Australia
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
War in Iran Taking Toll on Meat Exports Globally and U.S. Agriculture
The war in Iran is taking a toll on meat exports as well as fuel and fertilizer. As noted in a letter to the Administration, “Maritime freight disruptions from the ongoing conflict in Iran pose significant consequences to food security here at home and around the world.” This comes...
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 Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
War in Iran Taking Toll on Meat Exports Globally and U.S. Agriculture
The war in Iran is taking a toll on meat exports as well as fuel and fertilizer. As noted in a letter to the Administration, “Maritime freight disruptions from the ongoing conflict in Iran pose significant consequences to food security here at home and around the world.” This comes...
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...
Asia
FOB Prices and Freight Rates App (Updated 25 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”...
WTO Realism; Reindustrialization; Canadian Ego
WTO Realism The WTO’s 14th Ministerial Conference begins later this week, and while some have high hopes, pragmatists understand the elongated nature of consensus-based multinational policy development. EU trade minister Maroš Šefčovič expresses the hopes of his constituents...
War in Iran Taking Toll on Meat Exports Globally and U.S. Agriculture
The war in Iran is taking a toll on meat exports as well as fuel and fertilizer. As noted in a letter to the Administration, “Maritime freight disruptions from the ongoing conflict in Iran pose significant consequences to food security here at home and around the world.” This comes...
FOB Prices and Freight Rates App (Updated 25 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”...
WTO Realism; Reindustrialization; Canadian Ego
WTO Realism The WTO’s 14th Ministerial Conference begins later this week, and while some have high hopes, pragmatists understand the elongated nature of consensus-based multinational policy development. EU trade minister Maroš Šefčovič expresses the hopes of his constituents...
War in Iran Taking Toll on Meat Exports Globally and U.S. Agriculture
The war in Iran is taking a toll on meat exports as well as fuel and fertilizer. As noted in a letter to the Administration, “Maritime freight disruptions from the ongoing conflict in Iran pose significant consequences to food security here at home and around the world.” This comes...
45Z: The Next Big Thing or the Next Big Mess?
The U.S. Treasury Department is (still!) working on the Section 45Z Clean Fuel Production Tax Credit. The broad legislative effort for the act was launched in President Biden’s Inflation Reduction Act and picked up with some significant adjustments in President Trump’s One Big...
Black Sea
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...
FOB Prices and Freight Rates App (Updated 25 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”...
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...
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...
FOB Prices and Freight Rates App (Updated 25 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”...
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...
Administration Takes Aim at Fertilizer Prices
The war in Iran is impacting not only crude oil prices but also fertilizer prices. It is a supply issue, and thus the Treasury Department has announced new waivers for Venezuela to provide price relief and reduce the threat of shortages. It is not clear, however, whether this will be enough to...
China
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
China Market Analysis
Balanced Trade Bilateral trade in both directions between the U.S. and China has slowed, but Chinese Premier Li Qiang told last week’s meeting of the China Development Forum 2026 that Beijing pledges balanced trade and greater openness. His country is seeking to reassure foreign investors...
Soy Product Pricing and Crush Margins Amid Energy Uncertainty
Volatility has been the key word for commodity markets lately, especially the energy complex and anything loosely tied to it. The effective derivatives of the energy complex include, through the linkages of biodiesel, soyoil, and soybeans, and these markets have seen incredible rallies this yea...
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
China Market Analysis
Balanced Trade Bilateral trade in both directions between the U.S. and China has slowed, but Chinese Premier Li Qiang told last week’s meeting of the China Development Forum 2026 that Beijing pledges balanced trade and greater openness. His country is seeking to reassure foreign investors...
Soy Product Pricing and Crush Margins Amid Energy Uncertainty
Volatility has been the key word for commodity markets lately, especially the energy complex and anything loosely tied to it. The effective derivatives of the energy complex include, through the linkages of biodiesel, soyoil, and soybeans, and these markets have seen incredible rallies this yea...
Transportation Perspectives - 20 March
As you probably guessed, the ongoing conflict in the Middle East continues to drive market sentiment for energy markets and tanker vessel rates. While there have been several developments in the region this week, the big picture factors are the same: the Strait of Hormuz is all but sealed to ve...
Europe
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
FOB Prices and Freight Rates App (Updated 25 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”...
