Recent Soy & Oilseeds Analysis
Black Sea Regional Analysis
Russian Grain Markets: 4 - 8 May 2026 During the week under review, the Russian grain market began showing more bullish sentiment despite the traditionally slow pace of business during the May holiday period. Russia celebrates several holidays during early May, with Victory Day on 9 May being t...
Market Commentary: USDA Slashes Wheat Outlook, Soy Balance Sheet Heavily Yield-Dependent
What You Need to Know Today: Iran says its definition of the Strait of Hormuz is now a “vast operation area” that stretches from Jask to Siri Island. The White House said President Trump did not sign a suspension of the TRQs on beef imports but is “finalizing potential...
Xi-Trump Summit Bottom Line
If the media headlines and Trump critics are to be believed, President Trump is headed to Beijing this Thursday in a weakened position. China is in control, it has the upper hand, and expectations are very low. These are the same critics that argue against overly simplistic zero-sum analyses in...
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...
Middle East, Mediterranean, and Africa Regional Analysis
Regional News Egypt reiterated plans to achieve self-sufficiency in wheat supplies for the country’s subsidized bread program by 2028, although the target remains ambitious given current production and consumption dynamics. Egypt consumes approximately 21 MMT of wheat annually, with rough...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
Market Commentary: Risks Abound During Headline Week
What You Need to Know Today: Energy markets are sharply higher after President Trump rejected a weekend Iranian counter proposal that did not include limits on the country’s nuclear program. The ceasefire looks increasingly fragile, with energy markets unlikely to return to normal soon...
WPI Crop Progress and Conditions App (Updated 11 May)
Update for 6 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 ob...
Mercosur Regional Analysis
CORN Argentina’s corn harvest remains practically paralyzed, with weekly progress of less than 2 percent, in sharp contrast to soybeans, which advanced 16 percentage points. Rainfall across much of the agricultural region, with accumulations exceeding 100 mm and strong winds in southeaste...
Summary of Futures
Jul 26 Corn closed at $4.7525/bushel, up $0.04 from yesterday's close. Jul 26 Wheat closed at $6.34/bushel, up $0.15 from yesterday's close. Jul 26 Soybeans closed at $12.13/bushel, up $0.05 from yesterday's close. Jul 26 Soymeal closed at $324.8/short ton, up $5.1 from yester...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long positions across the major ag futures contracts for the third straight week as weather concerns sustained risk-on buying. Funds added 97,000 contracts (9.8 percent) to their all-ags net long position last week, essentially reversing the...
Market Commentary: Equities Easily Outperform Ags
What You Need to Know Today Ag markets have placed bets on new soybean demand from China after next week’s Xi-Trump meeting. While the media predicts no major deals or agreements, Beijing sees Trump as transactional so it will “buy” some stability, and soybeans are relatively...
Summary of Futures
Jul 26 Corn closed at $4.7125/bushel, up $0.0375 from yesterday's close. Jul 26 Wheat closed at $6.19/bushel, up $0.0675 from yesterday's close. Jul 26 Soybeans closed at $12.08/bushel, up $0.1575 from yesterday's close. Jul 26 Soymeal closed at $319.7/short ton, up $0.8 from...
Market Commentary: Prices Slide on a Hiatus in the Market
What You Need to Know Today Agricultural futures spent a third straight session mostly lower after partially recovering from morning lows. The war in Iran continues to drive energy markets with spillover into ags. After two days lower, crude oil turned higher after Iran demanded unlikely...
Summary of Futures
Jul 26 Corn closed at $4.675/bushel, down $0.01 from yesterday's close. Jul 26 Wheat closed at $6.1225/bushel, down $0.05 from yesterday's close. Jul 26 Soybeans closed at $11.9225/bushel, down $0.025 from yesterday's close. Jul 26 Soymeal closed at $318.9/short ton, up $1.6 f...
Market Commentary: War Premium Out. Weather Premium Next?
