WASDE Soybeans - May 2026
USDA’s initial outlook for 2026/27 U.S. soybeans is that increased production will be offset by strong demand for soybean oil as a biofuel. The soybean oil price is forecast at 70 cents per pound – up about 7 cents. Active crushing is expected to reduce U.S. soybean ending stocks to...
WASDE Corn - May 2026
USDA’s initial outlook for 2026/27 corn is that the U.S. remains the largest global exporter. The season-average farm price is projected to increase to $4.40 per bushel, up 25 cents. World corn imports are forecast to rise 1 percent...
WASDE Wheat - May 2026
USDA’s initial outlook for 2026/27 U.S. wheat is for a significant reduction in Hard Red Winter wheat: The expectation is for an 18 percent decline in ending stocks and a $1.50-bushel increase in the seasonal average farm price to $6.50 per bushel. Total global wheat production is e...
Policy Roundup
A federal appeals court paused a USITC ruling against President Trump’s use of Section 122 to impose 10-percent global tariffs. A bipartisan group of 80 House members asked USTR to investigate specialty crop imports from Mexico for unfair trade practices. India notified the WT...
FOB Prices and Freight Rates App (Updated 13 May)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “...
Market Commentary: USDA Slashes Wheat Outlook, Soy Balance Sheet Heavily Yield-Dependent
What You Need to Know Today: Iran says its definition of the Strait of Hormuz is now a “vast operation area” that stretches from Jask to Siri Island. The White House said President Trump did not sign a suspension of the TRQs on beef imports but is “finalizing potential...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Soybeans
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
U.S. to Temporarily Suspend TRQs on Over-Quota Tariffs on Beef
The Trump Administration is planning a suspension of tariff rate quotas (TRQs) on beef from all exporters for 200 days as a means to address high beef prices in the U.S. U.S. cattle and beef prices have increased based on exceptionally strong consumer demand, the smallest U.S. cattle herd in 75...
DOJ USDA Give Update on Antitrust Investigation into Beef Packing
At a joint press conference last week between the Department of Justice and USDA, Acting Attorney General Todd Blanche stated that he and Rollins were present to “... talk about our progress here at the Justice Department to hold meat packers accountable.” The structure of the beef...
Mercosur Regional Analysis
CORN Argentina’s corn harvest remains practically paralyzed, with weekly progress of less than 2 percent, in sharp contrast to soybeans, which advanced 16 percentage points. Rainfall across much of the agricultural region, with accumulations exceeding 100 mm and strong winds in southeaste...
Market Commentary: Equities Easily Outperform Ags
What You Need to Know Today Ag markets have placed bets on new soybean demand from China after next week’s Xi-Trump meeting. While the media predicts no major deals or agreements, Beijing sees Trump as transactional so it will “buy” some stability, and soybeans are relatively...
Transportation Perspectives - 7 May
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscribe o...
Mercosur Regional Analysis
CORN Argentina In Argentina, after several weeks of intense and frequent rainfall, weather conditions have improved, with clear days, dry cold, and wind supporting both soil and grain drying. Harvest activity has resumed; however, producers continue to prioritize soybeans, limiting progress in...
U.S. and Global Soy Crush Forecasts
WPI recently completed an expansion of our methodology for estimating and forecasting U.S. and global soybean crushing margins. The new approach incorporates the energy market’s expanding influence on the oilseed sector and the structural changes in global biofuel demand. This report is i...
Transportation Perspectives - 30 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscr...
Mercosur Regional Analysis
Argentina Corn Intermittent rains of varying intensity continue to disrupt Argentina’s corn harvest across key agricultural regions. Dry windows have not been sufficient to improve field conditions or reduce grain moisture, keeping progress slow and prompting many producers to prioritize...
E15: What Does It Mean?
Previous administrations—including that of President Donald Trump—have promoted domestic consumption of corn and soybeans through expanded biofuel mandates and subsidies. The original framework for this policy was the Energy Independence and Security Act of 2007, which required the...
