World Perspectives

Recent Macroeconomics Analysis

feed-grains soy-oilseeds wheat

Market Commentary: Russian Export Duties Spark Wheat Rally; Profit Taking Sends Corn, Soybeans Lower

The CBOT settled mostly lower heading into the long, three-day weekend with traders citing profit taking and uncertain macro markets as reasons for the lower trade. CBOT corn, soybeans, and wheat have all posted six- or seven-year highs this week and the overbought nature of these markets made...

livestock

Meat Glut

The current concern by some about rising grain prices will soon be met by falling meat prices. China reportedly imported 9.91 MMT of meat in 2020, a 60 percent increase to address shortages caused by ASF.  That means that roughly 30 percent of globally traded meat went to China. With China...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Macroeconomics Food Inflation Returns, Prices Up 1.2 Percent Year-On-Year After declining on an annual basis by 2 percent in November, food prices rose on aggregate by 1.2 percent in December. While live pig prices surged in the second half of the month, retail prices for pork relative to Decem...

Inflating Inflation Concerns

The Democrats controlling the whole of U.S. government has boosted the chances of more fiscal stimulus, but also reflationary concerns. According to Hill-HarrisX, 75 percent of the 3,787 registered voters surveyed are somewhat or very concerned about the national deficit. The U.S. deficit was $...

feed-grains soy-oilseeds wheat

Market Commentary: Soybeans, Wheat Post New Highs; Corn Struggles at $5.00

The CBOT bull market lives on with fresh news and more than enough speculative money to fuel the rally. WPI notes that managed money funds are increasingly long CBOT/CME futures and even fund managers who don’t typically trade in agriculture are taking positions to diversify portfolios. T...

feed-grains soy-oilseeds wheat

Market Commentary: The Bull Roars On

After opening lower for everything except HRS and lean hogs on news of a settlement in the Argentine port/crush workers strike, all major row crop contracts plus lean hogs ended the session higher. The turnaround started around mid-morning and by the close, new contract highs were set in March...

livestock

Cow/Calf Producers Finish Volatile 2020 in the Red

2020 was a year of unprecedented volatility in ag markets and life in general, and the cow/calf sector did not escape this pattern. Rising feed costs through the fall have pressured estimated returns to cow/calf operations while weakness in cull cow prices has similarly depressed revenue opport...

feed-grains soy-oilseeds wheat

Ag Review - December 2020

WPI's monthly publication features a review of the past month's market and policy analysis articles. This issue looks at global food supplies, the direction of the diesel market, Russia’s crop production, the future of agribusiness under the new Biden Administration, an analysis of market...

feed-grains soy-oilseeds wheat

Market Commentary: Soy Complex Fades on Fund/Technical Selling; Corn Hits New Highs

CBOT markets opened higher overnight with corn and soybeans posting new contract highs. The ongoing strike in Argentina, combined with disappointing weekend rains for that country, boosted the buying mentality of Chicago traders. The day session, however, saw the soy complex and wheat trade low...

Spud Consumption

Although Walmart sells more groceries, Kroger is the largest grocery chain in the U.S. and some things on its list of documented food trends in 2020 will concern health specialists. The effort to avoid contracting COVID by staying home included increased consumption of flavored potato chips. Al...

Government Spending Bill Deep into Procedural Weeds

President Trump has twice, since 22 December, reversed course on the $1.4 trillion omnibus appropriations and $908 billion COVID relief legislation. After the two spending bills, which were rolled into one package, were passed by Congress the President stated that he would not sign the appropri...

Cost of Holiday Early Closures

It is Christmas Eve and U.S. commodity futures markets close 75 minutes earlier than usual. The cost of this 29 percent reduction in trading time is likely to be a drop in volume of more than 50 percent. Volume also drops in years in which the last trading session is not Christmas Eve (e.g. 201...

feed-grains soy-oilseeds wheat

Market Commentary: Russian Export Duties Spark Wheat Rally; Profit Taking Sends Corn, Soybeans Lower

The CBOT settled mostly lower heading into the long, three-day weekend with traders citing profit taking and uncertain macro markets as reasons for the lower trade. CBOT corn, soybeans, and wheat have all posted six- or seven-year highs this week and the overbought nature of these markets made...

livestock

Meat Glut

The current concern by some about rising grain prices will soon be met by falling meat prices. China reportedly imported 9.91 MMT of meat in 2020, a 60 percent increase to address shortages caused by ASF.  That means that roughly 30 percent of globally traded meat went to China. With China...

feed-grains soy-oilseeds wheat

China In-Country Analysis

Macroeconomics Food Inflation Returns, Prices Up 1.2 Percent Year-On-Year After declining on an annual basis by 2 percent in November, food prices rose on aggregate by 1.2 percent in December. While live pig prices surged in the second half of the month, retail prices for pork relative to Decem...

Inflating Inflation Concerns

The Democrats controlling the whole of U.S. government has boosted the chances of more fiscal stimulus, but also reflationary concerns. According to Hill-HarrisX, 75 percent of the 3,787 registered voters surveyed are somewhat or very concerned about the national deficit. The U.S. deficit was $...

feed-grains soy-oilseeds wheat

Market Commentary: Soybeans, Wheat Post New Highs; Corn Struggles at $5.00

The CBOT bull market lives on with fresh news and more than enough speculative money to fuel the rally. WPI notes that managed money funds are increasingly long CBOT/CME futures and even fund managers who don’t typically trade in agriculture are taking positions to diversify portfolios. T...

feed-grains soy-oilseeds wheat

Market Commentary: The Bull Roars On

After opening lower for everything except HRS and lean hogs on news of a settlement in the Argentine port/crush workers strike, all major row crop contracts plus lean hogs ended the session higher. The turnaround started around mid-morning and by the close, new contract highs were set in March...

livestock

Cow/Calf Producers Finish Volatile 2020 in the Red

2020 was a year of unprecedented volatility in ag markets and life in general, and the cow/calf sector did not escape this pattern. Rising feed costs through the fall have pressured estimated returns to cow/calf operations while weakness in cull cow prices has similarly depressed revenue opport...

feed-grains soy-oilseeds wheat

Ag Review - December 2020

WPI's monthly publication features a review of the past month's market and policy analysis articles. This issue looks at global food supplies, the direction of the diesel market, Russia’s crop production, the future of agribusiness under the new Biden Administration, an analysis of market...

feed-grains soy-oilseeds wheat

Market Commentary: Soy Complex Fades on Fund/Technical Selling; Corn Hits New Highs

CBOT markets opened higher overnight with corn and soybeans posting new contract highs. The ongoing strike in Argentina, combined with disappointing weekend rains for that country, boosted the buying mentality of Chicago traders. The day session, however, saw the soy complex and wheat trade low...

Spud Consumption

Although Walmart sells more groceries, Kroger is the largest grocery chain in the U.S. and some things on its list of documented food trends in 2020 will concern health specialists. The effort to avoid contracting COVID by staying home included increased consumption of flavored potato chips. Al...

Government Spending Bill Deep into Procedural Weeds

President Trump has twice, since 22 December, reversed course on the $1.4 trillion omnibus appropriations and $908 billion COVID relief legislation. After the two spending bills, which were rolled into one package, were passed by Congress the President stated that he would not sign the appropri...

Cost of Holiday Early Closures

It is Christmas Eve and U.S. commodity futures markets close 75 minutes earlier than usual. The cost of this 29 percent reduction in trading time is likely to be a drop in volume of more than 50 percent. Volume also drops in years in which the last trading session is not Christmas Eve (e.g. 201...

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