Key Market Insights Macros: Macro markets traded a sharp shift in tone Wednesday as traders aggressively pulled risk premium from the market on growing optimism surrounding a possible U.S.–Iran agreement. Crude oil briefly traded back below $89/barrel while the NASDAQ and S&P 500 push...
Summary of Futures
Jul 26 Corn closed at $4.685/bushel, down $0.115 from yesterday's close. Jul 26 Wheat closed at $6.1725/bushel, down $0.105 from yesterday's close. Jul 26 Soybeans closed at $11.9475/bushel, down $0.1675 from yesterday's close. Jul 26 Soymeal closed at $317.3/short ton, down $...
Black Sea Regional Analysis
Russian Grain Markets: 27 April - 1 May 2026 The Russian grains market remained volatile but predominantly bullish during the week in review. However, ruble (RUB) movements continue to distort domestic price signals. With export duties at zero for three consecutive weeks and export prices relat...
Market Commentary: Grains Ease on Profit Taking but Bullish Fundamentals Remain
What You Need to Know Today: U.S. naval escorts through the Strait of Hormuz and renewed Iranian attacks on vessels and UAE infrastructure are sustaining geopolitical risk across energy and commodity markets Broad profit taking and weaker crude oil triggered a pullback across grains, signaling...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, down $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2775/bushel, down $0.1325 from yesterday's close. Jul 26 Soybeans closed at $12.115/bushel, down $0.1125 from yesterday's close. Jul 26 Soymeal closed at $320.4/short ton, down $0...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt and Algeria, in addition to Israel, are being monitored by Ukraine as possible destinations for grain taken by Russia from occupied Ukrainian regions. In April, Egypt had said that it would “stop accepting such shipmen...
Market Commentary: Weather and Biofuels Drive CBOT Strength as Geopolitical Risk Builds
What You Need to Know Today: U.S. launches naval escort operations in the Strait of Hormuz as Iran attacks UAE oil infrastructure, escalating geopolitical risk and supporting energy and broader commodity markets Biofuel demand entering uncharted territory, with soyoil valuation increasingly di...
Summary of Futures
Jul 26 Corn closed at $4.8575/bushel, up $0.055 from yesterday's close. Jul 26 Wheat closed at $6.41/bushel, up $0.0325 from yesterday's close. Jul 26 Soybeans closed at $12.2275/bushel, up $0.195 from yesterday's close. Jul 26 Soymeal closed at $320.9/short ton, up $1.6 from...
Mercosur Regional Analysis
CORN Argentina In Argentina, after several weeks of intense and frequent rainfall, weather conditions have improved, with clear days, dry cold, and wind supporting both soil and grain drying. Harvest activity has resumed; however, producers continue to prioritize soybeans, limiting progress in...
Market Commentary: Mixed End to a Higher Week
The corn and soy complex closed higher, with the wheat market mixed, as winter wheat closed up but spring wheat and livestock ended lower. Part of the strength for corn and soybeans may have been a weather premium, as crop planting has started out fast but warm weather has been slow to develop...
Per Capita, What Do You Eat?
Reflect for a moment on what you eat. There is a lot of advice out there in the ether about what you should eat, but really, what do you currently eat and how much? The good people at the USDA have some data for you, to help you answer that question. USDA says that we eat quite a bit of meat. L...
Summary of Futures
Jul 26 Corn closed at $4.8025/bushel, up $0.055 from yesterday's close. Jul 26 Wheat closed at $6.3775/bushel, up $0.01 from yesterday's close. Jul 26 Soybeans closed at $12.0325/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $319.3/short ton, up $0.4 from...
U.S. and Global Soy Crush Forecasts
WPI recently completed an expansion of our methodology for estimating and forecasting U.S. and global soybean crushing margins. The new approach incorporates the energy market’s expanding influence on the oilseed sector and the structural changes in global biofuel demand. This report is i...
