Feed Grains
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Black Sea Regional Analysis
Russian Grain Markets: 4 - 8 May 2026 During the week under review, the Russian grain market began showing more bullish sentiment despite the traditionally slow pace of business during the May holiday period. Russia celebrates several holidays during early May, with Victory Day on 9 May being t...
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Black Sea Regional Analysis
Russian Grain Markets: 4 - 8 May 2026 During the week under review, the Russian grain market began showing more bullish sentiment despite the traditionally slow pace of business during the May holiday period. Russia celebrates several holidays during early May, with Victory Day on 9 May being t...
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Soy & Oilseeds
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...
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Black Sea Regional Analysis
Russian Grain Markets: 4 - 8 May 2026 During the week under review, the Russian grain market began showing more bullish sentiment despite the traditionally slow pace of business during the May holiday period. Russia celebrates several holidays during early May, with Victory Day on 9 May being t...
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...
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Black Sea Regional Analysis
Russian Grain Markets: 4 - 8 May 2026 During the week under review, the Russian grain market began showing more bullish sentiment despite the traditionally slow pace of business during the May holiday period. Russia celebrates several holidays during early May, with Victory Day on 9 May being t...
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Wheat
This is a test of the time zone system
This is some random text. Anyone watching this video will know I'm bad at typing and spelling. They'll wonder how I managed to get this far in life. Honestly, I do too. Anyway, here is more text. Text. Text. Text. Lots of Text. Fun times. Is this enough text? WHo knows...
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...
This is a test of the time zone system
This is some random text. Anyone watching this video will know I'm bad at typing and spelling. They'll wonder how I managed to get this far in life. Honestly, I do too. Anyway, here is more text. Text. Text. Text. Lots of Text. Fun times. Is this enough text? WHo knows...
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...
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Livestock
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
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...
Biofuels
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...
Al Gore and the Unidentified Opportunity Costs
Twenty years ago, An Inconvenient Truth helped bring climate risk into the public foreground. Al Gore’s film and book contributed to a transformation in how climate change was understood, moving it from a largely scientific discussion into a broad political and cultural movement. Its infl...
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...
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...
Al Gore and the Unidentified Opportunity Costs
Twenty years ago, An Inconvenient Truth helped bring climate risk into the public foreground. Al Gore’s film and book contributed to a transformation in how climate change was understood, moving it from a largely scientific discussion into a broad political and cultural movement. Its infl...
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...
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 closure of the Strait of Hormuz in the Persian Gulf, U.S. ethanol margins were already trending above year-ago levels by $0.10-0.20/gallon...
Farm Inputs
Conflict in the Gulf: Impacts on Shipping and Energy
For weeks now, global energy and geopolitical markets have been speculating about a possible conflict in the Middle East between Iran and the U.S., but they still seemed unprepared and entirely surprised by what happened this weekend. Without going into the details that news outlets have alrea...
Phosphate and Potash Added to Critical Minerals List
The Department of the Interior has added phosphate and potash, two key fertilizer ingredients, to the official Critical Minerals List. They are part of 60 minerals deemed vital to the U.S. economy and national security, with 10 of those being newly listed, that face potential risks from disrupt...
Oil Cost and Input Forecast
According to the latest Short Term Energy Outlook (STEO), U.S. petroleum production is forecast to hit 13.41 million barrels per day (bpd) in 2025 due primarily to improved well productivity. Increased supply will lower prices in 2026 and result in a fall in output to 13.28 million bpd in...
Conflict in the Gulf: Impacts on Shipping and Energy
For weeks now, global energy and geopolitical markets have been speculating about a possible conflict in the Middle East between Iran and the U.S., but they still seemed unprepared and entirely surprised by what happened this weekend. Without going into the details that news outlets have alrea...
Phosphate and Potash Added to Critical Minerals List
The Department of the Interior has added phosphate and potash, two key fertilizer ingredients, to the official Critical Minerals List. They are part of 60 minerals deemed vital to the U.S. economy and national security, with 10 of those being newly listed, that face potential risks from disrupt...
Oil Cost and Input Forecast
According to the latest Short Term Energy Outlook (STEO), U.S. petroleum production is forecast to hit 13.41 million barrels per day (bpd) in 2025 due primarily to improved well productivity. Increased supply will lower prices in 2026 and result in a fall in output to 13.28 million bpd in...
Summary of Futures
May 25 Corn closed at $4.515/bushel, down $0.0475 from yesterday's close. May 25 Wheat closed at $5.3675/bushel, down $0.11 from yesterday's close. May 25 Soybeans closed at $9.99/bushel, down $0.125 from yesterday's close. May 25 Soymeal closed at $293.5/short ton, down $4.5...
Equities
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
Summary of Futures
Jul 26 Corn closed at $4.7525/bushel, up $0.04 from yesterday's close. Jul 26 Wheat closed at $6.34/bushel, up $0.15 from yesterday's close. Jul 26 Soybeans closed at $12.13/bushel, up $0.05 from yesterday's close. Jul 26 Soymeal closed at $324.8/short ton, up $5.1 from yester...
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
Summary of Futures
Jul 26 Corn closed at $4.7525/bushel, up $0.04 from yesterday's close. Jul 26 Wheat closed at $6.34/bushel, up $0.15 from yesterday's close. Jul 26 Soybeans closed at $12.13/bushel, up $0.05 from yesterday's close. Jul 26 Soymeal closed at $324.8/short ton, up $5.1 from yester...
Summary of Futures
Jul 26 Corn closed at $4.7125/bushel, up $0.0375 from yesterday's close. Jul 26 Wheat closed at $6.19/bushel, up $0.0675 from yesterday's close. Jul 26 Soybeans closed at $12.08/bushel, up $0.1575 from yesterday's close. Jul 26 Soymeal closed at $319.7/short ton, up $0.8 from...
