Friday’s CFTC report showed funds maintaining positions in the major ag futures contract, breaking a four-week trend of significant net selling. Fund...

Markets moved higher today, with larger volumes trading in corn and winter wheat. While fundamentals remain broadly unchanged currently, there were several...

USDA’s monthly Cattle on Feed report was released today. Total cattle on feed amounted to 11.5 million head, or 97 percent of last year. Placements w...

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.  M...

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...

Water is the world’s most important commodity, but also its most underappreciated—until scarcity starts. Water scarcity runs in cycles, and rep...

Outside markets continued their reversal higher following the rescission of President Trump’s tariff threats against Europe. Ukraine’s grain ex...

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. Th...

USDA’s monthly Cattle on Feed report for January will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventor...

WPI is pleased to release the third week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specia...

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. ...

Beef packer margins improved for a second consecutive week but remained firmly negative. Margins rose $70/head to –$179 as the Choice cutout advanced...

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 fr...

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 th...

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.&n...

Russian Grain Markets: 12–16 January, 2026 The Russian grains market is slowly but steadily emerging from the extended holiday period. Extreme cold w...

WPI is pleased to release the third week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specia...

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 yield...

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 t...

Mediterranean/Middle East/North Africa/Africa – MEA Region Iraq is reported to be facing the “driest year in modern history” due to droug...

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.&...

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...

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 pou...

Friday’s CFTC report showed the effects of USDA’s bearish January WADSE as managed money traders expanded short positions across the ag space f...

U.S. financial markets will be closed in observance of Martin Luther King Jr. Day on Monday, 19 January. As a result, WPI’s offices will be closed, a...

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...

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. ...

This past fall the U.S. government was shutdown for the longest period in history, with a temporary reprieve reached to re-open the government until the en...

With the USDA’s semi-annual Cattle Inventory report just two weeks away now, many in the industry are sharpening their pencils to forecast what the i...

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...

WPI is pleased to the second week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Ja...

Beef packer margins rebounded modestly last week but remained deeply negative. Margins improved $60/head to –$249 as the Choice cutout rose $14/cwt w...

While President Trump has stuck to the storyline that tariffs are an economic boost for the U.S., one sector in particular shows a different story: beef. A...

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.&n...

Export Sales and Shipments for January 2 - 8, 2026. Wheat: Net sales of 156,300 metric tons (MT) for 2025/2026 were up 32 percent from the previous week, b...

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...

Trump’s Rhetoric The timing for release of the U.S. Supreme Court’s decision on President Trump’s tariffs has been speculated by the medi...

Mar 26 Corn closed at $4.22/bushel, up $0.0225 from yesterday's close.  Mar 26 Wheat closed at $5.125/bushel, up $0.02 from yesterday's close.  M...

Russian Grain Markets: 5–9 January 2026 The first week of January is typically quiet for trading and logistics as Russia observes Orthodox Christmas...

WPI is pleased to the second week of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight specialist Ja...

Mar 26 Corn closed at $4.1975/bushel, down $0.0175 from yesterday's close.  Mar 26 Wheat closed at $5.105/bushel, down $0.0075 from yesterday's close...

Bears were once again in control of the CBOT on Tuesday as the effects of the January WASDE continue to ripple through markets. Tuesday’s trade also...

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 i...

USDA’s World Agriculture Supply and Demand Estimates (WASDE) report was released yesterday, the first of the year. Beef production is still down comp...

London based GAFTA – Grain and Feed Trade Association – advises that in 2024/25 they had 314 new mainly grain arbitrations and 43 appeals. 170...

The CBOT came under heavy selling pressure following the January WASDE as USDA unexpectedly increased U.S. corn acreage and yields. The USDA also added are...

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...

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 b...

India Holds Out The most disappointed of U.S. trading partners has to be India. It has long held hope that it would succeed China as the largest foreign su...

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...

CORN Corn planting progress has reached nearly 90 percent of projected area. Almost 70 percent of the corn crops is going through the critical growth stage...

Mar 26 Corn closed at $4.215/bushel, down $0.2425 from yesterday's close.  Mar 26 Wheat closed at $5.1125/bushel, down $0.06 from yesterday's close.&n...

The world woke up on 3 January to news of the arrest of Nicolas Maduro, the self-proclaimed president of Venezuela. Few expected this move from the U.S. ad...

Mar 26 Corn closed at $4.4575/bushel, down $0.0025 from yesterday's close.  Mar 26 Wheat closed at $5.1725/bushel, down $0.0075 from yesterday's close...

As expected, it was a lower volume trading day ahead of likely market moving USDA reports on Monday. The exceptions were HRS and lean hogs. There were also...

