Recent Wheat Analysis
Market Commentary: More Wheat Weather Premium, but Weakness Elsewhere
There was generally modest volume today, with the exception of wheat, which was also uniquely higher on the day. New highs for the calendar year were printed in HRW as the fledgling crop is about to have the double-whammy of freezing temperatures added to drought as the welcoming committee for...
Summary of Futures
May 26 Corn closed at $4.485/bushel, down $0.0275 from yesterday's close. May 26 Wheat closed at $5.985/bushel, up $0.0475 from yesterday's close. May 26 Soybeans closed at $11.6375/bushel, down $0.0325 from yesterday's close. May 26 Soymeal closed at $332.7/short ton, down $1...
Summary of Futures
May 26 Corn closed at $4.5125/bushel, up $0.0825 from yesterday's close. May 26 Wheat closed at $5.9375/bushel, up $0.0175 from yesterday's close. May 26 Soybeans closed at $11.67/bushel, up $0.09 from yesterday's close. May 26 Soymeal closed at $334.4/short ton, up $4.7 from...
Market Commentary: Markets Discount Risk as Grains Quietly Hold Ground
Key Market Developments Macros & Energy: Outside markets continue to trade in a tug-of-war between escalation and de-escalation — and crude oil is right at the center of it. Overnight, crude pulled back toward $87 as headlines pointed to a potential resumption of peace negotiat...
Black Sea Regional Analysis
Russian Grain Markets: 6-10 April 2026 During the week in review, the Russian grains market was volatile. Domestic sentiment remained bullish, supporting an upward trend; however, the export market in the south stayed bearish. Given Russia’s export-driven structure, weak export demand is...
Summary of Futures
May 26 Corn closed at $4.43/bushel, up $0.0275 from yesterday's close. May 26 Wheat closed at $5.92/bushel, up $0.0975 from yesterday's close. May 26 Soybeans closed at $11.58/bushel, down $0.0425 from yesterday's close. May 26 Soymeal closed at $329.7/short ton, down $2.2 fro...
Market Commentary: Wheat Rallies on Falling Conditions; Cattle Surge to New Records
The CBOT received several pieces of key fundamental information on Tuesday, including updated production figures from CONAB, the results of the USDA’s Monday Crop Progress report, and fresh export sales of corn to Mexico. The result was that wheat popped higher on growing concerns for yie...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Syria is reported to be the main destination for Russia’s shipments of Ukraine grain from occupied regions. Egypt had been the main destination, but it has now stopped buying grain from occupied areas. Syria and Ukraine plan...
Summary of Futures
May 26 Corn closed at $4.4025/bushel, down $0.0075 from yesterday's close. May 26 Wheat closed at $5.8225/bushel, up $0.1125 from yesterday's close. May 26 Soybeans closed at $11.6225/bushel, down $0.135 from yesterday's close. May 26 Soymeal closed at $331.9/short ton, up $0...
Market Commentary: Political Tail Still Wagging the Market Dog
Politics are once again the tail wagging the dog in commodity markets. U.S. negotiations with Iran fell apart (again) over the weekend after Iran refused to agree to a permanent end of its nuclear weapons program. Rather than a return to the recent status quo, however, markets are adjusting to...
Mercosur Regional Analysis
CORN With a rainy start to April and excess moisture across much of Argentina’s agricultural region, the corn harvest has slowed, advancing just 2 percentage points over the past week to reach 21 percent of the total area. Rainfall during the second and third dekads of March was significa...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts, ending a ten-week streak of net buying. Funds sold 62,000 contracts (6.4 percent) to their all-ags net long position last week with selling in corn, soybeans, and CBOT wheat respon...
Summary of Futures
May 26 Corn closed at $4.41/bushel, down $0.03 from yesterday's close. May 26 Wheat closed at $5.71/bushel, down $0.035 from yesterday's close. May 26 Soybeans closed at $11.7575/bushel, up $0.105 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, up $14.2 from...
Market Commentary: Conflicting Factors Equals Mixed Day
There are so many conflicting narratives between war and peace, rain and drought, hopes and fears, that it was a mixed day of trading on Friday, and a mixed outcome for the week. For today, corn suffered its sixth lower day in the past seven trading sessions. There was high volume in soyb...
Wheat’s Fall from Grace
Buried in the many mountains of USDA data last week was the March 2026 Prospective Plantings report. There you will find one specific figure among the many that was a record: USDA’s lowest ever prospective plantings estimate for wheat. It was not a surprise. U.S. wheat plantings and harve...
Summary of Futures
May 26 Corn closed at $4.44/bushel, down $0.0325 from yesterday's close. May 26 Wheat closed at $5.745/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.6525/bushel, up $0.0325 from yesterday's close. May 26 Soymeal closed at $317.6/short ton, up $3.5...
Market Commentary: Fundamentals Replace War Trading
Geopolitics has proven that it beats weather as a volatility driver, but agricultural markets and financials returned to fundamentals today. The truce/non-truce/truce had its influences, with the soy sector following oil higher, but wheat traded down on stocks reports while corn buyers’ e...
Market Commentary: Energies Collapse on Ceasefire News but Grains Reclaim Early Losses
Once again, Trump, Iran, and the Middle East were the hub around which the CBOT trade revolved on Wednesday. Late Tuesday, the U.S. agreed to a two-week ceasefire agreement with Iran, just days after President Trump threatened to escalate attacks against the Middle Eastern country. In the annou...
European Market Analysis
Regional News Egypt is increasingly finding itself caught between Russia and Ukraine, in a battle for supplying its domestic wheat markets. Egypt, the world’s largest wheat importer, is facing political pressure and wooing from both Russian President Putin and Ukrainian President Ze...
Black Sea Regional Analysis
Russian Grain Markets: 30 March - 3 April 2026 Market overview The Russian grains market remained broadly stable during the week, with a slightly firmer undertone. Export values were mostly steady, while the domestic market moved modestly higher. Broader geopolitical tensions had only a limited...
Summary of Futures
May 26 Corn closed at $4.4725/bushel, down $0.0175 from yesterday's close. May 26 Wheat closed at $5.8025/bushel, down $0.1775 from yesterday's close. May 26 Soybeans closed at $11.62/bushel, up $0.0375 from yesterday's close. May 26 Soymeal closed at $314.1/short ton, up $2.3...
Summary of Futures
May 26 Corn closed at $4.49/bushel, down $0.05 from yesterday's close. May 26 Wheat closed at $5.98/bushel, up $0.0275 from yesterday's close. May 26 Soybeans closed at $11.5825/bushel, down $0.085 from yesterday's close. May 26 Soymeal closed at $311.8/short ton, down $4.8 fr...
Market Commentary: Risk is Priced In — But Not Yet Believed
Key Market Developments Macro/Geopolitics: Markets are staring down a deadline tonight as President Donald Trump pushes Iran to reopen the Strait of Hormuz by 8:00 PM Eastern. So far, Iran has rejected the U.S.-backed ceasefire proposal — reportedly delivered through Pakistan &mdash...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt has said that it will no longer import any shipments of grain exported by Russia from the occupied areas of Ukraine. Egypt has increased its purchase price for local wheat by about 11 percent in order to increase domestic pu...
Market Commentary: The Long-Run Draws Near
The CBOT markets were surprisingly insulated from a jump in crude oil that started the week. Crude oil futures rallied to $115/brl - their highest levels since the earliest days of the U.S.-Iran war - on rhetoric from the White House that signaled an escalation in the conflict. While the oil he...
Summary of Futures
May 26 Corn closed at $4.54/bushel, up $0.0175 from yesterday's close. May 26 Wheat closed at $5.9525/bushel, down $0.03 from yesterday's close. May 26 Soybeans closed at $11.6675/bushel, up $0.0325 from yesterday's close. May 26 Soymeal closed at $316.6/short ton, up $1.4 fro...
WPI Crop Progress and Conditions App (Updated 6 April)
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
Argentina Corn Argentina’s corn harvest continued to advance nationwide, gaining 3.8 percentage points on the week to reach 19 percent of planted area. Fieldwork maintained a solid pace across most of the agricultural region, with the national average yield currently estimated at 8.53 MT/...
Market Commentary: War and Easter Exit Strategy
There were a lot of moving parts on the last trading day of the holiday-shortened week, but liquidation and profit-taking may have been the strongest. A prolonged war and higher energy prices will impact consumption and inflation, while supporting biofuels. Storm systems may reduce some of the...
Summary of Futures
May 26 Corn closed at $4.5225/bushel, down $0.02 from yesterday's close. May 26 Wheat closed at $5.9825/bushel, up $0.0075 from yesterday's close. May 26 Soybeans closed at $11.635/bushel, down $0.05 from yesterday's close. May 26 Soymeal closed at $315.2/short ton, down $3 fr...
Summary of Futures
May 26 Corn closed at $4.5425/bushel, down $0.035 from yesterday's close. May 26 Wheat closed at $5.975/bushel, down $0.1875 from yesterday's close. May 26 Soybeans closed at $11.685/bushel, down $0.025 from yesterday's close. May 26 Soymeal closed at $318.2/short ton, up $1.8...
Market Commentary: Plenty of Information — No Clear Direction
Key Market Developments Macro: Tension Without Direction Markets are trading the tension between escalation and resolution — and neither side has control. Both equities and commodities tested key technical levels this week before reversing sharply on headlines suggesting — at least...
Black Sea Regional Analysis
Russian Grain Markets: 23–27 March 2026 The Russian grains market was stable to slightly firmer during the week. Export activity and port trading remained slow, while the domestic market and inland trade reflected firmer farmer price expectations. Even so, gains were limited, and the broa...
Summary of Futures
May 26 Corn closed at $4.5775/bushel, up $0.02 from yesterday's close. May 26 Wheat closed at $6.1625/bushel, up $0.0925 from yesterday's close. May 26 Soybeans closed at $11.71/bushel, up $0.1125 from yesterday's close. May 26 Soymeal closed at $316.4/short ton, up $1.5 from...
Market Commentary: Grains Rally on USDA Data, Hopes for End to Middle East Conflict
Except for lean hog futures, the CBOT and CME markets were higher on Tuesday in a combination of bullish factors. The day’s strength started after the Wall Street Journal reported that President Trump told aides he is willing to end hostilities in the Middle East even if the Strait of Hor...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Iraq’s 2026 wheat imports are seen increasing by about 8.3 percent to 2.4 million MT, according to the FAO, as a result of the 16 percent lower 2025 wheat crop — down to 4.4 MMT in 2025 from 5.2 MMT in 2024. Planting f...
March Grain Stocks Summary
The attached PDF offers graphical depiction and analysis of the latest USDA Grain Stocks data for key commodities. The data is, of course, taken from the quarterly Grain Stocks report. WPI recently completed an expansion of the analysis and welcomes any feedback/suggestions. ...
Summary of Futures
May 26 Corn closed at $4.5575/bushel, down $0.0625 from yesterday's close. May 26 Wheat closed at $6.07/bushel, up $0.02 from yesterday's close. May 26 Soybeans closed at $11.5975/bushel, up $0.005 from yesterday's close. May 26 Soymeal closed at $314.9/short ton, down $...
Market Commentary: CBOT Cautious Ahead of Acreage, Stocks Reports
The CBOT took a bit of a breather on Monday as traders waited for the upcoming Prospective Plantings and Grain Stocks reports, which the USDA will issue Tuesday at midday. Traders were reluctant to expand risk too much ahead of these two reports, which often change market direction and tone for...
Prospective Planting and Quarterly Stocks Reports Preview
The 2026 USDA Prospective Plantings Report is scheduled for release tomorrow. The report surveys farmer planting intentions for major crops, including corn, soybeans, and wheat. It also asks about 2025 planted and prevent-plant acres. This report gives the first real snapshot of what planted ac...
Mercosur Regional Analysis
Argentina Corn Argentina’s corn harvest continues to advance at the national level. After a weekly gain of 2.2 percentage points, harvest has reached 15.2 percent of the suitable area. Although recent rainfall has partially limited fieldwork, it has not had a significant impact on overall...
CFTC COT Report Analysis
Friday’s CFTC report showed funds expanding long positions across the major ag futures contracts for the tenth straight week. Funds added 67,000 contracts (7.7 percent) to their all-ags net long position – nearly doubling the prior week’s purchases - with buying in corn and so...
Market Commentary: Expected Biofuel Announcement Cannot Dislodge War Worries
Thursday marked the worst day for stocks in weeks despite word on the street to “buy,” since valuations have once again become attractive. But apparently not yet. History suggests a rebound with President Trump politically compelled to dream up some form of policy stimulus on top of...
Downside Risk for Wheat into 2026/27
The current rally in wheat futures is widely known to be driven by fund buying in response to the conflict in the Middle East. Part of the price gains has also been motivated by concerns for the HRW crop in the U.S. Plains amid dry weather and the strong U.S. wheat export pace to date. What has...
Summary of Futures
May 26 Corn closed at $4.62/bushel, down $0.05 from yesterday's close. May 26 Wheat closed at $6.05/bushel, up $0 from yesterday's close. May 26 Soybeans closed at $11.5925/bushel, down $0.145 from yesterday's close. May 26 Soymeal closed at $315.3/short ton, down $6.8 from ye...
Export Sales
Export Sales and Shipments for March 13-19, 2026. Wheat: Net sales of 397,200 metric tons (MT) for 2025/2026 were up noticeably from the previous week and up 46 percent from the prior 4-week average. Export shipments of 383,500 MT were unchanged from the previous week, but down 10 percent...
Summary of Futures
May 26 Corn closed at $4.67/bushel, down $0.0025 from yesterday's close. May 26 Wheat closed at $6.05/bushel, up $0.0725 from yesterday's close. May 26 Soybeans closed at $11.7375/bushel, up $0.02 from yesterday's close. May 26 Soymeal closed at $322.1/short ton, up $2.3 from...
Market Commentary: War Worries Continue to Drive the Narrative
War-related higher energies are a mixed story for ags. They could stymie economic growth and thus demand, but they open the door for better biofuel sales. Ags were mostly in the green today, betting on the biofuel market. Reports Export Sales: Last week’s new commitments by foreign...
Summary of Futures
May 26 Corn closed at $4.6725/bushel, up $0.0475 from yesterday's close. May 26 Wheat closed at $5.9775/bushel, up $0.0775 from yesterday's close. May 26 Soybeans closed at $11.7175/bushel, up $0.1675 from yesterday's close. May 26 Soymeal closed at $319.8/short ton, down $2.6...
Market Commentary: Demand Builds, Markets Await Confirmation
Key Market Developments Macro: Playing or Trading “Truth or Dare” We’ve entered the “truth or dare” phase of this market — where conviction takes a backseat and headlines drive direction. At any given moment, the narrative shifts: progress in negotiations on...
Black Sea Regional Analysis
Russian Grain Markets: 16–20 March 2026 During the second week of February, the Russian grains market showed a sharp divergence between domestic and export trends. The domestic market was slightly bullish but overall remained stable. In contrast, export market trading in RUB was mostly be...
