World Perspectives

Recent Macroeconomics Analysis

feed-grains soy-oilseeds wheat

Market Commentary

It was a quiet session (December corn contract volume was down 55 percent from the five-day average) in an early close before a long weekend as some profit was taken off the table, but there are still things to talk about.  Economists polled by Reuters ahead of today’s U.S. jobs rep...

feed-grains soy-oilseeds wheat

Where the Acres Went

Planted acres usually shift amongst crops but they do not typically go completely fallow, at least not to the scale in today’s USDA acreage report. Some shorts got caught with their pants down and took a beating today. The question is why farmers decided to let 6 million acres go idle com...

feed-grains soy-oilseeds wheat

Market Commentary

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and reopen the evening of Sunday, 5 July. Short covering and position adjusting were the themes of CBOT trade on Monday, with corn and wheat turning higher while the soy complex was steady/weaker. Funds were aggressive net buyers o...

feed-grains soy-oilseeds wheat

Ag Review - June 2020

WPI's monthly publication features a review of the past month's market and policy developments. This issue looks at the relationship between unemployment and food costs, the future of ethanol, the impact of tensions with China, the Trump trade policy, Mercosur developments and much more. ...

feed-grains soy-oilseeds wheat

Market Commentary

CBOT markets were spooked early this morning after U.S. Presidential aide Peter Navarro commented that the U.S.-China Phase One trade deal was “over”. The news sent corn futures down 8 cents and soybeans 14 cents lower until Navarro amended his statement and suggested it was taken o...

feed-grains soy-oilseeds wheat

Market Commentary

The soy complex led the CBOT higher while corn traded a mixed day and wheat continued to post new lows for its current move. Modest short covering occurred in soybeans and corn on Friday afternoon as traders pared bets ahead of what is likely to be a hot/dry weekend for major corn/soybean growi...

feed-grains wheat

After the Virus, Clouds of Locusts

So far 2020 has been difficult, to put it mildly. It started out on a high note with an apparent truce between the U.S. and China when the Phase One trade agreement was signed in mid-January.  But it has been downhill from there. The big issue, of course, is the global coronavirus pandemic...

feed-grains soy-oilseeds wheat

Market Commentary

CBOT futures started the overnight session on a mixed note but turned lower as the night wore on. The opening bell brought with it aggressive selling in soybeans and soymeal. That pressure, however, did not last and soybeans finished with solid gains while soymeal settled just slightly lower. C...

feed-grains soy-oilseeds wheat

Market Commentary

CBOT markets started on a firm note with corn leading the way after yesterday afternoon’s surprising decline in corn conditions ratings. The ratings decline sparked short covering and unwinding of a historically large short corn/long soybean spread position. Wheat futures opened higher bu...

Monetary Policy, the Economy and COVID

The stock market rebounded partially today from a drop yesterday, which came amidst news of more COVID cases and the release of the notes from the Federal Reserve’s Federal Open Market Committee (FMOC) which sets interest rates. First, COVID.  It was to be expected that the number of...

Trade War Threatens WTO

Beijing is backing Amina Mohamed to become the next director-general of the WTO. China has invested heavily in Kenya and knows that an African would be more sympathetic to China retaining its “developing” country status while blocking some liberalization rules. By contrast, Washingt...

feed-grains wheat livestock

Unemployment and Food Costs

Today’s report that the jobless rate fell in the U.S. was good news that the economy is reviving. Food demand is relatively inelastic, though there can be some changes in quality. If there are impacts, they should be inverse, meaning less money to pay for food should cause food prices to...

feed-grains soy-oilseeds wheat

Market Commentary

It was a quiet session (December corn contract volume was down 55 percent from the five-day average) in an early close before a long weekend as some profit was taken off the table, but there are still things to talk about.  Economists polled by Reuters ahead of today’s U.S. jobs rep...

feed-grains soy-oilseeds wheat

Where the Acres Went

Planted acres usually shift amongst crops but they do not typically go completely fallow, at least not to the scale in today’s USDA acreage report. Some shorts got caught with their pants down and took a beating today. The question is why farmers decided to let 6 million acres go idle com...

feed-grains soy-oilseeds wheat

Market Commentary

Note: the CBOT will close early at 13:05 ET on Thursday, 2 July and reopen the evening of Sunday, 5 July. Short covering and position adjusting were the themes of CBOT trade on Monday, with corn and wheat turning higher while the soy complex was steady/weaker. Funds were aggressive net buyers o...

feed-grains soy-oilseeds wheat

Ag Review - June 2020

WPI's monthly publication features a review of the past month's market and policy developments. This issue looks at the relationship between unemployment and food costs, the future of ethanol, the impact of tensions with China, the Trump trade policy, Mercosur developments and much more. ...

feed-grains soy-oilseeds wheat

Market Commentary

CBOT markets were spooked early this morning after U.S. Presidential aide Peter Navarro commented that the U.S.-China Phase One trade deal was “over”. The news sent corn futures down 8 cents and soybeans 14 cents lower until Navarro amended his statement and suggested it was taken o...

feed-grains soy-oilseeds wheat

Market Commentary

The soy complex led the CBOT higher while corn traded a mixed day and wheat continued to post new lows for its current move. Modest short covering occurred in soybeans and corn on Friday afternoon as traders pared bets ahead of what is likely to be a hot/dry weekend for major corn/soybean growi...

feed-grains wheat

After the Virus, Clouds of Locusts

So far 2020 has been difficult, to put it mildly. It started out on a high note with an apparent truce between the U.S. and China when the Phase One trade agreement was signed in mid-January.  But it has been downhill from there. The big issue, of course, is the global coronavirus pandemic...

feed-grains soy-oilseeds wheat

Market Commentary

CBOT futures started the overnight session on a mixed note but turned lower as the night wore on. The opening bell brought with it aggressive selling in soybeans and soymeal. That pressure, however, did not last and soybeans finished with solid gains while soymeal settled just slightly lower. C...

feed-grains soy-oilseeds wheat

Market Commentary

CBOT markets started on a firm note with corn leading the way after yesterday afternoon’s surprising decline in corn conditions ratings. The ratings decline sparked short covering and unwinding of a historically large short corn/long soybean spread position. Wheat futures opened higher bu...

Monetary Policy, the Economy and COVID

The stock market rebounded partially today from a drop yesterday, which came amidst news of more COVID cases and the release of the notes from the Federal Reserve’s Federal Open Market Committee (FMOC) which sets interest rates. First, COVID.  It was to be expected that the number of...

Trade War Threatens WTO

Beijing is backing Amina Mohamed to become the next director-general of the WTO. China has invested heavily in Kenya and knows that an African would be more sympathetic to China retaining its “developing” country status while blocking some liberalization rules. By contrast, Washingt...

feed-grains wheat livestock

Unemployment and Food Costs

Today’s report that the jobless rate fell in the U.S. was good news that the economy is reviving. Food demand is relatively inelastic, though there can be some changes in quality. If there are impacts, they should be inverse, meaning less money to pay for food should cause food prices to...

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