Energy
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
Market Commentary: War, Weather, and Waiting
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
Summary of Futures
Jul 26 Corn closed at $4.8075/bushel, up $0.0075 from yesterday's close. Jul 26 Wheat closed at $6.755/bushel, down $0.035 from yesterday's close. Jul 26 Soybeans closed at $12.29/bushel, up $0.0225 from yesterday's close. Jul 26 Soymeal closed at $338.5/short ton, up $10.1 fr...
Summary of Futures
Jul 26 Corn closed at $4.8/bushel, up $0.0475 from yesterday's close. Jul 26 Wheat closed at $6.79/bushel, up $0.45 from yesterday's close. Jul 26 Soybeans closed at $12.2675/bushel, up $0.1375 from yesterday's close. Jul 26 Soymeal closed at $328.4/short ton, up $3.6 from yes...
Summary of Futures
Jul 26 Corn closed at $4.7525/bushel, up $0.04 from yesterday's close. Jul 26 Wheat closed at $6.34/bushel, up $0.15 from yesterday's close. Jul 26 Soybeans closed at $12.13/bushel, up $0.05 from yesterday's close. Jul 26 Soymeal closed at $324.8/short ton, up $5.1 from yester...
Softs
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long positions across the major ag futures contracts for the third straight week as weather concerns sustained risk-on buying. Funds added 97,000 contracts (9.8 percent) to their all-ags net long position last week, essentially reversing the...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long position across the major ag futures contracts after a two week break as deteriorating negotiations in the Middle East and the emergence of weather concerns triggered risk-on buying. Funds bought 40,000 contracts (4.7 percent) to their...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts for the second straight week as signs of hope in the Middle East triggered an exit of geological “risk on” trades from commodity markets. Funds sold 40,000 contracts (4...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long positions across the major ag futures contracts for the third straight week as weather concerns sustained risk-on buying. Funds added 97,000 contracts (9.8 percent) to their all-ags net long position last week, essentially reversing the...
CFTC COT Report Analysis
Friday’s CFTC report showed funds adding to net long position across the major ag futures contracts after a two week break as deteriorating negotiations in the Middle East and the emergence of weather concerns triggered risk-on buying. Funds bought 40,000 contracts (4.7 percent) to their...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts for the second straight week as signs of hope in the Middle East triggered an exit of geological “risk on” trades from commodity markets. Funds sold 40,000 contracts (4...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts, ending a ten-week streak of net buying. Funds sold 62,000 contracts (6.4 percent) to their all-ags net long position last week with selling in corn, soybeans, and CBOT wheat respon...
Macroeconomics
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...
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...
Policy Potpourri
Tax Policy Teed Up The debate over taxes on billionaires is heating up a larger fight over tax policy for the next U.S. Congress. This is good news because a fight solely over whether the wealthy are evil overlooks many larger issues plaguing the system. The journalist Josh Barro says that ever...
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...
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...
Policy Potpourri
Tax Policy Teed Up The debate over taxes on billionaires is heating up a larger fight over tax policy for the next U.S. Congress. This is good news because a fight solely over whether the wealthy are evil overlooks many larger issues plaguing the system. The journalist Josh Barro says that ever...
Solid Jobs Report, but the Devil is in the Details
Nonfarm payrolls rose 115,000 in April, beating the consensus expectation for a gain of 65,000. Payroll gains for February and March were revised down by a combined 16,000, resulting in a net gain of 99,000, including revisions. The largest increases in April were health care and social a...
Pulses
MAHA: More Pulses? Does it Matter?
The Make America Healthy Again (MAHA) movement, spearheaded by the Secretary of Health and Human Services Department includes a lot of transformational goals, and some goals that are objectively silly. For example, Coca-Cola is transitioning back to sugar for some of its soft drinks, an announc...
Year of the Pulse
The International Grains Council (IGC) announced that it will include pulses in its definition of grains and expand market information on these products. Trade in pulses has been increasing as they grow in stature as a staple food and plant-based protein. The pod-based seeds of the legume famil...
An IPO-Level Look at the Veggie Burger Sector
Beyond Meat, the maker of a vegetable protein meat alternative product, is preparing for an IPO. It will be offering 8.75 million shares at $19-21, which would raise $175 million at the mid-point price. The company’s cornerstone product is the Beyond Burger, which is now available at a nu...
MAHA: More Pulses? Does it Matter?
The Make America Healthy Again (MAHA) movement, spearheaded by the Secretary of Health and Human Services Department includes a lot of transformational goals, and some goals that are objectively silly. For example, Coca-Cola is transitioning back to sugar for some of its soft drinks, an announc...
Year of the Pulse
The International Grains Council (IGC) announced that it will include pulses in its definition of grains and expand market information on these products. Trade in pulses has been increasing as they grow in stature as a staple food and plant-based protein. The pod-based seeds of the legume famil...
An IPO-Level Look at the Veggie Burger Sector
Beyond Meat, the maker of a vegetable protein meat alternative product, is preparing for an IPO. It will be offering 8.75 million shares at $19-21, which would raise $175 million at the mid-point price. The company’s cornerstone product is the Beyond Burger, which is now available at a nu...
Indian Subcontinent Regional Analysis
Higher Early Sugar Production and Slow Exports Could Pressure Prices Due to the early start of the 2018/19 sugarcane crushing season, Indian sugar mills were able to produce 21.93 MMT of sugar as of 15 February 2019 versus 20.36 MMT at the same point a year ago, an increase of 7.71 percent. Ano...
Freight
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 “...
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...
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...
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 “...
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...
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...
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...