Summary of Futures
May 26 Corn closed at $4.625/bushel, up $0.03 from yesterday's close. May 26 Wheat closed at $5.9/bushel, up $0.0225 from yesterday's close. May 26 Soybeans closed at $11.55/bushel, down $0.085 from yesterday's close. May 26 Soymeal closed at $322.4/short ton, down $4.2 from y...
Market Commentary: Diminishing Energy Impacts on CBOT Trade
Tuesday’s energy markets took back about half of Monday’s losses as tensions in the Arab Gulf flared again, despite recent announcements of diplomatic talks and a five-day cooling-down period from the U.S. Overnight, Iran and Israel launched new rounds of attacks on each other, and...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt has seen a sharp rise in wheat prices due to increased shipping costs and the 9 percent drop in the value of Egypt’s currency. Wheat prices in Egypt are said to be up by as much as $24/MT. Both ocean freight costs and...
Summary of Futures
May 26 Corn closed at $4.595/bushel, down $0.06 from yesterday's close. May 26 Wheat closed at $5.8775/bushel, down $0.075 from yesterday's close. May 26 Soybeans closed at $11.635/bushel, up $0.0225 from yesterday's close. May 26 Soymeal closed at $326.6/short ton, down $1.4...
Market Commentary: Oil and Iran Conflict Still in Drivers’ Seat, but This Time Creating Pressure
Volatility has been no stranger to the CBOT these past three weeks, and the one consistency during this time has been the dramatic coupling of ag markets’ fortunes to the foibles of crude oil. That was again true on Monday, but this time crude oil offered a bearish – rather than sup...
Mercosur Regional Analysis
CORN Argentina’s corn harvest continues to move forward and has now reached 13 percent of planted area, with fieldwork still concentrated in the North Core. Progress there remains steady, and yields are averaging 9.82 MT/ha. Harvest is also beginning to pick up in the South Core, where ea...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the ninth straight week. Funds added 32,000 contracts (3.8 percent) to their all-ags net long position – a much smaller effort than the prior week’s 244,000-contract bu...
Summary of Futures
May 26 Corn closed at $4.655/bushel, down $0.0425 from yesterday's close. May 26 Wheat closed at $5.9525/bushel, down $0.1275 from yesterday's close. May 26 Soybeans closed at $11.6125/bushel, down $0.0725 from yesterday's close. May 26 Soymeal closed at $328/short ton, down $...
Market Commentary: Pragmatic Escape Ahead of Weekend
On Monday of this week, traders were met with limit-down losses in soybeans, plus double-digit losses in corn, soymeal, and wheat. For many, it didn’t feel good. The war in Iran presented surprises, including the postponement of a Trump-Xi meeting expected to sell some soybeans. Fundament...
Summary of Futures
May 26 Corn closed at $4.6975/bushel, up $0.065 from yesterday's close. May 26 Wheat closed at $6.08/bushel, up $0.0375 from yesterday's close. May 26 Soybeans closed at $11.685/bushel, up $0.0675 from yesterday's close. May 26 Soymeal closed at $332.5/short ton, up $10.8 from...
Export Sales
Export Sales and Shipments for March 6-12, 2026. Wheat: Net sales of 189,900 metric tons (MT) for 2025/2026 were down 58 percent from the previous week and 36 percent from the prior 4-week average. Export shipments of 383,100 MT were down 11 percent from the previous week and 7 percent from the...
Market Commentary: Energy Pulls Futures Higher, For Now
Tomorrow is Nowruz (spring equinox), the Persian New Year, but there will likely be no break from the war. There continued to be upward price pressure on grains and oilseeds, chasing the spike in fossil fuel prices. There may be ample fertilizer for Northern Hemisphere crops nearing planting ti...
Market Commentary: Macro Pressure and Energy Strength Lift Grain Markets
Key Market Developments Macro: Reinforcing a Higher-for-Longer Environment Today’s inflation data reinforced what markets were already beginning to price in: a more persistent, “higher for longer” rate environment. U.S. producer prices came in above expectations, with headline...
Black Sea Regional Analysis
Russian Grain Markets: 9–13 March 2026 Russia’s grain market turned firmer in the second week of March, led by stronger price action in Asian Russia, where domestic values continue adjusting higher toward neighboring Kazakh levels. By contrast, European Russia and the Black Sea rema...
Summary of Futures
May 26 Corn closed at $4.54/bushel, up $0 from yesterday's close. May 26 Wheat closed at $5.8975/bushel, down $0.075 from yesterday's close. May 26 Soybeans closed at $11.57/bushel, up $0.0175 from yesterday's close. May 26 Soymeal closed at $311.7/short ton, down $0.5 from ye...
Market Commentary: Energies, Acreage Worries Support Soybeans; Wheat Drifts Lower
CBOT ag futures were highly mixed on Tuesday as traders recovered from Monday’s drubbing and limit-down move in soybeans and soyoil. At Monday’s close, the options market was suggesting soybeans and soyoil were trading significantly lower than the limit-down close permitted, but tho...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region The Muslim month of Ramadan is expected to end around 19 March with the beginning of the Eid-al-Fitr holiday — the Eid holiday lasts up to five days depending on the country. Businesses, banks, and government offices will be...
Summary of Futures
May 26 Corn closed at $4.54/bushel, down $0.1325 from yesterday's close. May 26 Wheat closed at $5.9725/bushel, down $0.165 from yesterday's close. May 26 Soybeans closed at $11.5525/bushel, down $0.7 from yesterday's close. May 26 Soymeal closed at $312.2/short ton, down $10...
Market Commentary: Ags Sink on Oil Optimism, China Trade Worries; Fund Length Now a Liability
As quickly as it began, the U.S.-Iran war-fueled rally in commodity markets looks to be ending. Over the weekend and through Monday, several reports came in that highlighted political efforts to resume vessel traffic through the Strait of Hormuz. Perhaps most important was news that President T...
Mercosur Regional Analysis
Corn After a week-on-week advance of 3.6 percentage points, the corn harvest reached 7.2 percent of the national area, with fieldwork concentrated mainly in Núcleo Norte and the east-central area of Entre Ríos, where yields are averaging 9.57 MT/ha and 6.52 MT/ha, respectively. Ea...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the eighth straight week. Funds added 244,000 contracts (40 percent) to their all-ags net long position – a massive weekly increase - with buying in corn and the soy complex...
Summary of Futures
May 26 Corn closed at $4.6725/bushel, up $0.0475 from yesterday's close. May 26 Wheat closed at $6.1375/bushel, up $0.1525 from yesterday's close. May 26 Soybeans closed at $12.2525/bushel, down $0.02 from yesterday's close. May 26 Soymeal closed at $322.7/short ton, up $2.5 f...
Market Commentary: Another Week of War and Commodity Gains
Corn and soybeans closed lower in the overnight session, and wheat joined them in trading lower this morning for a brief period before a turnaround that also pulled corn higher by the close. Soybeans couldn’t quite get there but did manage to erase the double-digit losses seen earlier in...
Export Sales
Export Sales and Shipments for February 27-March 5, 2026. Wheat: Net sales of 455,400 metric tons (MT) for 2025/2026 were up noticeably from the previous week and up 49 percent from the prior 4-week average. Export shipments of 432,000 MT were up 24 percent from the previous week, but dow...
Summary of Futures
May 26 Corn closed at $4.625/bushel, up $0.0225 from yesterday's close. May 26 Wheat closed at $5.985/bushel, up $0.0375 from yesterday's close. May 26 Soybeans closed at $12.2725/bushel, up $0.1325 from yesterday's close. May 26 Soymeal closed at $320.2/short ton, up $4.8 fro...
Market Commentary: Energy Volatility Sets the Tone for Commodities
Key Market Developments Crude oil has been the architect behind the violent price swings seen across the grain markets over the last four trading sessions. Corn, soybeans, and wheat have been trading almost as a mirror to crude oil, with speculative capital moving rapidly between markets as ene...
WASDE Wheat - Mar 2026
USDA’s outlook for 2025/26 U.S. wheat supply and use categories are unchanged from last month. Global supplies increased modestly by 0.2 million tons to 1,101.8 million and global ending stocks remain at a 5-year high. The result is that the average U.S. farm price is adjusted up modestly...
Market Commentary: Easing But Not Ending Novelty and Risk
There were more modest volumes trading in today’s session, perhaps reflecting growing resilience and circumspection about geopolitical uncertainties. The trade has had an ample opportunity to react to the modest changes in USDA’s March WASDE report, and there is still plenty of expe...
Summary of Futures
May 26 Corn closed at $4.6025/bushel, up $0.08 from yesterday's close. May 26 Wheat closed at $5.9475/bushel, up $0.0375 from yesterday's close. May 26 Soybeans closed at $12.14/bushel, up $0.1225 from yesterday's close. May 26 Soymeal closed at $315.4/short ton, up $0.9 from...
Black Sea Regional Analysis
Russian Grain Markets: 2–6 March 2026 During the week of 02–06 March, the Russian grains market stabilized and showed early signs of recovery across most grains, while pulses remained weak. The developing bullish tone reflects geopolitical developments and movements in global commod...
Market Commentary: Oil Volatility Drives CBOT More than WASDE
Usually, the day USDA releases its monthly world supply and demand report – known colloquially as “WASDE day” – sees heightened volatility in CBOT ag futures. That was true again Tuesday, though there was little causal connection between the WASDE and the market’s...
Summary of Futures
May 26 Corn closed at $4.5225/bushel, down $0.015 from yesterday's close. May 26 Wheat closed at $5.91/bushel, down $0.1225 from yesterday's close. May 26 Soybeans closed at $12.0175/bushel, up $0.055 from yesterday's close. May 26 Soymeal closed at $314.5/short ton, up $1 fro...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Middle Eastern countries have imported an average of close to 29 million MT of grains and feed products per year over the past five years according to an Ag Perspectives report. These include wheat, corn, barley, soybeans, soymeal...
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...
Summary of Futures
May 26 Corn closed at $4.5375/bushel, down $0.0675 from yesterday's close. May 26 Wheat closed at $6.0325/bushel, down $0.135 from yesterday's close. May 26 Soybeans closed at $11.9625/bushel, down $0.045 from yesterday's close. May 26 Soymeal closed at $313.5/short ton, down...
Market Commentary: Crude Oil Rally and Crash Drives Whipsaw CBOT Action
The massive rally in energy markets remains the primary story underpinning ag markets. Front-month crude oil futures ripped higher overnight and traded above $100/brl for the first time since July 2022 before scoring an overnight high just shy of $120/brl. That strength pulled ag markets &ndash...
Mercosur Regional Analysis
Corn The corn harvest is beginning to gain momentum in Argentina. So far, 7 percent of the area has been harvested, with the core corn region already reaching 10 percent. Yields remain heterogeneous. Some areas are performing well above average, while others are showing the impact of late-seaso...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the seventh straight week. Funds added 125,000 contracts (27 percent) to their all-ags net long position, with buying in soybeans and corn primarily responsible for the move. ...
Market Commentary: War, Crude Oil Still Dominate
The geopolitics of war in Iran are said to now be eclipsing any market focus on next week’s USDA March WASDE report. Volumes were modest in today’s trading, but the message was nonetheless clear – shipping grain and inputs is getting complicated. Notably, the ratio of De...
Summary of Futures
May 26 Corn closed at $4.605/bushel, up $0.07 from yesterday's close. May 26 Wheat closed at $6.1675/bushel, up $0.33 from yesterday's close. May 26 Soybeans closed at $12.0075/bushel, up $0.215 from yesterday's close. May 26 Soymeal closed at $317.2/short ton, up $7.9 from ye...
Middle East Grain Trade Trends
Somewhat lost in the current discussion over the impacts of the conflict in Iran and the Persian Gulf is the impact on grain trade. The region is not usually at the top of grain market analysts’ thinking when it comes to major demand centers, yet it accounts for significant global grain c...
Summary of Futures
May 26 Corn closed at $4.535/bushel, up $0.0975 from yesterday's close. May 26 Wheat closed at $5.8375/bushel, up $0.155 from yesterday's close. May 26 Soybeans closed at $11.7925/bushel, up $0.0975 from yesterday's close. May 26 Soymeal closed at $309.3/short ton, down $0.6 f...
Market Commentary: Middle East Turmoil Keeps Commodities Higher
War-related upward pressure in petroleum prices continues to provide support to grain prices. Brent crude oil hit $85/barrel and WTI crude rose 8.5 percent, its biggest jump since July 2024 and the first time above $80/barrel in over a year. HRW hit its highest price in a year, corn broke throu...
Export Sales
Export Sales and Shipments for February 20-26, 2026. Wheat: Net sales of 203,100 metric tons (MT) for 2025/2026 were down 16 percent from the previous week and 42 percent from the prior 4-week average. Export shipments of 348,900 MT were down 35 percent from the previous week and 24 percent fro...
Market Commentary: Geopolitics, Energy, and Macro Correlations Shape Agricultural Markets
Key Market Developments Markets opened mixed after reports that Iran signaled a willingness to discuss ending the conflict with the United States. Sentiment improved further after President Trump stated that U.S. strikes had significantly degraded Iranian military capabilities and outlined meas...
Summary of Futures
May 26 Corn closed at $4.4375/bushel, down $0.0275 from yesterday's close. May 26 Wheat closed at $5.6825/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.695/bushel, down $0.01 from yesterday's close. May 26 Soymeal closed at $309.9/short ton, down $...
Black Sea Regional Analysis
Russian Grain Markets: 23–27 February 2026 The Russian grain market turned bearish during the final week of February as global trends and heavy domestic stocks pressured values across most regions. According to updated 2025 crop data from Rosstat, total grain production reached 141.15 mil...
Market Commentary: Fundamentals in the Backseat; Conflict Impacts Driving Markets
Four days into the U.S.-Iran conflict, it is becoming apparent that the conflict will last longer than a few days, and impacts could be more widespread than expected. That sentiment drove macroeconomic and commodity futures markets on Tuesday, which meant risk-off trading in the macro sector an...
Summary of Futures
May 26 Corn closed at $4.465/bushel, up $0.0075 from yesterday's close. May 26 Wheat closed at $5.74/bushel, down $0.0325 from yesterday's close. May 26 Soybeans closed at $11.705/bushel, up $0.065 from yesterday's close. May 26 Soymeal closed at $314.7/short ton, up $1.8 from...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s flour exports in 2025, at 2.36 MMT, were back up close to 2019 levels but well below the five-year average of close to 3.0 MMT. Exports were low due to drought and Turkey’s export restrictions. Shipments of fl...
European Market Analysis
Regional News The latest crop update from the EU Commission’s MARS crop monitoring division reported “broadly satisfactory” conditions across much of the bloc through February. Persistent frost in parts of northern and eastern Europe is a concern for the winter crops, pa...
Market Commentary: Gulf Conflict Creates Volatility but Little Support for Grains
The primary drivers of Monday’s grain trade were, of course, the U.S. and Israel’s weekend attacks on Iran that killed the latter country’s Supreme Leader Khamenei and the subsequent cascade of impacts on global markets. WPI covers these impacts in more detail in our nearby ar...
