World Perspectives

Recent North America Analysis

feed-grains soy-oilseeds wheat

Export Sales

Export Sales for November 19-25, 2021. Wheat:  Net sales of 79,900 metric tons (MT) for2021/2022--a marketing-year low--were down 86 percent from the previous week and 80 percent from the prior 4-week average.  Corn:  Net sales of 1,020,800 MT for 2021/2022 were down 29 percent f...

feed-grains soy-oilseeds wheat

Market Commentary: Ag Markets Bounce, Pullback as Omicron Detected in U.S.

The CBOT started the day higher with corn and the soy complex leading the way after “buy on the bounce” and “risk on” trade developed overnight and in the early morning. Confirmation from the EU that Omicron coronavirus cases present with relatively mild symptoms and a l...

China Strategy; Biotech Breakout

China Strategy The U.S., EU and Japan have agreed to collaborate on how to deal with non-market economic practices – read China. The debate over how to address China is the most important topic in Washington these days. Opinions are varied. Former U.S. State Department official Daniel Rus...

livestock

AI Impact

As the media tracks the spread of the Omicron version of COVID, there are reports of additional outbreaks of highly pathogenic avian influenza (H5N1) in Europe. Like COVID, there are many varieties of avian influenza (AI) with low pathogenic the predominant form but high pathogenic forms consti...

feed-grains soy-oilseeds wheat

Summary of Futures

Mar 22 Corn closed at $5.715/bushel, up $0.04 from yesterday's close.  Mar 22 Wheat closed at $7.905/bushel, up $0.0325 from yesterday's close.  Jan 22 Soybeans closed at $12.2825/bushel, up $0.11 from yesterday's close.  Jan 22 Soymeal closed at $349.1/short ton, up $7.3 from ye...

FOB Prices and Freight Rate App (Updated 1 December)

Ocean Freight Comments - 18 November 2021 By Jay O'Neil Commodity Consulting Today’s dry-bulk refrain is, “have we hit bottom yet”. Volatility has certainly been the operative word for dry-bulk markets. One month ago, vessel owners believed rates were shooting for the moon. Af...

Interactive Ocean Freight Rates (Updated 1 December)

Ocean Freight Comments - 18 November 2021 By Jay O'Neil Commodity Consulting Today’s dry-bulk refrain is, “have we hit bottom yet”. Volatility has certainly been the operative word for dry-bulk markets. One month ago, vessel owners believed rates were shooting for the moon. Af...

feed-grains soy-oilseeds wheat

Market Commentary: COVID Tanks Markets (again)

“… [covid’s] always on my mind, [covid’s] always on my mind.” With apologies to Willie Nelson, that was the tune markets were singing Tuesday. After a brief pause yesterday, crude oil, stocks, currencies, and commodities all continued Friday’s risk-off and l...

Anti-vaxxers Come to Ag; Identity Politics Come to Trade

Anti-vaxxers Come to Ag The Green Revolution created modern agriculture, which has been called a mechanism for turning fossil fuels (inputs) into food. In a matter of just a couple of decades, fertilizer, pesticides, and genetics enabled staple crop yields to triple. Now Europe is trying to str...

COVID Variant Inflation

The Senate Banking Committee held a hearing today entitled, “CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy.” Testifying were Fed Chairman Jerome Powell and Treasury Secretary, and former Fed Chair, Janet Yellen. As the title suggests, the hear...

feed-grains soy-oilseeds wheat

Summary of Futures

Mar 22 Corn closed at $5.675/bushel, down $0.1475 from yesterday's close.  Mar 22 Wheat closed at $7.8725/bushel, down $0.35 from yesterday's close.  Jan 22 Soybeans closed at $12.1725/bushel, down $0.2425 from yesterday's close.  Jan 22 Soymeal closed at $341.8/short ton, down $...

feed-grains soy-oilseeds wheat

Market Commentary: Ag Markets Weaker on Limited News, Strong U.S. Dollar, and Technical Selling

The CBOT was generally weaker to start the week with heavy overnight trade pushing wheat and soybeans higher while corn was lower. Today was the last trading day before first notice day on the 30 November and traders were actively exiting December positions. Given the general length in the CBOT...

feed-grains soy-oilseeds wheat

WPI Crop Progress and Conditions App (Updated 29 November)

Update for 29 November 2021:  If you don't see the app on the WPI homepage, you can always find it here: https://www.worldperspectives.com/articles/wpi-crop-progress-app The app contains a large volume of data, so please be patient while it loads.  Also, if you have any feedback about...

feed-grains soy-oilseeds wheat

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...

