Australia
Market Commentary
Overnight news that Australia’s 2019/20 wheat crop will be smaller than expected set the stage for a sharp rally in the CBOT wheat markets. Morning calls were for wheat to open higher and pull corn along with it, which is exactly what happened. Few, if any, analysts, however, expected whe...
WASDE Wheat
USDA reports that the only change for 2019/20 U.S. wheat is a 25 million bushel increase in exports reflecting growing competitiveness in international markets. Ending stocks are cut by a corresponding amount and are now forecast to total 940 million bushels, a five-year low. ...
Market Commentary
CBOT markets finished the week mostly higher with short covering in corn and soymeal spilling over to other markets. Vice President Pence noted today that China is committed to making its utmost effort to fulfill its Phase One agreements, a fact which brought comfort to the ag markets. End user...
Market Commentary
Overnight news that Australia’s 2019/20 wheat crop will be smaller than expected set the stage for a sharp rally in the CBOT wheat markets. Morning calls were for wheat to open higher and pull corn along with it, which is exactly what happened. Few, if any, analysts, however, expected whe...
WASDE Wheat
USDA reports that the only change for 2019/20 U.S. wheat is a 25 million bushel increase in exports reflecting growing competitiveness in international markets. Ending stocks are cut by a corresponding amount and are now forecast to total 940 million bushels, a five-year low. ...
Market Commentary
CBOT markets finished the week mostly higher with short covering in corn and soymeal spilling over to other markets. Vice President Pence noted today that China is committed to making its utmost effort to fulfill its Phase One agreements, a fact which brought comfort to the ag markets. End user...
Market Commentary
The CBOT opened with a weaker tone and kept that mentality through the day. Soyoil firmed against soymeal and soybeans while corn and soybeans traded mostly lower in tandem. Wheat and livestock futures fell back as well amid uncertainty about China’s commodity “shopping list”...
Asia
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Change in Major Philippine Crops
Philippine President Rodrigo Duterte is a controversial leader and some critics complain that he has hurt the country’s agriculture by allowing increased imports at the same time food prices are rising. The most notable and dramatic increase has been in rice imports. The population annual...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Change in Major Philippine Crops
Philippine President Rodrigo Duterte is a controversial leader and some critics complain that he has hurt the country’s agriculture by allowing increased imports at the same time food prices are rising. The most notable and dramatic increase has been in rice imports. The population annual...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
WASDE Soymeal
USDA forecasts that soybean meal prices will remain unchanged at $305.00 per short ton. ...
Black Sea
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
Black Sea Regional Analysis
Russian Grain Markets: 3-7 February 2020 Grain prices on the domestic Russian market mainly grew due to demand from both exporters and processors, however milling wheat prices slightly decreased in the Southern region reacting to downward trends in export price developments. Export milling whea...
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
Black Sea Regional Analysis
Russian Grain Markets: 3-7 February 2020 Grain prices on the domestic Russian market mainly grew due to demand from both exporters and processors, however milling wheat prices slightly decreased in the Southern region reacting to downward trends in export price developments. Export milling whea...
WASDE Soybeans
USDA reports that 2019/20 U.S. soybean had increased exports and lower ending stocks; U.S. soybean exports for 2019/20 are up 50 million from last month at 1.825 billion bushels - partly reflecting increased imports for China. With soybean crush unchanged, soybean ending stocks are...
China
Market Commentary
Overnight news that Australia’s 2019/20 wheat crop will be smaller than expected set the stage for a sharp rally in the CBOT wheat markets. Morning calls were for wheat to open higher and pull corn along with it, which is exactly what happened. Few, if any, analysts, however, expected whe...
China's Tariff Reductions
China announced this morning a list of 696 U.S. products for which importers may apply for a tariff exemption. Importers must apply for the exemption by 2 March, with a particular volume of imports specified in the application. Import volumes above the applied for amount will be subject to the...
Partial Analysis; WTO Repeated Error; China’s Virus Problem
Partial Analysis The EU undergoes a WTO trade policy review this week in Geneva and Maria Cipollina and Luca Salvatici write in the European Review of Agricultural Economics that the trading block’s tariffs have greatly redirected agricultural imports. The pair correctly note that agricul...
Market Commentary
Overnight news that Australia’s 2019/20 wheat crop will be smaller than expected set the stage for a sharp rally in the CBOT wheat markets. Morning calls were for wheat to open higher and pull corn along with it, which is exactly what happened. Few, if any, analysts, however, expected whe...
China's Tariff Reductions
China announced this morning a list of 696 U.S. products for which importers may apply for a tariff exemption. Importers must apply for the exemption by 2 March, with a particular volume of imports specified in the application. Import volumes above the applied for amount will be subject to the...
Partial Analysis; WTO Repeated Error; China’s Virus Problem
Partial Analysis The EU undergoes a WTO trade policy review this week in Geneva and Maria Cipollina and Luca Salvatici write in the European Review of Agricultural Economics that the trading block’s tariffs have greatly redirected agricultural imports. The pair correctly note that agricul...
