Recent Energy Analysis
Summary of Futures
Dec 26 Corn closed at $4.425/bushel, down $0.055 from yesterday's close. Dec 26 Wheat closed at $5.8425/bushel, down $0.1525 from yesterday's close. Jan 27 Soybeans closed at $12.19/bushel, down $0.1175 from yesterday's close. Dec 26 Soymeal closed at $325.4/short ton, down $4...
Summary of Futures
Dec 26 Corn closed at $4.48/bushel, down $0.01 from yesterday's close. Dec 26 Wheat closed at $5.995/bushel, up $0.0675 from yesterday's close. Jan 27 Soybeans closed at $12.3075/bushel, up $0.0275 from yesterday's close. Dec 26 Soymeal closed at $329.7/short ton, up $3.2 from...
Ethanol and Biodiesel Margin Outlook Amid Falling Energy Markets
Key Takeaways: The recent pullback in crude oil and other energy markets has left many in the ag and biofuels communities wondering what it means for ethanol and biodiesel prices and profit margins. WPI’s research indicates a weak but still significant link between ethanol and crud...
Alabama and Louisiana Request RFS Waivers but Approval Remains Unlikely
Key Takeaways: Alabama and Louisiana have requested partial waivers of 2027 Renewable Fuel Standard (RFS) requirements, arguing that rising compliance costs are contributing to higher fuel prices and economic hardship. Louisiana Governor Jeff Landry is encouraging neighboring states to join th...
Congress: Lame Duck Session Kicks Off with Volatile Issues
Congress is back in session for the lame-duck period, which is beginning with several contentious issues, including the farm bill, a federal funding deadline, energy legislation, and impeachment proceedings against Pete Hegseth, the Secretary of War. Emblematic of the political uncertainty, the...
Summary of Futures
Dec 26 Corn closed at $4.49/bushel, up $0.0975 from yesterday's close. Dec 26 Wheat closed at $5.9275/bushel, up $0.0475 from yesterday's close. Jan 27 Soybeans closed at $12.28/bushel, up $0.3975 from yesterday's close. Dec 26 Soymeal closed at $326.5/short ton, up $5.8 from...
A Closer, More Complex Look at Inflation
Although inflation has remained elevated since the post-COVID surge, it steadily moderated until the past year. More to the point, today’s inflation looks very different from 2022, when the Consumer Price Index (CPI) peaked at 9 percent. During and after the pandemic, the M2 money supply...
Summary of Futures
Dec 26 Corn closed at $4.415/bushel, up $0.015 from yesterday's close. Dec 26 Wheat closed at $5.9125/bushel, down $0.08 from yesterday's close. Jan 27 Soybeans closed at $11.9375/bushel, up $0.055 from yesterday's close. Dec 26 Soymeal closed at $319.2/short ton, up $2 from y...
Global Soybean Crush Margin Forecasts
Key Takeaways: WPI’s forecasts call for physical U.S. soybean crushing margins to weaken over the next four months and average $4.44/bushel by late February, while CBOT futures margins should rise modestly to about $2.40/bushel. A key catalyst for this is the expectation that U.S...
CFTC COT Report Analysis
Managed money sold a net 235,000 agricultural futures contracts during the week, cutting the aggregate net long 52.8 percent to 210,000 contracts. Funds have reduced their aggregate agricultural net long by 423,000 contracts over the past two weeks, with this week’s selling exceeding the...
Summary of Futures
Dec 26 Corn closed at $4.4/bushel, down $0.0425 from yesterday's close. Dec 26 Wheat closed at $5.9925/bushel, up $0.0075 from yesterday's close. Jan 27 Soybeans closed at $11.8825/bushel, down $0.14 from yesterday's close. Dec 26 Soymeal closed at $317.2/short ton, down $1.4...
Summary of Futures
Dec 26 Corn closed at $4.4425/bushel, up $0.0175 from yesterday's close. Dec 26 Wheat closed at $5.985/bushel, down $0.0125 from yesterday's close. Jan 27 Soybeans closed at $12.0225/bushel, down $0.1175 from yesterday's close. Dec 26 Soymeal closed at $318.6/short ton, up $0...
