In June 2025, Secretary Rollins announced a five-pronged plan to enhance USDA’s ability to detect, control, and eliminate NWS. As part of that announ...
Articles
WASDE Soybeans - Feb 2026
USDA’s outlook for 2025/26 U.S. soybean supply and use projections are unchanged. As a result, the season-average soybean price is projected unchange...
China Market Analysis
Soybeans Dim Sums report that Chinese propaganda’s focus on soybean self-sufficiency has faded as Brazil has become the top foreign supplier. In shor...
WASDE Corn - Feb 2026
USDA’s outlook for 2025/26 U.S. corn is for greater exports and lower ending stocks. Exports are increased 100 million bushels to 3.3 billion, reflec...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s snowfall and rainfall have returned to more normal levels following last ye...
Market Commentary: CBOT Turns Lower on Weather, Pre-WASDE Consolidation
Except for the red-hot soyoil market, the CBOT was mostly lower on Monday, with favorable South American weather and pre-WASDE position adjustment driving...
Summary of Futures
Mar 26 Corn closed at $4.2875/bushel, down $0.015 from yesterday's close. Mar 26 Wheat closed at $5.2875/bushel, down $0.01 from yesterday's close.&n...
Argentina Beef Imports Outlook for 2026
At the 2026 Cattle Industry Convention, Secretary of Health and Human Services Robert F. Kennedy, Jr., urged producers to expand the beef herd in a “...
New Trade Agreements
Just as Donald Trump’s dismantling of the world order is said to have motivated Europe’s conclusion of trade agreements with Mercosur and India...
Mercosur Regional Analysis
After a very quiet prior week with limited activity, market conditions became significantly more active. Futures rallied early in the week after President...
CFTC COT Report Analysis
WPI recently expanded our analysis of the weekly CFTC Commitments of Traders data to include reports on the regime (trending, cyclical, or transition) of e...
Market Commentary: Geopolitics Skews the Week
It was another day of big volume in the soy complex. While soybeans closed higher for a fourth session, corn and wheat failed to follow, or perhaps their d...
Biofuels Policy: 45Z and E15
The Office of Management and Budget (OMB) has signed off on a rule for the 45Z tax credit. The credit was created by the Inflation Reduction Act of 2022 du...
Summary of Futures
Mar 26 Corn closed at $4.3025/bushel, down $0.0475 from yesterday's close. Mar 26 Wheat closed at $5.2975/bushel, down $0.055 from yesterday's close...
Volatility and Opportunity Abound in Soy Pricing
Soybean futures and the broader soy complex saw heightened volatility this week on a combination of domestic and international demand drivers. Following th...
Transportation and Export Report for 4 February 2025
U.S. grain transportation markets remain skewed by the impacts of cold weather and low water levels on the Mississippi River System, which have pushed spot...
Herrington Becomes President of World Perspectives, Inc.
Washington, DC—World Perspectives, Inc. (WPI) is a leading agricultural market analysis and consulting firm making a leadership transition marking an...
Market Commentary: Soybean Spillover Rides Another Day
There was high-volume trading in soybeans again today after hitting record levels yesterday. The enthusiasm carried over to corn and soymeal as well, and t...
Summary of Futures
Mar 26 Corn closed at $4.35/bushel, up $0.055 from yesterday's close. Mar 26 Wheat closed at $5.3525/bushel, up $0.085 from yesterday's close. ...
Rock, Paper, Scissors
Markets still do not know how to react to President Trump’s announcement that he has completed a trade deal with India. U.S. Trade Representative Jam...
Livestock Roundup: Dairy Herd
The U.S. dairy herd in 2025 expanded at the fastest pace since the 1950s and reached a level that has not occurred since the early 1990s. Based on the USDA...
Export Sales
Export Sales and Shipments for January 23-29, 2026 Wheat: Net sales of 373,900 metric tons (MT) for 2025/2026 were down 33 percent from the previous week,...
Livestock Industry Margins
Beef packer margins weakened further, with estimated net losses widening to -$233/head. While boxed beef values continued to firm, gains were outpaced by h...
Transportation Perspectives - 5 February
U.S. grain transportation markets remain skewed by the impacts of cold weather and low water levels on the Mississippi River System, which have pushed spot...
Black Sea Regional Analysis
Russian Grain Markets: 26–30 January 2026 The Russian grains market remains volatile, with bearish sentiment prevailing on the RUB export trade platf...
