Livestock Industry Margins
Beef packer margins deteriorated further last week, extending their move into negative territory after early December’s strong profits. Margins fell another $65/head to –$140 as fed cattle prices held firm while the Choice cutout slipped nearly $2/cwt. The tightening spread reflects...
Market Commentary: CBOT Bounces on Short-Covering and Positive Export Data
The CBOT turned higher on Monday with positive export data from USDA and a healthy dose of bottom-picking and pre-holiday short covering driving the upside action. Corn was the upside leader for the day as export shipments remain strong with foreign buyers and end-users picking up the purchase...
Cattle on Feed for Dec 2025
USDA reports U.S. Cattle on Feed down 2 percent in feedlots with capacity of 1,000 or more head to total 11.7 million head on December 1, 2025. Placements in feedlots during November totaled 1.60 million head, 11 percent below 2024. Marketings of during November totaled 1.52 million...
WTO Gets Trumped; Novel Remains Unusual; Cheese Diversion
WTO Gets Trumped The WTO was thrown out back on 2 April when President Trump announced his reciprocal tariffs. The tariffs totally violated U.S. obligations under the WTO but the signal was clear that the U.S. would no longer be constrained by any agreements at the WTO. Still, the Administratio...
Summary of Futures
Mar 26 Corn closed at $4.47/bushel, up $0.0325 from yesterday's close. Mar 26 Wheat closed at $5.155/bushel, up $0.0575 from yesterday's close. Jan 26 Soybeans closed at $10.5325/bushel, up $0.04 from yesterday's close. Mar 26 Soymeal closed at $301.9/short ton, up $0.8 from y...
Beef Market Recap and Outlook
On 21 November, Tyson Foods, one of the largest beef packing companies in the United States, announced it will close its cattle slaughter facility in Lexington, Nebraska, and reduce its beef operations in Amarillo, Texas, down to a single, full-capacity shift. Based on estimated slaughter at bo...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...
WPI Grain Transportation Report
Dry-bulk freight markets are mixed this week with pre-holiday trade driving diverging trends. The Capesize sector saw some strength, primarily in the Atlantic, with demand for Brazilian loadings driving the market. Panamax and Supramax markets, in contrast, saw weaker pricing as ballaster...
Market Commentary: Volume Gives Way as Bearish Slide Moderates
There was lower volume in the grain pits today, with perhaps some stronger interest in the last few days of holiday shopping. Traders were not buying corn or soybeans for their loved ones today, but maybe a wee bit of HRS, which closed up today and uniquely was higher for the week. There were...
Cattle on Feed Report: Record Low Placements, Second Lowest Marketings
USDA’s monthly Cattle on Feed report was released today. Total cattle on feed amounted to 11.7 million head, 98 percent of last year. Placements were the lowest for the month of November since the series began in 1996, dropping 11 percent on the year due to a tight cattle su...
Summary of Futures
Mar 26 Corn closed at $4.4375/bushel, down $0.0075 from yesterday's close. Mar 26 Wheat closed at $5.0975/bushel, up $0.02 from yesterday's close. Jan 26 Soybeans closed at $10.4925/bushel, down $0.03 from yesterday's close. Jan 26 Soymeal closed at $297.6/short ton, down $0.8...
It’s Official, Cow-Calf Profits Hit Record for 2025
December is upon us and the fall calf run all but ended, the beef industry is finalizing its estimates of 2025 profitability and market performance. For cow-calf producers, the results from all but the last two weeks of the year indicate profits easily hit a record high, even on an inflation-ad...
Market Commentary: Corn Firm, Bean Weak, Weak Wheat Rebound
Overall, it remains a sideways market with corn showing the most confidence but overall market weakness that is both seasonal, and reflective of the fundamentals. China’s purchases of soybeans are now humdrum, but rumor of a possible Chinese corn purchase added a little spice to the marke...
Livestock Roundup: Meat Market Recap, Beef is Driver
Reported November meat sales data show meat department sales were positive and have remained so since Q1 of 2023. In all cases, dollar gains were from a combination of inflation and demand growth. Indeed, meat demand has remained remarkably resilient through 2025. On a per capita basis, chicken...