Market Commentary: Inflation Climbs, Crude Hesitates, Grains Reset
Key Market Insights Macros: Inflation isn’t cooling — it’s moving higher again. March PCE inflation (Personal Consumption Expenditures index — the Fed’s preferred measure of inflation) rose 0.7 percent month-over-month, pushing the annual rate to 3.5 percent, the h...
Summary of Futures
Jul 26 Corn closed at $4.7475/bushel, down $0.03 from yesterday's close. Jul 26 Wheat closed at $6.3675/bushel, down $0.1625 from yesterday's close. Jul 26 Soybeans closed at $11.955/bushel, down $0.015 from yesterday's close. Jul 26 Soymeal closed at $318.9/short ton, down $4...
Market Commentary: Biofuel Demand and Weather Risks Support Ag Markets Despite Fed Pause
What Matters Today... Fed holds rates steady as inflation uncertainty tied to the Iran conflict pressures equities and supports broader commodity risk premia Biofuel demand accelerating globally, with U.S. imports of used cooking oil and strong soyoil demand reinforcing upside across the soy c...
Summary of Futures
Jul 26 Corn closed at $4.7775/bushel, up $0.0225 from yesterday's close. Jul 26 Wheat closed at $6.53/bushel, down $0.0475 from yesterday's close. Jul 26 Soybeans closed at $11.97/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $323.8/short ton, down $3.6 f...
Black Sea Regional Analysis
Russian Grain Markets: 20-24 April 2026 During the week in review, the Russian grains market remained volatile with a broadly bullish undertone. However, it remains too early to determine whether this shift is being driven by geopolitical factors or short-term positioning. The market continues...
Market Commentary: Wheat, Corn Score New Highs on Weather, Fund Buying
Weather concerns and the impacts of the war in Iran helped push wheat and corn to sharp gains Tuesday, with both markets blowing past key technical resistance levels. The weather is now coupled with geopolitical tensions that look increasingly hard to resolve, which is giving funds the perfect...
Summary of Futures
Jul 26 Corn closed at $4.755/bushel, up $0.0625 from yesterday's close. Jul 26 Wheat closed at $6.5775/bushel, up $0.28 from yesterday's close. Jul 26 Soybeans closed at $11.8925/bushel, down $0.0275 from yesterday's close. Jul 26 Soymeal closed at $327.4/short ton, down $0.4...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Tunisian researchers have been able to fully sequence the genomes of two local durum wheat types that have been grown in Tunisia for generations. They say that this “could be the key to developing more climate-resistant duru...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long position across the major ag futures contracts after a two week break as deteriorating negotiations in the Middle East and the emergence of weather concerns triggered risk-on buying. Funds bought 40,000 contracts (4.7 percent) to their...
Summary of Futures
Jul 26 Corn closed at $4.6925/bushel, up $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2975/bushel, up $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.92/bushel, up $0.135 from yesterday's close. Jul 26 Soymeal closed at $327.8/short ton, up $8.7 from y...
Market Commentary: Grain Markets’ Two Key Factors Increasingly Bullish
The big picture for commodity markets is that imperfect weather and the lack of a peace deal in the Middle East are mandating that traders keep risk premia in prices. All other developments in ag futures stem in some way from these two factors, though the details of how, exactly, these factors...
Mercosur Regional Analysis
Argentina Corn Intermittent rains of varying intensity continue to disrupt Argentina’s corn harvest across key agricultural regions. Dry windows have not been sufficient to improve field conditions or reduce grain moisture, keeping progress slow and prompting many producers to prioritize...
Summary of Futures
Jul 26 Corn closed at $4.635/bushel, down $0.0025 from yesterday's close. Jul 26 Wheat closed at $6.1675/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $11.785/bushel, up $0.0375 from yesterday's close. Jul 26 Soymeal closed at $319.1/short ton, up $2.6...
Market Commentary: Mixed Week and a Mixed Outlook
This is the limbo period between the expectations and reality of a new crop going into the ground. Prices gyrate in a narrow range, awaiting something more definitive than planting “intentions.” The bears see a planting pace off to a quick start, the bulls see ground that in many pl...
