Australia
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...
Iran War Hits Fertilizer Supply and Disrupts SMP Trade
Today the war in Iran has hit its 10th day. Iranian forces have sustained their retaliatory strikes on US military assets and other key infrastructure in Kuwait, Qatar, Saudi Arabia, and the UAE. The latest Iranian attacks on Bahrain have damaged a water desalination plant. Further, more than a...
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...
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...
Iran War Hits Fertilizer Supply and Disrupts SMP Trade
Today the war in Iran has hit its 10th day. Iranian forces have sustained their retaliatory strikes on US military assets and other key infrastructure in Kuwait, Qatar, Saudi Arabia, and the UAE. The latest Iranian attacks on Bahrain have damaged a water desalination plant. Further, more than a...
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...
New Trade Agreements
Just as Donald Trump’s dismantling of the world order is said to have motivated Europe’s conclusion of trade agreements with Mercosur and India, his trade agreements with India and Argentina are thought to have been motivated by Europe’s trade moves. A novel question: who is f...
Asia
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
FOB Prices and Freight Rates App (Updated 11 March)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
FOB Prices and Freight Rates App (Updated 11 March)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
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...
Black Sea
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
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...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
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...
FOB Prices and Freight Rates App (Updated 11 March)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
China
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
China Market Analysis
Iran War The U.S. and Israeli attacks on Iran are said to complicate the visit later this month by President Trump to China. As an ally of Iran and a major purchaser of its oil, China has an acute interest in the current war. It is especially being harmed by the shutdown of the Strait of Hormuz...
Europe
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
FOB Prices and Freight Rates App (Updated 11 March)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
India
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
Economic Outlook for 2026
The January jobs report surprised to the upside, coming in at 172,000 new jobs, well above the consensus expectation of 68,000. However, the February report showed jobs falling by 86,000, far off the consensus expectation of a gain of 60,000. This loss was driven by education, leisure and hospi...
WASDE Soybeans - Feb 2026
USDA’s outlook for 2025/26 U.S. soybean supply and use projections are unchanged. As a result, the season-average soybean price is projected unchanged at $10.20 per bushel. Soybean meal and oil prices are unchanged at $295 per short ton and 53 cents per pound. Global 2025/26 soybean endin...
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
Economic Outlook for 2026
The January jobs report surprised to the upside, coming in at 172,000 new jobs, well above the consensus expectation of 68,000. However, the February report showed jobs falling by 86,000, far off the consensus expectation of a gain of 60,000. This loss was driven by education, leisure and hospi...
WASDE Soybeans - Feb 2026
USDA’s outlook for 2025/26 U.S. soybean supply and use projections are unchanged. As a result, the season-average soybean price is projected unchanged at $10.20 per bushel. Soybean meal and oil prices are unchanged at $295 per short ton and 53 cents per pound. Global 2025/26 soybean endin...
Rock, Paper, Scissors
Markets still do not know how to react to President Trump’s announcement that he has completed a trade deal with India. U.S. Trade Representative Jamieson Greer says the details are being papered, or written up, now. The deal has sparked a transatlantic war of words, with Brussels mocking...
Middle East & Africa
FOB Prices and Freight Rates App (Updated 11 March)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Economic Outlook for 2026
The January jobs report surprised to the upside, coming in at 172,000 new jobs, well above the consensus expectation of 68,000. However, the February report showed jobs falling by 86,000, far off the consensus expectation of a gain of 60,000. This loss was driven by education, leisure and hospi...
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...
FOB Prices and Freight Rates App (Updated 11 March)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Economic Outlook for 2026
The January jobs report surprised to the upside, coming in at 172,000 new jobs, well above the consensus expectation of 68,000. However, the February report showed jobs falling by 86,000, far off the consensus expectation of a gain of 60,000. This loss was driven by education, leisure and hospi...
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...
Iran War Hits Fertilizer Supply and Disrupts SMP Trade
Today the war in Iran has hit its 10th day. Iranian forces have sustained their retaliatory strikes on US military assets and other key infrastructure in Kuwait, Qatar, Saudi Arabia, and the UAE. The latest Iranian attacks on Bahrain have damaged a water desalination plant. Further, more than a...
North America
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
South America
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
WASDE Soybeans - Mar 2026
USDA’s outlook for 2025/26 U.S. soybeans had increased imports and crush, but ending stocks remained unchanged from last month. The average annual soybean price is projected unchanged at $10.20 per bushel. The soybean meal price is increased by $5 per short ton to $300. The soybean...
WASDE Corn - Mar 2026
USDA’s outlook for 2025/26 U.S. corn outlook is unchanged from last month. Global corn ending stocks increased by 3.8 million metric tons to 292.8 million. The season-average corn price received by U.S. producers is unchanged at $4.10 per bushel...
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...
FOB Prices and Freight Rates App (Updated 11 March)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “How To”...
Russia
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...
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...
Economic Outlook for 2026
The January jobs report surprised to the upside, coming in at 172,000 new jobs, well above the consensus expectation of 68,000. However, the February report showed jobs falling by 86,000, far off the consensus expectation of a gain of 60,000. This loss was driven by education, leisure and hospi...
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...
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...
Economic Outlook for 2026
The January jobs report surprised to the upside, coming in at 172,000 new jobs, well above the consensus expectation of 68,000. However, the February report showed jobs falling by 86,000, far off the consensus expectation of a gain of 60,000. This loss was driven by education, leisure and hospi...
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...