Summary of Futures
Mar 26 Corn closed at $4.445/bushel, up $0.04 from yesterday's close. Mar 26 Wheat closed at $5.0775/bushel, up $0.015 from yesterday's close. Jan 26 Soybeans closed at $10.5225/bushel, down $0.06 from yesterday's close. Jan 26 Soymeal closed at $298.4/short ton, up $0.2 from...
Export Sales
Export Sales and Shipments data for the week ending Nov 27, 2025...
CFTC COT Report Analysis
The following tables/charts reflect the CFTC's latest data release, which covers traders' positions through 2 December. 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...
Market Commentary: Corn Bounces while Wheat, Soybeans Fall Further
Bears were once again in charge of the CBOT on Wednesday, though they temporarily relinquished control of the corn market to bulls. Funds were aggressive sellers again in soybeans, soymeal, and wheat futures amid bearish fundamentals for each of the commodities and pushed wheat to a new contrac...
Europe; Greening; AI; Ice Cream; UPFs; Algorithms
Europe Pivot Point EU leaders will hold a very pivotal meeting tomorrow covering a range of issues including the use of Russian assets and security guarantees for Ukraine, and a trade agreement with Mercosur. More importantly, their reputations are at risk. President Trump predicts Europe&rsquo...
Summary of Futures
Mar 26 Corn closed at $4.405/bushel, up $0.04 from yesterday's close. Mar 26 Wheat closed at $5.0625/bushel, down $0.0325 from yesterday's close. Jan 26 Soybeans closed at $10.5825/bushel, down $0.045 from yesterday's close. Jan 26 Soymeal closed at $298.2/short ton, down $4.2...
Livestock Industry Margins
Beef packer margins reversed sharply lower last week, swinging back into negative territory after six straight weeks of positive returns. Margins fell $145/head to –$75 as fed cattle prices rebounded $7/cwt (live basis), while the Choice cutout slipped nearly $7/cwt. The rapid compression...
Market Commentary: Downtrend Dominance; Wheat Hits New Lows; Soy Falls on Crush Numbers
Each year, the Chinese zodiac calendar features one animal to mark and typify the coming 365 days. If that process were applied to CBOT trade, Tuesday would have been the “day of the bear”, with all major grain markets ending in the red. The only specific trigger was the bearish NOP...
Bearish Sugar Prices to Continue Despite Production Increases
The U.S. 2025/26 sugar supply is forecast at 14.119 million short tons, raw value (STRV), down 1,800 STRV from November as the decrease in expected imports of refined organic and specialty sugar, which pays the high tier, out of quota duty, more than offsets the increase in beginning stocks and...
Summary of Futures
Mar 26 Corn closed at $4.365/bushel, down $0.0325 from yesterday's close. Mar 26 Wheat closed at $5.095/bushel, down $0.1125 from yesterday's close. Jan 26 Soybeans closed at $10.6275/bushel, down $0.09 from yesterday's close. Jan 26 Soymeal closed at $302.4/short ton, down $1...
Market Commentary: Grain Futures Buying Demand; Livestock Futures Buying Time
Bears were in control of the CBOT again on Monday with technical pressure and bearish fundamental headlines driving prices lower. Soybeans and wheat were the downside leaders for the day as funds accelerated their exit from long positions in these markets amid the chart weakness. Corn futures s...
Summary of Futures
Mar 26 Corn closed at $4.3975/bushel, down $0.01 from yesterday's close. Mar 26 Wheat closed at $5.2075/bushel, down $0.085 from yesterday's close. Jan 26 Soybeans closed at $10.7175/bushel, down $0.05 from yesterday's close. Jan 26 Soymeal closed at $303.5/short ton, up $1 fr...
Farmer Bridge Assistance Program Early Details
The USDA will base the $12 billion in farmer payments it recently announced under the Farmer Bridge Assistance (FBA) program on 2025 planted acreage. The department announced that acreage reports, as of 19 December, by 5 p.m., should be “accurate.” Payment rates will be announced th...
