Terrain Research

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High Rail Fuel Surcharges Aren’t Only Basis Factor

The Full Cost of Record Diesel Prices Has Yet to Reach Rail Escalating geopolitical tensions involving Russia, Ukraine and Iran have spiked crude oil and diesel prices. With diesel fuel

How Farms Are Using AI in 2026

Artificial intelligence is making its way onto the farm. About 15% of farms indicate they use AI, with office tasks making up a far higher share than agronomic tasks. That’s

Machinery Cost per Acre Expected to Stay High

Sales of new large farm tractors and combines in the U.S. continue to struggle in 2026. Farmers, who have faced consecutive years of tight crop margins, have held back on

Better Margins, Bigger Questions for Soybeans

Price volatility, and potential opportunities for farmers, this quarter will be tied to USDA supply estimates, crush demand, export sales to China, and the outlook for Brazil’s crop. Regional Supplies

Lower Hog Prices, Higher Feed Costs Reshape Margin Outlook

The forward hog margin outlook has weakened noticeably, shifting from modest profitability to breakeven or outright losses across much of the production curve. On July 28, projected 12-month average margins

Patience in the Cornfield

Bin There, Done That The USDA’s September 1 grain stocks report shocked the corn market, reporting 2.095 billion bushels (BBU) of old-crop ending stocks (and subsequently rising new-crop beginning stocks).

Threads Tighten

The 2026/27 U.S. cotton crop has faced severe weather, reducing production prospects as we end the growing season. Globally, continued growth in mill use in the face of a decline

Margin Math Demands Closer Attention

Milk production in the U.S. continues its march higher, and the wild shifts in consumer priorities for high-protein products have sparked the volatility in markets that I anticipated in previous

Sweeter Prospects for Sugar Beet Profits in 2027

Following sizable reported losses in 2025/26, 2026/27 looks to be another year of the same for sugar beet farmers. However, I forecast losses to narrow on average, with a near

Wine Export Update: All Eyes on Canada

Trade Tensions Have Severely Damaged U.S. Wine Exports Exports are an important sales channel to many U.S. wineries. They’ve declined gradually over the past decade due to structural factors, but