Australia
WASDE Wheat - Jan 2026
USDA’s Jan estimate for 2025/26 U.S. wheat left exports unchanged at 900 million bushels. Projected U.S. wheat ending stocks were raised 25 million bushels to 926 million, up 8 percent from the previous year. The season-average farm price is lowered $0.10 per bushel to $4.90. The wo...
WASDE Wheat - Dec 2025
USDA’s Dec 2025 estimate is that the 2025/26 season-average wheat price received by U.S. farmers will remain at $5.00 per bushel. Global wheat stocks rose 3.4 million tons to 274.9 million, mainly on increases for several exporting countries...
WASDE Wheat - Nov 2025
USDA’s November 2025 estimate is for U.S. wheat ending stocks to increase 57 million bushels to 901. The projected U.S. season-average wheat price received by farmers is lowered $0.10 per bushel to $5.00. The global ending stocks of total wheat increased to 271.4 million; This is the firs...
WASDE Wheat - Jan 2026
USDA’s Jan estimate for 2025/26 U.S. wheat left exports unchanged at 900 million bushels. Projected U.S. wheat ending stocks were raised 25 million bushels to 926 million, up 8 percent from the previous year. The season-average farm price is lowered $0.10 per bushel to $4.90. The wo...
WASDE Wheat - Dec 2025
USDA’s Dec 2025 estimate is that the 2025/26 season-average wheat price received by U.S. farmers will remain at $5.00 per bushel. Global wheat stocks rose 3.4 million tons to 274.9 million, mainly on increases for several exporting countries...
WASDE Wheat - Nov 2025
USDA’s November 2025 estimate is for U.S. wheat ending stocks to increase 57 million bushels to 901. The projected U.S. season-average wheat price received by farmers is lowered $0.10 per bushel to $5.00. The global ending stocks of total wheat increased to 271.4 million; This is the firs...
Will Argentina Beef Imports Rescue High U.S. Beef Prices?
Last week, due to the coincidental timing of the deal with Argentina and elections coming there on 26 October and with Javier Milei being a close ally of President Trump, we speculated that Trump’s plan for lowering beef prices relied, at least in part, on Argentine imports. On Sunday, Tr...
Asia
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
FOB Prices and Freight Rates App (Updated 21 January)
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”...
Transportation and Export Report - January 15, 2026
WPI is pleased to the second week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report, which WPI recently acquired, will strengthen WPI’s coverage of global ocean freight markets by building o...
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
FOB Prices and Freight Rates App (Updated 21 January)
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”...
Transportation and Export Report - January 15, 2026
WPI is pleased to the second week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report, which WPI recently acquired, will strengthen WPI’s coverage of global ocean freight markets by building o...
Market Commentary: Strong Grain Demand, Technical Factors Stabilize CBOT
The CBOT finally saw bulls emerge after the past two days of selling as technical factors and strong corn and soybean demand supported positive sentiments. Futures were oversold based on short-term technical factors and, consequently, were ripe for a little bounce. The day’s news confirme...
Black Sea
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...
FOB Prices and Freight Rates App (Updated 21 January)
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”...
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...
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...
FOB Prices and Freight Rates App (Updated 21 January)
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”...
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...
Black Sea Regional Analysis
Russian Grain Markets: 5–9 January 2026 The first week of January is typically quiet for trading and logistics as Russia observes Orthodox Christmas. Activity remained subdued, although the ongoing Russo–Ukrainian war continued to shape market sentiment. Both sides carried out airst...
China
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
China Market Analysis
Economy and Diet The decline in China’s population, with the birthrate falling 17 percent to its lowest since 1949, is likely having some impact on total food consumption. Slower-than-reported economic growth may also be a factor, as 2025 saw lower agricultural prices and fewer imports. M...
Market Commentary: Strong Grain Demand, Technical Factors Stabilize CBOT
The CBOT finally saw bulls emerge after the past two days of selling as technical factors and strong corn and soybean demand supported positive sentiments. Futures were oversold based on short-term technical factors and, consequently, were ripe for a little bounce. The day’s news confirme...
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
China Market Analysis
Economy and Diet The decline in China’s population, with the birthrate falling 17 percent to its lowest since 1949, is likely having some impact on total food consumption. Slower-than-reported economic growth may also be a factor, as 2025 saw lower agricultural prices and fewer imports. M...
Market Commentary: Strong Grain Demand, Technical Factors Stabilize CBOT
The CBOT finally saw bulls emerge after the past two days of selling as technical factors and strong corn and soybean demand supported positive sentiments. Futures were oversold based on short-term technical factors and, consequently, were ripe for a little bounce. The day’s news confirme...
China Market Analysis
Beef China’s new import safeguard on beef continues to stir the market. Its largest impact is on the biggest supplier of protein, Brazil. Suppliers in that country say they will have to reduce production and slaughter capacity. Meanwhile, Ireland is pleased that Beijing has lifted a ban t...
Europe
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
FOB Prices and Freight Rates App (Updated 21 January)
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”...
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...
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
FOB Prices and Freight Rates App (Updated 21 January)
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”...
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...
Greenland: More Tariffs on 1 February
Greenland is heating up in the latest news, and not due to global warming, but rather rising security concerns. President Trump said of Greenland, the semi-autonomous territory of Denmark, that the North Atlantic Treaty Organization (NATO) has been telling Denmark for 20 years that “you h...
India
Greenland: More Tariffs on 1 February
Greenland is heating up in the latest news, and not due to global warming, but rather rising security concerns. President Trump said of Greenland, the semi-autonomous territory of Denmark, that the North Atlantic Treaty Organization (NATO) has been telling Denmark for 20 years that “you h...