December’s Legislative Traffic Jam

Congress has a busy December ahead of it, including keeping the government open and increasing the Treasury Department’s borrowing authority. As it stands, Congress is scheduled to go into recess a week from Friday, but that is not likely to happen, and instead could be in session right u...

feed-grains soy-oilseeds wheat

Summary of Futures

 Dec 21 Corn closed at $5.81/bushel, down $0.0575 from yesterday's close.  Mar 22 Wheat closed at $8.2225/bushel, down $0.18 from yesterday's close.  Jan 22 Soybeans closed at $12.415/bushel, down $0.1125 from yesterday's close.  Jan 22 Soymeal closed at $342.7/short ton, do...

India’s Dangerous Reversal; Dems vs. Coms

India’s Dangerous Reversal Indian Prime Minister Narendra Modi’s recent reversal on farm policy reforms will reverberate for years to come. Essentially, the nation will revert to a system that used a market support price (MSP) to boost farmer income but at levels above what would al...

livestock

Poultry Politics

Inflation is worrisome to the public and so politicians feel compelled to deflect any blame from themselves. Thus, President Biden called for an FTC investigation of oil companies for rising gasoline prices even as his Administration has frozen certain federal lands from exploration and has rai...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 21 Corn closed at $5.8675/bushel, up $0.07 from yesterday's close.  Mar 22 Wheat closed at $8.4025/bushel, down $0.1 from yesterday's close.  Jan 22 Soybeans closed at $12.5275/bushel, down $0.1375 from yesterday's close.  Jan 22 Soymeal closed at $349.4/short ton, down $1.5...

feed-grains soy-oilseeds wheat

Market Commentary: COVID-19 News Craters Markets; Corn, Wheat, and Cattle Show Strength Amid Selling

Once again, coronavirus dominated the market’s psychology and action after the WHO identified the new southern Africa strain as a “variant of concern” due to increased risk of reinfection. U.S. stock futures opened sharply lower when overnight trading began, with the Dow futur...

feed-grains soy-oilseeds wheat

Export Sales

Wheat:  Net sales of 567,500 metric tons (MT) for 2021/2022 were up 42 percent from the previous week and 70 percent from the prior4-week average. Corn:  Net sales of 1,429,200 MT for 2021/2022--a marketing-year high--were up 58 percent from the previous week and 40 percent from the p...

biofuel energy

Delayed RVOs Leads to Pushing Back RFS Compliance Deadlines

Recently, WPI reported on the Subcommittee on Commodity Exchanges, Energy, and Credit hearing about the timeline for the required volume obligations (RVOs) from EPA. We noted that Growth Energy, a biofuel trade association, informed EPA via a 2 November letter of its intent to file suit if...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 21 Corn closed at $5.7975/bushel, down $0.0075 from yesterday's close.  Mar 22 Wheat closed at $8.5025/bushel, down $0.1725 from yesterday's close.  Jan 22 Soybeans closed at $12.665/bushel, down $0.065 from yesterday's close.  Jan 22 Soymeal closed at $350.9/short ton, down...

feed-grains soy-oilseeds wheat

Market Commentary: Cattle Extend Rally; Wheat Posts Reversal; Corn Fails at Key Resistance Level

The CBOT was higher overnight with continued worries about world wheat supplies and weather driving the markets. Wheat futures continued their upside run in early day trading and posted new contract highs before profit taking pushed the market lower and formed technical reversals on the charts...

feed-grains soy-oilseeds wheat

Export Sales

Export Sales for November 19-25, 2021. Wheat:  Net sales of 79,900 metric tons (MT) for2021/2022--a marketing-year low--were down 86 percent from the previous week and 80 percent from the prior 4-week average.  Corn:  Net sales of 1,020,800 MT for 2021/2022 were down 29 percent f...

feed-grains soy-oilseeds wheat

Market Commentary: Ag Markets Bounce, Pullback as Omicron Detected in U.S.