Summary of Futures
May 26 Corn closed at $4.4575/bushel, down $0.0275 from yesterday's close. May 26 Wheat closed at $5.7725/bushel, down $0.1425 from yesterday's close. May 26 Soybeans closed at $11.64/bushel, down $0.0675 from yesterday's close. May 26 Soymeal closed at $312.9/short ton, down...
Mercosur Regional Analysis
WHEAT As February draws to a close, wheat exports during the first quarter of the marketing year (December–February) are approaching 10 MMT, compared with a five-year average of 5 MMT. Argentina’s ample wheat supply continues to weigh on both global and domestic prices. The country...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the sixth straight week. Funds added 176,000 contracts (60 percent) to their all-ags net long position, with strong and mostly uniform buying across the ag sector. The soy co...
Market Commentary: Green Despite Many Obstacles
There was mostly green on the board for Friday and for the week as a whole. Another contract high was printed by soyoil as higher energies, higher inflation, and heightened geopolitical tensions all favored commodities. There are some topical contrasts. For example, the cattle market is t...
Summary of Futures
May 26 Corn closed at $4.485/bushel, up $0.05 from yesterday's close. May 26 Wheat closed at $5.915/bushel, up $0.17 from yesterday's close. May 26 Soybeans closed at $11.7075/bushel, up $0.0725 from yesterday's close. May 26 Soymeal closed at $320.5/short ton, down $0.4 from...
Market Commentary: Late Corn Rally; Soyoil Aborts Complex; Wheat Splits
A mostly bullish overnight session was not sustained, splitting the soy complex and wheat. Corn rallied late to avert a loss. The morning opened with USDA’s Export Sales report reflecting the turn by buyers to lower-cost sources. There was good volume trading corn and the soy complex, and...
Summary of Futures
May 26 Corn closed at $4.435/bushel, up $0.015 from yesterday's close. May 26 Wheat closed at $5.745/bushel, up $0.0475 from yesterday's close. May 26 Soybeans closed at $11.635/bushel, down $0.015 from yesterday's close. May 26 Soymeal closed at $320.9/short ton, down $0.9 fr...
Export Sales
Export Sales and Shipments for February 13-19, 2026 Wheat: Net sales of 243,000 metric tons (MT) for 2025/2026 were down 16 percent from the previous week and 43 percent from the prior 4-week average. Export shipments of 540,000 MT were up 67 percent from the previous week and 28 percent...
Market Commentary: Stable Policy, Conditional Demand, Weather Emerging as the Next Risk
Key Market Developments While tariffs were not addressed directly in the State of the Union, trade policy remains steady. Reports during today’s session confirmed that U.S. tariffs on China will remain in the 35 percent–50 percent range, signaling limited escalation ahead of upcomin...
Summary of Futures
May 26 Corn closed at $4.42/bushel, up $0.035 from yesterday's close. May 26 Wheat closed at $5.6975/bushel, down $0.035 from yesterday's close. May 26 Soybeans closed at $11.65/bushel, up $0.0975 from yesterday's close. May 26 Soymeal closed at $321.8/short ton, up $7.4 from...
European Market Analysis
Regional News On 20 February, Germany confirmed its first case of Newcastle disease in 18 years, after a commercial turkey flock in Neißemünde was found to be infected. Separately, Poland had two new flocks confirmed as being infected with the disease, as the country continues...
Black Sea Regional Analysis
Russian Grain Markets: 16–20 February 2026 During the week under review, the Russian grain market showed localized volatility across interior regions but remained generally stable at export terminals, the country’s primary trading platform. Among commodities, top-grade milling wheat...
Market Commentary: Soybeans Rally on PNW Export Rumors; Grains Ease on Profit Taking
The soy complex was the upside leader again on rumors of Chinese purchases of U.S. soybeans from the PNW, as well as some harvest and quality issues in Brazil. Soyoil continued to find support from hopes that the EPA will release its biofuel policy obligations in the coming few days, though no...
Summary of Futures
Mar 26 Corn closed at $4.2775/bushel, up $0.0025 from yesterday's close. May 26 Wheat closed at $5.7325/bushel, down $0.005 from yesterday's close. May 26 Soybeans closed at $11.5525/bushel, up $0.055 from yesterday's close. May 26 Soymeal closed at $314.4/short ton, up $1.9 f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Tunisia’s 2026 winter crop planting started a little late due to a lack of rainfall, but this improved in January as rainfall caught up. Winter wheat and barley crops are expected to be good for the harvest later in 2026. 20...
Market Commentary: SCOTUS Ruling, South America Weather Send CBOT Lower
The CBOT turned lower on Monday, with the back-and-forth action of the Supreme Court and President Trump regarding tariffs on foreign imports driving volatility. For the ag markets, the biggest impact of the SCOTUS ruling seems to be doubts that China will adhere to its soybean purchase plan, a...
Summary of Futures
Mar 26 Corn closed at $4.275/bushel, up $0 from yesterday's close. May 26 Wheat closed at $5.7375/bushel, down $0.065 from yesterday's close. May 26 Soybeans closed at $11.4975/bushel, down $0.035 from yesterday's close. May 26 Soymeal closed at $312.5/short ton, down $1.3 fro...
Mercosur Regional Analysis
Corn Rains finally arrived across much of Argentina’s agricultural region, halting the crop deterioration seen in recent weeks. The core corn and soybean region benefited most, with some areas receiving up to 100 mm. However, localized damage from excess moisture, wind and hail affected a...
CFTC COT Report Analysis
Friday’s CFTC report showed funds expanding long positions across the major ag futures contracts for the fifth straight week. Funds added 95,000 contracts to their all-ags net long position, with buying in the soy complex driving about two-thirds of the increase. The soy complex saw...
Export Sales
Export Sales and Shipments for February 6-12, 2026. Wheat: Net sales of 288,000 metric tons (MT) for 2025/2026 were down 41 percent from the previous week and 44 percent from the prior 4-week average. Export shipments of 322,600 MT were down 44 percent from the previous week and 26 percen...
Market Commentary: Outside Market Noise, but Fundamentals Prevail
Overall economic data released earlier on Friday presented a mixed picture, and that was followed by a long-expected court ruling on Trump tariffs. This week had lots of geopolitical uncertainties, from a U.S. military buildup in the Middle East to peace talks between Russia and Ukraine going s...
Summary of Futures
Mar 26 Corn closed at $4.275/bushel, up $0.0175 from yesterday's close. May 26 Wheat closed at $5.8025/bushel, up $0.135 from yesterday's close. Mar 26 Soybeans closed at $11.375/bushel, down $0.035 from yesterday's close. Mar 26 Soymeal closed at $309.8/short ton, up $5 from...
Thoughts on USDA Ag Outlook Numbers
The USDA’s annual Agricultural Outlook Forum (AOF) featured the agency’s first look at the 2026/27 balance sheet for the major U.S. crops and livestock products. For corn, wheat, and soybeans, this year’s numbers were in line with expectations and did not spark much reaction f...
Market Commentary: Mostly Bullish Except Corn Where Production Will Fall
USDA issued its major S&D crop forecast for the upcoming crop season at its annual Outlook Conference. Although generally bullish for corn and bearish for soybeans, with a modest shift in plantings from beans to corn, the report had minimal market impact except perhaps in long-dated new cro...
Summary of Futures
Mar 26 Corn closed at $4.2575/bushel, down $0.0125 from yesterday's close. May 26 Wheat closed at $5.6675/bushel, up $0.1425 from yesterday's close. Mar 26 Soybeans closed at $11.41/bushel, up $0.075 from yesterday's close. Mar 26 Soymeal closed at $304.8/short ton, up $0.9 fr...
Market Commentary: Grain Markets Navigate Energy Risk and Dollar Strength
Key Market Developments Today’s theme was geopolitics and economics. Tension between the United States and Iran escalated despite reports of an “understanding” reached during Tuesday’s nuclear discussions. Iran temporarily shut parts of the Strait of Hormuz during milita...
Summary of Futures
Mar 26 Corn closed at $4.27/bushel, up $0.0075 from yesterday's close. Mar 26 Wheat closed at $5.47/bushel, up $0.0925 from yesterday's close. Mar 26 Soybeans closed at $11.335/bushel, down $0.005 from yesterday's close. Mar 26 Soymeal closed at $303.9/short ton, down $1.9 fro...
Black Sea Regional Analysis
Russian Grain Markets: 9–13 February 2026 The feature of the second week of February was appreciation of prices on the export platform, meaning regions in close proximity to seaports showed higher prices across all grains, including wheat, barley, corn and even peas. This is somewhat para...
European Market Analysis
Regional News EU cattle markets remain relatively unchanged from recent weeks, with German and Austrian prices falling slightly amid carnival-period reduced interest. EU hog and pig markets have started to stabilize, with the “backlog” of market-ready animals largely cle...
Market Commentary: Weather Pressures Grains; Crush Pace Boosts Soybeans
The CBOT managed to recover from a dramatic overnight plunge with soybeans leading the fight to put values back in the green. Most of the news coming out of the weekend was bearish – between larger Russian wheat crop projections, the advancing South American harvests, and generally favora...
Summary of Futures
Mar 26 Corn closed at $4.2625/bushel, down $0.055 from yesterday's close. Mar 26 Wheat closed at $5.3775/bushel, down $0.11 from yesterday's close. Mar 26 Soybeans closed at $11.34/bushel, up $0.01 from yesterday's close. Mar 26 Soymeal closed at $305.8/short ton, down $3.4 fr...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Morocco’s grain harvest could go as high as 9.0 million MT in 2026, which would represent a doubling of last year’s drought-affected harvest. Rainfall is up by 34 percent over the average, while grain planting has incr...
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...
Market Commentary: Mixed to Lower on Safety Ahead of the Long Weekend
There was both a lot and not much going on this Friday the 13th in November. The fundamentals are unchanged, but some riskier positions were neutralized and some profits taken ahead of the long weekend, with the federal holiday closing down futures markets on Monday. Volume was generally lower,...
Summary of Futures
Mar 26 Corn closed at $4.3175/bushel, up $0.005 from yesterday's close. Mar 26 Wheat closed at $5.4875/bushel, down $0.0375 from yesterday's close. Mar 26 Soybeans closed at $11.33/bushel, down $0.0425 from yesterday's close. Mar 26 Soymeal closed at $309.2/short ton, up $1.3...
WPI Spring Acreage Outlook
Heading into the USDA’s annual Ag Outlook Forum (AOF) next week, there is heightened speculation and anticipation about what the 2026/27 crop outlook will be. WPI updated our acreage forecasting models to help clients know what to expect—most likely—from the upcoming AOF forec...
Market Commentary: China Headlines and Technical Buying Lift CBOT
Key Market Developments Markets head into Friday’s CPI report expecting a 0.3 percent month-over-month increase in both headline and core inflation, keeping year-over-year readings near +2.5 percent. That matters — but perhaps not as much as it would have a few weeks ago. This week&...
Summary of Futures
Mar 26 Corn closed at $4.3125/bushel, up $0.0375 from yesterday's close. Mar 26 Wheat closed at $5.525/bushel, up $0.1525 from yesterday's close. Mar 26 Soybeans closed at $11.3725/bushel, up $0.1325 from yesterday's close. Mar 26 Soymeal closed at $307.9/short ton, up $4.9 fr...
Export Sales
Export Sales and Shipments for January 30-February 5, 2026. Wheat: Net sales of 488,000 metric tons (MT) for 2025/2026 were up 31 percent from the previous week and 14 percent from the prior 4-week average. Export shipments of 580,000 MT were up 44 percent from the previous week and 59 percent...
Market Commentary: Mixed But Steady with an Outside Surprise
The U.S. created more new jobs in January than expected, especially in healthcare. And there was more ethanol produced last week than the market expected. Soyoil hit a new contract high, but South American production continues to look quite substantial. The mixed news produced mixed results, bu...
Summary of Futures
Mar 26 Corn closed at $4.275/bushel, down $0.0125 from yesterday's close. Mar 26 Wheat closed at $5.3725/bushel, up $0.09 from yesterday's close. Mar 26 Soybeans closed at $11.24/bushel, up $0.015 from yesterday's close. Mar 26 Soymeal closed at $303/short ton, up $2.2 from ye...
Black Sea Regional Analysis
Russian Grain Markets: 2–6 February 2026 The primary development during the first week of February was the allocation of grain export quotas for the balance of the 2025/26 marketing season. A total of 213 companies received export rights, compared with 219 companies in 2025. The majority...
WASDE Wheat - Feb 2026
USDA’s outlook for 2025/26 U.S. wheat is unchanged for exports and slightly higher ending stocks to 931 million bushels - 9 percent higher than last year and the largest since 2019/20. The projected 2025/26 season-average farm price remains at $4.90 per bushel. The global outlook fo...
Market Commentary: WASDE Confirms Big Supply, Big Demand; Soybeans Gain on Brazil Quality
The headline numbers from the February WASDE – the South American production estimates – were mostly in line with expectations, which is to say the massive Brazilian soybean crop was found to be even more so. USDA increased its assessment of the Brazilian crop to a new record, which...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s snowfall and rainfall have returned to more normal levels following last year’s drought, which reduced wheat production by about 13.7 percent and barley production by 25.9 percent. Experts point out that, whil...
Market Commentary: CBOT Turns Lower on Weather, Pre-WASDE Consolidation
Except for the red-hot soyoil market, the CBOT was mostly lower on Monday, with favorable South American weather and pre-WASDE position adjustment driving the day’s mentality. Corn, wheat, and soybeans all settled slightly lower Monday in either consolidative trade or a continuation of ch...
Summary of Futures
Mar 26 Corn closed at $4.2875/bushel, down $0.015 from yesterday's close. Mar 26 Wheat closed at $5.2875/bushel, down $0.01 from yesterday's close. Mar 26 Soybeans closed at $11.1075/bushel, down $0.045 from yesterday's close. Mar 26 Soymeal closed at $297.8/short ton, down $5...
Mercosur Regional Analysis
After a very quiet prior week with limited activity, market conditions became significantly more active. Futures rallied early in the week after President Trump said he had spoken with Xi Jinping and that China agreed to buy up to 20 MMT of U.S. soybeans. China has already purchased around 12 M...
CFTC COT Report Analysis
WPI recently expanded our analysis of the weekly CFTC Commitments of Traders data to include reports on the regime (trending, cyclical, or transition) of each commodity we include. This addition will make it easier for clients to draw actionable inferences from the data that can support trading...
Market Commentary: Geopolitics Skews the Week
It was another day of big volume in the soy complex. While soybeans closed higher for a fourth session, corn and wheat failed to follow, or perhaps their drag pulled soybeans back to fundamental reality. There are still no new export sales. The Chinese are smart, and if they intend to buy...
Summary of Futures
Mar 26 Corn closed at $4.3025/bushel, down $0.0475 from yesterday's close. Mar 26 Wheat closed at $5.2975/bushel, down $0.055 from yesterday's close. Mar 26 Soybeans closed at $11.1525/bushel, up $0.03 from yesterday's close. Mar 26 Soymeal closed at $303.6/short ton, up $0.4...
Market Commentary: Soybean Spillover Rides Another Day
There was high-volume trading in soybeans again today after hitting record levels yesterday. The enthusiasm carried over to corn and soymeal as well, and there was good volume trading in soyoil contracts. There is understandable skepticism that China would pay 80 cents/bushel more for U.S. soyb...