Transportation Perspectives - 23 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscr...
Aid versus Trade; Idealism versus Competition; AI and Ag; Untethered Presidency
Aid versus Trade Development assistance has a long and unsatisfying history. The causes of poverty were long ago identified as poor governance and the lack of rule of law. But the UN could not criticize the national leaders that form its membership, and so for decades development assistance has...
Mercosur Regional Analysis
Argentina Corn Rains continued across Argentina’s core agricultural regions, with additional heavy accumulations keeping rural roads largely impassable and further slowing the corn harvest. Harvest progress remains limited at approximately 3 percent per week. At the same time, farmers are...
Transportation Perspectives - 16 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscr...
War Impacts; Taxes and Tariffs
War Impacts May soybeans are now within a penny of their value two weeks ago, and May corn is back up to within half a percent of its price at that time. The S&P closed above 7,000 for the first time, and the Nasdaq hit a record high. The cost of gasoline is about 15 percent higher th...
Mercosur Regional Analysis
CORN With a rainy start to April and excess moisture across much of Argentina’s agricultural region, the corn harvest has slowed, advancing just 2 percentage points over the past week to reach 21 percent of the total area. Rainfall during the second and third dekads of March was significa...
Transportation Perspectives - 10 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscribe online after this date to...
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 years of weather-affected output, including both persistent drought and ill-timed rains. Nonetheless, production remains near the low end com...
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 area. Fieldwork maintained a solid pace across most of the agricultural region, with the national average yield currently estimated at 8.53 MT/...
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, soybeans, and wheat. It also asks about 2025 planted and prevent-plant acres. This report gives the first real snapshot of what planted ac...
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 15.2 percent of the suitable area. Although recent rainfall has partially limited fieldwork, it has not had a significant impact on overall...
War in Iran Taking Toll on Meat Exports Globally and U.S. Agriculture
The war in Iran is taking a toll on meat exports as well as fuel and fertilizer. As noted in a letter to the Administration, “Maritime freight disruptions from the ongoing conflict in Iran pose significant consequences to food security here at home and around the world.” This comes...
Mercosur Regional Analysis
CORN Argentina’s corn harvest continues to move forward and has now reached 13 percent of planted area, with fieldwork still concentrated in the North Core. Progress there remains steady, and yields are averaging 9.82 MT/ha. Harvest is also beginning to pick up in the South Core, where ea...
Soy Product Pricing and Crush Margins Amid Energy Uncertainty
Volatility has been the key word for commodity markets lately, especially the energy complex and anything loosely tied to it. The effective derivatives of the energy complex include, through the linkages of biodiesel, soyoil, and soybeans, and these markets have seen incredible rallies this yea...
Transportation Perspectives - 19 March
As you probably guessed, the ongoing conflict in the Middle East continues to drive market sentiment for energy markets and tanker vessel rates. While there have been several developments in the region this week, the big picture factors are the same: the Strait of Hormuz is all but sealed to ve...
Administration Takes Aim at Fertilizer Prices
The war in Iran is impacting not only crude oil prices but also fertilizer prices. It is a supply issue, and thus the Treasury Department has announced new waivers for Venezuela to provide price relief and reduce the threat of shortages. It is not clear, however, whether this will be enough to...
Mercosur Regional Analysis
Corn After a week-on-week advance of 3.6 percentage points, the corn harvest reached 7.2 percent of the national area, with fieldwork concentrated mainly in Núcleo Norte and the east-central area of Entre Ríos, where yields are averaging 9.57 MT/ha and 6.52 MT/ha, respectively. Ea...
WASDE Soybeans - May 2026
USDA’s initial outlook for 2026/27 U.S. soybeans is that increased production will be offset by strong demand for soybean oil as a biofuel. The soybean oil price is forecast at 70 cents per pound – up about 7 cents. Active crushing is expected to reduce U.S. soybean ending stocks to...