Market Commentary: Soybeans Surge as Trumps Says China in for Another 8 MMT
There are days in the commodity markets when it feels like nothing is happening in any market, and then there are days when it feels like everything is hap...
European Market Analysis
Milling Wheat Large supplies and strong exports of wheat from the Black Sea and Russia continue to cap upside potential for wheat. U.S. and EU market...
Disingenuous Ag Letter
Leaders of the U.S. House and Senate Agriculture Committees received a letter (See Attached) yesterday from more than two dozen “former” privat...
Summary of Futures
Mar 26 Corn closed at $4.295/bushel, up $0.01 from yesterday's close. Mar 26 Wheat closed at $5.2675/bushel, down $0.02 from yesterday's close. ...
Market Commentary: Soyoil Rallies on Stocks, Tax Credits; Livestock Futures Gain on Cash Trade
Soyoil was the upside leader in the CBOT’s Tuesday trade after the USDA’s December soyoil stocks figure came in well below expectations. Additi...
China Market Analysis
No. 1 Central Document China has released its No. 1 document for 2026, which calls for strengthening the country’s agriculture sector and rural linka...
Policy Quick Hits
Appropriations. Last Friday, the Senate passed an amended appropriations bill for the remaining FY26 funding shortfall. The measure included a two-week con...
Summary of Futures
Mar 26 Corn closed at $4.285/bushel, up $0.0275 from yesterday's close. Mar 26 Wheat closed at $5.2875/bushel, up $0.01 from yesterday's close. ...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Israel will raise import tariffs on wheat from Russia and Ukraine under a new tariff agree...
Market Commentary: Grains Fall on Weather, Strong Dollar; Cattle Surge on Inventory Numbers
The CBOT turned lower to start the week with some of the profit-taking that defined Friday’s end-of-month trade continuing into the first day of Febr...
India’s Catbird Seat; Targeting Cuba; Good and Bad GMOs
India’s Catbird Seat China is a state-run economy with formidable output, utilizing abundant, lower-cost labor. India is a democracy with a massive l...
Summary of Futures
Mar 26 Corn closed at $4.2575/bushel, down $0.025 from yesterday's close. Mar 26 Wheat closed at $5.2775/bushel, down $0.1025 from yesterday's close...
Meat Producer Price Index
Wholesale meat prices fell across the board in December, seasonally adjusted, according to Producer Price Index (PPI) data released Friday by the Bureau of...
Mercosur Regional Analysis
South America Weather Overview Argentina received some rainfall this week, but precipitation was concentrated in the northeast and western regions, with ac...
CFTC COT Report Analysis
Friday’s CFTC report showed funds building their net long position across the major ag futures contracts for the second straight week. Funds added 10...
Summary of Futures
Mar 26 Corn closed at $4.2825/bushel, down $0.025 from yesterday's close. Mar 26 Wheat closed at $5.38/bushel, down $0.035 from yesterday's close.&nb...
Market Commentary: Get Out of Dodge Friday
Although the week was mixed, there was a convincing move lower on Friday. The mood spelled exit as all the major agricultural contracts closed lower. Even...
Livestock Round Up: Cattle Inventory Report
USDA’s semi-annual cattle report was issued today. The inventory of all cattle and calves in the U.S. as of 1 January was 86,155,300 head, slightly b...
Cracking the Egg Price Mystery
Egg prices have been through a volatile 18 months, rallying sharply in LH 2024 and into early 2025 as bird flu decimated the U.S. layer flock. In early 202...
Export Sales
Export Sales and Shipments for January 16-22, 2026 Wheat: Net sales of 558,200 metric tons (MT) for 2025/2026 were down 10 percent from the previous...
Market Commentary: Weather Impacts as Commodities Move Their Own Way
Markets traded higher overnight and opened that way this morning, but the soy complex quickly gave way. Weather threatens shipments down the Mississippi, y...
Summary of Futures
Mar 26 Corn closed at $4.3075/bushel, up $0.0075 from yesterday's close. Mar 26 Wheat closed at $5.415/bushel, up $0.055 from yesterday's close. ...
Transportation and Export Report - 28 January 2026
Grain transportation was thrown into confusion this week as ice and low water levels on the Mississippi River System snarled barge traffic and caused a sur...
Livestock Round Up: Cattle Inventory Report Preview
USDA’s semi-annual cattle report will be issued on Friday. The outlook calls for the cattle herd to be 86.4 million head, down from 86.7 million head...
