Australia
WASDE Wheat
USDA Reports: The outlook for 2019/20 U.S. wheat this month is for smaller supplies, reduced total use, and rising ending stocks. Wheat production is cut 18.5 million bushels to 1,962 million based on the NASS Small Grains Summary, issued on September 30. Projected imports are...
WASDE Wheat
USDA wheat estimates: 2019/20 U.S. wheat supply and demand is unchanged. The season-average farm price down 20 cents to $4.80 per bushel the marketing year (MY). Global wheat prices are expected to be restrained for the rest of the MY. The global outlook for wheat this month is for lower suppli...
Drought Shifting Consumption
Southeast Asia has experienced droughty conditions the past several months and the United Nations Economic and Social Commission for the Asia/Pacific region says it is part of a longer-term meteorological trend. The change is most adversely impacting rice production and will likely benefit whea...
WASDE Wheat
USDA Reports: The outlook for 2019/20 U.S. wheat this month is for smaller supplies, reduced total use, and rising ending stocks. Wheat production is cut 18.5 million bushels to 1,962 million based on the NASS Small Grains Summary, issued on September 30. Projected imports are...
WASDE Wheat
USDA wheat estimates: 2019/20 U.S. wheat supply and demand is unchanged. The season-average farm price down 20 cents to $4.80 per bushel the marketing year (MY). Global wheat prices are expected to be restrained for the rest of the MY. The global outlook for wheat this month is for lower suppli...
Drought Shifting Consumption
Southeast Asia has experienced droughty conditions the past several months and the United Nations Economic and Social Commission for the Asia/Pacific region says it is part of a longer-term meteorological trend. The change is most adversely impacting rice production and will likely benefit whea...
WASDE Wheat
USDA reports for August 2019: More U.S. wheat supplies, increased use and higher ending stocks. U.S. wheat production is raised 59 million bushels to 1,980 million on increased winter wheat and other spring wheat production as indicated by the NASS August Crop Production report. Estimated food...
Asia
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
Interactive Ocean Freight Rates (Updated 17 October)
Data Updated Through: 17 October 2019 Note: Due to client request, WPI has started including rates for 60,000 MT vessels from Russia and Ukraine to Egypt. Ocean Freight Insights and Comments - 17 October 2019 By Jay O'Neil Commodity Consulting It remains difficult for dry-bulk markets to...
Black Sea Miracle
The return of the Black Sea region as the breadbasket of the world is really a story about productivity gain. Over a decade (2008 to 2017), both China and Indonesia increased their total crop output by around 25 percent, but they did this in part by expanding their cropped areas by 10.7 percent...
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
Interactive Ocean Freight Rates (Updated 17 October)
Data Updated Through: 17 October 2019 Note: Due to client request, WPI has started including rates for 60,000 MT vessels from Russia and Ukraine to Egypt. Ocean Freight Insights and Comments - 17 October 2019 By Jay O'Neil Commodity Consulting It remains difficult for dry-bulk markets to...
Black Sea Miracle
The return of the Black Sea region as the breadbasket of the world is really a story about productivity gain. Over a decade (2008 to 2017), both China and Indonesia increased their total crop output by around 25 percent, but they did this in part by expanding their cropped areas by 10.7 percent...
S&DT Hypocrisy
The WTO operates as a democracy and it is said that democracies fail when the citizens ask for more than it can deliver. The Trump Administration goes to war with a majority of the WTO members at the next General Council meeting on 15 October. It will press its case that countries cannot concur...
Black Sea
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
Interactive Ocean Freight Rates (Updated 17 October)
Data Updated Through: 17 October 2019 Note: Due to client request, WPI has started including rates for 60,000 MT vessels from Russia and Ukraine to Egypt. Ocean Freight Insights and Comments - 17 October 2019 By Jay O'Neil Commodity Consulting It remains difficult for dry-bulk markets to...
Oilseed Highlights: NOPA Soy Crush, Soy Sales to China, GMO Cotton, Ukraine Oilseeds
NOPA September Crush Well Below Expectations The September NOPA report released on Wednesday indicated 152.566 million bushels (4.153 MMT) of soybeans were crushed in September. That was almost 10 million bushels below the average estimate of 9 analysts queried by Reuters of 162.135 million bus...
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
Interactive Ocean Freight Rates (Updated 17 October)
Data Updated Through: 17 October 2019 Note: Due to client request, WPI has started including rates for 60,000 MT vessels from Russia and Ukraine to Egypt. Ocean Freight Insights and Comments - 17 October 2019 By Jay O'Neil Commodity Consulting It remains difficult for dry-bulk markets to...