The dairy industry continues to evolve, though it is facing new challenges. Through September, milk production is up 97 pounds per head in 2025 over 2024 a...

Lean hog futures saw an unexpected rally to conclude 2025 with the market rebounding from an autumn selloff. The rebound was sufficiently strong to push de...

Export Sales and Shipments for December 26, 2025 – January 1, 2026.  Wheat: Net sales of 118,700 metric tons (MT) for 2025/2026 were up 24 perce...

Agricultural futures were mixed today with generally higher volume except in soybeans and corn. Traders were cautious not to get out ahead of their skis gi...

Mar 26 Corn closed at $4.46/bushel, down $0.0075 from yesterday's close.  Mar 26 Wheat closed at $5.18/bushel, up $0 from yesterday's close.  Mar...

The USDA and the Department of Health and Human Services (HHS) recently released the 2025 Dietary Guidelines for Americans (DGA). The headline developments...

The Market  With just two days left before the January WASDE, the soy complex is trading above week-ago levels, but that fact belies the weakness that...

WPI is pleased to announce the acquisition of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight spec...

The CBOT renewed its early-week strength at mid-week and turned higher with soybeans and soymeal in the lead. Fresh news was light for the day, but markets...

Meat Can’t Be Beat: As if the protein craze needed any help, the Trump Administration’s new Dietary Guidelines for Americans urges consumers to...

Mar 26 Corn closed at $4.4675/bushel, up $0.0275 from yesterday's close.  Mar 26 Wheat closed at $5.18/bushel, up $0.075 from yesterday's close. ...

Russian Grains Market: 29 December 2025–02 January 2026 Russia’s grain market remained bearish during the final week of December, with most fun...

WPI is pleased to announce the acquisition of the Transportation and Export Report, a weekly industry publication previously produced by ocean freight spec...

Mar 26 Corn closed at $4.44/bushel, down $0.005 from yesterday's close.  Mar 26 Wheat closed at $5.105/bushel, down $0.02 from yesterday's close. ...

The CBOT on Tuesday failed to follow Monday’s dramatic technical strength and corn, the soy complex, and wheat all settled lower for the day. A sharp...

Canada initiated action more than two years ago to fight high grocery prices. The plan was hatched after then Prime Minister Justin Trudeau demanded a &ldq...

Donroe Doctrine The forced extradition of Venezuelan dictator Nicolás Moduro has been variously framed to stop the flow of narcotics and obtain oil...

Mediterranean/Middle East/North Africa/Africa – MEA Region Morocco has established its soft wheat import rebate program for 1 January to 30 April 202...

Beef packer margins deteriorated sharply again last week, plunging deeper into negative territory and reached their second lowest value back to at least 20...

Monday’s CFTC report showed managed money traders paring back long positions across the ag space for the third straight week as technical conditions...

Ag markets were higher with support coming from a rally in crude oil and broader energy markets after the U.S. removed Venezuela’s president from pow...

WHEAT The holiday period did not slow harvest. As of 30 December 2025, wheat harvest reached 93 percent of total area. Yields above expectations led the Bu...

USDA has announced several new rules and regulations to take effect in 2026, with several aligning with the new Make America Healthy Again (MAHA) goals.&nb...

Formalizing Protectionism The EU’s 27 farm ministers are headed to Brussels on Wednesday ahead of the EU’s formal signing of a trade agreement...

Mar 26 Corn closed at $4.445/bushel, up $0.07 from yesterday's close.  Mar 26 Wheat closed at $5.125/bushel, up $0.06 from yesterday's close.  Ma...

Traders closed out an overall lower week with more of the same. There was a new contract low in SRW, but a late rally pushed HRW slightly into the green fo...

Mar 26 Corn closed at $4.375/bushel, down $0.0275 from yesterday's close.  Mar 26 Wheat closed at $5.065/bushel, down $0.005 from yesterday's close.&n...

On 31 December the USDA announced the per acre payment rates for the Farmer Bridge Assistance (FBA) program for producers hit by the ongoing tariffs. ...

The WPI team extends our best wishes to you and your families for a healthy and happy New Year. Thank you for your faithful readership, we are looking forw...

The pre-holiday risk-off, profit-taking mode continued on the last trading day of 2025. Traders closed out the calendar year with the expected low-level en...

Mar 26 Corn closed at $4.4025/bushel, down $0.0025 from yesterday's close.  Mar 26 Wheat closed at $5.07/bushel, down $0.0375 from yesterday's close.&...

USDA’s November slaughter data helps decode some of the outlook for 2026. There are the known knowns - cattle and hog numbers are down, weights are u...