Summary of Futures
Dec 26 Corn closed at $4.425/bushel, down $0.055 from yesterday's close. Dec 26 Wheat closed at $5.8425/bushel, down $0.1525 from yesterday's close. Jan 27 Soybeans closed at $12.19/bushel, down $0.1175 from yesterday's close. Dec 26 Soymeal closed at $325.4/short ton, down $4...
Summary of Futures
Dec 26 Corn closed at $4.48/bushel, down $0.01 from yesterday's close. Dec 26 Wheat closed at $5.995/bushel, up $0.0675 from yesterday's close. Jan 27 Soybeans closed at $12.3075/bushel, up $0.0275 from yesterday's close. Dec 26 Soymeal closed at $329.7/short ton, up $3.2 from...
Ethanol and Biodiesel Margin Outlook Amid Falling Energy Markets
Key Takeaways: The recent pullback in crude oil and other energy markets has left many in the ag and biofuels communities wondering what it means for ethanol and biodiesel prices and profit margins. WPI’s research indicates a weak but still significant link between ethanol and crud...
Alabama and Louisiana Request RFS Waivers but Approval Remains Unlikely
Key Takeaways: Alabama and Louisiana have requested partial waivers of 2027 Renewable Fuel Standard (RFS) requirements, arguing that rising compliance costs are contributing to higher fuel prices and economic hardship. Louisiana Governor Jeff Landry is encouraging neighboring states to join th...
Congress: Lame Duck Session Kicks Off with Volatile Issues
Congress is back in session for the lame-duck period, which is beginning with several contentious issues, including the farm bill, a federal funding deadline, energy legislation, and impeachment proceedings against Pete Hegseth, the Secretary of War. Emblematic of the political uncertainty, the...
Summary of Futures
Dec 26 Corn closed at $4.49/bushel, up $0.0975 from yesterday's close. Dec 26 Wheat closed at $5.9275/bushel, up $0.0475 from yesterday's close. Jan 27 Soybeans closed at $12.28/bushel, up $0.3975 from yesterday's close. Dec 26 Soymeal closed at $326.5/short ton, up $5.8 from...
A Closer, More Complex Look at Inflation
Although inflation has remained elevated since the post-COVID surge, it steadily moderated until the past year. More to the point, today’s inflation looks very different from 2022, when the Consumer Price Index (CPI) peaked at 9 percent. During and after the pandemic, the M2 money supply...
Summary of Futures
Dec 26 Corn closed at $4.415/bushel, up $0.015 from yesterday's close. Dec 26 Wheat closed at $5.9125/bushel, down $0.08 from yesterday's close. Jan 27 Soybeans closed at $11.9375/bushel, up $0.055 from yesterday's close. Dec 26 Soymeal closed at $319.2/short ton, up $2 from y...
Global Soybean Crush Margin Forecasts
Key Takeaways: WPI’s forecasts call for physical U.S. soybean crushing margins to weaken over the next four months and average $4.44/bushel by late February, while CBOT futures margins should rise modestly to about $2.40/bushel. A key catalyst for this is the expectation that U.S...
CFTC COT Report Analysis
Managed money sold a net 235,000 agricultural futures contracts during the week, cutting the aggregate net long 52.8 percent to 210,000 contracts. Funds have reduced their aggregate agricultural net long by 423,000 contracts over the past two weeks, with this week’s selling exceeding the...
Summary of Futures
Dec 26 Corn closed at $4.4/bushel, down $0.0425 from yesterday's close. Dec 26 Wheat closed at $5.9925/bushel, up $0.0075 from yesterday's close. Jan 27 Soybeans closed at $11.8825/bushel, down $0.14 from yesterday's close. Dec 26 Soymeal closed at $317.2/short ton, down $1.4...
Summary of Futures
Dec 26 Corn closed at $4.4425/bushel, up $0.0175 from yesterday's close. Dec 26 Wheat closed at $5.985/bushel, down $0.0125 from yesterday's close. Jan 27 Soybeans closed at $12.0225/bushel, down $0.1175 from yesterday's close. Dec 26 Soymeal closed at $318.6/short ton, up $0...