Recent Feed Grains Analysis
Market Commentary: Down on the Day but Some Ups for the Week
Most of the major agricultural commodity contracts opened today’s trading session in the red and stayed that way to the close. Only feeder cattle and lean hogs managed small gains on the day. New contract lows were hit for December soyoil, September SRW and September HRW. Volume was overa...
Summary of Futures
Dec 24 Corn closed at $4.1/bushel, down $0.1075 from yesterday's close. Sep 24 Wheat closed at $5.235/bushel, down $0.1425 from yesterday's close. Nov 24 Soybeans closed at $10.485/bushel, down $0.31 from yesterday's close. Dec 24 Soymeal closed at $324.7/short ton, down $4.5...
Export Sales
Export Sales and Shipments for July 12-18, 2024 Wheat: Net sales of 309,300 metric tons (MT) for 2024/2025 were down 47 percent from the previous week and 46 percent from the prior 4-week average. Export shipments of 271,500 MT were down 57 percent from the previous week and 30 percent fr...
Market Commentary: Corn, Soybeans Rise on Weather, Export Sales; Wheat Dips on Yields, Exports
The headline for the CBOT on Thursday was the unexpected surge in soymeal export sales that boosted that market and new crop soybeans to strong gains for the day. Soymeal exports have been a prominent support for the market this year and their recent uptick after December futures fell to near $...
Summary of Futures
Dec 24 Corn closed at $4.2075/bushel, up $0.0275 from yesterday's close. Sep 24 Wheat closed at $5.3775/bushel, down $0.0925 from yesterday's close. Nov 24 Soybeans closed at $10.795/bushel, up $0.155 from yesterday's close. Dec 24 Soymeal closed at $329.2/short ton, up $8.6 f...
Market Commentary: CBOT Ends Mixed on Momentum Switch
The CBOT had relatively little fresh news upon which to trade Wednesday, which meant markets were largely at the mercy of fund positioning and existing trends. As equity markets fell sharply for the day and currencies wobbled, traders began looking for safe-haven assets, which helped diminish C...
Summary of Futures
Dec 24 Corn closed at $4.18/bushel, up $0.0075 from yesterday's close. Sep 24 Wheat closed at $5.47/bushel, up $0.0425 from yesterday's close. Nov 24 Soybeans closed at $10.64/bushel, down $0.115 from yesterday's close. Dec 24 Soymeal closed at $320.6/short ton, up $1.5 from y...
Black Sea Regional Analysis
Russian Grain Markets: 15–19 July 2024 Russia started harvesting several weeks earlier this season due to hot weather conditions and early maturity of early grains. As of 12 July, Russian farmers harvested 32 MMT of grains from 8.4 Mha versus only 12.2 MMT from 3.3 Mha a year ago. The ave...
Market Commentary: Midwest Heat Concerns Corn, Soybeans; Cattle Finally React to COF Report
After two days of exciting trade, the CBOT settled down a little on Tuesday to reflect more deeply on market fundamentals. Monday’s Crop Progress data was largely reassuring for the major row crops, which helped create more stability in futures for the day. Wheat futures dipped but did no...
Summary of Futures
Dec 24 Corn closed at $4.1725/bushel, up $0.0225 from yesterday's close. Sep 24 Wheat closed at $5.4275/bushel, down $0.0525 from yesterday's close. Nov 24 Soybeans closed at $10.755/bushel, up $0.0675 from yesterday's close. Dec 24 Soymeal closed at $319.1/short ton, down $0...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iraq’s government announced record local wheat purchases of 6.3 MMT. Iraq is now self-sufficient in wheat. The government says that this will help it to ensure long-term food security and economic stability...
Market Commentary: CBOT Rallies as Funds Cover Shorts, Markets Forge Bottom?
The CBOT was mostly higher for the day with the strength originating from the soybean market and spilling over into corn and soybeans. The soybean market derived its strength from new forecasts of hot, dry weather for the U.S. Midwest as the soybean crop approaches pollination and pod filling...
Summary of Futures
Dec 24 Corn closed at $4.15/bushel, up $0.1025 from yesterday's close. Sep 24 Wheat closed at $5.48/bushel, up $0.0525 from yesterday's close. Nov 24 Soybeans closed at $10.6875/bushel, up $0.3275 from yesterday's close. Dec 24 Soymeal closed at $319.4/short ton, up $11.9 from...
WPI Crop Progress and Conditions App (Updated 22 July)
Update for 1 April 2024: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where ob...
Mercosur Regional Analysis
Wheat Argentina’s 2024/25 new crop wheat campaign is already 95 percent sown, but the last plots are struggling to finish. The lack of surface moisture is delaying the sowing of the remaining plots, mainly for short cycles in the central agricultural region. The campaign will likely end w...
European Market Analysis
Regional News Russia set a new record for wheat exports in MY 2023/24, with the country shipping 55.3 MMT of grain and accounting for 26.1 percent of global exports. Egypt’s GASC secured 20 KMT of sunflower seed oil at $1,013.99/MT for 1-15 September delivery. The original pla...