Market Commentary
Note: CBOT and CME ag futures markets will be closed on Monday, 17 February for the U.S. President’s Day holiday. WPI offices will be closed as well. Enjoy the holiday! The CBOT opened on a stronger note with short covering again the feature of the morning. As the day wore on, howev...
Europe
Partial Analysis; WTO Repeated Error; China’s Virus Problem
Partial Analysis The EU undergoes a WTO trade policy review this week in Geneva and Maria Cipollina and Luca Salvatici write in the European Review of Agricultural Economics that the trading block’s tariffs have greatly redirected agricultural imports. The pair correctly note that agricul...
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
Partial Analysis; WTO Repeated Error; China’s Virus Problem
Partial Analysis The EU undergoes a WTO trade policy review this week in Geneva and Maria Cipollina and Luca Salvatici write in the European Review of Agricultural Economics that the trading block’s tariffs have greatly redirected agricultural imports. The pair correctly note that agricul...
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
Regulated Competition; Market Disoriented; Hugging Ecuador
Regulated Competition The global pig meat surplus has been building at nearly 3 percent per year and EU Agriculture Commissioner Janusz Wojciechowski has a plan to stop it. He wants to reduce intensive pig farming in member states like Belgium, Denmark and the Netherlands. These countries produ...
India
India Offer to U.S.; Coronavirus and Super Tuesday; Concrete AB
India Offer to U.S. New Delhi and Washington would both like to have a trade deal by the time President Trump visits India on 24-25 February and India is making offers. According to Reuters, India has offered to reduce its tariff on chicken legs from 100 percent to 25 percent and make other con...
WASDE Soybeans
USDA reports that 2019/20 U.S. soybean had increased exports and lower ending stocks; U.S. soybean exports for 2019/20 are up 50 million from last month at 1.825 billion bushels - partly reflecting increased imports for China. With soybean crush unchanged, soybean ending stocks are...
Target Europe; India’s Special Pass
Target Europe The frustration with Europe in the Trump Administration is palpable. China has been viewed as unfair competition but out of design. It was a poorer country overly granted concessions that must now be clawed back. By contrast, Europe is viewed as manipulative, taking what should be...
India Offer to U.S.; Coronavirus and Super Tuesday; Concrete AB
India Offer to U.S. New Delhi and Washington would both like to have a trade deal by the time President Trump visits India on 24-25 February and India is making offers. According to Reuters, India has offered to reduce its tariff on chicken legs from 100 percent to 25 percent and make other con...
WASDE Soybeans
USDA reports that 2019/20 U.S. soybean had increased exports and lower ending stocks; U.S. soybean exports for 2019/20 are up 50 million from last month at 1.825 billion bushels - partly reflecting increased imports for China. With soybean crush unchanged, soybean ending stocks are...
Target Europe; India’s Special Pass
Target Europe The frustration with Europe in the Trump Administration is palpable. China has been viewed as unfair competition but out of design. It was a poorer country overly granted concessions that must now be clawed back. By contrast, Europe is viewed as manipulative, taking what should be...
Fair and Equitable; Contrasts in Productive Attitudes; Authoritatively Wrong
Fair and Equitable In order to secure votes for the USMCA from Florida and Georgia politicians representing perishable fruit and vegetable growers, USTR promised subsequent action to impose the kind of seasonal import protections that failed to make it into the agreement just negotiated with Me...
Middle East & Africa
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS Egypt has announced that the population of the country has just reached 100 million people. Egypt will set up its first commodity exchange by January 2021 – wheat, corn, rice and sugar are the initial commodities that will b...
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA COMMENTS Egypt has announced that the population of the country has just reached 100 million people. Egypt will set up its first commodity exchange by January 2021 – wheat, corn, rice and sugar are the initial commodities that will b...
African Century
A phrase filled with dark humor about Brazil in the 1990’s was, Brazil é o pais do futuro e sempre será - Brazil is the country of the future and always will be. However, it eventually broke out from its underperforming stage. The Brazilian economy is now six times larger an...
North America
PM Post: Trading Tomorrow's Expectations
THE OPEN May beans: 4 1/4 lower March meal: .20 lower March soyoil: 49 lower May corn: 1 1/2 lower May wheat: 5 lower The markets opened lower as called with March soyoil and oilshare trading lower. China continues to add stimulus to keep its economy going which is translating to better...
Technical Views - The Details
SPREADS May crush trades to 91.22c/bu, while oilshare is weaker, trading back below 34.0% to 33.87%. Corn spreads weaken with July/Dec trading out to 3c from 2 1/4c. March/May corn trades from 4 1/4c to 4 1/2c. July/Nov beans widen back out to 9 1/4c from 7c. March/May w...