WTO Realism; Reindustrialization; Canadian Ego
WTO Realism The WTO’s 14th Ministerial Conference begins later this week, and while some have high hopes, pragmatists understand the elongated nature of consensus-based multinational policy development. EU trade minister Maroš Šefčovič expresses the hopes of his constituents...
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
FOB Prices and Freight Rates App (Updated 25 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”...
WTO Realism; Reindustrialization; Canadian Ego
WTO Realism The WTO’s 14th Ministerial Conference begins later this week, and while some have high hopes, pragmatists understand the elongated nature of consensus-based multinational policy development. EU trade minister Maroš Šefčovič expresses the hopes of his constituents...
Transportation Perspectives - 20 March
As you probably guessed, the ongoing conflict in the Middle East continues to drive market sentiment for energy markets and tanker vessel rates. While there have been several developments in the region this week, the big picture factors are the same: the Strait of Hormuz is all but sealed to ve...
India
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
Great Timing; Farm Skeptics; War’s Impact; Thursday’s Tumults
Great Timing The workers’ union at the JBS meatpacking plant in Greeley, Colorado, is on strike. The union is demanding more pay for its members, of course, and they want the company to pay for gloves. Given the shortage of cattle, there is overcapacity in cattle slaughter, and JBS has be...
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...
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
Great Timing; Farm Skeptics; War’s Impact; Thursday’s Tumults
Great Timing The workers’ union at the JBS meatpacking plant in Greeley, Colorado, is on strike. The union is demanding more pay for its members, of course, and they want the company to pay for gloves. Given the shortage of cattle, there is overcapacity in cattle slaughter, and JBS has be...
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...
Middle East & Africa
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
FOB Prices and Freight Rates App (Updated 25 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”...
Thune Introduces Fertilizer Price Reporting Bill
The war in Iran has brought the four-year simmering focus on fertilizer prices to a quick boil. Senate Majority Leader John Thune (R-South Dakota) introduced the Fertilizer Transparency Act, cosponsored by Amy Klobuchar (D-Minnesota), Chuck Grassley (R-Iowa), and Tammy Baldwin (D-Wisconsi...
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
FOB Prices and Freight Rates App (Updated 25 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”...
Thune Introduces Fertilizer Price Reporting Bill
The war in Iran has brought the four-year simmering focus on fertilizer prices to a quick boil. Senate Majority Leader John Thune (R-South Dakota) introduced the Fertilizer Transparency Act, cosponsored by Amy Klobuchar (D-Minnesota), Chuck Grassley (R-Iowa), and Tammy Baldwin (D-Wisconsi...
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...
North America
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...
Early 2026 Projections of Cow-Calf Finances
Cow-calf margins hit all-time record highs in 2025 as the industry benefited from the downstream impacts of record-breaking beef demand and the smallest beef cattle herd in decades. As WPI readers will know well, the resulting supply crunch boosted cattle prices across the production landscape...
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...
Early 2026 Projections of Cow-Calf Finances
Cow-calf margins hit all-time record highs in 2025 as the industry benefited from the downstream impacts of record-breaking beef demand and the smallest beef cattle herd in decades. As WPI readers will know well, the resulting supply crunch boosted cattle prices across the production landscape...
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republicans ready to invest when their party is in charge. War always creates uncertainty, but uncertainty does not determine the market. A famous gr...
South America
FOB Prices and Freight Rates App (Updated 25 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”...
War in Iran Taking Toll on Meat Exports Globally and U.S. Agriculture
The war in Iran is taking a toll on meat exports as well as fuel and fertilizer. As noted in a letter to the Administration, “Maritime freight disruptions from the ongoing conflict in Iran pose significant consequences to food security here at home and around the world.” This comes...
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...
FOB Prices and Freight Rates App (Updated 25 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”...
War in Iran Taking Toll on Meat Exports Globally and U.S. Agriculture
The war in Iran is taking a toll on meat exports as well as fuel and fertilizer. As noted in a letter to the Administration, “Maritime freight disruptions from the ongoing conflict in Iran pose significant consequences to food security here at home and around the world.” This comes...
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...
Soy Product Pricing and Crush Margins Amid Energy Uncertainty
Volatility has been the key word for commodity markets lately, especially the energy complex and anything loosely tied to it. The effective derivatives of the energy complex include, through the linkages of biodiesel, soyoil, and soybeans, and these markets have seen incredible rallies this yea...
Russia
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...
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...
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: 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...
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...
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...