WASDE Corn - May 2026
USDA’s initial outlook for 2026/27 corn is that the U.S. remains the largest global exporter. The season-average farm price is projected to increase to $4.40 per bushel, up 25 cents. World corn imports are forecast to rise 1 percent...
WASDE Wheat - May 2026
USDA’s initial outlook for 2026/27 U.S. wheat is for a significant reduction in Hard Red Winter wheat: The expectation is for an 18 percent decline in ending stocks and a $1.50-bushel increase in the seasonal average farm price to $6.50 per bushel. Total global wheat production is e...
Policy Roundup
A federal appeals court paused a USITC ruling against President Trump’s use of Section 122 to impose 10-percent global tariffs. A bipartisan group of 80 House members asked USTR to investigate specialty crop imports from Mexico for unfair trade practices. India notified the WT...
FOB Prices and Freight Rates App (Updated 13 May)
WPI Grain Prices and Freight Rate App Note: you can also visit the app directly by clicking here. Supplemental Information The section below offers a concise view of the options available in the current version of the WPI FOB Price and Freight Rate app, along with a short “...
Market Commentary: USDA Slashes Wheat Outlook, Soy Balance Sheet Heavily Yield-Dependent
What You Need to Know Today: Iran says its definition of the Strait of Hormuz is now a “vast operation area” that stretches from Jask to Siri Island. The White House said President Trump did not sign a suspension of the TRQs on beef imports but is “finalizing potential...
AP Quant: WASDE Wheat
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Soybeans
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
AP Quant: WASDE Corn
WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive compilation of relevant market factors, only those which we feel are of top priority. WPI will seek to expand the offerings in this report and w...
U.S. to Temporarily Suspend TRQs on Over-Quota Tariffs on Beef
The Trump Administration is planning a suspension of tariff rate quotas (TRQs) on beef from all exporters for 200 days as a means to address high beef prices in the U.S. U.S. cattle and beef prices have increased based on exceptionally strong consumer demand, the smallest U.S. cattle herd in 75...
DOJ USDA Give Update on Antitrust Investigation into Beef Packing
At a joint press conference last week between the Department of Justice and USDA, Acting Attorney General Todd Blanche stated that he and Rollins were present to “... talk about our progress here at the Justice Department to hold meat packers accountable.” The structure of the beef...
Mercosur Regional Analysis
CORN Argentina’s corn harvest remains practically paralyzed, with weekly progress of less than 2 percent, in sharp contrast to soybeans, which advanced 16 percentage points. Rainfall across much of the agricultural region, with accumulations exceeding 100 mm and strong winds in southeaste...
Market Commentary: Equities Easily Outperform Ags
What You Need to Know Today Ag markets have placed bets on new soybean demand from China after next week’s Xi-Trump meeting. While the media predicts no major deals or agreements, Beijing sees Trump as transactional so it will “buy” some stability, and soybeans are relatively...
Transportation Perspectives - 7 May
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscribe o...
Mercosur Regional Analysis
CORN Argentina In Argentina, after several weeks of intense and frequent rainfall, weather conditions have improved, with clear days, dry cold, and wind supporting both soil and grain drying. Harvest activity has resumed; however, producers continue to prioritize soybeans, limiting progress in...
U.S. and Global Soy Crush Forecasts
WPI recently completed an expansion of our methodology for estimating and forecasting U.S. and global soybean crushing margins. The new approach incorporates the energy market’s expanding influence on the oilseed sector and the structural changes in global biofuel demand. This report is i...
Transportation Perspectives - 30 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscr...
Mercosur Regional Analysis
Argentina Corn Intermittent rains of varying intensity continue to disrupt Argentina’s corn harvest across key agricultural regions. Dry windows have not been sufficient to improve field conditions or reduce grain moisture, keeping progress slow and prompting many producers to prioritize...
E15: What Does It Mean?