Summary of Futures
Mar 26 Corn closed at $4.35/bushel, up $0.055 from yesterday's close. Mar 26 Wheat closed at $5.3525/bushel, up $0.085 from yesterday's close. Mar 26 Soybeans closed at $11.1225/bushel, up $0.2 from yesterday's close. Mar 26 Soymeal closed at $303.2/short ton, up $7 from yeste...
Export Sales
Export Sales and Shipments for January 23-29, 2026 Wheat: Net sales of 373,900 metric tons (MT) for 2025/2026 were down 33 percent from the previous week, but up 3 percent from the prior 4-week average. Export shipments of 403,800 MT were up 7 percent from the previous week and 32 percent from...
Black Sea Regional Analysis
Russian Grain Markets: 26–30 January 2026 The Russian grains market remains volatile, with bearish sentiment prevailing on the RUB export trade platform despite higher U.S. dollar–denominated export prices and zero export duties currently in place. With a large crop available, marke...
Market Commentary: Soybeans Surge as Trumps Says China in for Another 8 MMT
There are days in the commodity markets when it feels like nothing is happening in any market, and then there are days when it feels like everything is happening in every market. Today was one of the latter days. The big headline in ag trade Wednesday was the soybean futures and broader s...
European Market Analysis
Milling Wheat Large supplies and strong exports of wheat from the Black Sea and Russia continue to cap upside potential for wheat. U.S. and EU markets rallied last week until late in the week, when they hit a combination of technical pressure and increased competition from the Black Sea.&...
Summary of Futures
Mar 26 Corn closed at $4.295/bushel, up $0.01 from yesterday's close. Mar 26 Wheat closed at $5.2675/bushel, down $0.02 from yesterday's close. Mar 26 Soybeans closed at $10.9225/bushel, up $0.265 from yesterday's close. Mar 26 Soymeal closed at $296.2/short ton, up $4.3 from...
Market Commentary: Soyoil Rallies on Stocks, Tax Credits; Livestock Futures Gain on Cash Trade
Soyoil was the upside leader in the CBOT’s Tuesday trade after the USDA’s December soyoil stocks figure came in well below expectations. Additionally, the U.S. Treasury Department announced its proposal on the 45Z Clean Fuel tax credits, which were broadly friendly for ag interests...
Summary of Futures
Mar 26 Corn closed at $4.285/bushel, up $0.0275 from yesterday's close. Mar 26 Wheat closed at $5.2875/bushel, up $0.01 from yesterday's close. Mar 26 Soybeans closed at $10.6575/bushel, up $0.055 from yesterday's close. Mar 26 Soymeal closed at $291.9/short ton, down $2.6 fro...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Israel will raise import tariffs on wheat from Russia and Ukraine under a new tariff agreement with the United States, a move expected to increase U.S. wheat imports. According to reports, the Israeli government will subsidize U.S...
Market Commentary: Grains Fall on Weather, Strong Dollar; Cattle Surge on Inventory Numbers
The CBOT turned lower to start the week with some of the profit-taking that defined Friday’s end-of-month trade continuing into the first day of February. Also pressuring grain futures was an improved forecast for Argentina, a surge in the U.S. dollar, and sharply lower energy markets. Th...
Summary of Futures
Mar 26 Corn closed at $4.2575/bushel, down $0.025 from yesterday's close. Mar 26 Wheat closed at $5.2775/bushel, down $0.1025 from yesterday's close. Mar 26 Soybeans closed at $10.6025/bushel, down $0.04 from yesterday's close. Mar 26 Soymeal closed at $294.5/short ton, up $0...
Mercosur Regional Analysis
South America Weather Overview Argentina received some rainfall this week, but precipitation was concentrated in the northeast and western regions, with accumulations well below crop requirements. Looking ahead, temperatures are expected to rise over the coming days, with highs between 36°C...
CFTC COT Report Analysis
Friday’s CFTC report showed funds building their net long position across the major ag futures contracts for the second straight week. Funds added 108,000 contracts to their all-ags net long position last week, with buying in soyoil and CBOT wheat driving most of that increase. The...
Summary of Futures
Mar 26 Corn closed at $4.2825/bushel, down $0.025 from yesterday's close. Mar 26 Wheat closed at $5.38/bushel, down $0.035 from yesterday's close. Mar 26 Soybeans closed at $10.6425/bushel, down $0.08 from yesterday's close. Mar 26 Soymeal closed at $293.6/short ton, down $2.4...
Market Commentary: Get Out of Dodge Friday
Although the week was mixed, there was a convincing move lower on Friday. The mood spelled exit as all the major agricultural contracts closed lower. Even those trading the three major wheat contracts, who had mostly countered the bearish sensibilities elsewhere on the board in many of the prev...
Export Sales
Export Sales and Shipments for January 16-22, 2026 Wheat: Net sales of 558,200 metric tons (MT) for 2025/2026 were down 10 percent from the previous week, but up noticeably from the prior 4-week average. Export shipments of 378,800 MT were up 2 percent from the previous week and 19 percen...
Market Commentary: Weather Impacts as Commodities Move Their Own Way
Markets traded higher overnight and opened that way this morning, but the soy complex quickly gave way. Weather threatens shipments down the Mississippi, yields in Argentina and southern Brazil, Ukraine, and other places as well. But it is still a buyers’ market. A decent USDA Expor...
Summary of Futures
Mar 26 Corn closed at $4.3075/bushel, up $0.0075 from yesterday's close. Mar 26 Wheat closed at $5.415/bushel, up $0.055 from yesterday's close. Mar 26 Soybeans closed at $10.7225/bushel, down $0.0275 from yesterday's close. Mar 26 Soymeal closed at $296/short ton, down $1.8 f...
Black Sea Regional Analysis
Russian Grain Markets: 19–23 January 2026 The Russian grains market is volatile, showing bearish sentiments on the RUB export trade platform despite increased export prices, even with zero duty in place. The government woke up to the fact that, to remain competitive and make both the farm...
Market Commentary: Weak Dollar Triggers Grains Rally; Wheat Breaks Major Resistance Levels
Grains rallied across the board overnight and through Wednesday’s day session as a plunging U.S. dollar made U.S. exports more competitive. The move is especially valuable as the Brazilian soybean harvest accelerates and could keep U.S. shipments flowing. The cheaper greenback is also cri...
Summary of Futures
Mar 26 Corn closed at $4.3/bushel, up $0.035 from yesterday's close. Mar 26 Wheat closed at $5.36/bushel, up $0.1275 from yesterday's close. Mar 26 Soybeans closed at $10.75/bushel, up $0.0775 from yesterday's close. Mar 26 Soymeal closed at $297.8/short ton, up $3.8 from yest...
Market Commentary: Energy Supports Soyoil, Soybeans; Weak Dollar Pushes Wheat Higher
Grain trade at the CBOT was mixed Tuesday with higher energy values supporting soyoil and soybeans while a weaker dollar and some commercial buying supported wheat futures. Corn was the laggard for the day as concerns about ethanol production in the U.S. during the two weeks of severe cold weig...
Summary of Futures
Mar 26 Corn closed at $4.265/bushel, down $0.0175 from yesterday's close. Mar 26 Wheat closed at $5.2325/bushel, up $0.0075 from yesterday's close. Mar 26 Soybeans closed at $10.6725/bushel, up $0.055 from yesterday's close. Mar 26 Soymeal closed at $294/short ton, down $0.3 f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s barley imports in 2025/26 are forecasted to reach 1.7 MMT, up from only 150,000 MT in 2024/25. The increase is due to the expected 13 percent drought-related drop in barley production this year. Turkey’s impor...
European Market Analysis
Regional News Macroeconomic markets remain especially uncertain and chaotic, and exchange-rate volatility is having a direct impact on grain trade. Pricing has been somewhat inconsistent this week amid the currency moves, as exporters and buyers alike try to navigate the volatility. Over...
Summary of Futures
Mar 26 Corn closed at $4.2825/bushel, down $0.0225 from yesterday's close. Mar 26 Wheat closed at $5.225/bushel, down $0.07 from yesterday's close. Mar 26 Soybeans closed at $10.6175/bushel, down $0.06 from yesterday's close. Mar 26 Soymeal closed at $294.3/short ton, down $5...
Market Commentary: Grains Give Back Gains on Technical Weakness; Hogs Hit New Highs
Trade in ag commodity futures saw two diverging trends to start the week. Weakness quickly developed in grains and oilseeds amid profit taking, weak technicals, and Export Inspections data that were about as exciting as the last half of the Broncos–Patriots game. Conversely, cattle future...
Mercosur Regional Analysis
CORN As of today, 93 percent of the expected area has been planted, representing a year-on-year delay of more than five percentage points. Some late-planted fields may remain unseeded due to a lack of soil moisture. Rainfall remains absent, while persistently high temperatures are increasing cr...
CFTC COT Report Analysis
Friday’s CFTC report showed funds maintaining positions in the major ag futures contract, breaking a four-week trend of significant net selling. Funds cut 3,800 contracts from their net all-ags short position last week, with buying in soyoil and livestock futures driving most of that incr...
Market Commentary: Major Influences Yield Higher Day/Week
Markets moved higher today, with larger volumes trading in corn and winter wheat. While fundamentals remain broadly unchanged currently, there were several factors influencing prices. Winterkill: An outsized winter storm, possibly including ice, is descending on the U.S. winter wheat crop. Whil...
Summary of Futures
Mar 26 Corn closed at $4.305/bushel, up $0.065 from yesterday's close. Mar 26 Wheat closed at $5.295/bushel, up $0.14 from yesterday's close. Mar 26 Soybeans closed at $10.6775/bushel, up $0.0375 from yesterday's close. Mar 26 Soymeal closed at $299.9/short ton, up $3.7 from y...
Export Sales
Export Sales and Shipments for January 9-15, 2026. Wheat: Net sales of 618,100 metric tons (MT) for 2025/2026 were up noticeably from the previous week and from the prior 4-week average. Export shipments of 372,400 MT were up 23 percent from the previous week, but down 3 percent from the prior...
Water Wars: 2026 Edition
Water is the world’s most important commodity, but also its most underappreciated—until scarcity starts. Water scarcity runs in cycles, and reports of shortages, debates on policy, and conflicts about ownership and usage pop up every few years with the reliability and sameness of Fa...
Market Commentary: General Equilibrium with Weather and War
Outside markets continued their reversal higher following the rescission of President Trump’s tariff threats against Europe. Ukraine’s grain exports are stymied by Russian attacks, with both sides seemingly inching forward on talks, but a survey of former diplomats shows 80 percent...
2026 Outlook: Market Home Runs Unlikely, Use Risk Management to Stay at Bat This Year
With the spring planting effort just around the corner, producers and traders are starting to get a handle on the outlook for the coming marketing year. That outlook suffered a bit of a shock following the January WASDE report, as USDA reiterated the large-supply narrative for U.S. and world gr...
Summary of Futures
Mar 26 Corn closed at $4.24/bushel, up $0.0225 from yesterday's close. Mar 26 Wheat closed at $5.155/bushel, up $0.0775 from yesterday's close. Mar 26 Soybeans closed at $10.64/bushel, down $0.005 from yesterday's close. Mar 26 Soymeal closed at $296.2/short ton, up $4.8 from...
Market Commentary: Divergent Day Highlights Divergent Outlook
The CBOT started Wednesday’s overnight trade on a high note with traders returning from the prior day’s risk-off selling and finding support from export-led grain demand. Shortly after the day session began, however, hopes of higher trade for grains quickly evaporated as funds and s...
Summary of Futures
Mar 26 Corn closed at $4.2175/bushel, down $0.02 from yesterday's close. Mar 26 Wheat closed at $5.0775/bushel, down $0.025 from yesterday's close. Mar 26 Soybeans closed at $10.645/bushel, up $0.115 from yesterday's close. Mar 26 Soymeal closed at $291.4/short ton, down $0.2...
Black Sea Regional Analysis
Russian Grain Markets: 12–16 January, 2026 The Russian grains market is slowly but steadily emerging from the extended holiday period. Extreme cold weather is complicating operations, but grain and oilseed receiving and loadings are continuing—albeit with delays—at Russia&rsqu...
Greenland Tweets Sink Macroeconomic Markets, CBOT and Ags Follow
The CBOT started off in risk-off mode Tuesday as rising U.S./EU tensions and odd dynamics in global macroeconomic markets (the rally in Japanese bond yields, in particular) unnerved investors. The biggest driver of the risk-off trade was President Trump’s continued – and appar...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Iraq is reported to be facing the “driest year in modern history” due to drought and greatly reduced water flow in the Tigris and Euphrates rivers through Turkey. Forecasters say the 2025/26 wheat crop could be down by...
Summary of Futures
Mar 26 Corn closed at $4.2375/bushel, down $0.01 from yesterday's close. Mar 26 Wheat closed at $5.1025/bushel, down $0.0775 from yesterday's close. Mar 26 Soybeans closed at $10.53/bushel, down $0.0475 from yesterday's close. Mar 26 Soymeal closed at $291.6/short ton, up $1.6...
European Market Analysis
Regional News In the first two weeks of 2026, 10 countries in the EU reported a combined total of 42 outbreaks of the H5N1 bird flu virus in commercial poultry farms. The virus was detected on 17 farms in Poland, five each in Germany, France, and Hungary, and four in Belgium. Bulgaria, Denmark,...
CFTC COT Report Analysis
Friday’s CFTC report showed the effects of USDA’s bearish January WADSE as managed money traders expanded short positions across the ag space for the fourth straight week. Funds shed 99,000 contracts from their all-ags position last week, with selling in corn accounting for 77,000 c...
Market Commentary: Some Rebound from WASDE Lows
By today’s close, losses in soybeans and wheat were down to fractions but corn could not fight its way back from USDA’s surprise bigger supply numbers in Monday’s WASDE. Volumes were generally light on this last day of trading ahead of Monday’s MLK holiday. Only the catt...
Summary of Futures
Mar 26 Corn closed at $4.2475/bushel, up $0.045 from yesterday's close. Mar 26 Wheat closed at $5.18/bushel, up $0.075 from yesterday's close. Mar 26 Soybeans closed at $10.5775/bushel, up $0.0475 from yesterday's close. Mar 26 Soymeal closed at $290/short ton, up $0.8 from ye...
Market Commentary: Volatility Continues with Corn Less Supported than Soybeans
The market continues to look for a floor following Monday’s WASDE report, with soybeans and soyoil finding terra firma on a bullish NOPA report that showed crush at a near-record level. Volume was generally subdued but skyrocketed in soyoil as traders sought to get a piece of the rising a...
Summary of Futures
Mar 26 Corn closed at $4.2025/bushel, down $0.0175 from yesterday's close. Mar 26 Wheat closed at $5.105/bushel, down $0.02 from yesterday's close. Mar 26 Soybeans closed at $10.53/bushel, up $0.105 from yesterday's close. Mar 26 Soymeal closed at $289.2/short ton, down $2.7 f...