CFTC COT Report Analysis
The latest CFTC Commitment of Traders report highlights the ongoing bearish sentiment for oilseed and grain markets with managed money traders remaining massively short agricultural commodities. Perhaps the most notable item in this week’s report was the expansion of the record-large net...
Summary of Futures
Dec 24 Corn closed at $4.0475/bushel, down $0.0025 from yesterday's close. Sep 24 Wheat closed at $5.4275/bushel, up $0.075 from yesterday's close. Nov 24 Soybeans closed at $10.36/bushel, down $0.07 from yesterday's close. Dec 24 Soymeal closed at $307.5/short ton, down $4 fr...
Market Commentary: Mixed Week – How Low Can It Go
Trading opened today’s session mostly in the green, except for feeder cattle, but late in the session corn and the soybean complex turned lower. Notables for the week included new contract lows for: November soybeans December soymeal September SRW September HRW September HRS Weather wi...
Summary of Recent Factors Driving Commodity Price Action
Recently, a WPI client asked if we could summarize the major factors that have driven commodity markets over the past several months. The goal is to succinctly describe how markets have ended up in their current state and examine the next major trend(s) that are likely to develop. This report,...
Export Sales
Export Sales and Shipments for July 5-11, 2024. Wheat: Net sales of 578,500 metric tons (MT) for 2024/2025 were up noticeably from the previous week and up 1 percent from the prior 4-week average. Export shipments of 630,900 MT were up noticeably from the previous week and up...
Summary of Futures
Dec 24 Corn closed at $4.05/bushel, down $0.0675 from yesterday's close. Sep 24 Wheat closed at $5.3525/bushel, down $0.04 from yesterday's close. Nov 24 Soybeans closed at $10.43/bushel, up $0.02 from yesterday's close. Dec 24 Soymeal closed at $311.5/short ton, down $0.6 fro...
Market Commentary: Spring Wheat Rallies on Dry Weather; Soybeans See Large New Crop Export Sales
The CBOT saw a mixed day of trade with corn and soybeans seeing pressure from favorable U.S. weather outlooks and large supply expectations. Soybeans managed to find some support after USDA reported large export sales for 500 KMT of new crop soybeans overnight, the first significant sign of new...
Summary of Futures
Dec 24 Corn closed at $4.1175/bushel, up $0.03 from yesterday's close. Sep 24 Wheat closed at $5.3925/bushel, up $0.085 from yesterday's close. Nov 24 Soybeans closed at $10.41/bushel, down $0.0225 from yesterday's close. Dec 24 Soymeal closed at $312.1/short ton, up $2 from y...
Market Commentary: Down on the Day but Some Ups for the Week
Most of the major agricultural commodity contracts opened today’s trading session in the red and stayed that way to the close. Only feeder cattle and lean hogs managed small gains on the day. New contract lows were hit for December soyoil, September SRW and September HRW. Volume was overa...
Summary of Futures
Dec 24 Corn closed at $4.1/bushel, down $0.1075 from yesterday's close. Sep 24 Wheat closed at $5.235/bushel, down $0.1425 from yesterday's close. Nov 24 Soybeans closed at $10.485/bushel, down $0.31 from yesterday's close. Dec 24 Soymeal closed at $324.7/short ton, down $4.5...
Export Sales
Export Sales and Shipments for July 12-18, 2024 Wheat: Net sales of 309,300 metric tons (MT) for 2024/2025 were down 47 percent from the previous week and 46 percent from the prior 4-week average. Export shipments of 271,500 MT were down 57 percent from the previous week and 30 percent fr...
Market Commentary: Corn, Soybeans Rise on Weather, Export Sales; Wheat Dips on Yields, Exports
The headline for the CBOT on Thursday was the unexpected surge in soymeal export sales that boosted that market and new crop soybeans to strong gains for the day. Soymeal exports have been a prominent support for the market this year and their recent uptick after December futures fell to near $...
Summary of Futures
Dec 24 Corn closed at $4.2075/bushel, up $0.0275 from yesterday's close. Sep 24 Wheat closed at $5.3775/bushel, down $0.0925 from yesterday's close. Nov 24 Soybeans closed at $10.795/bushel, up $0.155 from yesterday's close. Dec 24 Soymeal closed at $329.2/short ton, up $8.6 f...
Market Commentary: CBOT Ends Mixed on Momentum Switch
The CBOT had relatively little fresh news upon which to trade Wednesday, which meant markets were largely at the mercy of fund positioning and existing trends. As equity markets fell sharply for the day and currencies wobbled, traders began looking for safe-haven assets, which helped diminish C...
Summary of Futures
Dec 24 Corn closed at $4.18/bushel, up $0.0075 from yesterday's close. Sep 24 Wheat closed at $5.47/bushel, up $0.0425 from yesterday's close. Nov 24 Soybeans closed at $10.64/bushel, down $0.115 from yesterday's close. Dec 24 Soymeal closed at $320.6/short ton, up $1.5 from y...
Black Sea Regional Analysis
Russian Grain Markets: 15–19 July 2024 Russia started harvesting several weeks earlier this season due to hot weather conditions and early maturity of early grains. As of 12 July, Russian farmers harvested 32 MMT of grains from 8.4 Mha versus only 12.2 MMT from 3.3 Mha a year ago. The ave...