AM Outlook - Mostly Sideways
GOOD MORNING, Futures are lower this morning led by soyoil, followed by wheat. Soyoil is lower following a sharp break in palm, as traders are concerned that the virus may lead to lower demand from China and India. Chicago corn and bean prices piggy-back off weaker Chinese and...
PM Post: Trading Tomorrow's Expectations
THE OPEN May beans: 4 1/4 lower March meal: .20 lower March soyoil: 49 lower May corn: 1 1/2 lower May wheat: 5 lower The markets opened lower as called with March soyoil and oilshare trading lower. China continues to add stimulus to keep its economy going which is translating to better...
Technical Views - The Details
SPREADS May crush trades to 91.22c/bu, while oilshare is weaker, trading back below 34.0% to 33.87%. Corn spreads weaken with July/Dec trading out to 3c from 2 1/4c. March/May corn trades from 4 1/4c to 4 1/2c. July/Nov beans widen back out to 9 1/4c from 7c. March/May w...
AM Outlook - Mostly Sideways
GOOD MORNING, Futures are lower this morning led by soyoil, followed by wheat. Soyoil is lower following a sharp break in palm, as traders are concerned that the virus may lead to lower demand from China and India. Chicago corn and bean prices piggy-back off weaker Chinese and...
Market Commentary
Overnight news that Australia’s 2019/20 wheat crop will be smaller than expected set the stage for a sharp rally in the CBOT wheat markets. Morning calls were for wheat to open higher and pull corn along with it, which is exactly what happened. Few, if any, analysts, however, expected whe...
South America
Market Commentary
Overnight news that Australia’s 2019/20 wheat crop will be smaller than expected set the stage for a sharp rally in the CBOT wheat markets. Morning calls were for wheat to open higher and pull corn along with it, which is exactly what happened. Few, if any, analysts, however, expected whe...
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
Market Commentary
Overnight news that Australia’s 2019/20 wheat crop will be smaller than expected set the stage for a sharp rally in the CBOT wheat markets. Morning calls were for wheat to open higher and pull corn along with it, which is exactly what happened. Few, if any, analysts, however, expected whe...
FOB Prices and Freight Rate App (Updated 18 February)
Update for 18 February 2020: New Data Added!! WPI has expanded the data offerings in this app to include DDGS, Sorghum, Soymeal, Corn Gluten Meal, Corn Gluent Feed Pellets, and additional FOB price indications for corn and soybeans. All other routes/offers updated through the day's close. ...
Interactive Ocean Freight Rates (Updated 18 February)
Data Updated Through: 18 February 2020 New Features: Added 6 month, 1 year, 2 year, YTD, and "All" data selectors for easier navigation within charts. Also added data going back 6 months for the baltic dry-bulk panamax indexes: P2A: Gulf/Atlantic-Japan P2A: PNW/Pacific-Japan...
Market Commentary
Note: CBOT and CME ag futures markets will be closed on Monday, 17 February for the U.S. President’s Day holiday. WPI offices will be closed as well. Enjoy the holiday! The CBOT opened on a stronger note with short covering again the feature of the morning. As the day wore on, howev...
Russia
WASDE Wheat
USDA reports that the only change for 2019/20 U.S. wheat is a 25 million bushel increase in exports reflecting growing competitiveness in international markets. Ending stocks are cut by a corresponding amount and are now forecast to total 940 million bushels, a five-year low. ...
Black Sea Regional Analysis
Russian Grain Markets: 27-31 January 2020 Grain prices on the domestic Russian market kept growing as exporters needed grain to fulfill their obligations on contracts signed earlier. Export milling wheat average price decreased to $230/MT FOB Black Sea. Purchase prices increased to RUB 13,300-1...
Return to Managed Trade
Critics of the trade deal signed today between the U.S. and China lament President Trump’s policy tilt toward “managed trade.” Trump Administration officials resigned themselves that if they could not compel China (and other countries) into greater market orientation, they wou...
WASDE Wheat
USDA reports that the only change for 2019/20 U.S. wheat is a 25 million bushel increase in exports reflecting growing competitiveness in international markets. Ending stocks are cut by a corresponding amount and are now forecast to total 940 million bushels, a five-year low. ...
Black Sea Regional Analysis
Russian Grain Markets: 27-31 January 2020 Grain prices on the domestic Russian market kept growing as exporters needed grain to fulfill their obligations on contracts signed earlier. Export milling wheat average price decreased to $230/MT FOB Black Sea. Purchase prices increased to RUB 13,300-1...
Return to Managed Trade
Critics of the trade deal signed today between the U.S. and China lament President Trump’s policy tilt toward “managed trade.” Trump Administration officials resigned themselves that if they could not compel China (and other countries) into greater market orientation, they wou...
Southeast Europe Regional Analysis
Regional News Weather conditions in Bulgaria turned negative for winter crops last week. After a warmer-than-normal December and first week of January, last week saw significantly colder temperatures amid low soil moisture availability. The combination of dry and cold conditions has kept winter...