Market Commentary: More Wheat Weather Premium, but Weakness Elsewhere
There was generally modest volume today, with the exception of wheat, which was also uniquely higher on the day. New highs for the calendar year were printed in HRW as the fledgling crop is about to have the double-whammy of freezing temperatures added to drought as the welcoming committee for...
Summary of Futures
May 26 Corn closed at $4.485/bushel, down $0.0275 from yesterday's close. May 26 Wheat closed at $5.985/bushel, up $0.0475 from yesterday's close. May 26 Soybeans closed at $11.6375/bushel, down $0.0325 from yesterday's close. May 26 Soymeal closed at $332.7/short ton, down $1...
Summary of Futures
May 26 Corn closed at $4.5125/bushel, up $0.0825 from yesterday's close. May 26 Wheat closed at $5.9375/bushel, up $0.0175 from yesterday's close. May 26 Soybeans closed at $11.67/bushel, up $0.09 from yesterday's close. May 26 Soymeal closed at $334.4/short ton, up $4.7 from...
Market Commentary: Markets Discount Risk as Grains Quietly Hold Ground
Key Market Developments Macros & Energy: Outside markets continue to trade in a tug-of-war between escalation and de-escalation — and crude oil is right at the center of it. Overnight, crude pulled back toward $87 as headlines pointed to a potential resumption of peace negotiat...
Black Sea Regional Analysis
Russian Grain Markets: 6-10 April 2026 During the week in review, the Russian grains market was volatile. Domestic sentiment remained bullish, supporting an upward trend; however, the export market in the south stayed bearish. Given Russia’s export-driven structure, weak export demand is...
Summary of Futures
May 26 Corn closed at $4.43/bushel, up $0.0275 from yesterday's close. May 26 Wheat closed at $5.92/bushel, up $0.0975 from yesterday's close. May 26 Soybeans closed at $11.58/bushel, down $0.0425 from yesterday's close. May 26 Soymeal closed at $329.7/short ton, down $2.2 fro...
Market Commentary: Wheat Rallies on Falling Conditions; Cattle Surge to New Records
The CBOT received several pieces of key fundamental information on Tuesday, including updated production figures from CONAB, the results of the USDA’s Monday Crop Progress report, and fresh export sales of corn to Mexico. The result was that wheat popped higher on growing concerns for yie...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Syria is reported to be the main destination for Russia’s shipments of Ukraine grain from occupied regions. Egypt had been the main destination, but it has now stopped buying grain from occupied areas. Syria and Ukraine plan...
Summary of Futures
May 26 Corn closed at $4.4025/bushel, down $0.0075 from yesterday's close. May 26 Wheat closed at $5.8225/bushel, up $0.1125 from yesterday's close. May 26 Soybeans closed at $11.6225/bushel, down $0.135 from yesterday's close. May 26 Soymeal closed at $331.9/short ton, up $0...
Market Commentary: Political Tail Still Wagging the Market Dog
Politics are once again the tail wagging the dog in commodity markets. U.S. negotiations with Iran fell apart (again) over the weekend after Iran refused to agree to a permanent end of its nuclear weapons program. Rather than a return to the recent status quo, however, markets are adjusting to...
Mercosur Regional Analysis
CORN With a rainy start to April and excess moisture across much of Argentina’s agricultural region, the corn harvest has slowed, advancing just 2 percentage points over the past week to reach 21 percent of the total area. Rainfall during the second and third dekads of March was significa...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts, ending a ten-week streak of net buying. Funds sold 62,000 contracts (6.4 percent) to their all-ags net long position last week with selling in corn, soybeans, and CBOT wheat respon...
Summary of Futures
May 26 Corn closed at $4.41/bushel, down $0.03 from yesterday's close. May 26 Wheat closed at $5.71/bushel, down $0.035 from yesterday's close. May 26 Soybeans closed at $11.7575/bushel, up $0.105 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, up $14.2 from...
Market Commentary: Conflicting Factors Equals Mixed Day
There are so many conflicting narratives between war and peace, rain and drought, hopes and fears, that it was a mixed day of trading on Friday, and a mixed outcome for the week. For today, corn suffered its sixth lower day in the past seven trading sessions. There was high volume in soyb...
Wheat’s Fall from Grace
Buried in the many mountains of USDA data last week was the March 2026 Prospective Plantings report. There you will find one specific figure among the many that was a record: USDA’s lowest ever prospective plantings estimate for wheat. It was not a surprise. U.S. wheat plantings and harve...
Summary of Futures
May 26 Corn closed at $4.44/bushel, down $0.0325 from yesterday's close. May 26 Wheat closed at $5.745/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.6525/bushel, up $0.0325 from yesterday's close. May 26 Soymeal closed at $317.6/short ton, up $3.5...
Market Commentary: Fundamentals Replace War Trading
Geopolitics has proven that it beats weather as a volatility driver, but agricultural markets and financials returned to fundamentals today. The truce/non-truce/truce had its influences, with the soy sector following oil higher, but wheat traded down on stocks reports while corn buyers’ e...
Market Commentary: Energies Collapse on Ceasefire News but Grains Reclaim Early Losses
Once again, Trump, Iran, and the Middle East were the hub around which the CBOT trade revolved on Wednesday. Late Tuesday, the U.S. agreed to a two-week ceasefire agreement with Iran, just days after President Trump threatened to escalate attacks against the Middle Eastern country. In the annou...
European Market Analysis
Regional News Egypt is increasingly finding itself caught between Russia and Ukraine, in a battle for supplying its domestic wheat markets. Egypt, the world’s largest wheat importer, is facing political pressure and wooing from both Russian President Putin and Ukrainian President Ze...
Black Sea Regional Analysis
Russian Grain Markets: 30 March - 3 April 2026 Market overview The Russian grains market remained broadly stable during the week, with a slightly firmer undertone. Export values were mostly steady, while the domestic market moved modestly higher. Broader geopolitical tensions had only a limited...
Summary of Futures
May 26 Corn closed at $4.4725/bushel, down $0.0175 from yesterday's close. May 26 Wheat closed at $5.8025/bushel, down $0.1775 from yesterday's close. May 26 Soybeans closed at $11.62/bushel, up $0.0375 from yesterday's close. May 26 Soymeal closed at $314.1/short ton, up $2.3...
Summary of Futures
May 26 Corn closed at $4.49/bushel, down $0.05 from yesterday's close. May 26 Wheat closed at $5.98/bushel, up $0.0275 from yesterday's close. May 26 Soybeans closed at $11.5825/bushel, down $0.085 from yesterday's close. May 26 Soymeal closed at $311.8/short ton, down $4.8 fr...
Market Commentary: Risk is Priced In — But Not Yet Believed
Key Market Developments Macro/Geopolitics: Markets are staring down a deadline tonight as President Donald Trump pushes Iran to reopen the Strait of Hormuz by 8:00 PM Eastern. So far, Iran has rejected the U.S.-backed ceasefire proposal — reportedly delivered through Pakistan &mdash...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt has said that it will no longer import any shipments of grain exported by Russia from the occupied areas of Ukraine. Egypt has increased its purchase price for local wheat by about 11 percent in order to increase domestic pu...
Market Commentary: The Long-Run Draws Near
The CBOT markets were surprisingly insulated from a jump in crude oil that started the week. Crude oil futures rallied to $115/brl - their highest levels since the earliest days of the U.S.-Iran war - on rhetoric from the White House that signaled an escalation in the conflict. While the oil he...
Summary of Futures
May 26 Corn closed at $4.54/bushel, up $0.0175 from yesterday's close. May 26 Wheat closed at $5.9525/bushel, down $0.03 from yesterday's close. May 26 Soybeans closed at $11.6675/bushel, up $0.0325 from yesterday's close. May 26 Soymeal closed at $316.6/short ton, up $1.4 fro...
WPI Crop Progress and Conditions App (Updated 6 April)
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
Argentina Corn Argentina’s corn harvest continued to advance nationwide, gaining 3.8 percentage points on the week to reach 19 percent of planted area. Fieldwork maintained a solid pace across most of the agricultural region, with the national average yield currently estimated at 8.53 MT/...
Market Commentary: War and Easter Exit Strategy
There were a lot of moving parts on the last trading day of the holiday-shortened week, but liquidation and profit-taking may have been the strongest. A prolonged war and higher energy prices will impact consumption and inflation, while supporting biofuels. Storm systems may reduce some of the...
Summary of Futures
May 26 Corn closed at $4.5225/bushel, down $0.02 from yesterday's close. May 26 Wheat closed at $5.9825/bushel, up $0.0075 from yesterday's close. May 26 Soybeans closed at $11.635/bushel, down $0.05 from yesterday's close. May 26 Soymeal closed at $315.2/short ton, down $3 fr...
Summary of Futures
May 26 Corn closed at $4.5425/bushel, down $0.035 from yesterday's close. May 26 Wheat closed at $5.975/bushel, down $0.1875 from yesterday's close. May 26 Soybeans closed at $11.685/bushel, down $0.025 from yesterday's close. May 26 Soymeal closed at $318.2/short ton, up $1.8...
Market Commentary: Plenty of Information — No Clear Direction
Key Market Developments Macro: Tension Without Direction Markets are trading the tension between escalation and resolution — and neither side has control. Both equities and commodities tested key technical levels this week before reversing sharply on headlines suggesting — at least...
Black Sea Regional Analysis
Russian Grain Markets: 23–27 March 2026 The Russian grains market was stable to slightly firmer during the week. Export activity and port trading remained slow, while the domestic market and inland trade reflected firmer farmer price expectations. Even so, gains were limited, and the broa...
Summary of Futures
May 26 Corn closed at $4.5775/bushel, up $0.02 from yesterday's close. May 26 Wheat closed at $6.1625/bushel, up $0.0925 from yesterday's close. May 26 Soybeans closed at $11.71/bushel, up $0.1125 from yesterday's close. May 26 Soymeal closed at $316.4/short ton, up $1.5 from...
Market Commentary: Grains Rally on USDA Data, Hopes for End to Middle East Conflict
Except for lean hog futures, the CBOT and CME markets were higher on Tuesday in a combination of bullish factors. The day’s strength started after the Wall Street Journal reported that President Trump told aides he is willing to end hostilities in the Middle East even if the Strait of Hor...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Iraq’s 2026 wheat imports are seen increasing by about 8.3 percent to 2.4 million MT, according to the FAO, as a result of the 16 percent lower 2025 wheat crop — down to 4.4 MMT in 2025 from 5.2 MMT in 2024. Planting f...
March Grain Stocks Summary
The attached PDF offers graphical depiction and analysis of the latest USDA Grain Stocks data for key commodities. The data is, of course, taken from the quarterly Grain Stocks report. WPI recently completed an expansion of the analysis and welcomes any feedback/suggestions. ...
Summary of Futures
May 26 Corn closed at $4.5575/bushel, down $0.0625 from yesterday's close. May 26 Wheat closed at $6.07/bushel, up $0.02 from yesterday's close. May 26 Soybeans closed at $11.5975/bushel, up $0.005 from yesterday's close. May 26 Soymeal closed at $314.9/short ton, down $...
Market Commentary: CBOT Cautious Ahead of Acreage, Stocks Reports
The CBOT took a bit of a breather on Monday as traders waited for the upcoming Prospective Plantings and Grain Stocks reports, which the USDA will issue Tuesday at midday. Traders were reluctant to expand risk too much ahead of these two reports, which often change market direction and tone for...
Prospective Planting and Quarterly Stocks Reports Preview
The 2026 USDA Prospective Plantings Report is scheduled for release tomorrow. The report surveys farmer planting intentions for major crops, including corn, soybeans, and wheat. It also asks about 2025 planted and prevent-plant acres. This report gives the first real snapshot of what planted ac...
Mercosur Regional Analysis
Argentina Corn Argentina’s corn harvest continues to advance at the national level. After a weekly gain of 2.2 percentage points, harvest has reached 15.2 percent of the suitable area. Although recent rainfall has partially limited fieldwork, it has not had a significant impact on overall...
CFTC COT Report Analysis
Friday’s CFTC report showed funds expanding long positions across the major ag futures contracts for the tenth straight week. Funds added 67,000 contracts (7.7 percent) to their all-ags net long position – nearly doubling the prior week’s purchases - with buying in corn and so...
Market Commentary: Expected Biofuel Announcement Cannot Dislodge War Worries
Thursday marked the worst day for stocks in weeks despite word on the street to “buy,” since valuations have once again become attractive. But apparently not yet. History suggests a rebound with President Trump politically compelled to dream up some form of policy stimulus on top of...
Downside Risk for Wheat into 2026/27
The current rally in wheat futures is widely known to be driven by fund buying in response to the conflict in the Middle East. Part of the price gains has also been motivated by concerns for the HRW crop in the U.S. Plains amid dry weather and the strong U.S. wheat export pace to date. What has...
Summary of Futures
May 26 Corn closed at $4.62/bushel, down $0.05 from yesterday's close. May 26 Wheat closed at $6.05/bushel, up $0 from yesterday's close. May 26 Soybeans closed at $11.5925/bushel, down $0.145 from yesterday's close. May 26 Soymeal closed at $315.3/short ton, down $6.8 from ye...
Export Sales
Export Sales and Shipments for March 13-19, 2026. Wheat: Net sales of 397,200 metric tons (MT) for 2025/2026 were up noticeably from the previous week and up 46 percent from the prior 4-week average. Export shipments of 383,500 MT were unchanged from the previous week, but down 10 percent...
Summary of Futures
May 26 Corn closed at $4.67/bushel, down $0.0025 from yesterday's close. May 26 Wheat closed at $6.05/bushel, up $0.0725 from yesterday's close. May 26 Soybeans closed at $11.7375/bushel, up $0.02 from yesterday's close. May 26 Soymeal closed at $322.1/short ton, up $2.3 from...
Market Commentary: War Worries Continue to Drive the Narrative
War-related higher energies are a mixed story for ags. They could stymie economic growth and thus demand, but they open the door for better biofuel sales. Ags were mostly in the green today, betting on the biofuel market. Reports Export Sales: Last week’s new commitments by foreign...
Summary of Futures
May 26 Corn closed at $4.6725/bushel, up $0.0475 from yesterday's close. May 26 Wheat closed at $5.9775/bushel, up $0.0775 from yesterday's close. May 26 Soybeans closed at $11.7175/bushel, up $0.1675 from yesterday's close. May 26 Soymeal closed at $319.8/short ton, down $2.6...
Market Commentary: Demand Builds, Markets Await Confirmation
Key Market Developments Macro: Playing or Trading “Truth or Dare” We’ve entered the “truth or dare” phase of this market — where conviction takes a backseat and headlines drive direction. At any given moment, the narrative shifts: progress in negotiations on...
Black Sea Regional Analysis
Russian Grain Markets: 16–20 March 2026 During the second week of February, the Russian grains market showed a sharp divergence between domestic and export trends. The domestic market was slightly bullish but overall remained stable. In contrast, export market trading in RUB was mostly be...
Summary of Futures
May 26 Corn closed at $4.625/bushel, up $0.03 from yesterday's close. May 26 Wheat closed at $5.9/bushel, up $0.0225 from yesterday's close. May 26 Soybeans closed at $11.55/bushel, down $0.085 from yesterday's close. May 26 Soymeal closed at $322.4/short ton, down $4.2 from y...