The CBOT traded mostly lower on Tuesday with funds remaining dedicated sellers. The motivation for their selling stems partially from pre-holiday risk-off...

Mar 26 Corn closed at $4.405/bushel, down $0.0175 from yesterday's close.  Mar 26 Wheat closed at $5.1075/bushel, down $0.0225 from yesterday's close...

Grain Utilization Grain market prices have been cooling of late due to the prospects of a large South American crop, but China is also cited as an influenc...

Grains and oilseeds nearly all traded lower to start the week with profit taking driving most of the action as the CBOT enters another holiday-shortened we...

According to stock market statisticians, the S&P 500 stock index historically makes an average of 1.3 to 1.4 percent gains during the last five days of...

Mar 26 Corn closed at $4.4225/bushel, down $0.0775 from yesterday's close.  Mar 26 Wheat closed at $5.13/bushel, down $0.06 from yesterday's close.&nb...

Export Sales and Shipments for Dec 11, 2025...

The CBOT saw its typical low-volume post-Christmas trading session on Friday, but low trading volume didn’t stop the markets from making some notable...

Mar 26 Corn closed at $4.5/bushel, down $0.01 from yesterday's close.  Mar 26 Wheat closed at $5.19/bushel, down $0.0275 from yesterday's close. ...

Financial markets will be closed on Thursday, 25 December for the Christmas holiday. As a result, there will be no Ag Perspectives report on Thursday. WPI...

The CBOT was mostly higher before the Christmas holiday with grains in the lead, though with each market seeing a different fundamental driver. Wheat futur...

Mar 26 Corn closed at $4.51/bushel, up $0.035 from yesterday's close.  Mar 26 Wheat closed at $5.2175/bushel, up $0.0475 from yesterday's close. ...

Soybean Auction Falters To make way for recent purchases of U.S.-grown soybeans, Sinograin has been auctioning state-owned reserves of soybeans imported in...

Russian Grains Market: 15–19 December 2025 Russia’s grain markets remained stable and bearish, with weak domestic and export demand limiting pr...

Friday’s CFTC report showed managed money traders paring back long positions across the ag space as technical conditions quickly deteriorated for the...

Everyone knows the volume traded this week will be lower, but there is no break in the directional adjustments. The corn market still had to continue its m...

Mar 26 Corn closed at $4.475/bushel, up $0.005 from yesterday's close.  Mar 26 Wheat closed at $5.17/bushel, up $0.015 from yesterday's close.  J...

USDA released its quarterly Hogs and Pigs report today. The inventory of all hogs and pigs on 1 December was 75.5 million head, up 1 percent from December...

Regional News  Russia’s latest attacks on Ukraine’s Odesa Black Sea port infrastructure on 23 December reportedly damaged a vessel carryin...

Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt’s Safaga port, south on the Red Sea, will be expanded and improved as a result...

Beef packer margins deteriorated further last week, extending their move into negative territory after early December’s strong profits. Margins fell...

The CBOT turned higher on Monday with positive export data from USDA and a healthy dose of bottom-picking and pre-holiday short covering driving the upside...

USDA reports U.S. Cattle on Feed down 2 percent in feedlots with capacity of 1,000 or more head to total 11.7 million head on December 1, 2025.  Place...

WTO Gets Trumped The WTO was thrown out back on 2 April when President Trump announced his reciprocal tariffs. The tariffs totally violated U.S. obligation...

Mar 26 Corn closed at $4.47/bushel, up $0.0325 from yesterday's close.  Mar 26 Wheat closed at $5.155/bushel, up $0.0575 from yesterday's close. ...

On 21 November, Tyson Foods, one of the largest beef packing companies in the United States, announced it will close its cattle slaughter facility in Lexin...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

WHEAT Harvest advanced 13.1 percent week-over-week, reaching 73 percent of total area, with yields remaining above average and above earlier expectations...

Dry-bulk freight markets are mixed this week with pre-holiday trade driving diverging trends. The Capesize sector saw some strength, primarily in the Atlan...

There was lower volume in the grain pits today, with perhaps some stronger interest in the last few days of holiday shopping. Traders were not buying corn...

USDA’s monthly Cattle on Feed report was released today. Total cattle on feed amounted to 11.7 million head, 98 percent of last year.    P...

Mar 26 Corn closed at $4.4375/bushel, down $0.0075 from yesterday's close.  Mar 26 Wheat closed at $5.0975/bushel, up $0.02 from yesterday's close.&nb...

December is upon us and the fall calf run all but ended, the beef industry is finalizing its estimates of 2025 profitability and market performance. For co...