Buried in the many mountains of USDA data last week was the March 2026 Prospective Plantings report. There you will find one specific figure among the many...
Articles
Transportation Perspectives - 9 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and an...
Summary of Futures
May 26 Corn closed at $4.44/bushel, down $0.0325 from yesterday's close. May 26 Wheat closed at $5.745/bushel, down $0.0575 from yesterday's close.&n...
Market Commentary: Fundamentals Replace War Trading
Geopolitics has proven that it beats weather as a volatility driver, but agricultural markets and financials returned to fundamentals today. The truce/non-...
Livestock Round Up: Red Meat Production Down, Broilers Up
USDA released the April WASDE today with new 2026 meat production forecasts, changed from the March release. Beef is now projected at 25.79 billion pounds...
Quick Hits: Ethanol and Biodiesel Margins Update
Ethanol Ethanol production margins continue to experience a counter-seasonal surge, with the energy market rally driving the bulk of the move. Prior to the...
Market Commentary: Energies Collapse on Ceasefire News but Grains Reclaim Early Losses
Once again, Trump, Iran, and the Middle East were the hub around which the CBOT trade revolved on Wednesday. Late Tuesday, the U.S. agreed to a two-week ce...
Policy Deference; Reasserting Article I; Two-Tailed Dog; EU Imports; WTO Skepticism
Policy Deference The bilateral trade balance is a narrow way to look at the relative relationship between two countries. The government of Mexican Presiden...
European Market Analysis
Regional News Egypt is increasingly finding itself caught between Russia and Ukraine, in a battle for supplying its domestic wheat markets. Egypt, th...
Black Sea Regional Analysis
Russian Grain Markets: 30 March - 3 April 2026 Market overview The Russian grains market remained broadly stable during the week, with a slightly firmer un...
Summary of Futures
May 26 Corn closed at $4.4725/bushel, down $0.0175 from yesterday's close. May 26 Wheat closed at $5.8025/bushel, down $0.1775 from yesterday's close...
Summary of Futures
May 26 Corn closed at $4.49/bushel, down $0.05 from yesterday's close. May 26 Wheat closed at $5.98/bushel, up $0.0275 from yesterday's close. ...
Market Commentary: Risk is Priced In — But Not Yet Believed
Key Market Developments Macro/Geopolitics: Markets are staring down a deadline tonight as President Donald Trump pushes Iran to reopen the Strait of...
China Market Analysis
Hormuz Strategy China has been assisting Iran under a 25-year strategic agreement that has 90 percent of Iranian crude going to the Middle Kingdom. Iran is...
Sugar Supply and Demand Situation
Mexico’s 2025/26 sugar production is estimated to be 5.024 million MT, reflecting about a 6 percent increase from 4.7 million MT after the past two y...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Egypt has said that it will no longer import any shipments of grain exported by Russia fro...
Livestock Industry Margins
Beef packer margins reversed sharply to -$17/head from $120/head the prior week, as rising fed cattle prices more than offset a modest decline in the Choic...
Market Commentary: The Long-Run Draws Near
The CBOT markets were surprisingly insulated from a jump in crude oil that started the week. Crude oil futures rallied to $115/brl - their highest levels s...
Farmland Consolidation
Under the theory of economies of scale, the size of farms, like that of all industries, should increase over time due to improvements in productivity. Farm...
Summary of Futures
May 26 Corn closed at $4.54/bushel, up $0.0175 from yesterday's close. May 26 Wheat closed at $5.9525/bushel, down $0.03 from yesterday's close. ...
Mercosur Regional Analysis
Argentina Corn Argentina’s corn harvest continued to advance nationwide, gaining 3.8 percentage points on the week to reach 19 percent of planted are...
The President’s 2027 Budget Proposal
President Trump unveiled his FY2027 budget proposal on Friday. The President’s budget, which is largely for positioning purposes, poses a starting po...
Transportation Perspectives - 2 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and an...
Market Commentary: War and Easter Exit Strategy
There were a lot of moving parts on the last trading day of the holiday-shortened week, but liquidation and profit-taking may have been the strongest. A pr...
Good Friday
Tomorrow, 2 April, is a holiday for the CBOT/CME markets in observance of Good Friday. Please note that our office will also be closed. The next Ag Perspec...