WASDE Soybeans - Jan 2026
USDA’s Jan estimate for 2025/26 U.S. soybeans is increased by 17 million bushels on higher beginning stocks and production. Soybean crush for 2025/26 is raised 15 million bushels to 2.57 billion bushels on higher soybean meal domestic disappearance and exports. Soybean meal and soybean oi...
WASDE Wheat - Dec 2025
USDA’s Dec 2025 estimate is that the 2025/26 season-average wheat price received by U.S. farmers will remain at $5.00 per bushel. Global wheat stocks rose 3.4 million tons to 274.9 million, mainly on increases for several exporting countries...
Greenland: More Tariffs on 1 February
Greenland is heating up in the latest news, and not due to global warming, but rather rising security concerns. President Trump said of Greenland, the semi-autonomous territory of Denmark, that the North Atlantic Treaty Organization (NATO) has been telling Denmark for 20 years that “you h...
WASDE Soybeans - Jan 2026
USDA’s Jan estimate for 2025/26 U.S. soybeans is increased by 17 million bushels on higher beginning stocks and production. Soybean crush for 2025/26 is raised 15 million bushels to 2.57 billion bushels on higher soybean meal domestic disappearance and exports. Soybean meal and soybean oi...
WASDE Wheat - Dec 2025
USDA’s Dec 2025 estimate is that the 2025/26 season-average wheat price received by U.S. farmers will remain at $5.00 per bushel. Global wheat stocks rose 3.4 million tons to 274.9 million, mainly on increases for several exporting countries...
WASDE Soybeans - Dec 2025
USDA’s Dec 2025 estimate is that the 2025/26 season-average prices are presently unchanged for U.S. soybeans at $10.50 per bushel, for soymeal at $300 per short-ton, and for soyoil at 53 cents per pound. Global soybean ending stocks are increased 0.4 million tons to 122.4 million, m...
Middle East & Africa
FOB Prices and Freight Rates App (Updated 21 January)
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”...
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...
Middle East, Mediterranean, and Africa Regional Analysis
London based GAFTA – Grain and Feed Trade Association – advises that in 2024/25 they had 314 new mainly grain arbitrations and 43 appeals. 170 arbitrations were finalized while 46 were settled outside of arbitration. The average cost for an arbitration, under rule 125 for a GAFTA me...
FOB Prices and Freight Rates App (Updated 21 January)
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”...
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...
Middle East, Mediterranean, and Africa Regional Analysis
London based GAFTA – Grain and Feed Trade Association – advises that in 2024/25 they had 314 new mainly grain arbitrations and 43 appeals. 170 arbitrations were finalized while 46 were settled outside of arbitration. The average cost for an arbitration, under rule 125 for a GAFTA me...
WASDE Corn - Jan 2026
USDA’s Jan estimate for 2025/26 U.S. corn is for larger production and higher feed residual usage to result in greater ending stocks: Corn production is estimated at 17.0 billion bushels, up 269 million on a 0.5-bushel increase in yield to 186.5 bushels per acre and a 1.3-million acre ris...
North America
Livestock Industry Margins
Beef packer margins improved for a second consecutive week but remained firmly negative. Margins rose $70/head to –$179 as the Choice cutout advanced $4.56/cwt and fed cattle prices were largely stable. The recovery narrowed the gap between breakeven and cash cattle values to roughly $19/...
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...
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
Livestock Industry Margins
Beef packer margins improved for a second consecutive week but remained firmly negative. Margins rose $70/head to –$179 as the Choice cutout advanced $4.56/cwt and fed cattle prices were largely stable. The recovery narrowed the gap between breakeven and cash cattle values to roughly $19/...
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...
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
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...
South America
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
FOB Prices and Freight Rates App (Updated 21 January)
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”...
Transportation and Export Report - January 15, 2026
WPI is pleased to the second week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report, which WPI recently acquired, will strengthen WPI’s coverage of global ocean freight markets by building o...
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
FOB Prices and Freight Rates App (Updated 21 January)
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”...
Transportation and Export Report - January 15, 2026
WPI is pleased to the second week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Jay O’Neil. This report, which WPI recently acquired, will strengthen WPI’s coverage of global ocean freight markets by building o...
Market Commentary: Strong Grain Demand, Technical Factors Stabilize CBOT
The CBOT finally saw bulls emerge after the past two days of selling as technical factors and strong corn and soybean demand supported positive sentiments. Futures were oversold based on short-term technical factors and, consequently, were ripe for a little bounce. The day’s news confirme...
Russia
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
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: More Tariffs on 1 February
Greenland is heating up in the latest news, and not due to global warming, but rather rising security concerns. President Trump said of Greenland, the semi-autonomous territory of Denmark, that the North Atlantic Treaty Organization (NATO) has been telling Denmark for 20 years that “you h...
GI Chimera; Catch Bees with Honey; AI My Eye
GI Chimera The EU-Mercosur trade agreement has hit another stumbling block after the European Parliament asked the EU’s high court to first assess the text for its legality. Once that exercise is complete, Europe’s politicians promise plenty more hurdles to stymie agricultural impor...
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: More Tariffs on 1 February
Greenland is heating up in the latest news, and not due to global warming, but rather rising security concerns. President Trump said of Greenland, the semi-autonomous territory of Denmark, that the North Atlantic Treaty Organization (NATO) has been telling Denmark for 20 years that “you h...
Black Sea Regional Analysis
Russian Grain Markets: 5–9 January 2026 The first week of January is typically quiet for trading and logistics as Russia observes Orthodox Christmas. Activity remained subdued, although the ongoing Russo–Ukrainian war continued to shape market sentiment. Both sides carried out airst...