Australia
Market Commentary
Grain and soy complex futures were weaker overnight as profit taking in corn and wheat pushed those markets lower. Soybeans were sold in sympathy with the grains, although soyoil posted modest gains on long soyoil/short soymeal spread trade. Agricultural and equity markets received a boost this...
No Growth Out of Bear Market
Historically, the keys to getting out of bear commodity markets have been economic growth and production cuts in response to low prices. Rising grain and oilseed stocks from the 1997 Asian financial crisis began to subside as the recovery in world gross domestic product (GDP) growth boosted dem...
WASDE Wheat
USDA Reported: U.S. 2019/20 wheat supplies are down with lower beginning stocks partly offset by slightly higher production. Beginning stocks are down 25 million bushels on increased 2018/19 exports. Winter wheat production is forecast up 6 million bushels to 1,274 million with an i...
Market Commentary
Grain and soy complex futures were weaker overnight as profit taking in corn and wheat pushed those markets lower. Soybeans were sold in sympathy with the grains, although soyoil posted modest gains on long soyoil/short soymeal spread trade. Agricultural and equity markets received a boost this...
No Growth Out of Bear Market
Historically, the keys to getting out of bear commodity markets have been economic growth and production cuts in response to low prices. Rising grain and oilseed stocks from the 1997 Asian financial crisis began to subside as the recovery in world gross domestic product (GDP) growth boosted dem...
WASDE Wheat
USDA Reported: U.S. 2019/20 wheat supplies are down with lower beginning stocks partly offset by slightly higher production. Beginning stocks are down 25 million bushels on increased 2018/19 exports. Winter wheat production is forecast up 6 million bushels to 1,274 million with an i...
Market Commentary
Overnight trading was mixed with corn and soybeans firmer, while wheat dropped lower. However, the volume of trade was large, which speaks to the importance of the Crop Progress reports this year. If USDA’s March acreage figures are correct, yesterday’s report suggests there are 30...
Asia
China In-Country Analysis
Macro Trends Food Inflation Reaches Highest Level in Seven and a Half Years The effects of the August 2018 outbreak of African swine fever (ASF) have continued to reverberate across China’s economy in 2019. In the second quarter of this year, food inflation has hit levels not seen since 2...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
China In-Country Analysis
Macro Trends Food Inflation Reaches Highest Level in Seven and a Half Years The effects of the August 2018 outbreak of African swine fever (ASF) have continued to reverberate across China’s economy in 2019. In the second quarter of this year, food inflation has hit levels not seen since 2...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
Is the Immigration-Tariff Deal with Mexico a Template for China Breakthrough?
There is a great deal of speculation on whether Presidents Trump and Xi will actually meetand/or come to a deal at the G20 Summit in Osaka on 28 and 29 June. Much of the rhetoric from the U.S. side has continued to take a tough stance in trade talks with China. However, it is now more than a ye...
Black Sea
Black Sea Regional Analysis
Russian Grain Markets: 10-14 June 2019 Export prices for 2019 wheat (12.5 percent protein content) remained within $196-198/MT FOB Black Sea, and the average purchase price was RUB 10,500/MT CPT-port Black Sea. Meanwhile, the average export price for 2019 feed barley dropped to $170/MT FOB Blac...
Market Commentary
Grain and soy complex futures were mostly lower overnight with the corn market’s recent support diminishing. Soybeans were choppy with headlines about a potential Trump/Xi meeting being balanced against the overall bearishness of soybean fundamentals. Overall, the market was characterized...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Black Sea Regional Analysis
Russian Grain Markets: 10-14 June 2019 Export prices for 2019 wheat (12.5 percent protein content) remained within $196-198/MT FOB Black Sea, and the average purchase price was RUB 10,500/MT CPT-port Black Sea. Meanwhile, the average export price for 2019 feed barley dropped to $170/MT FOB Blac...
Market Commentary
Grain and soy complex futures were mostly lower overnight with the corn market’s recent support diminishing. Soybeans were choppy with headlines about a potential Trump/Xi meeting being balanced against the overall bearishness of soybean fundamentals. Overall, the market was characterized...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
China
Black Sea Regional Analysis
Russian Grain Markets: 10-14 June 2019 Export prices for 2019 wheat (12.5 percent protein content) remained within $196-198/MT FOB Black Sea, and the average purchase price was RUB 10,500/MT CPT-port Black Sea. Meanwhile, the average export price for 2019 feed barley dropped to $170/MT FOB Blac...
USMCA Codification; Mitigating the Mitigation; Expanding the Conflict
USMCA Codification What seemed unlikely just a few weeks ago now looks like a growing possibility – U.S. congressional passage of the USMCA. USTR Robert Lighthizer told members of Congress that he will do whatever it takes to mollify their concerns. The U.S. Chamber of Commerce says it no...
Market Commentary
Grain and soy complex futures were mostly lower overnight with the corn market’s recent support diminishing. Soybeans were choppy with headlines about a potential Trump/Xi meeting being balanced against the overall bearishness of soybean fundamentals. Overall, the market was characterized...
