WASDE Wheat – June 2025
USDA’s outlook for 2025/26 U.S. wheat is for yields to average 51.6 bushels per acre, which is up 0.4 bushels from last year. Hard Red Winter and White account for most of the increase. Total 2025/26 domestic use is a record 977 million bushels, mostly on food use. Exports are projected l...
Summary of Futures
Jul 25 Corn closed at $4.445/bushel, up $0.06 from yesterday's close. Jul 25 Wheat closed at $5.4375/bushel, up $0.1725 from yesterday's close. Jul 25 Soybeans closed at $10.6975/bushel, up $0.275 from yesterday's close. Jul 25 Soymeal closed at $291.9/short ton, down $2.6 fro...
Market Commentary: RFS Luck on Friday the 13th
Soybeans and soyoil were already spiking due to Israel’s attack on Iran and the bolt higher in the petroleum market and then the Trump Administration goosed it even higher by issuing a biofuel blend mandate of 24.02 billion gallons in 2026. It will be a record amount under the Renewable F...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
Export Sales
Export Sales and Shipments for May 30-June 5, 2025 Wheat: Net sales of 388,900 metric tons (MT) for the 2025/2026 marketing year, which began June 1. Export shipments for June 1-5 of 115,700 MT were to the Philippines (57,500 MT), Taiwan (33,000 MT), Mexico (19,000 MT), the Dominican Republic (...
Market Commentary: Expectations Mostly Met
There were no shocks in today’s June USDA WASDE report, just tweaks that were generally within expectations. Corn, soybeans, soymeal, wheat, and cattle all pretty much settled in the same direction they were at just prior to the report’s release. It is important to note that USDA is...
Summary of Futures
Jul 25 Corn closed at $4.385/bushel, up $0.015 from yesterday's close. Jul 25 Wheat closed at $5.265/bushel, down $0.0775 from yesterday's close. Jul 25 Soybeans closed at $10.4225/bushel, down $0.0825 from yesterday's close. Jul 25 Soymeal closed at $294.5/short ton, up $0.3...
Summary of Futures
Jul 25 Corn closed at $4.37/bushel, down $0.0175 from yesterday's close. Jul 25 Wheat closed at $5.3425/bushel, down $0.0025 from yesterday's close. Jul 25 Soybeans closed at $10.505/bushel, down $0.0725 from yesterday's close. Jul 25 Soymeal closed at $294.2/short ton, down $...
Market Commentary: Grains Retreat ahead of WASDE; Cattle and Beef Prices Running Red-Hot
Corn, wheat, and soybeans all traded higher overnight on growing optimism over the U.S.-China trade negotiations, though markets could not hold those gains. The talks in London made solid progress and negotiations are reportedly on track with the Geneva agreement that is allowing broader trade...
Black Sea Regional Analysis
Russian Grain Markets: 2 – 6 June 2025 The grain market continued the transition from old crop to new crop meaning that the bearish trend is now across the board for all grains. The biggest bear was registered in the wheat belt which is located close to the export terminals as export dema...
Market Commentary: Turnaround Tuesday for Corn; Wheat Selling Continues; Cattle Wobble on ICE Rumors
The overnight CBOT trade showed corn pushing lower while the soy complex traded modestly higher on hopes for positive outcomes from the U.S.-China trade meeting this week. That trend quickly reversed, however, as corn became the upside leader in the day session on technical buying. Corn’s...
Summary of Futures
Jul 25 Corn closed at $4.3875/bushel, up $0.0525 from yesterday's close. Jul 25 Wheat closed at $5.345/bushel, down $0.075 from yesterday's close. Jul 25 Soybeans closed at $10.5775/bushel, up $0.0175 from yesterday's close. Jul 25 Soymeal closed at $295.9/short ton, up $0.4 f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Grain markets in the MENA region are quiet due to the Musim Eid holidays that extends through 9 June. The FAO forecast Egypt to have above average grain crops in 2025, much of which is due to improved availability of high yi...
Market Commentary: Grains Fall on Weather Forecasts while Livestock Futures Hit New Highs
Except for the livestock futures, which all hit new contract or record highs, the CBOT was mostly lower to start the week with favorable weather and bearish chart conditions driving the sentiment. The index fund roll ticked off its second of five days on Monday, so spreads and volumes patterns...
WPI Crop Progress and Conditions App (Updated 9 June)
Update for 28 April 2025: 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 o...
Summary of Futures
Jul 25 Corn closed at $4.335/bushel, down $0.09 from yesterday's close. Jul 25 Wheat closed at $5.42/bushel, down $0.1275 from yesterday's close. Jul 25 Soybeans closed at $10.56/bushel, down $0.0125 from yesterday's close. Jul 25 Soymeal closed at $295.5/short ton, down $0.2...