Summary of Futures
May 26 Corn closed at $4.555/bushel, up $0.0125 from yesterday's close. Jul 26 Wheat closed at $6.2025/bushel, up $0.1325 from yesterday's close. May 26 Soybeans closed at $11.5975/bushel, down $0.0475 from yesterday's close. Jul 26 Soymeal closed at $316.5/short ton, up $0.2...
Market Commentary: War Sustains Wheat; Corn Up Fifth Day
The Middle East truce is a rough one and the uncertainty spiked oil prices and the dollar again for another day. The wheat market has droughty conditions in the U.S., but globally there is pressure on a crop that gets both its fertilizer and a chunk of its demand from this volatile region. ...
Market Commentary: Plenty of Risk, Not Enough Conviction
Key Market Insights Markets aren’t trading fundamentals right now—they’re pricing risk. The Middle East remains the center of gravity, and the latest developments point to a situation that is not escalating—but not resolving either. That’s a difficult environment...
Summary of Futures
May 26 Corn closed at $4.5425/bushel, up $0.005 from yesterday's close. Jul 26 Wheat closed at $6.07/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.645/bushel, down $0.1 from yesterday's close. Jul 26 Soymeal closed at $316.3/short ton, down $4.9 fr...
Black Sea Regional Analysis
Russian Grain Markets: 13-17 April 2026 The Russian grains market remained relatively stable during the week, pressured by ample global wheat supply, strong international competition, and a firmer ruble. To maintain competitiveness—particularly against Ukraine and Kazakhstan—the gov...
European Market Analysis
Key Takeaways: Wheat markets are supported by U.S. weather risk, though EU fundamentals remain bearish on strong supply, weak demand, and currency pressure. Upside is limited, with global strength unlikely to drive sustained EU gains. Maize markets are firming on Brazil weather risk and tighte...
Black Sea Regional Analysis
Russian Grain Markets: 4 - 8 May 2026 During the week under review, the Russian grain market began showing more bullish sentiment despite the traditionally slow pace of business during the May holiday period. Russia celebrates several holidays during early May, with Victory Day on 9 May being t...
Market Commentary: USDA Slashes Wheat Outlook, Soy Balance Sheet Heavily Yield-Dependent
What You Need to Know Today: Iran says its definition of the Strait of Hormuz is now a “vast operation area” that stretches from Jask to Siri Island. The White House said President Trump did not sign a suspension of the TRQs on beef imports but is “finalizing potential...
Xi-Trump Summit Bottom Line
If the media headlines and Trump critics are to be believed, President Trump is headed to Beijing this Thursday in a weakened position. China is in control, it has the upper hand, and expectations are very low. These are the same critics that argue against overly simplistic zero-sum analyses in...
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...
Middle East, Mediterranean, and Africa Regional Analysis
Regional News Egypt reiterated plans to achieve self-sufficiency in wheat supplies for the country’s subsidized bread program by 2028, although the target remains ambitious given current production and consumption dynamics. Egypt consumes approximately 21 MMT of wheat annually, with rough...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
Market Commentary: Risks Abound During Headline Week
What You Need to Know Today: Energy markets are sharply higher after President Trump rejected a weekend Iranian counter proposal that did not include limits on the country’s nuclear program. The ceasefire looks increasingly fragile, with energy markets unlikely to return to normal soon...
WPI Crop Progress and Conditions App (Updated 11 May)
Update for 6 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 ob...
Mercosur Regional Analysis
CORN Argentina’s corn harvest remains practically paralyzed, with weekly progress of less than 2 percent, in sharp contrast to soybeans, which advanced 16 percentage points. Rainfall across much of the agricultural region, with accumulations exceeding 100 mm and strong winds in southeaste...