Black Sea Regional Analysis
Russian Grain Markets: 10-14 June 2019 Export prices for 2019 wheat (12.5 percent protein content) remained within $196-198/MT FOB Black Sea, and the average purchase price was RUB 10,500/MT CPT-port Black Sea. Meanwhile, the average export price for 2019 feed barley dropped to $170/MT FOB Blac...
USMCA Codification; Mitigating the Mitigation; Expanding the Conflict
USMCA Codification What seemed unlikely just a few weeks ago now looks like a growing possibility – U.S. congressional passage of the USMCA. USTR Robert Lighthizer told members of Congress that he will do whatever it takes to mollify their concerns. The U.S. Chamber of Commerce says it no...
Market Commentary
Grain and soy complex futures were mostly lower overnight with the corn market’s recent support diminishing. Soybeans were choppy with headlines about a potential Trump/Xi meeting being balanced against the overall bearishness of soybean fundamentals. Overall, the market was characterized...
China In-Country Analysis
Macro Trends Food Inflation Reaches Highest Level in Seven and a Half Years The effects of the August 2018 outbreak of African swine fever (ASF) have continued to reverberate across China’s economy in 2019. In the second quarter of this year, food inflation has hit levels not seen since 2...
Europe
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
Market Commentary
Grain and soy complex futures were weaker overnight as profit taking in corn and wheat pushed those markets lower. Soybeans were sold in sympathy with the grains, although soyoil posted modest gains on long soyoil/short soymeal spread trade. Agricultural and equity markets received a boost this...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
Market Commentary
Grain and soy complex futures were weaker overnight as profit taking in corn and wheat pushed those markets lower. Soybeans were sold in sympathy with the grains, although soyoil posted modest gains on long soyoil/short soymeal spread trade. Agricultural and equity markets received a boost this...
Legs of War; No Cigar
Legs of War The news that Presidents Trump and Xi plus their negotiators will have extended bilateral discussions around the G20 Summit was seen as hopeful but not definitive. Both sides are dug in deep and short of one side or the other (or both). As it incurs economic calamity, this war would...
India
Legs of War; No Cigar
Legs of War The news that Presidents Trump and Xi plus their negotiators will have extended bilateral discussions around the G20 Summit was seen as hopeful but not definitive. Both sides are dug in deep and short of one side or the other (or both). As it incurs economic calamity, this war would...
WASDE Soyoil
USDA Reported: 2018/19 reduced soybean oil used for biodiesel production, and higher soybean oil ending stocks. The 2019/20 season-average price for soybean oil price forecast is unchanged at 29.5 cents per pound. ...
WASDE Soymeal
USDA Reported: 2018/19 increased soybean meal imports and exports. The 2019/20 season-average price for soybean meal prices are forecast at $295 per short ton, up 5 dollars...
Legs of War; No Cigar
Legs of War The news that Presidents Trump and Xi plus their negotiators will have extended bilateral discussions around the G20 Summit was seen as hopeful but not definitive. Both sides are dug in deep and short of one side or the other (or both). As it incurs economic calamity, this war would...
WASDE Soyoil
USDA Reported: 2018/19 reduced soybean oil used for biodiesel production, and higher soybean oil ending stocks. The 2019/20 season-average price for soybean oil price forecast is unchanged at 29.5 cents per pound. ...
WASDE Soymeal
USDA Reported: 2018/19 increased soybean meal imports and exports. The 2019/20 season-average price for soybean meal prices are forecast at $295 per short ton, up 5 dollars...
Planes, Trains and Automobiles; Death by Duties; Life with Meat
Planes, Trains and Automobiles Part of the focus on China pertains to the extent that the government controls the means of commerce. It is pervasive to be sure with more than a third of all business activity there estimated to be under such control. However, China is not alone. Western governme...
Middle East & Africa
Black Sea Regional Analysis
Russian Grain Markets: 10-14 June 2019 Export prices for 2019 wheat (12.5 percent protein content) remained within $196-198/MT FOB Black Sea, and the average purchase price was RUB 10,500/MT CPT-port Black Sea. Meanwhile, the average export price for 2019 feed barley dropped to $170/MT FOB Blac...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
Black Sea Regional Analysis
Russian Grain Markets: 10-14 June 2019 Export prices for 2019 wheat (12.5 percent protein content) remained within $196-198/MT FOB Black Sea, and the average purchase price was RUB 10,500/MT CPT-port Black Sea. Meanwhile, the average export price for 2019 feed barley dropped to $170/MT FOB Blac...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
Market Commentary
Grain and soy complex futures were weaker overnight as profit taking in corn and wheat pushed those markets lower. Soybeans were sold in sympathy with the grains, although soyoil posted modest gains on long soyoil/short soymeal spread trade. Agricultural and equity markets received a boost this...
North America
USMCA Codification; Mitigating the Mitigation; Expanding the Conflict
USMCA Codification What seemed unlikely just a few weeks ago now looks like a growing possibility – U.S. congressional passage of the USMCA. USTR Robert Lighthizer told members of Congress that he will do whatever it takes to mollify their concerns. The U.S. Chamber of Commerce says it no...