Mercosur Regional Analysis
Corn Argentina’s corn harvest advanced 3.3 percentage points over the past week and reached 43.8 percent of the estimated area nationwide. Progress remains slow due to high grain moisture and inaccessible soils in some regions. Still, harvest pace is 8 points ahead of last year &mda...
European Market Analysis
Regional News Russia’s recent strikes against Ukraine and poor progress in peace talks between the two countries in Istanbul have added “war risk” premia back into several markets, including wheat. Farmers in Spain and France were protesting, again, agricultural im...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money traders became slightly more bearish the major ag markets, last week with steady net selling across the grains and oilseed complex. Funds expanded their net short position across all ags by roughly 4.7 times last week and now hold a meaningful pos...
Market Commentary: Strong Friday and an Upward Bound Week
If yesterday’s trading looked like uncertainty ultimately succumbing to the bulls, today’s trading opened with the bears fully in charge. Contracts opened lower and mostly stayed that way until late morning when there appeared to be an epiphany with the bulls and they took charge. I...
Summary of Futures
Jul 25 Corn closed at $4.425/bushel, up $0.03 from yesterday's close. Jul 25 Wheat closed at $5.5475/bushel, up $0.0925 from yesterday's close. Jul 25 Soybeans closed at $10.5725/bushel, up $0.055 from yesterday's close. Jul 25 Soymeal closed at $295.7/short ton, down $1.4 fro...
Market Commentary: Volatility But Stability
It was a very active open this morning with lots of lead changes as corn and soybean traders wrestled over whether bears or bulls were in control. Even winter wheat, which looked solidly in the green took a brief turn south. Volumes were robust and trade volatile but in the end, only bean oil a...
Export Sale
Export Sales and Shipments for May 23-29, 2025 Wheat: Net sales reductions of 49,100 metric tons (MT) for 2024/2025. Export shipments of 540,100 MT were up 8 percent from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to Indonesia (81,100 M...
Summary of Futures
Jul 25 Corn closed at $4.395/bushel, up $0.0075 from yesterday's close. Jul 25 Wheat closed at $5.455/bushel, up $0.0225 from yesterday's close. Jul 25 Soybeans closed at $10.5175/bushel, up $0.0675 from yesterday's close. Jul 25 Soymeal closed at $297.1/short ton, up $0 from...
WASDE Wheat – June 2025
USDA’s outlook for 2025/26 U.S. wheat is for yields to average 51.6 bushels per acre, which is up 0.4 bushels from last year. Hard Red Winter and White account for most of the increase. Total 2025/26 domestic use is a record 977 million bushels, mostly on food use. Exports are projected l...
Summary of Futures
Jul 25 Corn closed at $4.445/bushel, up $0.06 from yesterday's close. Jul 25 Wheat closed at $5.4375/bushel, up $0.1725 from yesterday's close. Jul 25 Soybeans closed at $10.6975/bushel, up $0.275 from yesterday's close. Jul 25 Soymeal closed at $291.9/short ton, down $2.6 fro...
Market Commentary: RFS Luck on Friday the 13th
Soybeans and soyoil were already spiking due to Israel’s attack on Iran and the bolt higher in the petroleum market and then the Trump Administration goosed it even higher by issuing a biofuel blend mandate of 24.02 billion gallons in 2026. It will be a record amount under the Renewable F...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
Export Sales
Export Sales and Shipments for May 30-June 5, 2025 Wheat: Net sales of 388,900 metric tons (MT) for the 2025/2026 marketing year, which began June 1. Export shipments for June 1-5 of 115,700 MT were to the Philippines (57,500 MT), Taiwan (33,000 MT), Mexico (19,000 MT), the Dominican Republic (...
Market Commentary: Expectations Mostly Met
There were no shocks in today’s June USDA WASDE report, just tweaks that were generally within expectations. Corn, soybeans, soymeal, wheat, and cattle all pretty much settled in the same direction they were at just prior to the report’s release. It is important to note that USDA is...
Summary of Futures
Jul 25 Corn closed at $4.385/bushel, up $0.015 from yesterday's close. Jul 25 Wheat closed at $5.265/bushel, down $0.0775 from yesterday's close. Jul 25 Soybeans closed at $10.4225/bushel, down $0.0825 from yesterday's close. Jul 25 Soymeal closed at $294.5/short ton, up $0.3...
Summary of Futures
Jul 25 Corn closed at $4.37/bushel, down $0.0175 from yesterday's close. Jul 25 Wheat closed at $5.3425/bushel, down $0.0025 from yesterday's close. Jul 25 Soybeans closed at $10.505/bushel, down $0.0725 from yesterday's close. Jul 25 Soymeal closed at $294.2/short ton, down $...