The CBOT started the day higher with corn and the soy complex leading the way after “buy on the bounce” and “risk on” trade developed overnight and in the early morning. Confirmation from the EU that Omicron coronavirus cases present with relatively mild symptoms and a l...

China Strategy; Biotech Breakout

China Strategy The U.S., EU and Japan have agreed to collaborate on how to deal with non-market economic practices – read China. The debate over how to address China is the most important topic in Washington these days. Opinions are varied. Former U.S. State Department official Daniel Rus...

livestock

AI Impact

As the media tracks the spread of the Omicron version of COVID, there are reports of additional outbreaks of highly pathogenic avian influenza (H5N1) in Europe. Like COVID, there are many varieties of avian influenza (AI) with low pathogenic the predominant form but high pathogenic forms consti...

feed-grains soy-oilseeds wheat

Summary of Futures

Mar 22 Corn closed at $5.715/bushel, up $0.04 from yesterday's close.  Mar 22 Wheat closed at $7.905/bushel, up $0.0325 from yesterday's close.  Jan 22 Soybeans closed at $12.2825/bushel, up $0.11 from yesterday's close.  Jan 22 Soymeal closed at $349.1/short ton, up $7.3 from ye...

FOB Prices and Freight Rate App (Updated 1 December)

Ocean Freight Comments - 18 November 2021 By Jay O'Neil Commodity Consulting Today’s dry-bulk refrain is, “have we hit bottom yet”. Volatility has certainly been the operative word for dry-bulk markets. One month ago, vessel owners believed rates were shooting for the moon. Af...

Interactive Ocean Freight Rates (Updated 1 December)

Ocean Freight Comments - 18 November 2021 By Jay O'Neil Commodity Consulting Today’s dry-bulk refrain is, “have we hit bottom yet”. Volatility has certainly been the operative word for dry-bulk markets. One month ago, vessel owners believed rates were shooting for the moon. Af...

feed-grains soy-oilseeds wheat

Market Commentary: COVID Tanks Markets (again)

“… [covid’s] always on my mind, [covid’s] always on my mind.” With apologies to Willie Nelson, that was the tune markets were singing Tuesday. After a brief pause yesterday, crude oil, stocks, currencies, and commodities all continued Friday’s risk-off and l...

Anti-vaxxers Come to Ag; Identity Politics Come to Trade

Anti-vaxxers Come to Ag The Green Revolution created modern agriculture, which has been called a mechanism for turning fossil fuels (inputs) into food. In a matter of just a couple of decades, fertilizer, pesticides, and genetics enabled staple crop yields to triple. Now Europe is trying to str...

COVID Variant Inflation

The Senate Banking Committee held a hearing today entitled, “CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy.” Testifying were Fed Chairman Jerome Powell and Treasury Secretary, and former Fed Chair, Janet Yellen. As the title suggests, the hear...

feed-grains soy-oilseeds wheat

Summary of Futures

Mar 22 Corn closed at $5.675/bushel, down $0.1475 from yesterday's close.  Mar 22 Wheat closed at $7.8725/bushel, down $0.35 from yesterday's close.  Jan 22 Soybeans closed at $12.1725/bushel, down $0.2425 from yesterday's close.  Jan 22 Soymeal closed at $341.8/short ton, down $...

feed-grains soy-oilseeds wheat

Market Commentary: Ag Markets Weaker on Limited News, Strong U.S. Dollar, and Technical Selling

The CBOT was generally weaker to start the week with heavy overnight trade pushing wheat and soybeans higher while corn was lower. Today was the last trading day before first notice day on the 30 November and traders were actively exiting December positions. Given the general length in the CBOT...

feed-grains soy-oilseeds wheat

WPI Crop Progress and Conditions App (Updated 29 November)

Update for 29 November 2021:  If you don't see the app on the WPI homepage, you can always find it here: https://www.worldperspectives.com/articles/wpi-crop-progress-app The app contains a large volume of data, so please be patient while it loads.  Also, if you have any feedback about...

feed-grains soy-oilseeds wheat

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently completed a...

