Recent Soy & Oilseeds Analysis
China Update
Geopolitics China's reaction to Japanese Prime Minister Sanae Takaichi's recent remarks on a potential Taiwan crisis has been disproportionately harsh and overtly hostile as it tried to undermine her domestic political support. Beijing’s ban on seafood imports from Japan based on the Fuku...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Iran remains the largest importer of Brazil maize at about 6.1 MMT followed by Egypt at about 5.3 MMT then Saudi Arabia at 1.5 MMT, Morocco at 1.1 MMT, Algeria at 1.0 MMT and Bangladesh at 770,000 MT. Brazil exported 29.6 MMT of m...
Market Commentary: Grains Fade in Pre-Holiday Trade; Cattle Limit-Down on Plant Closure
The CBOT saw muted and mostly lower trade to open the week of the U.S. Thanksgiving holiday. The day’s trade was predominantly weaker as technical factors and a lack of news immediately relevant to the grain markets prompted fund selling. Monday’s news did include USDA confirmation...
WPI Crop Progress and Conditions App (Updated 24 November)
Update for 28 April 2025: 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 o...
Summary of Futures
Dec 25 Corn closed at $4.2375/bushel, down $0.0175 from yesterday's close. Mar 26 Wheat closed at $5.3475/bushel, down $0.05 from yesterday's close. Jan 26 Soybeans closed at $11.2325/bushel, down $0.0175 from yesterday's close. Jan 26 Soymeal closed at $318.3/short ton, down...
Mercosur Regional Analysis
WHEAT The Argentine wheat harvest advanced 3.8 percentage points this week, bringing total progress to 20 percent of the area. Yields continued to perform well, and given tight margins after recent price declines, most harvested volumes exceeded breakeven levels. In the core production region,...
European Market Analysis
Regional News The EU MARS Crop Monitoring in Europe report is due out Monday, 24 November, but it has not been released as of WPI’s publishing time. The EU countries voted last Wednesday to postpone the implementation of EUDR and simplify the legislation, the now-mutual agreem...
Market Commentary: Friday’s Ends a Tough Week Except for Soyoil and Dollar
There was a glimmer of hope for bulls on Friday, but it was just a glimmer. Soybeans, meal and HRW closed higher, but the rest of the players fell off the merry-go-round. There was generally lower volume but the trend is clear – there is an over abundance of grain on world markets and U.S...
Summary of Futures
Dec 25 Corn closed at $4.255/bushel, down $0.01 from yesterday's close. Mar 26 Wheat closed at $5.3975/bushel, down $0.01 from yesterday's close. Jan 26 Soybeans closed at $11.25/bushel, up $0.025 from yesterday's close. Jan 26 Soymeal closed at $319.2/short ton, up $1.6 from...
Market Commentary: Unmoved and Uncertain
It was the third straight day of flash soybean sales to China. The IGC tightened global soybean balances. The morning’s USDA’s export sales report showed corn and wheat ahead of last year. The September employment report showed substantially larger gains than expected. Stocks opened...
Soybean Crushing Margins Outlook for Q1 2025
CBOT board soybean crush margins have been volatile over the past two months due to rapidly changing political and export outlooks as well as shifting global supply expectations. In mid-October, the January crush margin hit a rally high of 155 cents/bushel before it dropped to a contract low of...
Summary of Futures
Dec 25 Corn closed at $4.265/bushel, down $0.0325 from yesterday's close. Mar 26 Wheat closed at $5.4075/bushel, down $0.0875 from yesterday's close. Jan 26 Soybeans closed at $11.225/bushel, down $0.1375 from yesterday's close. Dec 25 Soymeal closed at $314/short ton, down $4...
China Update
Geopolitics China's reaction to Japanese Prime Minister Sanae Takaichi's recent remarks on a potential Taiwan crisis has been disproportionately harsh and overtly hostile as it tried to undermine her domestic political support. Beijing’s ban on seafood imports from Japan based on the Fuku...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Iran remains the largest importer of Brazil maize at about 6.1 MMT followed by Egypt at about 5.3 MMT then Saudi Arabia at 1.5 MMT, Morocco at 1.1 MMT, Algeria at 1.0 MMT and Bangladesh at 770,000 MT. Brazil exported 29.6 MMT of m...
Market Commentary: Grains Fade in Pre-Holiday Trade; Cattle Limit-Down on Plant Closure
The CBOT saw muted and mostly lower trade to open the week of the U.S. Thanksgiving holiday. The day’s trade was predominantly weaker as technical factors and a lack of news immediately relevant to the grain markets prompted fund selling. Monday’s news did include USDA confirmation...
WPI Crop Progress and Conditions App (Updated 24 November)
Update for 28 April 2025: 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 o...
Summary of Futures
Dec 25 Corn closed at $4.2375/bushel, down $0.0175 from yesterday's close. Mar 26 Wheat closed at $5.3475/bushel, down $0.05 from yesterday's close. Jan 26 Soybeans closed at $11.2325/bushel, down $0.0175 from yesterday's close. Jan 26 Soymeal closed at $318.3/short ton, down...
Mercosur Regional Analysis
WHEAT The Argentine wheat harvest advanced 3.8 percentage points this week, bringing total progress to 20 percent of the area. Yields continued to perform well, and given tight margins after recent price declines, most harvested volumes exceeded breakeven levels. In the core production region,...
European Market Analysis
Regional News The EU MARS Crop Monitoring in Europe report is due out Monday, 24 November, but it has not been released as of WPI’s publishing time. The EU countries voted last Wednesday to postpone the implementation of EUDR and simplify the legislation, the now-mutual agreem...
Market Commentary: Friday’s Ends a Tough Week Except for Soyoil and Dollar
There was a glimmer of hope for bulls on Friday, but it was just a glimmer. Soybeans, meal and HRW closed higher, but the rest of the players fell off the merry-go-round. There was generally lower volume but the trend is clear – there is an over abundance of grain on world markets and U.S...
Summary of Futures
Dec 25 Corn closed at $4.255/bushel, down $0.01 from yesterday's close. Mar 26 Wheat closed at $5.3975/bushel, down $0.01 from yesterday's close. Jan 26 Soybeans closed at $11.25/bushel, up $0.025 from yesterday's close. Jan 26 Soymeal closed at $319.2/short ton, up $1.6 from...
Market Commentary: Unmoved and Uncertain
It was the third straight day of flash soybean sales to China. The IGC tightened global soybean balances. The morning’s USDA’s export sales report showed corn and wheat ahead of last year. The September employment report showed substantially larger gains than expected. Stocks opened...
Soybean Crushing Margins Outlook for Q1 2025
CBOT board soybean crush margins have been volatile over the past two months due to rapidly changing political and export outlooks as well as shifting global supply expectations. In mid-October, the January crush margin hit a rally high of 155 cents/bushel before it dropped to a contract low of...
Summary of Futures
Dec 25 Corn closed at $4.265/bushel, down $0.0325 from yesterday's close. Mar 26 Wheat closed at $5.4075/bushel, down $0.0875 from yesterday's close. Jan 26 Soybeans closed at $11.225/bushel, down $0.1375 from yesterday's close. Dec 25 Soymeal closed at $314/short ton, down $4...