Summary of Futures
Jul 26 Corn closed at $4.7525/bushel, up $0.04 from yesterday's close. Jul 26 Wheat closed at $6.34/bushel, up $0.15 from yesterday's close. Jul 26 Soybeans closed at $12.13/bushel, up $0.05 from yesterday's close. Jul 26 Soymeal closed at $324.8/short ton, up $5.1 from yester...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long positions across the major ag futures contracts for the third straight week as weather concerns sustained risk-on buying. Funds added 97,000 contracts (9.8 percent) to their all-ags net long position last week, essentially reversing the...
Market Commentary: Equities Easily Outperform Ags
What You Need to Know Today Ag markets have placed bets on new soybean demand from China after next week’s Xi-Trump meeting. While the media predicts no major deals or agreements, Beijing sees Trump as transactional so it will “buy” some stability, and soybeans are relatively...
Summary of Futures
Jul 26 Corn closed at $4.7125/bushel, up $0.0375 from yesterday's close. Jul 26 Wheat closed at $6.19/bushel, up $0.0675 from yesterday's close. Jul 26 Soybeans closed at $12.08/bushel, up $0.1575 from yesterday's close. Jul 26 Soymeal closed at $319.7/short ton, up $0.8 from...
Market Commentary: Prices Slide on a Hiatus in the Market
What You Need to Know Today Agricultural futures spent a third straight session mostly lower after partially recovering from morning lows. The war in Iran continues to drive energy markets with spillover into ags. After two days lower, crude oil turned higher after Iran demanded unlikely...
Summary of Futures
Jul 26 Corn closed at $4.675/bushel, down $0.01 from yesterday's close. Jul 26 Wheat closed at $6.1225/bushel, down $0.05 from yesterday's close. Jul 26 Soybeans closed at $11.9225/bushel, down $0.025 from yesterday's close. Jul 26 Soymeal closed at $318.9/short ton, up $1.6 f...
Market Commentary: War Premium Out. Weather Premium Next?
Key Market Insights Macros: Macro markets traded a sharp shift in tone Wednesday as traders aggressively pulled risk premium from the market on growing optimism surrounding a possible U.S.–Iran agreement. Crude oil briefly traded back below $89/barrel while the NASDAQ and S&P 500 push...
Summary of Futures
Jul 26 Corn closed at $4.685/bushel, down $0.115 from yesterday's close. Jul 26 Wheat closed at $6.1725/bushel, down $0.105 from yesterday's close. Jul 26 Soybeans closed at $11.9475/bushel, down $0.1675 from yesterday's close. Jul 26 Soymeal closed at $317.3/short ton, down $...
Black Sea Regional Analysis
Russian Grain Markets: 27 April - 1 May 2026 The Russian grains market remained volatile but predominantly bullish during the week in review. However, ruble (RUB) movements continue to distort domestic price signals. With export duties at zero for three consecutive weeks and export prices relat...
Market Commentary: Grains Ease on Profit Taking but Bullish Fundamentals Remain
What You Need to Know Today: U.S. naval escorts through the Strait of Hormuz and renewed Iranian attacks on vessels and UAE infrastructure are sustaining geopolitical risk across energy and commodity markets Broad profit taking and weaker crude oil triggered a pullback across grains, signaling...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, down $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2775/bushel, down $0.1325 from yesterday's close. Jul 26 Soybeans closed at $12.115/bushel, down $0.1125 from yesterday's close. Jul 26 Soymeal closed at $320.4/short ton, down $0...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt and Algeria, in addition to Israel, are being monitored by Ukraine as possible destinations for grain taken by Russia from occupied Ukrainian regions. In April, Egypt had said that it would “stop accepting such shipmen...
Market Commentary: Weather and Biofuels Drive CBOT Strength as Geopolitical Risk Builds
What You Need to Know Today: U.S. launches naval escort operations in the Strait of Hormuz as Iran attacks UAE oil infrastructure, escalating geopolitical risk and supporting energy and broader commodity markets Biofuel demand entering uncharted territory, with soyoil valuation increasingly di...