December’s Legislative Traffic Jam

Congress has a busy December ahead of it, including keeping the government open and increasing the Treasury Department’s borrowing authority. As it stands, Congress is scheduled to go into recess a week from Friday, but that is not likely to happen, and instead could be in session right u...

feed-grains soy-oilseeds wheat

Summary of Futures

 Dec 21 Corn closed at $5.81/bushel, down $0.0575 from yesterday's close.  Mar 22 Wheat closed at $8.2225/bushel, down $0.18 from yesterday's close.  Jan 22 Soybeans closed at $12.415/bushel, down $0.1125 from yesterday's close.  Jan 22 Soymeal closed at $342.7/short ton, do...

India’s Dangerous Reversal; Dems vs. Coms

India’s Dangerous Reversal Indian Prime Minister Narendra Modi’s recent reversal on farm policy reforms will reverberate for years to come. Essentially, the nation will revert to a system that used a market support price (MSP) to boost farmer income but at levels above what would al...

livestock

Poultry Politics

Inflation is worrisome to the public and so politicians feel compelled to deflect any blame from themselves. Thus, President Biden called for an FTC investigation of oil companies for rising gasoline prices even as his Administration has frozen certain federal lands from exploration and has rai...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 21 Corn closed at $5.8675/bushel, up $0.07 from yesterday's close.  Mar 22 Wheat closed at $8.4025/bushel, down $0.1 from yesterday's close.  Jan 22 Soybeans closed at $12.5275/bushel, down $0.1375 from yesterday's close.  Jan 22 Soymeal closed at $349.4/short ton, down $1.5...

feed-grains soy-oilseeds wheat

Market Commentary: COVID-19 News Craters Markets; Corn, Wheat, and Cattle Show Strength Amid Selling

Once again, coronavirus dominated the market’s psychology and action after the WHO identified the new southern Africa strain as a “variant of concern” due to increased risk of reinfection. U.S. stock futures opened sharply lower when overnight trading began, with the Dow futur...

feed-grains soy-oilseeds wheat

Export Sales

Wheat:  Net sales of 567,500 metric tons (MT) for 2021/2022 were up 42 percent from the previous week and 70 percent from the prior4-week average. Corn:  Net sales of 1,429,200 MT for 2021/2022--a marketing-year high--were up 58 percent from the previous week and 40 percent from the p...

biofuel energy

Delayed RVOs Leads to Pushing Back RFS Compliance Deadlines

Recently, WPI reported on the Subcommittee on Commodity Exchanges, Energy, and Credit hearing about the timeline for the required volume obligations (RVOs) from EPA. We noted that Growth Energy, a biofuel trade association, informed EPA via a 2 November letter of its intent to file suit if...

feed-grains soy-oilseeds wheat

Summary of Futures

Dec 21 Corn closed at $5.7975/bushel, down $0.0075 from yesterday's close.  Mar 22 Wheat closed at $8.5025/bushel, down $0.1725 from yesterday's close.  Jan 22 Soybeans closed at $12.665/bushel, down $0.065 from yesterday's close.  Jan 22 Soymeal closed at $350.9/short ton, down...

feed-grains soy-oilseeds wheat

Market Commentary: Cattle Extend Rally; Wheat Posts Reversal; Corn Fails at Key Resistance Level

The CBOT was higher overnight with continued worries about world wheat supplies and weather driving the markets. Wheat futures continued their upside run in early day trading and posted new contract highs before profit taking pushed the market lower and formed technical reversals on the charts...

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