Market Commentary: Diminishing Energy Impacts on CBOT Trade
Tuesday’s energy markets took back about half of Monday’s losses as tensions in the Arab Gulf flared again, despite recent announcements of diplomatic talks and a five-day cooling-down period from the U.S. Overnight, Iran and Israel launched new rounds of attacks on each other, and...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt has seen a sharp rise in wheat prices due to increased shipping costs and the 9 percent drop in the value of Egypt’s currency. Wheat prices in Egypt are said to be up by as much as $24/MT. Both ocean freight costs and...
Summary of Futures
May 26 Corn closed at $4.595/bushel, down $0.06 from yesterday's close. May 26 Wheat closed at $5.8775/bushel, down $0.075 from yesterday's close. May 26 Soybeans closed at $11.635/bushel, up $0.0225 from yesterday's close. May 26 Soymeal closed at $326.6/short ton, down $1.4...
Market Commentary: Oil and Iran Conflict Still in Drivers’ Seat, but This Time Creating Pressure
Volatility has been no stranger to the CBOT these past three weeks, and the one consistency during this time has been the dramatic coupling of ag markets’ fortunes to the foibles of crude oil. That was again true on Monday, but this time crude oil offered a bearish – rather than sup...
Mercosur Regional Analysis
CORN Argentina’s corn harvest continues to move forward and has now reached 13 percent of planted area, with fieldwork still concentrated in the North Core. Progress there remains steady, and yields are averaging 9.82 MT/ha. Harvest is also beginning to pick up in the South Core, where ea...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the ninth straight week. Funds added 32,000 contracts (3.8 percent) to their all-ags net long position – a much smaller effort than the prior week’s 244,000-contract bu...
Summary of Futures
May 26 Corn closed at $4.655/bushel, down $0.0425 from yesterday's close. May 26 Wheat closed at $5.9525/bushel, down $0.1275 from yesterday's close. May 26 Soybeans closed at $11.6125/bushel, down $0.0725 from yesterday's close. May 26 Soymeal closed at $328/short ton, down $...
Market Commentary: Pragmatic Escape Ahead of Weekend
On Monday of this week, traders were met with limit-down losses in soybeans, plus double-digit losses in corn, soymeal, and wheat. For many, it didn’t feel good. The war in Iran presented surprises, including the postponement of a Trump-Xi meeting expected to sell some soybeans. Fundament...
Summary of Futures
May 26 Corn closed at $4.6975/bushel, up $0.065 from yesterday's close. May 26 Wheat closed at $6.08/bushel, up $0.0375 from yesterday's close. May 26 Soybeans closed at $11.685/bushel, up $0.0675 from yesterday's close. May 26 Soymeal closed at $332.5/short ton, up $10.8 from...
Export Sales
Export Sales and Shipments for March 6-12, 2026. Wheat: Net sales of 189,900 metric tons (MT) for 2025/2026 were down 58 percent from the previous week and 36 percent from the prior 4-week average. Export shipments of 383,100 MT were down 11 percent from the previous week and 7 percent from the...
Market Commentary: Energy Pulls Futures Higher, For Now
Tomorrow is Nowruz (spring equinox), the Persian New Year, but there will likely be no break from the war. There continued to be upward price pressure on grains and oilseeds, chasing the spike in fossil fuel prices. There may be ample fertilizer for Northern Hemisphere crops nearing planting ti...
Market Commentary: Macro Pressure and Energy Strength Lift Grain Markets
Key Market Developments Macro: Reinforcing a Higher-for-Longer Environment Today’s inflation data reinforced what markets were already beginning to price in: a more persistent, “higher for longer” rate environment. U.S. producer prices came in above expectations, with headline...
Black Sea Regional Analysis
Russian Grain Markets: 9–13 March 2026 Russia’s grain market turned firmer in the second week of March, led by stronger price action in Asian Russia, where domestic values continue adjusting higher toward neighboring Kazakh levels. By contrast, European Russia and the Black Sea rema...
Summary of Futures
May 26 Corn closed at $4.54/bushel, up $0 from yesterday's close. May 26 Wheat closed at $5.8975/bushel, down $0.075 from yesterday's close. May 26 Soybeans closed at $11.57/bushel, up $0.0175 from yesterday's close. May 26 Soymeal closed at $311.7/short ton, down $0.5 from ye...
Market Commentary: Energies, Acreage Worries Support Soybeans; Wheat Drifts Lower
CBOT ag futures were highly mixed on Tuesday as traders recovered from Monday’s drubbing and limit-down move in soybeans and soyoil. At Monday’s close, the options market was suggesting soybeans and soyoil were trading significantly lower than the limit-down close permitted, but tho...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region The Muslim month of Ramadan is expected to end around 19 March with the beginning of the Eid-al-Fitr holiday — the Eid holiday lasts up to five days depending on the country. Businesses, banks, and government offices will be...
Summary of Futures
May 26 Corn closed at $4.54/bushel, down $0.1325 from yesterday's close. May 26 Wheat closed at $5.9725/bushel, down $0.165 from yesterday's close. May 26 Soybeans closed at $11.5525/bushel, down $0.7 from yesterday's close. May 26 Soymeal closed at $312.2/short ton, down $10...
Market Commentary: Ags Sink on Oil Optimism, China Trade Worries; Fund Length Now a Liability
As quickly as it began, the U.S.-Iran war-fueled rally in commodity markets looks to be ending. Over the weekend and through Monday, several reports came in that highlighted political efforts to resume vessel traffic through the Strait of Hormuz. Perhaps most important was news that President T...
Mercosur Regional Analysis
Corn After a week-on-week advance of 3.6 percentage points, the corn harvest reached 7.2 percent of the national area, with fieldwork concentrated mainly in Núcleo Norte and the east-central area of Entre Ríos, where yields are averaging 9.57 MT/ha and 6.52 MT/ha, respectively. Ea...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the eighth straight week. Funds added 244,000 contracts (40 percent) to their all-ags net long position – a massive weekly increase - with buying in corn and the soy complex...
Summary of Futures
May 26 Corn closed at $4.6725/bushel, up $0.0475 from yesterday's close. May 26 Wheat closed at $6.1375/bushel, up $0.1525 from yesterday's close. May 26 Soybeans closed at $12.2525/bushel, down $0.02 from yesterday's close. May 26 Soymeal closed at $322.7/short ton, up $2.5 f...
Market Commentary: Another Week of War and Commodity Gains
Corn and soybeans closed lower in the overnight session, and wheat joined them in trading lower this morning for a brief period before a turnaround that also pulled corn higher by the close. Soybeans couldn’t quite get there but did manage to erase the double-digit losses seen earlier in...
Export Sales
Export Sales and Shipments for February 27-March 5, 2026. Wheat: Net sales of 455,400 metric tons (MT) for 2025/2026 were up noticeably from the previous week and up 49 percent from the prior 4-week average. Export shipments of 432,000 MT were up 24 percent from the previous week, but dow...
Summary of Futures
May 26 Corn closed at $4.625/bushel, up $0.0225 from yesterday's close. May 26 Wheat closed at $5.985/bushel, up $0.0375 from yesterday's close. May 26 Soybeans closed at $12.2725/bushel, up $0.1325 from yesterday's close. May 26 Soymeal closed at $320.2/short ton, up $4.8 fro...
Market Commentary: Energy Volatility Sets the Tone for Commodities
Key Market Developments Crude oil has been the architect behind the violent price swings seen across the grain markets over the last four trading sessions. Corn, soybeans, and wheat have been trading almost as a mirror to crude oil, with speculative capital moving rapidly between markets as ene...
WASDE Wheat - Mar 2026
USDA’s outlook for 2025/26 U.S. wheat supply and use categories are unchanged from last month. Global supplies increased modestly by 0.2 million tons to 1,101.8 million and global ending stocks remain at a 5-year high. The result is that the average U.S. farm price is adjusted up modestly...
Market Commentary: Easing But Not Ending Novelty and Risk
There were more modest volumes trading in today’s session, perhaps reflecting growing resilience and circumspection about geopolitical uncertainties. The trade has had an ample opportunity to react to the modest changes in USDA’s March WASDE report, and there is still plenty of expe...
Summary of Futures
May 26 Corn closed at $4.6025/bushel, up $0.08 from yesterday's close. May 26 Wheat closed at $5.9475/bushel, up $0.0375 from yesterday's close. May 26 Soybeans closed at $12.14/bushel, up $0.1225 from yesterday's close. May 26 Soymeal closed at $315.4/short ton, up $0.9 from...
Black Sea Regional Analysis
Russian Grain Markets: 2–6 March 2026 During the week of 02–06 March, the Russian grains market stabilized and showed early signs of recovery across most grains, while pulses remained weak. The developing bullish tone reflects geopolitical developments and movements in global commod...
Market Commentary: Oil Volatility Drives CBOT More than WASDE
Usually, the day USDA releases its monthly world supply and demand report – known colloquially as “WASDE day” – sees heightened volatility in CBOT ag futures. That was true again Tuesday, though there was little causal connection between the WASDE and the market’s...
Summary of Futures
May 26 Corn closed at $4.5225/bushel, down $0.015 from yesterday's close. May 26 Wheat closed at $5.91/bushel, down $0.1225 from yesterday's close. May 26 Soybeans closed at $12.0175/bushel, up $0.055 from yesterday's close. May 26 Soymeal closed at $314.5/short ton, up $1 fro...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Middle Eastern countries have imported an average of close to 29 million MT of grains and feed products per year over the past five years according to an Ag Perspectives report. These include wheat, corn, barley, soybeans, soymeal...
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...
Summary of Futures
May 26 Corn closed at $4.5375/bushel, down $0.0675 from yesterday's close. May 26 Wheat closed at $6.0325/bushel, down $0.135 from yesterday's close. May 26 Soybeans closed at $11.9625/bushel, down $0.045 from yesterday's close. May 26 Soymeal closed at $313.5/short ton, down...
Market Commentary: Crude Oil Rally and Crash Drives Whipsaw CBOT Action
The massive rally in energy markets remains the primary story underpinning ag markets. Front-month crude oil futures ripped higher overnight and traded above $100/brl for the first time since July 2022 before scoring an overnight high just shy of $120/brl. That strength pulled ag markets &ndash...
Mercosur Regional Analysis
Corn The corn harvest is beginning to gain momentum in Argentina. So far, 7 percent of the area has been harvested, with the core corn region already reaching 10 percent. Yields remain heterogeneous. Some areas are performing well above average, while others are showing the impact of late-seaso...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the seventh straight week. Funds added 125,000 contracts (27 percent) to their all-ags net long position, with buying in soybeans and corn primarily responsible for the move. ...
Market Commentary: War, Crude Oil Still Dominate
The geopolitics of war in Iran are said to now be eclipsing any market focus on next week’s USDA March WASDE report. Volumes were modest in today’s trading, but the message was nonetheless clear – shipping grain and inputs is getting complicated. Notably, the ratio of De...
Summary of Futures
May 26 Corn closed at $4.605/bushel, up $0.07 from yesterday's close. May 26 Wheat closed at $6.1675/bushel, up $0.33 from yesterday's close. May 26 Soybeans closed at $12.0075/bushel, up $0.215 from yesterday's close. May 26 Soymeal closed at $317.2/short ton, up $7.9 from ye...
Middle East Grain Trade Trends
Somewhat lost in the current discussion over the impacts of the conflict in Iran and the Persian Gulf is the impact on grain trade. The region is not usually at the top of grain market analysts’ thinking when it comes to major demand centers, yet it accounts for significant global grain c...
Summary of Futures
May 26 Corn closed at $4.535/bushel, up $0.0975 from yesterday's close. May 26 Wheat closed at $5.8375/bushel, up $0.155 from yesterday's close. May 26 Soybeans closed at $11.7925/bushel, up $0.0975 from yesterday's close. May 26 Soymeal closed at $309.3/short ton, down $0.6 f...
Market Commentary: Middle East Turmoil Keeps Commodities Higher
War-related upward pressure in petroleum prices continues to provide support to grain prices. Brent crude oil hit $85/barrel and WTI crude rose 8.5 percent, its biggest jump since July 2024 and the first time above $80/barrel in over a year. HRW hit its highest price in a year, corn broke throu...
Export Sales
Export Sales and Shipments for February 20-26, 2026. Wheat: Net sales of 203,100 metric tons (MT) for 2025/2026 were down 16 percent from the previous week and 42 percent from the prior 4-week average. Export shipments of 348,900 MT were down 35 percent from the previous week and 24 percent fro...
Market Commentary: Geopolitics, Energy, and Macro Correlations Shape Agricultural Markets
Key Market Developments Markets opened mixed after reports that Iran signaled a willingness to discuss ending the conflict with the United States. Sentiment improved further after President Trump stated that U.S. strikes had significantly degraded Iranian military capabilities and outlined meas...
Summary of Futures
May 26 Corn closed at $4.4375/bushel, down $0.0275 from yesterday's close. May 26 Wheat closed at $5.6825/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.695/bushel, down $0.01 from yesterday's close. May 26 Soymeal closed at $309.9/short ton, down $...
Black Sea Regional Analysis
Russian Grain Markets: 23–27 February 2026 The Russian grain market turned bearish during the final week of February as global trends and heavy domestic stocks pressured values across most regions. According to updated 2025 crop data from Rosstat, total grain production reached 141.15 mil...
Market Commentary: Fundamentals in the Backseat; Conflict Impacts Driving Markets
Four days into the U.S.-Iran conflict, it is becoming apparent that the conflict will last longer than a few days, and impacts could be more widespread than expected. That sentiment drove macroeconomic and commodity futures markets on Tuesday, which meant risk-off trading in the macro sector an...
Summary of Futures
May 26 Corn closed at $4.465/bushel, up $0.0075 from yesterday's close. May 26 Wheat closed at $5.74/bushel, down $0.0325 from yesterday's close. May 26 Soybeans closed at $11.705/bushel, up $0.065 from yesterday's close. May 26 Soymeal closed at $314.7/short ton, up $1.8 from...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s flour exports in 2025, at 2.36 MMT, were back up close to 2019 levels but well below the five-year average of close to 3.0 MMT. Exports were low due to drought and Turkey’s export restrictions. Shipments of fl...
European Market Analysis
Regional News The latest crop update from the EU Commission’s MARS crop monitoring division reported “broadly satisfactory” conditions across much of the bloc through February. Persistent frost in parts of northern and eastern Europe is a concern for the winter crops, pa...
Market Commentary: Gulf Conflict Creates Volatility but Little Support for Grains
The primary drivers of Monday’s grain trade were, of course, the U.S. and Israel’s weekend attacks on Iran that killed the latter country’s Supreme Leader Khamenei and the subsequent cascade of impacts on global markets. WPI covers these impacts in more detail in our nearby ar...
Summary of Futures
May 26 Corn closed at $4.4575/bushel, down $0.0275 from yesterday's close. May 26 Wheat closed at $5.7725/bushel, down $0.1425 from yesterday's close. May 26 Soybeans closed at $11.64/bushel, down $0.0675 from yesterday's close. May 26 Soymeal closed at $312.9/short ton, down...
