Recent Updates

Tennessee Market Highlights

Author: Chuck Danehower, Extension Area Specialist - Farm Management No Comments

Corn, cotton, soybeans, and wheat were down for the week.

Basis in Tennessee has continued to decline as record state average yields for
corn and soybeans maintain downward pressure on local markets. In September
2016, soybean basis across the state averaged 8 over the November
futures contract. This year average basis, in September, was 20 under the November contract, a 28 cent decrease in average monthly basis. Soybean basis in Tennessee typically bottoms out in October or November, so basis will likely continue to deteriorate
as the record Tennessee harvest enters the market. Currently, October basis across Tennessee averages 34 under the November futures contract. Continue reading at Tennessee Market Highlights.

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Crop Progress – Tennessee and U.S.

Author: Chuck Danehower, Extension Area Specialist - Farm Management No Comments

RAIN RETURNS TO TENNESSEE

Rain returned to Tennessee last week with rainfall amounts ranging from a trace to over three inches. These rains delayed corn, cotton, and soybean harvest, but provided much needed moisture for recently planted wheat. Yield reports remain optimistic. Pasture conditions improved with the extra moisture. There were 4.5 days suitable for field work. Topsoil moisture was 11 percent very short, 18 percent short, 68 percent adequate, and 3 percent surplus. Subsoil moisture was 10 percent very short, 19 percent short, 69 percent adequate and 2 percent surplus. Continue reading at TN_10_16_17. The U.S. Crop Progress report can be read at CropProg-10-16-2017.

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Tennessee Market Highlights

Author: Chuck Danehower, Extension Area Specialist - Farm Management No Comments

Corn and soybeans were up; wheat was down; and cotton was mixed for the
week.

On Thursday, the USDA released the October World Agriculture Supply and
Demand Estimates (WASDE) report. Analysis of the report and market reaction
for corn, soybeans, cotton, and wheat is available at Tennessee Monthly Crop Comments.

The USDA also released the Crop Production report on Thursday. Nationally, average yields for corn, soybeans, and upland cotton were estimated to be 171.8 bu/acre, 49.5 bu/acre, and 877 lbs/acre, respectively. Corn was up 1.9 bu/acre, soybeans were down 0.4 bu/acre, and upland cotton was down 19 lbs/acre from last month’s USDA estimates. The decrease in soybean yield was the biggest surprise and soybean futures reacted accordingly closing up 25-30 cents for the day. Continue reading at Tennessee Market Highlights.

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UT Commodity Market Update 10/13/2017

Author: Danny Morris, Ext Area Specialist - Farm Management No Comments

Corn: For the week, December corn futures have traded mostly sideways. Corn futures increased slightly yesterday following the USDA World Agricultural Supply and Demand Estimate (WASDE). The USDA raised the national corn yield to 171.8 BPA, up from 169.9 BPA September estimate. The increase is mostly attributed to abundant rainfall nationwide along with milder temperatures. Although ending stocks are projected to increase, the bullish news from the soybean market has spilled over into the corn market, pulling corn futures higher.   Continue reading

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Corn, soybean prospects remain promising in Tennessee

Author: Chuck Danehower, Extension Area Specialist - Farm Management No Comments

Released: October 12, 2017

Corn, soybean prospects remain promising in Tennessee

NASHVILLE, Tenn. – The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) released the October Crop Production report today, showing good yield prospects despite recent hurricanes.
“Farmer participation in the October Agricultural Yield Survey allowed us the opportunity to properly assess damage from rains and wind generated by recent hurricanes since our September forecasts,” said Debra Kenerson, Tennessee State Statistician. “We appreciate their cooperation. The survey results show that the damage occurred primarily in preventing harvest of acreages lost to flooding and lodging. Yield prospects remain promising, with all but cotton and tobacco showing an increase in expected yields. Expected cotton yields remained steady while tobacco yields were expected to decrease because of the wet weather.” Continue reading at OctCrop17_TN.

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Supply & Demand Estimates and Profitability Outlook

Author: Chuck Danehower, Extension Area Specialist - Farm Management No Comments

October 12, 2017 – USDA World Supply and Demand Estimates

 

Corn

Market Reaction: December 2017 corn futures closed up 3 cents at $3.49 with a trading range for the day of $3.42 ½ to $3.54. December 2018 corn futures closed up 2 ½ cents at $3.94 ¾ with a trading range for the day of $3.89 ¼ to $3.99 ¾. The December 2017 contract set a new low at 11am when the report was released, however prices increased 11 cents in the minutes after the report was released before retreating throughout the remainder of the day to close up 3 cents. Yield was increased 1.9 bu/acre (bearish), harvested acreage was decreased 400,000 acres (bullish), and total use was increased 35 million bushels (bullish). At the end of the day, US ending stocks were projected up 5 million bushels at 2.34 billion (bearish) and foreign stocks were projected down 65 million bushels at 5.571 billion (bullish). Continue reading for additional comments and Profitability Outlook  update at Supply & Demand Estimates and Profitability Outlook.

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