Summary of Futures
Jul 26 Corn closed at $4.8575/bushel, up $0.055 from yesterday's close. Jul 26 Wheat closed at $6.41/bushel, up $0.0325 from yesterday's close. Jul 26 Soybeans closed at $12.2275/bushel, up $0.195 from yesterday's close. Jul 26 Soymeal closed at $320.9/short ton, up $1.6 from...
Mercosur Regional Analysis
CORN Argentina In Argentina, after several weeks of intense and frequent rainfall, weather conditions have improved, with clear days, dry cold, and wind supporting both soil and grain drying. Harvest activity has resumed; however, producers continue to prioritize soybeans, limiting progress in...
Market Commentary: Mixed End to a Higher Week
The corn and soy complex closed higher, with the wheat market mixed, as winter wheat closed up but spring wheat and livestock ended lower. Part of the strength for corn and soybeans may have been a weather premium, as crop planting has started out fast but warm weather has been slow to develop...
Per Capita, What Do You Eat?
Reflect for a moment on what you eat. There is a lot of advice out there in the ether about what you should eat, but really, what do you currently eat and how much? The good people at the USDA have some data for you, to help you answer that question. USDA says that we eat quite a bit of meat. L...
Summary of Futures
Jul 26 Corn closed at $4.8025/bushel, up $0.055 from yesterday's close. Jul 26 Wheat closed at $6.3775/bushel, up $0.01 from yesterday's close. Jul 26 Soybeans closed at $12.0325/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $319.3/short ton, up $0.4 from...
U.S. and Global Soy Crush Forecasts
WPI recently completed an expansion of our methodology for estimating and forecasting U.S. and global soybean crushing margins. The new approach incorporates the energy market’s expanding influence on the oilseed sector and the structural changes in global biofuel demand. This report is i...
Market Commentary: Inflation Climbs, Crude Hesitates, Grains Reset
Key Market Insights Macros: Inflation isn’t cooling — it’s moving higher again. March PCE inflation (Personal Consumption Expenditures index — the Fed’s preferred measure of inflation) rose 0.7 percent month-over-month, pushing the annual rate to 3.5 percent, the h...
Summary of Futures
Jul 26 Corn closed at $4.7475/bushel, down $0.03 from yesterday's close. Jul 26 Wheat closed at $6.3675/bushel, down $0.1625 from yesterday's close. Jul 26 Soybeans closed at $11.955/bushel, down $0.015 from yesterday's close. Jul 26 Soymeal closed at $318.9/short ton, down $4...
Market Commentary: Biofuel Demand and Weather Risks Support Ag Markets Despite Fed Pause
What Matters Today... Fed holds rates steady as inflation uncertainty tied to the Iran conflict pressures equities and supports broader commodity risk premia Biofuel demand accelerating globally, with U.S. imports of used cooking oil and strong soyoil demand reinforcing upside across the soy c...
Summary of Futures
Jul 26 Corn closed at $4.7775/bushel, up $0.0225 from yesterday's close. Jul 26 Wheat closed at $6.53/bushel, down $0.0475 from yesterday's close. Jul 26 Soybeans closed at $11.97/bushel, up $0.0775 from yesterday's close. Jul 26 Soymeal closed at $323.8/short ton, down $3.6 f...
Black Sea Regional Analysis
Russian Grain Markets: 20-24 April 2026 During the week in review, the Russian grains market remained volatile with a broadly bullish undertone. However, it remains too early to determine whether this shift is being driven by geopolitical factors or short-term positioning. The market continues...
Market Commentary: Wheat, Corn Score New Highs on Weather, Fund Buying
Weather concerns and the impacts of the war in Iran helped push wheat and corn to sharp gains Tuesday, with both markets blowing past key technical resistance levels. The weather is now coupled with geopolitical tensions that look increasingly hard to resolve, which is giving funds the perfect...