Mercosur Regional Analysis
WHEAT As February draws to a close, wheat exports during the first quarter of the marketing year (December–February) are approaching 10 MMT, compared with a five-year average of 5 MMT. Argentina’s ample wheat supply continues to weigh on both global and domestic prices. The country...
CFTC COT Report Analysis
Friday’s CFTC report showed funds further expanding long positions across the major ag futures contracts for the sixth straight week. Funds added 176,000 contracts (60 percent) to their all-ags net long position, with strong and mostly uniform buying across the ag sector. The soy co...
Market Commentary: Green Despite Many Obstacles
There was mostly green on the board for Friday and for the week as a whole. Another contract high was printed by soyoil as higher energies, higher inflation, and heightened geopolitical tensions all favored commodities. There are some topical contrasts. For example, the cattle market is t...
Summary of Futures
May 26 Corn closed at $4.485/bushel, up $0.05 from yesterday's close. May 26 Wheat closed at $5.915/bushel, up $0.17 from yesterday's close. May 26 Soybeans closed at $11.7075/bushel, up $0.0725 from yesterday's close. May 26 Soymeal closed at $320.5/short ton, down $0.4 from...
Market Commentary: Late Corn Rally; Soyoil Aborts Complex; Wheat Splits
A mostly bullish overnight session was not sustained, splitting the soy complex and wheat. Corn rallied late to avert a loss. The morning opened with USDA’s Export Sales report reflecting the turn by buyers to lower-cost sources. There was good volume trading corn and the soy complex, and...
Summary of Futures
May 26 Corn closed at $4.435/bushel, up $0.015 from yesterday's close. May 26 Wheat closed at $5.745/bushel, up $0.0475 from yesterday's close. May 26 Soybeans closed at $11.635/bushel, down $0.015 from yesterday's close. May 26 Soymeal closed at $320.9/short ton, down $0.9 fr...
Export Sales
Export Sales and Shipments for February 13-19, 2026 Wheat: Net sales of 243,000 metric tons (MT) for 2025/2026 were down 16 percent from the previous week and 43 percent from the prior 4-week average. Export shipments of 540,000 MT were up 67 percent from the previous week and 28 percent...
Market Commentary: Stable Policy, Conditional Demand, Weather Emerging as the Next Risk
Key Market Developments While tariffs were not addressed directly in the State of the Union, trade policy remains steady. Reports during today’s session confirmed that U.S. tariffs on China will remain in the 35 percent–50 percent range, signaling limited escalation ahead of upcomin...
Summary of Futures
May 26 Corn closed at $4.42/bushel, up $0.035 from yesterday's close. May 26 Wheat closed at $5.6975/bushel, down $0.035 from yesterday's close. May 26 Soybeans closed at $11.65/bushel, up $0.0975 from yesterday's close. May 26 Soymeal closed at $321.8/short ton, up $7.4 from...
European Market Analysis
Regional News On 20 February, Germany confirmed its first case of Newcastle disease in 18 years, after a commercial turkey flock in Neißemünde was found to be infected. Separately, Poland had two new flocks confirmed as being infected with the disease, as the country continues...
Black Sea Regional Analysis
Russian Grain Markets: 16–20 February 2026 During the week under review, the Russian grain market showed localized volatility across interior regions but remained generally stable at export terminals, the country’s primary trading platform. Among commodities, top-grade milling wheat...
Market Commentary: Soybeans Rally on PNW Export Rumors; Grains Ease on Profit Taking
The soy complex was the upside leader again on rumors of Chinese purchases of U.S. soybeans from the PNW, as well as some harvest and quality issues in Brazil. Soyoil continued to find support from hopes that the EPA will release its biofuel policy obligations in the coming few days, though no...
Summary of Futures
Mar 26 Corn closed at $4.2775/bushel, up $0.0025 from yesterday's close. May 26 Wheat closed at $5.7325/bushel, down $0.005 from yesterday's close. May 26 Soybeans closed at $11.5525/bushel, up $0.055 from yesterday's close. May 26 Soymeal closed at $314.4/short ton, up $1.9 f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Tunisia’s 2026 winter crop planting started a little late due to a lack of rainfall, but this improved in January as rainfall caught up. Winter wheat and barley crops are expected to be good for the harvest later in 2026. 20...
Market Commentary: SCOTUS Ruling, South America Weather Send CBOT Lower
The CBOT turned lower on Monday, with the back-and-forth action of the Supreme Court and President Trump regarding tariffs on foreign imports driving volatility. For the ag markets, the biggest impact of the SCOTUS ruling seems to be doubts that China will adhere to its soybean purchase plan, a...
Summary of Futures
Mar 26 Corn closed at $4.275/bushel, up $0 from yesterday's close. May 26 Wheat closed at $5.7375/bushel, down $0.065 from yesterday's close. May 26 Soybeans closed at $11.4975/bushel, down $0.035 from yesterday's close. May 26 Soymeal closed at $312.5/short ton, down $1.3 fro...
Mercosur Regional Analysis
Corn Rains finally arrived across much of Argentina’s agricultural region, halting the crop deterioration seen in recent weeks. The core corn and soybean region benefited most, with some areas receiving up to 100 mm. However, localized damage from excess moisture, wind and hail affected a...
CFTC COT Report Analysis
Friday’s CFTC report showed funds expanding long positions across the major ag futures contracts for the fifth straight week. Funds added 95,000 contracts to their all-ags net long position, with buying in the soy complex driving about two-thirds of the increase. The soy complex saw...
Export Sales
Export Sales and Shipments for February 6-12, 2026. Wheat: Net sales of 288,000 metric tons (MT) for 2025/2026 were down 41 percent from the previous week and 44 percent from the prior 4-week average. Export shipments of 322,600 MT were down 44 percent from the previous week and 26 percen...
Market Commentary: Outside Market Noise, but Fundamentals Prevail
Overall economic data released earlier on Friday presented a mixed picture, and that was followed by a long-expected court ruling on Trump tariffs. This week had lots of geopolitical uncertainties, from a U.S. military buildup in the Middle East to peace talks between Russia and Ukraine going s...
Summary of Futures
Mar 26 Corn closed at $4.275/bushel, up $0.0175 from yesterday's close. May 26 Wheat closed at $5.8025/bushel, up $0.135 from yesterday's close. Mar 26 Soybeans closed at $11.375/bushel, down $0.035 from yesterday's close. Mar 26 Soymeal closed at $309.8/short ton, up $5 from...
Thoughts on USDA Ag Outlook Numbers
The USDA’s annual Agricultural Outlook Forum (AOF) featured the agency’s first look at the 2026/27 balance sheet for the major U.S. crops and livestock products. For corn, wheat, and soybeans, this year’s numbers were in line with expectations and did not spark much reaction f...
Market Commentary: Mostly Bullish Except Corn Where Production Will Fall
USDA issued its major S&D crop forecast for the upcoming crop season at its annual Outlook Conference. Although generally bullish for corn and bearish for soybeans, with a modest shift in plantings from beans to corn, the report had minimal market impact except perhaps in long-dated new cro...
Summary of Futures
Mar 26 Corn closed at $4.2575/bushel, down $0.0125 from yesterday's close. May 26 Wheat closed at $5.6675/bushel, up $0.1425 from yesterday's close. Mar 26 Soybeans closed at $11.41/bushel, up $0.075 from yesterday's close. Mar 26 Soymeal closed at $304.8/short ton, up $0.9 fr...
Market Commentary: Grain Markets Navigate Energy Risk and Dollar Strength
Key Market Developments Today’s theme was geopolitics and economics. Tension between the United States and Iran escalated despite reports of an “understanding” reached during Tuesday’s nuclear discussions. Iran temporarily shut parts of the Strait of Hormuz during milita...
Summary of Futures
Mar 26 Corn closed at $4.27/bushel, up $0.0075 from yesterday's close. Mar 26 Wheat closed at $5.47/bushel, up $0.0925 from yesterday's close. Mar 26 Soybeans closed at $11.335/bushel, down $0.005 from yesterday's close. Mar 26 Soymeal closed at $303.9/short ton, down $1.9 fro...
Black Sea Regional Analysis
Russian Grain Markets: 9–13 February 2026 The feature of the second week of February was appreciation of prices on the export platform, meaning regions in close proximity to seaports showed higher prices across all grains, including wheat, barley, corn and even peas. This is somewhat para...
European Market Analysis
Regional News EU cattle markets remain relatively unchanged from recent weeks, with German and Austrian prices falling slightly amid carnival-period reduced interest. EU hog and pig markets have started to stabilize, with the “backlog” of market-ready animals largely cle...
Market Commentary: Weather Pressures Grains; Crush Pace Boosts Soybeans
The CBOT managed to recover from a dramatic overnight plunge with soybeans leading the fight to put values back in the green. Most of the news coming out of the weekend was bearish – between larger Russian wheat crop projections, the advancing South American harvests, and generally favora...
Summary of Futures
Mar 26 Corn closed at $4.2625/bushel, down $0.055 from yesterday's close. Mar 26 Wheat closed at $5.3775/bushel, down $0.11 from yesterday's close. Mar 26 Soybeans closed at $11.34/bushel, up $0.01 from yesterday's close. Mar 26 Soymeal closed at $305.8/short ton, down $3.4 fr...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Morocco’s grain harvest could go as high as 9.0 million MT in 2026, which would represent a doubling of last year’s drought-affected harvest. Rainfall is up by 34 percent over the average, while grain planting has incr...
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...
Market Commentary: Mixed to Lower on Safety Ahead of the Long Weekend
There was both a lot and not much going on this Friday the 13th in November. The fundamentals are unchanged, but some riskier positions were neutralized and some profits taken ahead of the long weekend, with the federal holiday closing down futures markets on Monday. Volume was generally lower,...
Summary of Futures
Mar 26 Corn closed at $4.3175/bushel, up $0.005 from yesterday's close. Mar 26 Wheat closed at $5.4875/bushel, down $0.0375 from yesterday's close. Mar 26 Soybeans closed at $11.33/bushel, down $0.0425 from yesterday's close. Mar 26 Soymeal closed at $309.2/short ton, up $1.3...
WPI Spring Acreage Outlook
Heading into the USDA’s annual Ag Outlook Forum (AOF) next week, there is heightened speculation and anticipation about what the 2026/27 crop outlook will be. WPI updated our acreage forecasting models to help clients know what to expect—most likely—from the upcoming AOF forec...
Market Commentary: China Headlines and Technical Buying Lift CBOT
Key Market Developments Markets head into Friday’s CPI report expecting a 0.3 percent month-over-month increase in both headline and core inflation, keeping year-over-year readings near +2.5 percent. That matters — but perhaps not as much as it would have a few weeks ago. This week&...
Summary of Futures
Mar 26 Corn closed at $4.3125/bushel, up $0.0375 from yesterday's close. Mar 26 Wheat closed at $5.525/bushel, up $0.1525 from yesterday's close. Mar 26 Soybeans closed at $11.3725/bushel, up $0.1325 from yesterday's close. Mar 26 Soymeal closed at $307.9/short ton, up $4.9 fr...
Export Sales
Export Sales and Shipments for January 30-February 5, 2026. Wheat: Net sales of 488,000 metric tons (MT) for 2025/2026 were up 31 percent from the previous week and 14 percent from the prior 4-week average. Export shipments of 580,000 MT were up 44 percent from the previous week and 59 percent...
Market Commentary: Mixed But Steady with an Outside Surprise
The U.S. created more new jobs in January than expected, especially in healthcare. And there was more ethanol produced last week than the market expected. Soyoil hit a new contract high, but South American production continues to look quite substantial. The mixed news produced mixed results, bu...
Summary of Futures
Mar 26 Corn closed at $4.275/bushel, down $0.0125 from yesterday's close. Mar 26 Wheat closed at $5.3725/bushel, up $0.09 from yesterday's close. Mar 26 Soybeans closed at $11.24/bushel, up $0.015 from yesterday's close. Mar 26 Soymeal closed at $303/short ton, up $2.2 from ye...
Black Sea Regional Analysis
Russian Grain Markets: 2–6 February 2026 The primary development during the first week of February was the allocation of grain export quotas for the balance of the 2025/26 marketing season. A total of 213 companies received export rights, compared with 219 companies in 2025. The majority...
WASDE Wheat - Feb 2026
USDA’s outlook for 2025/26 U.S. wheat is unchanged for exports and slightly higher ending stocks to 931 million bushels - 9 percent higher than last year and the largest since 2019/20. The projected 2025/26 season-average farm price remains at $4.90 per bushel. The global outlook fo...
Market Commentary: WASDE Confirms Big Supply, Big Demand; Soybeans Gain on Brazil Quality
The headline numbers from the February WASDE – the South American production estimates – were mostly in line with expectations, which is to say the massive Brazilian soybean crop was found to be even more so. USDA increased its assessment of the Brazilian crop to a new record, which...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s snowfall and rainfall have returned to more normal levels following last year’s drought, which reduced wheat production by about 13.7 percent and barley production by 25.9 percent. Experts point out that, whil...
Market Commentary: CBOT Turns Lower on Weather, Pre-WASDE Consolidation
Except for the red-hot soyoil market, the CBOT was mostly lower on Monday, with favorable South American weather and pre-WASDE position adjustment driving the day’s mentality. Corn, wheat, and soybeans all settled slightly lower Monday in either consolidative trade or a continuation of ch...
Summary of Futures
Mar 26 Corn closed at $4.2875/bushel, down $0.015 from yesterday's close. Mar 26 Wheat closed at $5.2875/bushel, down $0.01 from yesterday's close. Mar 26 Soybeans closed at $11.1075/bushel, down $0.045 from yesterday's close. Mar 26 Soymeal closed at $297.8/short ton, down $5...
Mercosur Regional Analysis
After a very quiet prior week with limited activity, market conditions became significantly more active. Futures rallied early in the week after President Trump said he had spoken with Xi Jinping and that China agreed to buy up to 20 MMT of U.S. soybeans. China has already purchased around 12 M...
CFTC COT Report Analysis
WPI recently expanded our analysis of the weekly CFTC Commitments of Traders data to include reports on the regime (trending, cyclical, or transition) of each commodity we include. This addition will make it easier for clients to draw actionable inferences from the data that can support trading...
Market Commentary: Geopolitics Skews the Week
It was another day of big volume in the soy complex. While soybeans closed higher for a fourth session, corn and wheat failed to follow, or perhaps their drag pulled soybeans back to fundamental reality. There are still no new export sales. The Chinese are smart, and if they intend to buy...
Summary of Futures
Mar 26 Corn closed at $4.3025/bushel, down $0.0475 from yesterday's close. Mar 26 Wheat closed at $5.2975/bushel, down $0.055 from yesterday's close. Mar 26 Soybeans closed at $11.1525/bushel, up $0.03 from yesterday's close. Mar 26 Soymeal closed at $303.6/short ton, up $0.4...
