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...
Articles
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...
Grassley and Smith Introduce Meat Industry Consolidation Bill
Previously, on 24 March, WPI wrote about fertilizer consolidation and an effort by Majority Leader John Thune to introduce mandatory price reporting for fe...
Transportation Perspectives - 27 March
President Trump’s announcement on Monday this week that the U.S. would postpone any attacks on Iranian energy facilities for five days increased hope...
Export Sales
Export Sales and Shipments for March 13-19, 2026. Wheat: Net sales of 397,200 metric tons (MT) for 2025/2026 were up noticeably from the previous wee...
Summary of Futures
May 26 Corn closed at $4.67/bushel, down $0.0025 from yesterday's close. May 26 Wheat closed at $6.05/bushel, up $0.0725 from yesterday's close. ...
Market Commentary: War Worries Continue to Drive the Narrative
War-related higher energies are a mixed story for ags. They could stymie economic growth and thus demand, but they open the door for better biofuel sales...
Why Beef and Pork Prices May Fall Despite Strong Demand
Beef prices dropped sharply this week, with the Choice cutout down about $11/cwt in the past six trading days. The move unnerved live cattle futures on Wed...
Livestock Roundup: Quarterly Hogs and Pigs Report
USDA released its quarterly hogs and pigs report today. The inventory of all hogs and pigs on 1 March was 74.3 million head, up slightly from March 2025 bu...
Transportation Perspectives - 26 March
President Trump’s announcement on Monday this week that the U.S. would postpone any attacks on Iranian energy facilities for five days increased hope...
Summary of Futures
May 26 Corn closed at $4.6725/bushel, up $0.0475 from yesterday's close. May 26 Wheat closed at $5.9775/bushel, up $0.0775 from yesterday's close.&nb...
Market Commentary: Demand Builds, Markets Await Confirmation
Key Market Developments Macro: Playing or Trading “Truth or Dare” We’ve entered the “truth or dare” phase of this market &md...
Early 2026 Projections of Cow-Calf Finances
Cow-calf margins hit all-time record highs in 2025 as the industry benefited from the downstream impacts of record-breaking beef demand and the smallest be...
Iran War Impacts; Trade Agreements
Iran War Impacts Confidence in the economy is often tied to partisan politics, with Democrats seeing green when they control the White House, and Republica...
Black Sea Regional Analysis
Russian Grain Markets: 16–20 March 2026 During the second week of February, the Russian grains market showed a sharp divergence between domestic and...
Summary of Futures
May 26 Corn closed at $4.625/bushel, up $0.03 from yesterday's close. May 26 Wheat closed at $5.9/bushel, up $0.0225 from yesterday's close. Ma...
Market Commentary: Diminishing Energy Impacts on CBOT Trade
Tuesday’s energy markets took back about half of Monday’s losses as tensions in the Arab Gulf flared again, despite recent announcements of dip...
China Market Analysis
Balanced Trade Bilateral trade in both directions between the U.S. and China has slowed, but Chinese Premier Li Qiang told last week’s meeting of the...
Thune Introduces Fertilizer Price Reporting Bill
The war in Iran has brought the four-year simmering focus on fertilizer prices to a quick boil. Senate Majority Leader John Thune (R-South Dakota) in...