Transportation Perspectives - 29 January
Grain transportation was thrown into confusion this week as ice and low water levels on the Mississippi River System snarled barge traffic and caused a sur...
Black Sea Regional Analysis
Russian Grain Markets: 19–23 January 2026 The Russian grains market is volatile, showing bearish sentiments on the RUB export trade platform despite...
Market Commentary: Weak Dollar Triggers Grains Rally; Wheat Breaks Major Resistance Levels
Grains rallied across the board overnight and through Wednesday’s day session as a plunging U.S. dollar made U.S. exports more competitive. The move...
Summary of Futures
Mar 26 Corn closed at $4.3/bushel, up $0.035 from yesterday's close. Mar 26 Wheat closed at $5.36/bushel, up $0.1275 from yesterday's close. Ma...
Thailand Soy Tariffs Update
Thailand’s market is now officially reopened to soybean and soymeal imports as the government has resolved a lapse in tariff policy that caused impor...
Markets Not Government; Fueling and Building Cars; Middle Power Potential; EU Mimics China
Markets Not Government A common refrain from U.S. agriculture groups is that they prefer to get their income from the market than the government. Most of t...
Livestock Industry Margins
Beef packer margins remained deeply negative, with estimated net losses at -$185/head, little changed from the prior week. Rising boxed beef values continu...
Market Commentary: Energy Supports Soyoil, Soybeans; Weak Dollar Pushes Wheat Higher
Grain trade at the CBOT was mixed Tuesday with higher energy values supporting soyoil and soybeans while a weaker dollar and some commercial buying support...
China Market Analysis
2025 Review The Ministry of Agriculture and Rural Affairs says China produced a record 714.9 MMT of grain in 2025, an increase of 8.4 MMT, or 2.6 percent...
Summary of Futures
Mar 26 Corn closed at $4.265/bushel, down $0.0175 from yesterday's close. Mar 26 Wheat closed at $5.2325/bushel, up $0.0075 from yesterday's close.&n...
Congressional Letter on Buy-Up Coverage Rule
USDA’s Federal Crop Insurance Corporation (FCIC) published a new rule for crop insurance late last year, the Expanding Access to Risk Protection (EAR...
Middle East, Mediterranean, and Africa Regional Analysis
Mediterranean/Middle East/North Africa/Africa – MEA Region Turkey’s barley imports in 2025/26 are forecasted to reach 1.7 MMT, up from only 150...
European Market Analysis
Regional News Macroeconomic markets remain especially uncertain and chaotic, and exchange-rate volatility is having a direct impact on grain trade. P...
Summary of Futures
Mar 26 Corn closed at $4.2825/bushel, down $0.0225 from yesterday's close. Mar 26 Wheat closed at $5.225/bushel, down $0.07 from yesterday's close.&n...
Market Commentary: Grains Give Back Gains on Technical Weakness; Hogs Hit New Highs
Trade in ag commodity futures saw two diverging trends to start the week. Weakness quickly developed in grains and oilseeds amid profit taking, weak techni...
Free Trade Style; 30,000 Feet; Technology Evolution; Taxing Food
Free Trade Style Brussels realizes the mistake it made when it included agriculture in its free trade negotiations with the Mercosur countries. Proponents...
Mercosur Regional Analysis
CORN As of today, 93 percent of the expected area has been planted, representing a year-on-year delay of more than five percentage points. Some late-plante...
E15 Dropped from Appropriations Bill
In a years-long, ongoing policy battle, a provision to secure E15 was dropped at the last minute from the appropriations bill. On paper, the path forward l...
CFTC COT Report Analysis
Friday’s CFTC report showed funds maintaining positions in the major ag futures contract, breaking a four-week trend of significant net selling. Fund...
Market Commentary: Major Influences Yield Higher Day/Week
Markets moved higher today, with larger volumes trading in corn and winter wheat. While fundamentals remain broadly unchanged currently, there were several...
Cattle on Feed Report
USDA’s monthly Cattle on Feed report was released today. Total cattle on feed amounted to 11.5 million head, or 97 percent of last year. Placements w...
Summary of Futures
Mar 26 Corn closed at $4.305/bushel, up $0.065 from yesterday's close. Mar 26 Wheat closed at $5.295/bushel, up $0.14 from yesterday's close. M...
Export Sales
Export Sales and Shipments for January 9-15, 2026. Wheat: Net sales of 618,100 metric tons (MT) for 2025/2026 were up noticeably from the previous week and...