Market Commentary: Bear, Bear, Every Where a Bear
Today was National Poinsettia Day, a plant that is supposed to symbolize goodwill and success but that is only true for the bears today. There was red all over Chicago and New York as investors counted their blessings of too much grain and too much risk. The only thing rising in value was...
Summary of Futures
Mar 26 Corn closed at $4.4075/bushel, down $0.0575 from yesterday's close. Mar 26 Wheat closed at $5.2925/bushel, down $0.0425 from yesterday's close. Jan 26 Soybeans closed at $10.7675/bushel, down $0.1675 from yesterday's close. Jan 26 Soymeal closed at $302.5/short ton, up...
Export Sales
U.S. Export Sales and Shipments for the week ending Nov 13, 2025...
WPI Grain Transportation Report
Dry-bulk markets were softer last week with Capesize markets seeing weaker interest from East Australia and other Pacific locales. Traders are describing spot tonnage in the Pacific as “abundant”, a mentality that is pressuring rates. Similarly, demand for C3 ex Brazil and West Afri...
Trade Deficit Shrinks, Fed Cuts Federal Funds Rate at December
The U.S. trade deficit narrowed unexpectedly to $52.8 billion in September, the smallest since mid-2020. The decline in the deficit was due to a large increase in exports, which rose $8.4 billion. Imports were up a more modest $1.9 billion. The President may see this as a win, as the cor...
WPI Quarterly Grain Balance Sheets
Following the December WASDE report from Tuesday, WPI has updated our corn, wheat, and soybean supply and use models to examine market trends for the rest of MY 2025/26. Current indications for U.S. grain complex point to uneven fundamentals across these crops, particularly in terms of global e...
Market Commentary: Low Holiday Cheer
Grain markets traded without conviction today, see-sawing around unchanged and with modest volume. Aggies had WASDE day and outside markets had Fed day, and both events this week were kind of a bust. Some might consider it a positive to lack drama interrupting the holiday period, and that is th...
Livestock Round Up: WASDE Livestock
USDA’s World Agriculture Supply and Demand Estimates (WASDE) report was released yesterday. The WASDE forecast corn exports for MY 2025-26 hitting a record high, topping the previous record of last year. The net change in the export forecast from a month ago was 125 million bushels, or a...
Summary of Futures
Mar 26 Corn closed at $4.465/bushel, up $0.0225 from yesterday's close. Mar 26 Wheat closed at $5.335/bushel, up $0.04 from yesterday's close. Jan 26 Soybeans closed at $10.935/bushel, up $0.0225 from yesterday's close. Jan 26 Soymeal closed at $302.1/short ton, up $0.9 from y...
No Trade Bailout; Statements Betray USMCA
No Trade Bailout The Trump Administration’s $12 billion economic assistance package to farmers is being framed by the media as a “bailout” for the adverse impact of the President’s tariffs and trade wars. But there is no adverse impact in most instances. Wheat prices hav...
Summary of Futures
Mar 26 Corn closed at $4.4425/bushel, down $0.0375 from yesterday's close. Mar 26 Wheat closed at $5.295/bushel, down $0.05 from yesterday's close. Jan 26 Soybeans closed at $10.9125/bushel, up $0.04 from yesterday's close. Jan 26 Soymeal closed at $301.2/short ton, down $0.1...
Market Commentary: China Buys While Timeline Changes; Wheat Drops on Export Outlook
Once again, the headlines for CBOT trade revolved around news from China, this time in support of both bulls and bears. Bulls benefited from the news of “flash” export sales of 17 Mbu to China and unknown destinations, which was an obvious encouragement to the market. One of the rea...
WASDE Corn - Dec 2025
USDA’s Dec 2025 estimate is that the 2025/26 season-average corn price received by U.S. farmers will remain at $4.00 per bushel. Global corn stocks are down 2.2 million to 279.2 million tons...