Oilseed Highlights: NOPA Soy Crush, Soy Sales to China, GMO Cotton, Ukraine Oilseeds
NOPA September Crush Well Below Expectations The September NOPA report released on Wednesday indicated 152.566 million bushels (4.153 MMT) of soybeans were crushed in September. That was almost 10 million bushels below the average estimate of 9 analysts queried by Reuters of 162.135 million bus...
Black Sea Regional Analysis
Russian Grain Markets: 7-11 October 2019 Domestic Russian grain (including corn) prices kept growing due to active demand from both domestic buyers and foreign importers. Milling wheat export prices and feed barley average export price grew to $182/MT FOB Black Sea while average purchase price...
China
Market Commentary
The futures market ended the day with weakness where there had been strength as in lean hogs and soyoil, and strength where there had been weakness, such as corn. It had opened higher as predicted, though it might not have been for all the right reasons. There continues to be a lot of ent...
Oilseed Highlights: NOPA Soy Crush, Soy Sales to China, GMO Cotton, Ukraine Oilseeds
NOPA September Crush Well Below Expectations The September NOPA report released on Wednesday indicated 152.566 million bushels (4.153 MMT) of soybeans were crushed in September. That was almost 10 million bushels below the average estimate of 9 analysts queried by Reuters of 162.135 million bus...
Morality Trade
Trade and industry are not just distorted by tariffs a la Donald Trump, but increasingly by sanctions intended to protect a political or moral principle. • India says it will not buy Malaysian palm oil because Kuala Lumpur disagreed with New Delhi’s actions in Kashmir. &b...
Market Commentary
The futures market ended the day with weakness where there had been strength as in lean hogs and soyoil, and strength where there had been weakness, such as corn. It had opened higher as predicted, though it might not have been for all the right reasons. There continues to be a lot of ent...
Oilseed Highlights: NOPA Soy Crush, Soy Sales to China, GMO Cotton, Ukraine Oilseeds
NOPA September Crush Well Below Expectations The September NOPA report released on Wednesday indicated 152.566 million bushels (4.153 MMT) of soybeans were crushed in September. That was almost 10 million bushels below the average estimate of 9 analysts queried by Reuters of 162.135 million bus...
Morality Trade
Trade and industry are not just distorted by tariffs a la Donald Trump, but increasingly by sanctions intended to protect a political or moral principle. • India says it will not buy Malaysian palm oil because Kuala Lumpur disagreed with New Delhi’s actions in Kashmir. &b...
Market Commentary
The CBOT was mixed with little conviction. Corn and soybeans headed lower while wheat managed to find support on spread trading and technical buying. The market is waiting for better news from the U.S.-China trade front as well as signals of improving demand. Reports suggest that China ma...
Europe
The Evolving Trading System; CAP’s Fault; Fooled Foodies
The Evolving Trading System WTO Director General Roberto Azevêdo laments that people are forgetting the importance of a rule-based system of economic cooperation. Former Clinton Administration trade negotiator Harry Broadman laments that under President Trump, the U.S. has become more lik...
Bad Tariff Idea; Hurdles to New Breeding Techniques
Bad Tariff Idea In an effort to rationalize the imposition of tariffs by President Trump, some Republicans are trying to create support for them by directing their use toward politically attractive ends, such as aiding poor people. The concept of redirecting punitive duties has already been tri...
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
The Evolving Trading System; CAP’s Fault; Fooled Foodies
The Evolving Trading System WTO Director General Roberto Azevêdo laments that people are forgetting the importance of a rule-based system of economic cooperation. Former Clinton Administration trade negotiator Harry Broadman laments that under President Trump, the U.S. has become more lik...
Bad Tariff Idea; Hurdles to New Breeding Techniques
Bad Tariff Idea In an effort to rationalize the imposition of tariffs by President Trump, some Republicans are trying to create support for them by directing their use toward politically attractive ends, such as aiding poor people. The concept of redirecting punitive duties has already been tri...
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
Interactive Ocean Freight Rates (Updated 17 October)
Data Updated Through: 17 October 2019 Note: Due to client request, WPI has started including rates for 60,000 MT vessels from Russia and Ukraine to Egypt. Ocean Freight Insights and Comments - 17 October 2019 By Jay O'Neil Commodity Consulting It remains difficult for dry-bulk markets to...