Previous administrations—including that of President Donald Trump—have promoted domestic consumption of corn and soybeans through expanded biofuel mandates and subsidies. The original framework for this policy was the Energy Independence and Security Act of 2007, which required the...
Transportation Perspectives - 23 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscr...
Aid versus Trade; Idealism versus Competition; AI and Ag; Untethered Presidency
Aid versus Trade Development assistance has a long and unsatisfying history. The causes of poverty were long ago identified as poor governance and the lack of rule of law. But the UN could not criticize the national leaders that form its membership, and so for decades development assistance has...
Mercosur Regional Analysis
Argentina Corn Rains continued across Argentina’s core agricultural regions, with additional heavy accumulations keeping rural roads largely impassable and further slowing the corn harvest. Harvest progress remains limited at approximately 3 percent per week. At the same time, farmers are...
Transportation Perspectives - 16 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscr...
War Impacts; Taxes and Tariffs
War Impacts May soybeans are now within a penny of their value two weeks ago, and May corn is back up to within half a percent of its price at that time. The S&P closed above 7,000 for the first time, and the Nasdaq hit a record high. The cost of gasoline is about 15 percent higher th...
Mercosur Regional Analysis
CORN With a rainy start to April and excess moisture across much of Argentina’s agricultural region, the corn harvest has slowed, advancing just 2 percentage points over the past week to reach 21 percent of the total area. Rainfall during the second and third dekads of March was significa...
Transportation Perspectives - 10 April
WPI has officially launched Transportation Perspectives as a standalone weekly report separate from our Ag Perspectives articles and analysis. Current Ag Perspectives subscribers will have gratis access to the report through 16 April 2026. Please email us or subscribe online after this date to...
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 years of weather-affected output, including both persistent drought and ill-timed rains. Nonetheless, production remains near the low end com...
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 area. Fieldwork maintained a solid pace across most of the agricultural region, with the national average yield currently estimated at 8.53 MT/...
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, soybeans, and wheat. It also asks about 2025 planted and prevent-plant acres. This report gives the first real snapshot of what planted ac...
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 15.2 percent of the suitable area. Although recent rainfall has partially limited fieldwork, it has not had a significant impact on overall...
War in Iran Taking Toll on Meat Exports Globally and U.S. Agriculture
The war in Iran is taking a toll on meat exports as well as fuel and fertilizer. As noted in a letter to the Administration, “Maritime freight disruptions from the ongoing conflict in Iran pose significant consequences to food security here at home and around the world.” This comes...
Mercosur Regional Analysis
CORN Argentina’s corn harvest continues to move forward and has now reached 13 percent of planted area, with fieldwork still concentrated in the North Core. Progress there remains steady, and yields are averaging 9.82 MT/ha. Harvest is also beginning to pick up in the South Core, where ea...
Soy Product Pricing and Crush Margins Amid Energy Uncertainty
Volatility has been the key word for commodity markets lately, especially the energy complex and anything loosely tied to it. The effective derivatives of the energy complex include, through the linkages of biodiesel, soyoil, and soybeans, and these markets have seen incredible rallies this yea...
Transportation Perspectives - 19 March
As you probably guessed, the ongoing conflict in the Middle East continues to drive market sentiment for energy markets and tanker vessel rates. While there have been several developments in the region this week, the big picture factors are the same: the Strait of Hormuz is all but sealed to ve...
Administration Takes Aim at Fertilizer Prices
The war in Iran is impacting not only crude oil prices but also fertilizer prices. It is a supply issue, and thus the Treasury Department has announced new waivers for Venezuela to provide price relief and reduce the threat of shortages. It is not clear, however, whether this will be enough to...
Mercosur Regional Analysis
Corn After a week-on-week advance of 3.6 percentage points, the corn harvest reached 7.2 percent of the national area, with fieldwork concentrated mainly in Núcleo Norte and the east-central area of Entre Ríos, where yields are averaging 9.57 MT/ha and 6.52 MT/ha, respectively. Ea...