Summary of Futures
Jul 26 Corn closed at $4.755/bushel, up $0.0625 from yesterday's close. Jul 26 Wheat closed at $6.5775/bushel, up $0.28 from yesterday's close. Jul 26 Soybeans closed at $11.8925/bushel, down $0.0275 from yesterday's close. Jul 26 Soymeal closed at $327.4/short ton, down $0.4...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Tunisian researchers have been able to fully sequence the genomes of two local durum wheat types that have been grown in Tunisia for generations. They say that this “could be the key to developing more climate-resistant duru...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long position across the major ag futures contracts after a two week break as deteriorating negotiations in the Middle East and the emergence of weather concerns triggered risk-on buying. Funds bought 40,000 contracts (4.7 percent) to their...
Summary of Futures
Jul 26 Corn closed at $4.6925/bushel, up $0.0575 from yesterday's close. Jul 26 Wheat closed at $6.2975/bushel, up $0.13 from yesterday's close. Jul 26 Soybeans closed at $11.92/bushel, up $0.135 from yesterday's close. Jul 26 Soymeal closed at $327.8/short ton, up $8.7 from y...
Market Commentary: Grain Markets’ Two Key Factors Increasingly Bullish
The big picture for commodity markets is that imperfect weather and the lack of a peace deal in the Middle East are mandating that traders keep risk premia in prices. All other developments in ag futures stem in some way from these two factors, though the details of how, exactly, these factors...
Mercosur Regional Analysis
Argentina Corn Intermittent rains of varying intensity continue to disrupt Argentina’s corn harvest across key agricultural regions. Dry windows have not been sufficient to improve field conditions or reduce grain moisture, keeping progress slow and prompting many producers to prioritize...
Summary of Futures
Jul 26 Corn closed at $4.635/bushel, down $0.0025 from yesterday's close. Jul 26 Wheat closed at $6.1675/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $11.785/bushel, up $0.0375 from yesterday's close. Jul 26 Soymeal closed at $319.1/short ton, up $2.6...
Market Commentary: Mixed Week and a Mixed Outlook
This is the limbo period between the expectations and reality of a new crop going into the ground. Prices gyrate in a narrow range, awaiting something more definitive than planting “intentions.” The bears see a planting pace off to a quick start, the bulls see ground that in many pl...
Summary of Futures
May 26 Corn closed at $4.555/bushel, up $0.0125 from yesterday's close. Jul 26 Wheat closed at $6.2025/bushel, up $0.1325 from yesterday's close. May 26 Soybeans closed at $11.5975/bushel, down $0.0475 from yesterday's close. Jul 26 Soymeal closed at $316.5/short ton, up $0.2...
Market Commentary: War Sustains Wheat; Corn Up Fifth Day
The Middle East truce is a rough one and the uncertainty spiked oil prices and the dollar again for another day. The wheat market has droughty conditions in the U.S., but globally there is pressure on a crop that gets both its fertilizer and a chunk of its demand from this volatile region. ...
Market Commentary: Plenty of Risk, Not Enough Conviction
Key Market Insights Markets aren’t trading fundamentals right now—they’re pricing risk. The Middle East remains the center of gravity, and the latest developments point to a situation that is not escalating—but not resolving either. That’s a difficult environment...
Summary of Futures
May 26 Corn closed at $4.5425/bushel, up $0.005 from yesterday's close. Jul 26 Wheat closed at $6.07/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.645/bushel, down $0.1 from yesterday's close. Jul 26 Soymeal closed at $316.3/short ton, down $4.9 fr...
Black Sea Regional Analysis
Russian Grain Markets: 13-17 April 2026 The Russian grains market remained relatively stable during the week, pressured by ample global wheat supply, strong international competition, and a firmer ruble. To maintain competitiveness—particularly against Ukraine and Kazakhstan—the gov...
European Market Analysis
Key Takeaways: Wheat markets are supported by U.S. weather risk, though EU fundamentals remain bearish on strong supply, weak demand, and currency pressure. Upside is limited, with global strength unlikely to drive sustained EU gains. Maize markets are firming on Brazil weather risk and tighte...