World Perspectives

Recent Macroeconomics Analysis

Gold Price Spike

The value of gold has surpassed $2,000/troy ounce for the first time. It has climbed 32 percent in value thus far this year and, given the dovish stance of U.S. monetary policy, it is likely to rise some more, eventually hitting a correction. The last peak in value was in 2011. The price of gol...

feed-grains soy-oilseeds wheat

Recession Impacts on Trade

Both the U.S. and Europe reported this week that the coronavirus pandemic sent their respective economies into the deepest plunge on record. A look at the impact of the 2007 – 2009 Great Recession for potential implications on agricultural markets from the current pandemic may or may not...

feed-grains soy-oilseeds wheat

The Pandemic, the Economy and Demand

The Federal Reserve Bank’s July meeting ended yesterday. No one expects the Fed to change its stance on record low interest rates or to ease up on its buying of government bonds and mortgage-backed securities as a means of pumping money into the economy. The minutes of this week’s F...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened lower with continued pressure from excellent corn/soybean conditions ratings and increased chatter about above-trendline or record yields this year. Wheat futures were higher in range-bound trade as buy wheat/sell corn spread trading dominated the day. The lack of new daily expo...

feed-grains soy-oilseeds wheat

Ag Review - July 2020

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers such topics as the recovery in cattle prices, a new strategy in the corn market, a surge in the Chinese Dalian exchange, the role of soymeal in aquaculture, the importance of China...

feed-grains soy-oilseeds

Mid-Summer Issues and Observations

Grain and soy futures prices have been relatively quiet and range-bound lately with the exception of soyoil. Soyoil futures were trading slightly lower yesterday, but this follows six straight higher closes in pursuit of palm oil amid the buoyant outlook for edible oil. The spot August soyoil c...

Congress to Begin Debate on Spending Bills This Week

The House will take up a “mini-bus” appropriations bill on Thursday this week; it is a combination of the FY 2021 appropriations bills for the Department of State & Foreign Operations, Military Construction, Veterans Affairs, Interior & Environment, Agriculture, and FDA spen...

Highest Monthly Inflation in a Decade – That’s Good

There was a lot of interesting economic data released this week showing month over month changes that indicate the economy is picking back up – albeit raggedly. After three straight months of declines, the June consumer price index (CPI) rose 0.6 percent; that is the largest monthly incre...

Food Service Sales Lag Broader Economic Recovery

New data from the U.S. Bureau of Labor Statistics shows food service sales lagged the pace of broader economic recovery in June. Total retail sales increased 7.5 percent from the prior month and marked a 1.1 percent increase from June 2019. Conversely, food service sales increased 20 percent fr...

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...

Gold Price Spike

The value of gold has surpassed $2,000/troy ounce for the first time. It has climbed 32 percent in value thus far this year and, given the dovish stance of U.S. monetary policy, it is likely to rise some more, eventually hitting a correction. The last peak in value was in 2011. The price of gol...

feed-grains soy-oilseeds wheat

Recession Impacts on Trade

Both the U.S. and Europe reported this week that the coronavirus pandemic sent their respective economies into the deepest plunge on record. A look at the impact of the 2007 – 2009 Great Recession for potential implications on agricultural markets from the current pandemic may or may not...

feed-grains soy-oilseeds wheat

The Pandemic, the Economy and Demand

The Federal Reserve Bank’s July meeting ended yesterday. No one expects the Fed to change its stance on record low interest rates or to ease up on its buying of government bonds and mortgage-backed securities as a means of pumping money into the economy. The minutes of this week’s F...

feed-grains soy-oilseeds wheat

Market Commentary

The CBOT opened lower with continued pressure from excellent corn/soybean conditions ratings and increased chatter about above-trendline or record yields this year. Wheat futures were higher in range-bound trade as buy wheat/sell corn spread trading dominated the day. The lack of new daily expo...

feed-grains soy-oilseeds wheat

Ag Review - July 2020

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers such topics as the recovery in cattle prices, a new strategy in the corn market, a surge in the Chinese Dalian exchange, the role of soymeal in aquaculture, the importance of China...

feed-grains soy-oilseeds

Mid-Summer Issues and Observations

Grain and soy futures prices have been relatively quiet and range-bound lately with the exception of soyoil. Soyoil futures were trading slightly lower yesterday, but this follows six straight higher closes in pursuit of palm oil amid the buoyant outlook for edible oil. The spot August soyoil c...

Congress to Begin Debate on Spending Bills This Week

The House will take up a “mini-bus” appropriations bill on Thursday this week; it is a combination of the FY 2021 appropriations bills for the Department of State & Foreign Operations, Military Construction, Veterans Affairs, Interior & Environment, Agriculture, and FDA spen...

Highest Monthly Inflation in a Decade – That’s Good

There was a lot of interesting economic data released this week showing month over month changes that indicate the economy is picking back up – albeit raggedly. After three straight months of declines, the June consumer price index (CPI) rose 0.6 percent; that is the largest monthly incre...

Food Service Sales Lag Broader Economic Recovery

New data from the U.S. Bureau of Labor Statistics shows food service sales lagged the pace of broader economic recovery in June. Total retail sales increased 7.5 percent from the prior month and marked a 1.1 percent increase from June 2019. Conversely, food service sales increased 20 percent fr...

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...

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