India
Morality Trade
Trade and industry are not just distorted by tariffs a la Donald Trump, but increasingly by sanctions intended to protect a political or moral principle. • India says it will not buy Malaysian palm oil because Kuala Lumpur disagreed with New Delhi’s actions in Kashmir. &b...
WASDE Soyoil
USDA Reports: The soybean oil price forecast is raised 0.5 cents to 30.0 cents per pound...
WASDE Soybeans
USDA Reports: U.S. oilseed production for 2019/20 is projected at 107.9 million tons, down 2.3 million from last month. Soybean production is forecast at 3.6 billion bushels, down 83 million, mainly on lower yields. The soybean yield is projected at 46.9 bushels per acre, down...
Morality Trade
Trade and industry are not just distorted by tariffs a la Donald Trump, but increasingly by sanctions intended to protect a political or moral principle. • India says it will not buy Malaysian palm oil because Kuala Lumpur disagreed with New Delhi’s actions in Kashmir. &b...
WASDE Soyoil
USDA Reports: The soybean oil price forecast is raised 0.5 cents to 30.0 cents per pound...
WASDE Soybeans
USDA Reports: U.S. oilseed production for 2019/20 is projected at 107.9 million tons, down 2.3 million from last month. Soybean production is forecast at 3.6 billion bushels, down 83 million, mainly on lower yields. The soybean yield is projected at 46.9 bushels per acre, down...
Impeachment Impacts; WPI and Impeachment; U.S. – India Negotiations
Impeachment Impacts President Trump has tried to characterize his House Democratic antagonists as ignoring the needs of the American people by instead focusing all their time on impeachment. House Speaker Nancy Pelosi responded by saying they will continue their work on the USMCA agreement. Ind...
Middle East & Africa
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
Interactive Ocean Freight Rates (Updated 17 October)
Data Updated Through: 17 October 2019 Note: Due to client request, WPI has started including rates for 60,000 MT vessels from Russia and Ukraine to Egypt. Ocean Freight Insights and Comments - 17 October 2019 By Jay O'Neil Commodity Consulting It remains difficult for dry-bulk markets to...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST COMMENTS The World Bank expects the Egyptian economy will grow by 5.8 percent this fiscal year which began 1 July 2019. Growth is expected to be much the same for 2020/21. Experts are very happy with the progress that Egypt has made with falling inflation, balanced bud...
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
Interactive Ocean Freight Rates (Updated 17 October)
Data Updated Through: 17 October 2019 Note: Due to client request, WPI has started including rates for 60,000 MT vessels from Russia and Ukraine to Egypt. Ocean Freight Insights and Comments - 17 October 2019 By Jay O'Neil Commodity Consulting It remains difficult for dry-bulk markets to...
Middle East, Mediterranean and Africa Regional Analysis
MEDITERRANEAN/MIDDLE EAST COMMENTS The World Bank expects the Egyptian economy will grow by 5.8 percent this fiscal year which began 1 July 2019. Growth is expected to be much the same for 2020/21. Experts are very happy with the progress that Egypt has made with falling inflation, balanced bud...
S&DT Hypocrisy
The WTO operates as a democracy and it is said that democracies fail when the citizens ask for more than it can deliver. The Trump Administration goes to war with a majority of the WTO members at the next General Council meeting on 15 October. It will press its case that countries cannot concur...
North America
Summary of Futures
Dec 19 Corn closed at $3.91/bushel, down $0.0375 from yesterday's close. Dec 19 Wheat closed at $5.3225/bushel, up $0.0675 from yesterday's close. Nov 19 Soybeans closed at $9.34/bushel, up $0.025 from yesterday's close. Dec 19 Soymeal closed at $308.5/short ton, up $1.7 from...
The Evolving Trading System; CAP’s Fault; Fooled Foodies
The Evolving Trading System WTO Director General Roberto Azevêdo laments that people are forgetting the importance of a rule-based system of economic cooperation. Former Clinton Administration trade negotiator Harry Broadman laments that under President Trump, the U.S. has become more lik...
Market Commentary
Trading at the CBOT today was muted with traders mostly evening positions, taking some profits, and generally not adding to or subtracting from risk ahead of the weekend. Fundamental news was light as well, except for forecasts that a tropical storm in the Gulf of Mexico will create above-avera...
Summary of Futures
Dec 19 Corn closed at $3.91/bushel, down $0.0375 from yesterday's close. Dec 19 Wheat closed at $5.3225/bushel, up $0.0675 from yesterday's close. Nov 19 Soybeans closed at $9.34/bushel, up $0.025 from yesterday's close. Dec 19 Soymeal closed at $308.5/short ton, up $1.7 from...