Market Commentary: Grains Retreat ahead of WASDE; Cattle and Beef Prices Running Red-Hot
Corn, wheat, and soybeans all traded higher overnight on growing optimism over the U.S.-China trade negotiations, though markets could not hold those gains. The talks in London made solid progress and negotiations are reportedly on track with the Geneva agreement that is allowing broader trade...
Black Sea Regional Analysis
Russian Grain Markets: 2 – 6 June 2025 The grain market continued the transition from old crop to new crop meaning that the bearish trend is now across the board for all grains. The biggest bear was registered in the wheat belt which is located close to the export terminals as export dema...
Market Commentary: Turnaround Tuesday for Corn; Wheat Selling Continues; Cattle Wobble on ICE Rumors
The overnight CBOT trade showed corn pushing lower while the soy complex traded modestly higher on hopes for positive outcomes from the U.S.-China trade meeting this week. That trend quickly reversed, however, as corn became the upside leader in the day session on technical buying. Corn’s...
Summary of Futures
Jul 25 Corn closed at $4.3875/bushel, up $0.0525 from yesterday's close. Jul 25 Wheat closed at $5.345/bushel, down $0.075 from yesterday's close. Jul 25 Soybeans closed at $10.5775/bushel, up $0.0175 from yesterday's close. Jul 25 Soymeal closed at $295.9/short ton, up $0.4 f...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Grain markets in the MENA region are quiet due to the Musim Eid holidays that extends through 9 June. The FAO forecast Egypt to have above average grain crops in 2025, much of which is due to improved availability of high yi...
Market Commentary: Grains Fall on Weather Forecasts while Livestock Futures Hit New Highs
Except for the livestock futures, which all hit new contract or record highs, the CBOT was mostly lower to start the week with favorable weather and bearish chart conditions driving the sentiment. The index fund roll ticked off its second of five days on Monday, so spreads and volumes patterns...
WPI Crop Progress and Conditions App (Updated 9 June)
Update for 28 April 2025: 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 o...
Summary of Futures
Jul 25 Corn closed at $4.335/bushel, down $0.09 from yesterday's close. Jul 25 Wheat closed at $5.42/bushel, down $0.1275 from yesterday's close. Jul 25 Soybeans closed at $10.56/bushel, down $0.0125 from yesterday's close. Jul 25 Soymeal closed at $295.5/short ton, down $0.2...
Mercosur Regional Analysis
Corn Argentina’s corn harvest advanced 3.3 percentage points over the past week and reached 43.8 percent of the estimated area nationwide. Progress remains slow due to high grain moisture and inaccessible soils in some regions. Still, harvest pace is 8 points ahead of last year &mda...
European Market Analysis
Regional News Russia’s recent strikes against Ukraine and poor progress in peace talks between the two countries in Istanbul have added “war risk” premia back into several markets, including wheat. Farmers in Spain and France were protesting, again, agricultural im...
CFTC COT Report Analysis
Friday’s CFTC report showed managed money traders became slightly more bearish the major ag markets, last week with steady net selling across the grains and oilseed complex. Funds expanded their net short position across all ags by roughly 4.7 times last week and now hold a meaningful pos...
Market Commentary: Strong Friday and an Upward Bound Week
If yesterday’s trading looked like uncertainty ultimately succumbing to the bulls, today’s trading opened with the bears fully in charge. Contracts opened lower and mostly stayed that way until late morning when there appeared to be an epiphany with the bulls and they took charge. I...
Summary of Futures
Jul 25 Corn closed at $4.425/bushel, up $0.03 from yesterday's close. Jul 25 Wheat closed at $5.5475/bushel, up $0.0925 from yesterday's close. Jul 25 Soybeans closed at $10.5725/bushel, up $0.055 from yesterday's close. Jul 25 Soymeal closed at $295.7/short ton, down $1.4 fro...
Market Commentary: Volatility But Stability
It was a very active open this morning with lots of lead changes as corn and soybean traders wrestled over whether bears or bulls were in control. Even winter wheat, which looked solidly in the green took a brief turn south. Volumes were robust and trade volatile but in the end, only bean oil a...
Export Sale
Export Sales and Shipments for May 23-29, 2025 Wheat: Net sales reductions of 49,100 metric tons (MT) for 2024/2025. Export shipments of 540,100 MT were up 8 percent from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to Indonesia (81,100 M...
Summary of Futures
Jul 25 Corn closed at $4.395/bushel, up $0.0075 from yesterday's close. Jul 25 Wheat closed at $5.455/bushel, up $0.0225 from yesterday's close. Jul 25 Soybeans closed at $10.5175/bushel, up $0.0675 from yesterday's close. Jul 25 Soymeal closed at $297.1/short ton, up $0 from...