Market Commentary
Grain and soy complex futures were mostly lower overnight with the corn market’s recent support diminishing. Soybeans were choppy with headlines about a potential Trump/Xi meeting being balanced against the overall bearishness of soybean fundamentals. Overall, the market was characterized...
Summary of Futures
Jul 19 Corn closed at $4.41/bushel, down $0.0875 from yesterday's close. Jul 19 Wheat closed at $5.2225/bushel, down $0.0925 from yesterday's close. Jul 19 Soybeans closed at $9.0325/bushel, down $0.1025 from yesterday's close. Jul 19 Soymeal closed at $316.9/short ton, down $...
USMCA Codification; Mitigating the Mitigation; Expanding the Conflict
USMCA Codification What seemed unlikely just a few weeks ago now looks like a growing possibility – U.S. congressional passage of the USMCA. USTR Robert Lighthizer told members of Congress that he will do whatever it takes to mollify their concerns. The U.S. Chamber of Commerce says it no...
Market Commentary
Grain and soy complex futures were mostly lower overnight with the corn market’s recent support diminishing. Soybeans were choppy with headlines about a potential Trump/Xi meeting being balanced against the overall bearishness of soybean fundamentals. Overall, the market was characterized...
Summary of Futures
Jul 19 Corn closed at $4.41/bushel, down $0.0875 from yesterday's close. Jul 19 Wheat closed at $5.2225/bushel, down $0.0925 from yesterday's close. Jul 19 Soybeans closed at $9.0325/bushel, down $0.1025 from yesterday's close. Jul 19 Soymeal closed at $316.9/short ton, down $...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
South America
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
Legs of War; No Cigar
Legs of War The news that Presidents Trump and Xi plus their negotiators will have extended bilateral discussions around the G20 Summit was seen as hopeful but not definitive. Both sides are dug in deep and short of one side or the other (or both). As it incurs economic calamity, this war would...
FOB Prices and Freight Rate App (Updated 19 June)
Update for 19 June: Prices/data updated through Friday's close. Tweet 4 May Update: Pushed a user interface change and improved app responsiveness. Data updated to reflect prices through Friday's close. Launch Information: WPI is proud to introduce our FOB Prices a...
Interactive Ocean Freight Rates (Updated 19 June)
Update for 19 June 2019: Data updated for all listed routes. Update for 26 April 2019: Weekly data updates have been pushed, along with new routes added from the U.S. Pacific Northwest (PNW). Enjoy! Update for 24 April 2019: Thanks for the feedback and suggestions on the app...
Legs of War; No Cigar
Legs of War The news that Presidents Trump and Xi plus their negotiators will have extended bilateral discussions around the G20 Summit was seen as hopeful but not definitive. Both sides are dug in deep and short of one side or the other (or both). As it incurs economic calamity, this war would...
Mercosur Regional Analysis
Soybeans Brazil The weather-driven rally in CBOT soybeans has left Brazilian basis steadily weaker. It dropped 10 cents/bushels last week, especially for nearby positions, on slight Chinese demand. Despite the CBOT’s rally, Dalian soymeal and soyoil futures are steady/lower, reducing crus...
Russia
Market Commentary
The markets were slightly firmer overnight but then caught a little fire this morning. It is starting to seem that those in the corn market are considering the possibility that the 2019 U.S. crop could fall below 13 billion bushels. There is also more concern now that not all the soybean acres...
Cold War II; Varying Farm Policy Models
Cold War II In a sign that President Trump is not going to be able to leverage a trade agreement out of China, Beijing issued notice that it will not yield to U.S. demands even with maximum pressure from Washington. This is the strength of a Marxist economy, and it is perhaps helped by a fallin...
SOEs Rule
The U.S. grain trade business has been largely dominated by privately-owned companies for the past several decades. Their efficiency at the business is demonstrated by their success over the years replacing government entities at the task, including succeeding the grain boards in Canada and Aus...
Market Commentary
The markets were slightly firmer overnight but then caught a little fire this morning. It is starting to seem that those in the corn market are considering the possibility that the 2019 U.S. crop could fall below 13 billion bushels. There is also more concern now that not all the soybean acres...
Cold War II; Varying Farm Policy Models
Cold War II In a sign that President Trump is not going to be able to leverage a trade agreement out of China, Beijing issued notice that it will not yield to U.S. demands even with maximum pressure from Washington. This is the strength of a Marxist economy, and it is perhaps helped by a fallin...
SOEs Rule
The U.S. grain trade business has been largely dominated by privately-owned companies for the past several decades. Their efficiency at the business is demonstrated by their success over the years replacing government entities at the task, including succeeding the grain boards in Canada and Aus...
WASDE Wheat
USDA Reported: U.S. 2019/20 wheat supplies are down with lower beginning stocks partly offset by slightly higher production. Beginning stocks are down 25 million bushels on increased 2018/19 exports. Winter wheat production is forecast up 6 million bushels to 1,274 million with an i...