Poultry Production Rebounds on Heavier Weights
Through the week ending 21 March, U.S. broiler production remains well above year-ago levels, with total headcount surpassing 2.04 billion, a 3.63 percent...
Transportation Perspectives - 2 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag P...
Summary of Futures
May 26 Corn closed at $4.5225/bushel, down $0.02 from yesterday's close. May 26 Wheat closed at $5.9825/bushel, up $0.0075 from yesterday's close.&nb...
Summary of Futures
May 26 Corn closed at $4.5425/bushel, down $0.035 from yesterday's close. May 26 Wheat closed at $5.975/bushel, down $0.1875 from yesterday's close.&...
Market Commentary: Plenty of Information — No Clear Direction
Key Market Developments Macro: Tension Without Direction Markets are trading the tension between escalation and resolution — and neither side has co...
AI Disaster; Fringe Opinions; NTE 40th Update
AI Disaster Opponents of artificial intelligence, like Senator Bernie Sanders (S-Vermont), warn that the technology risks the end of the human race. So-cal...
Black Sea Regional Analysis
Russian Grain Markets: 23–27 March 2026 The Russian grains market was stable to slightly firmer during the week. Export activity and port trading rem...
Summary of Futures
May 26 Corn closed at $4.5775/bushel, up $0.02 from yesterday's close. May 26 Wheat closed at $6.1625/bushel, up $0.0925 from yesterday's close. ...
Market Commentary: Grains Rally on USDA Data, Hopes for End to Middle East Conflict
Except for lean hog futures, the CBOT and CME markets were higher on Tuesday in a combination of bullish factors. The day’s strength started after th...
Lots To Do for Congress When They Return to Washington
Congress is in recess this week ahead of the Easter and Passover holidays, with much yet to do, including ending a partial shutdown and considering the &ld...
China Market Analysis
SPS Barriers India’s rice exports to China have been accelerating, but Beijing recently rejected three shipments of non-Basmati rice, citing genetica...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Iraq’s 2026 wheat imports are seen increasing by about 8.3 percent to 2.4 million MT...
March Grain Stocks Summary
The attached PDF offers graphical depiction and analysis of the latest USDA Grain Stocks data for key commodities. The data is, of course, taken from the q...
Livestock Industry Margins
Beef packer margins eased slightly to $119/head, declining $7/head week over week as a modest softening in the cutout combined with a small increase in liv...
Summary of Futures
May 26 Corn closed at $4.5575/bushel, down $0.0625 from yesterday's close. May 26 Wheat closed at $6.07/bushel, up $0.02 from yesterday's close...
Market Commentary: CBOT Cautious Ahead of Acreage, Stocks Reports
The CBOT took a bit of a breather on Monday as traders waited for the upcoming Prospective Plantings and Grain Stocks reports, which the USDA will issue Tu...
Forlorn or Failure; Fertile or Futile; AI Impacts; Dirty Dozen Disinformation
Forlorn or Failure The spin from the WTO on the organization’s recent MC14 meetings was that a lot of decisions were adopted, progress was made, and...
Prospective Planting and Quarterly Stocks Reports Preview
The 2026 USDA Prospective Plantings Report is scheduled for release tomorrow. The report surveys farmer planting intentions for major crops, including corn...
Mercosur Regional Analysis
Argentina Corn Argentina’s corn harvest continues to advance at the national level. After a weekly gain of 2.2 percentage points, harvest has reached...
CFTC COT Report Analysis
Friday’s CFTC report showed funds expanding long positions across the major ag futures contracts for the tenth straight week. Funds added 67,000 cont...
Market Commentary: Expected Biofuel Announcement Cannot Dislodge War Worries
Thursday marked the worst day for stocks in weeks despite word on the street to “buy,” since valuations have once again become attractive. But...
Downside Risk for Wheat into 2026/27
The current rally in wheat futures is widely known to be driven by fund buying in response to the conflict in the Middle East. Part of the price gains has...
Summary of Futures
May 26 Corn closed at $4.62/bushel, down $0.05 from yesterday's close. May 26 Wheat closed at $6.05/bushel, up $0 from yesterday's close. May 2...