Market Commentary: Soybean Spillover Rides Another Day
There was high-volume trading in soybeans again today after hitting record levels yesterday. The enthusiasm carried over to corn and soymeal as well, and there was good volume trading in soyoil contracts. There is understandable skepticism that China would pay 80 cents/bushel more for U.S. soyb...
Summary of Futures
Mar 26 Corn closed at $4.35/bushel, up $0.055 from yesterday's close. Mar 26 Wheat closed at $5.3525/bushel, up $0.085 from yesterday's close. Mar 26 Soybeans closed at $11.1225/bushel, up $0.2 from yesterday's close. Mar 26 Soymeal closed at $303.2/short ton, up $7 from yeste...
Export Sales
Export Sales and Shipments for January 23-29, 2026 Wheat: Net sales of 373,900 metric tons (MT) for 2025/2026 were down 33 percent from the previous week, but up 3 percent from the prior 4-week average. Export shipments of 403,800 MT were up 7 percent from the previous week and 32 percent from...
Black Sea Regional Analysis
Russian Grain Markets: 26–30 January 2026 The Russian grains market remains volatile, with bearish sentiment prevailing on the RUB export trade platform despite higher U.S. dollar–denominated export prices and zero export duties currently in place. With a large crop available, marke...
Market Commentary: Soybeans Surge as Trumps Says China in for Another 8 MMT
There are days in the commodity markets when it feels like nothing is happening in any market, and then there are days when it feels like everything is happening in every market. Today was one of the latter days. The big headline in ag trade Wednesday was the soybean futures and broader s...
European Market Analysis
Milling Wheat Large supplies and strong exports of wheat from the Black Sea and Russia continue to cap upside potential for wheat. U.S. and EU markets rallied last week until late in the week, when they hit a combination of technical pressure and increased competition from the Black Sea.&...
Summary of Futures
Mar 26 Corn closed at $4.295/bushel, up $0.01 from yesterday's close. Mar 26 Wheat closed at $5.2675/bushel, down $0.02 from yesterday's close. Mar 26 Soybeans closed at $10.9225/bushel, up $0.265 from yesterday's close. Mar 26 Soymeal closed at $296.2/short ton, up $4.3 from...
Market Commentary: Soyoil Rallies on Stocks, Tax Credits; Livestock Futures Gain on Cash Trade
Soyoil was the upside leader in the CBOT’s Tuesday trade after the USDA’s December soyoil stocks figure came in well below expectations. Additionally, the U.S. Treasury Department announced its proposal on the 45Z Clean Fuel tax credits, which were broadly friendly for ag interests...
Summary of Futures
Mar 26 Corn closed at $4.285/bushel, up $0.0275 from yesterday's close. Mar 26 Wheat closed at $5.2875/bushel, up $0.01 from yesterday's close. Mar 26 Soybeans closed at $10.6575/bushel, up $0.055 from yesterday's close. Mar 26 Soymeal closed at $291.9/short ton, down $2.6 fro...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Israel will raise import tariffs on wheat from Russia and Ukraine under a new tariff agreement with the United States, a move expected to increase U.S. wheat imports. According to reports, the Israeli government will subsidize U.S...
Market Commentary: Grains Fall on Weather, Strong Dollar; Cattle Surge on Inventory Numbers
The CBOT turned lower to start the week with some of the profit-taking that defined Friday’s end-of-month trade continuing into the first day of February. Also pressuring grain futures was an improved forecast for Argentina, a surge in the U.S. dollar, and sharply lower energy markets. Th...
Summary of Futures
Mar 26 Corn closed at $4.2575/bushel, down $0.025 from yesterday's close. Mar 26 Wheat closed at $5.2775/bushel, down $0.1025 from yesterday's close. Mar 26 Soybeans closed at $10.6025/bushel, down $0.04 from yesterday's close. Mar 26 Soymeal closed at $294.5/short ton, up $0...
Mercosur Regional Analysis
South America Weather Overview Argentina received some rainfall this week, but precipitation was concentrated in the northeast and western regions, with accumulations well below crop requirements. Looking ahead, temperatures are expected to rise over the coming days, with highs between 36°C...
CFTC COT Report Analysis
Friday’s CFTC report showed funds building their net long position across the major ag futures contracts for the second straight week. Funds added 108,000 contracts to their all-ags net long position last week, with buying in soyoil and CBOT wheat driving most of that increase. The...
Summary of Futures
Mar 26 Corn closed at $4.2825/bushel, down $0.025 from yesterday's close. Mar 26 Wheat closed at $5.38/bushel, down $0.035 from yesterday's close. Mar 26 Soybeans closed at $10.6425/bushel, down $0.08 from yesterday's close. Mar 26 Soymeal closed at $293.6/short ton, down $2.4...
Market Commentary: Get Out of Dodge Friday
Although the week was mixed, there was a convincing move lower on Friday. The mood spelled exit as all the major agricultural contracts closed lower. Even those trading the three major wheat contracts, who had mostly countered the bearish sensibilities elsewhere on the board in many of the prev...
Export Sales
Export Sales and Shipments for January 16-22, 2026 Wheat: Net sales of 558,200 metric tons (MT) for 2025/2026 were down 10 percent from the previous week, but up noticeably from the prior 4-week average. Export shipments of 378,800 MT were up 2 percent from the previous week and 19 percen...
Market Commentary: Weather Impacts as Commodities Move Their Own Way
Markets traded higher overnight and opened that way this morning, but the soy complex quickly gave way. Weather threatens shipments down the Mississippi, yields in Argentina and southern Brazil, Ukraine, and other places as well. But it is still a buyers’ market. A decent USDA Expor...
Summary of Futures
Mar 26 Corn closed at $4.3075/bushel, up $0.0075 from yesterday's close. Mar 26 Wheat closed at $5.415/bushel, up $0.055 from yesterday's close. Mar 26 Soybeans closed at $10.7225/bushel, down $0.0275 from yesterday's close. Mar 26 Soymeal closed at $296/short ton, down $1.8 f...
Black Sea Regional Analysis
Russian Grain Markets: 19–23 January 2026 The Russian grains market is volatile, showing bearish sentiments on the RUB export trade platform despite increased export prices, even with zero duty in place. The government woke up to the fact that, to remain competitive and make both the farm...
Market Commentary: Weak Dollar Triggers Grains Rally; Wheat Breaks Major Resistance Levels
Grains rallied across the board overnight and through Wednesday’s day session as a plunging U.S. dollar made U.S. exports more competitive. The move is especially valuable as the Brazilian soybean harvest accelerates and could keep U.S. shipments flowing. The cheaper greenback is also cri...
Summary of Futures
Mar 26 Corn closed at $4.3/bushel, up $0.035 from yesterday's close. Mar 26 Wheat closed at $5.36/bushel, up $0.1275 from yesterday's close. Mar 26 Soybeans closed at $10.75/bushel, up $0.0775 from yesterday's close. Mar 26 Soymeal closed at $297.8/short ton, up $3.8 from yest...
Market Commentary: Energy Supports Soyoil, Soybeans; Weak Dollar Pushes Wheat Higher
Grain trade at the CBOT was mixed Tuesday with higher energy values supporting soyoil and soybeans while a weaker dollar and some commercial buying supported wheat futures. Corn was the laggard for the day as concerns about ethanol production in the U.S. during the two weeks of severe cold weig...
Summary of Futures
Mar 26 Corn closed at $4.265/bushel, down $0.0175 from yesterday's close. Mar 26 Wheat closed at $5.2325/bushel, up $0.0075 from yesterday's close. Mar 26 Soybeans closed at $10.6725/bushel, up $0.055 from yesterday's close. Mar 26 Soymeal closed at $294/short ton, down $0.3 f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s barley imports in 2025/26 are forecasted to reach 1.7 MMT, up from only 150,000 MT in 2024/25. The increase is due to the expected 13 percent drought-related drop in barley production this year. Turkey’s impor...
European Market Analysis
Regional News Macroeconomic markets remain especially uncertain and chaotic, and exchange-rate volatility is having a direct impact on grain trade. Pricing has been somewhat inconsistent this week amid the currency moves, as exporters and buyers alike try to navigate the volatility. Over...
Summary of Futures
Mar 26 Corn closed at $4.2825/bushel, down $0.0225 from yesterday's close. Mar 26 Wheat closed at $5.225/bushel, down $0.07 from yesterday's close. Mar 26 Soybeans closed at $10.6175/bushel, down $0.06 from yesterday's close. Mar 26 Soymeal closed at $294.3/short ton, down $5...
Market Commentary: Grains Give Back Gains on Technical Weakness; Hogs Hit New Highs
Trade in ag commodity futures saw two diverging trends to start the week. Weakness quickly developed in grains and oilseeds amid profit taking, weak technicals, and Export Inspections data that were about as exciting as the last half of the Broncos–Patriots game. Conversely, cattle future...
Mercosur Regional Analysis
CORN As of today, 93 percent of the expected area has been planted, representing a year-on-year delay of more than five percentage points. Some late-planted fields may remain unseeded due to a lack of soil moisture. Rainfall remains absent, while persistently high temperatures are increasing cr...
CFTC COT Report Analysis
Friday’s CFTC report showed funds maintaining positions in the major ag futures contract, breaking a four-week trend of significant net selling. Funds cut 3,800 contracts from their net all-ags short position last week, with buying in soyoil and livestock futures driving most of that incr...
Market Commentary: Major Influences Yield Higher Day/Week
Markets moved higher today, with larger volumes trading in corn and winter wheat. While fundamentals remain broadly unchanged currently, there were several factors influencing prices. Winterkill: An outsized winter storm, possibly including ice, is descending on the U.S. winter wheat crop. Whil...
Summary of Futures
Mar 26 Corn closed at $4.305/bushel, up $0.065 from yesterday's close. Mar 26 Wheat closed at $5.295/bushel, up $0.14 from yesterday's close. Mar 26 Soybeans closed at $10.6775/bushel, up $0.0375 from yesterday's close. Mar 26 Soymeal closed at $299.9/short ton, up $3.7 from y...
Export Sales
Export Sales and Shipments for January 9-15, 2026. Wheat: Net sales of 618,100 metric tons (MT) for 2025/2026 were up noticeably from the previous week and from the prior 4-week average. Export shipments of 372,400 MT were up 23 percent from the previous week, but down 3 percent from the prior...
Water Wars: 2026 Edition
Water is the world’s most important commodity, but also its most underappreciated—until scarcity starts. Water scarcity runs in cycles, and reports of shortages, debates on policy, and conflicts about ownership and usage pop up every few years with the reliability and sameness of Fa...
Market Commentary: General Equilibrium with Weather and War
Outside markets continued their reversal higher following the rescission of President Trump’s tariff threats against Europe. Ukraine’s grain exports are stymied by Russian attacks, with both sides seemingly inching forward on talks, but a survey of former diplomats shows 80 percent...
2026 Outlook: Market Home Runs Unlikely, Use Risk Management to Stay at Bat This Year
With the spring planting effort just around the corner, producers and traders are starting to get a handle on the outlook for the coming marketing year. That outlook suffered a bit of a shock following the January WASDE report, as USDA reiterated the large-supply narrative for U.S. and world gr...
Summary of Futures
Mar 26 Corn closed at $4.24/bushel, up $0.0225 from yesterday's close. Mar 26 Wheat closed at $5.155/bushel, up $0.0775 from yesterday's close. Mar 26 Soybeans closed at $10.64/bushel, down $0.005 from yesterday's close. Mar 26 Soymeal closed at $296.2/short ton, up $4.8 from...
Market Commentary: Divergent Day Highlights Divergent Outlook
The CBOT started Wednesday’s overnight trade on a high note with traders returning from the prior day’s risk-off selling and finding support from export-led grain demand. Shortly after the day session began, however, hopes of higher trade for grains quickly evaporated as funds and s...
Summary of Futures
Mar 26 Corn closed at $4.2175/bushel, down $0.02 from yesterday's close. Mar 26 Wheat closed at $5.0775/bushel, down $0.025 from yesterday's close. Mar 26 Soybeans closed at $10.645/bushel, up $0.115 from yesterday's close. Mar 26 Soymeal closed at $291.4/short ton, down $0.2...
Black Sea Regional Analysis
Russian Grain Markets: 12–16 January, 2026 The Russian grains market is slowly but steadily emerging from the extended holiday period. Extreme cold weather is complicating operations, but grain and oilseed receiving and loadings are continuing—albeit with delays—at Russia&rsqu...
Greenland Tweets Sink Macroeconomic Markets, CBOT and Ags Follow
The CBOT started off in risk-off mode Tuesday as rising U.S./EU tensions and odd dynamics in global macroeconomic markets (the rally in Japanese bond yields, in particular) unnerved investors. The biggest driver of the risk-off trade was President Trump’s continued – and appar...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Iraq is reported to be facing the “driest year in modern history” due to drought and greatly reduced water flow in the Tigris and Euphrates rivers through Turkey. Forecasters say the 2025/26 wheat crop could be down by...
Summary of Futures
Mar 26 Corn closed at $4.2375/bushel, down $0.01 from yesterday's close. Mar 26 Wheat closed at $5.1025/bushel, down $0.0775 from yesterday's close. Mar 26 Soybeans closed at $10.53/bushel, down $0.0475 from yesterday's close. Mar 26 Soymeal closed at $291.6/short ton, up $1.6...
European Market Analysis
Regional News In the first two weeks of 2026, 10 countries in the EU reported a combined total of 42 outbreaks of the H5N1 bird flu virus in commercial poultry farms. The virus was detected on 17 farms in Poland, five each in Germany, France, and Hungary, and four in Belgium. Bulgaria, Denmark,...
CFTC COT Report Analysis
Friday’s CFTC report showed the effects of USDA’s bearish January WADSE as managed money traders expanded short positions across the ag space for the fourth straight week. Funds shed 99,000 contracts from their all-ags position last week, with selling in corn accounting for 77,000 c...
Market Commentary: Some Rebound from WASDE Lows
By today’s close, losses in soybeans and wheat were down to fractions but corn could not fight its way back from USDA’s surprise bigger supply numbers in Monday’s WASDE. Volumes were generally light on this last day of trading ahead of Monday’s MLK holiday. Only the catt...
Summary of Futures
Mar 26 Corn closed at $4.2475/bushel, up $0.045 from yesterday's close. Mar 26 Wheat closed at $5.18/bushel, up $0.075 from yesterday's close. Mar 26 Soybeans closed at $10.5775/bushel, up $0.0475 from yesterday's close. Mar 26 Soymeal closed at $290/short ton, up $0.8 from ye...
Market Commentary: Volatility Continues with Corn Less Supported than Soybeans
The market continues to look for a floor following Monday’s WASDE report, with soybeans and soyoil finding terra firma on a bullish NOPA report that showed crush at a near-record level. Volume was generally subdued but skyrocketed in soyoil as traders sought to get a piece of the rising a...
Summary of Futures
Mar 26 Corn closed at $4.2025/bushel, down $0.0175 from yesterday's close. Mar 26 Wheat closed at $5.105/bushel, down $0.02 from yesterday's close. Mar 26 Soybeans closed at $10.53/bushel, up $0.105 from yesterday's close. Mar 26 Soymeal closed at $289.2/short ton, down $2.7 f...