Market Commentary: Midwest Heat Concerns Corn, Soybeans; Cattle Finally React to COF Report
After two days of exciting trade, the CBOT settled down a little on Tuesday to reflect more deeply on market fundamentals. Monday’s Crop Progress data was largely reassuring for the major row crops, which helped create more stability in futures for the day. Wheat futures dipped but did no...
Summary of Futures
Dec 24 Corn closed at $4.1725/bushel, up $0.0225 from yesterday's close. Sep 24 Wheat closed at $5.4275/bushel, down $0.0525 from yesterday's close. Nov 24 Soybeans closed at $10.755/bushel, up $0.0675 from yesterday's close. Dec 24 Soymeal closed at $319.1/short ton, down $0...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iraq’s government announced record local wheat purchases of 6.3 MMT. Iraq is now self-sufficient in wheat. The government says that this will help it to ensure long-term food security and economic stability...
Market Commentary: CBOT Rallies as Funds Cover Shorts, Markets Forge Bottom?
The CBOT was mostly higher for the day with the strength originating from the soybean market and spilling over into corn and soybeans. The soybean market derived its strength from new forecasts of hot, dry weather for the U.S. Midwest as the soybean crop approaches pollination and pod filling...
Summary of Futures
Dec 24 Corn closed at $4.15/bushel, up $0.1025 from yesterday's close. Sep 24 Wheat closed at $5.48/bushel, up $0.0525 from yesterday's close. Nov 24 Soybeans closed at $10.6875/bushel, up $0.3275 from yesterday's close. Dec 24 Soymeal closed at $319.4/short ton, up $11.9 from...
WPI Crop Progress and Conditions App (Updated 22 July)
Update for 1 April 2024: Last year, users pointed out differences between the 5-year averages reported in this app and what USDA estimates in its weekly report. The difference exists because WPI calculates average based on the last 5 years of observations for the current week. In cases where ob...
Mercosur Regional Analysis
Wheat Argentina’s 2024/25 new crop wheat campaign is already 95 percent sown, but the last plots are struggling to finish. The lack of surface moisture is delaying the sowing of the remaining plots, mainly for short cycles in the central agricultural region. The campaign will likely end w...
European Market Analysis
Regional News Russia set a new record for wheat exports in MY 2023/24, with the country shipping 55.3 MMT of grain and accounting for 26.1 percent of global exports. Egypt’s GASC secured 20 KMT of sunflower seed oil at $1,013.99/MT for 1-15 September delivery. The original pla...
CFTC COT Report Analysis
The latest CFTC Commitment of Traders report highlights the ongoing bearish sentiment for oilseed and grain markets with managed money traders remaining massively short agricultural commodities. Perhaps the most notable item in this week’s report was the expansion of the record-large net...
Summary of Futures
Dec 24 Corn closed at $4.0475/bushel, down $0.0025 from yesterday's close. Sep 24 Wheat closed at $5.4275/bushel, up $0.075 from yesterday's close. Nov 24 Soybeans closed at $10.36/bushel, down $0.07 from yesterday's close. Dec 24 Soymeal closed at $307.5/short ton, down $4 fr...
Market Commentary: Mixed Week – How Low Can It Go
Trading opened today’s session mostly in the green, except for feeder cattle, but late in the session corn and the soybean complex turned lower. Notables for the week included new contract lows for: November soybeans December soymeal September SRW September HRW September HRS Weather wi...
Summary of Recent Factors Driving Commodity Price Action
Recently, a WPI client asked if we could summarize the major factors that have driven commodity markets over the past several months. The goal is to succinctly describe how markets have ended up in their current state and examine the next major trend(s) that are likely to develop. This report,...
Export Sales
Export Sales and Shipments for July 5-11, 2024. Wheat: Net sales of 578,500 metric tons (MT) for 2024/2025 were up noticeably from the previous week and up 1 percent from the prior 4-week average. Export shipments of 630,900 MT were up noticeably from the previous week and up...
Summary of Futures
Dec 24 Corn closed at $4.05/bushel, down $0.0675 from yesterday's close. Sep 24 Wheat closed at $5.3525/bushel, down $0.04 from yesterday's close. Nov 24 Soybeans closed at $10.43/bushel, up $0.02 from yesterday's close. Dec 24 Soymeal closed at $311.5/short ton, down $0.6 fro...
Market Commentary: Spring Wheat Rallies on Dry Weather; Soybeans See Large New Crop Export Sales
The CBOT saw a mixed day of trade with corn and soybeans seeing pressure from favorable U.S. weather outlooks and large supply expectations. Soybeans managed to find some support after USDA reported large export sales for 500 KMT of new crop soybeans overnight, the first significant sign of new...
Summary of Futures
Dec 24 Corn closed at $4.1175/bushel, up $0.03 from yesterday's close. Sep 24 Wheat closed at $5.3925/bushel, up $0.085 from yesterday's close. Nov 24 Soybeans closed at $10.41/bushel, down $0.0225 from yesterday's close. Dec 24 Soymeal closed at $312.1/short ton, up $2 from y...