The Evolving Trading System; CAP’s Fault; Fooled Foodies
The Evolving Trading System WTO Director General Roberto Azevêdo laments that people are forgetting the importance of a rule-based system of economic cooperation. Former Clinton Administration trade negotiator Harry Broadman laments that under President Trump, the U.S. has become more lik...
Market Commentary
Trading at the CBOT today was muted with traders mostly evening positions, taking some profits, and generally not adding to or subtracting from risk ahead of the weekend. Fundamental news was light as well, except for forecasts that a tropical storm in the Gulf of Mexico will create above-avera...
Rise in Wheat Futures
Chicago wheat futures have been climbing for the past few weeks based on still somewhat speculative supply losses due to adverse weather conditions and solid demand. Futures literally look forward while USDA’s strength is in the present and past. Historically, the stocks to use ratio and...
South America
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
Interactive Ocean Freight Rates (Updated 17 October)
Data Updated Through: 17 October 2019 Note: Due to client request, WPI has started including rates for 60,000 MT vessels from Russia and Ukraine to Egypt. Ocean Freight Insights and Comments - 17 October 2019 By Jay O'Neil Commodity Consulting It remains difficult for dry-bulk markets to...
Market Commentary
The CBOT was mixed with little conviction. Corn and soybeans headed lower while wheat managed to find support on spread trading and technical buying. The market is waiting for better news from the U.S.-China trade front as well as signals of improving demand. Reports suggest that China ma...
FOB Prices and Freight Rate App (Updated 11 October)
Update for 11 October 2019: All other routes/offers updated through the day's close. Note: Due to client request, WPI has added data for corn prices FOB France, Russia, and a general Black Sea price. Transportation and Export Report: Jay O’Neil, O’Neil Commodity Consult...
Interactive Ocean Freight Rates (Updated 17 October)
Data Updated Through: 17 October 2019 Note: Due to client request, WPI has started including rates for 60,000 MT vessels from Russia and Ukraine to Egypt. Ocean Freight Insights and Comments - 17 October 2019 By Jay O'Neil Commodity Consulting It remains difficult for dry-bulk markets to...
Market Commentary
The CBOT was mixed with little conviction. Corn and soybeans headed lower while wheat managed to find support on spread trading and technical buying. The market is waiting for better news from the U.S.-China trade front as well as signals of improving demand. Reports suggest that China ma...
China In-Country Analysis
Macroeconomics China’s Monthly Food Inflation Highest in Eight Years The sharp rise in live hog prices along with increases in the costs of poultry and seafood, pushed up food inflation in September to its highest level since October 2011. Back in 2011, China was going through a maj...
Russia
Black Sea Regional Analysis
Russian Grain Markets: 7-11 October 2019 Domestic Russian grain (including corn) prices kept growing due to active demand from both domestic buyers and foreign importers. Milling wheat export prices and feed barley average export price grew to $182/MT FOB Black Sea while average purchase price...
Black Sea Miracle
The return of the Black Sea region as the breadbasket of the world is really a story about productivity gain. Over a decade (2008 to 2017), both China and Indonesia increased their total crop output by around 25 percent, but they did this in part by expanding their cropped areas by 10.7 percent...
Sustainability’s Implications
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As the EU presses its farmers to adopt practices that are environmentally sound, these producers increasingly agitate to have the same standards applied to food produced elsewhere and imported into Europe. It is an understandable plea for fairness but arriving at sound and equivalent measuremen...
Black Sea Regional Analysis
Russian Grain Markets: 7-11 October 2019 Domestic Russian grain (including corn) prices kept growing due to active demand from both domestic buyers and foreign importers. Milling wheat export prices and feed barley average export price grew to $182/MT FOB Black Sea while average purchase price...
Black Sea Miracle
The return of the Black Sea region as the breadbasket of the world is really a story about productivity gain. Over a decade (2008 to 2017), both China and Indonesia increased their total crop output by around 25 percent, but they did this in part by expanding their cropped areas by 10.7 percent...
Sustainability’s Implications
As the EU presses its farmers to adopt practices that are environmentally sound, these producers increasingly agitate to have the same standards applied to food produced elsewhere and imported into Europe. It is an understandable plea for fairness but arriving at sound and equivalent measuremen...
WASDE Corn
USDA Reports: This month’s 2019/20 U.S. corn outlook is for slightly lower production, reduced exports and corn used for ethanol, greater feed and residual use, and lower ending stocks. Corn production is forecast at 13.779 billion bushels, down 20 million as a decline in harv...