Corn, soybeans, and wheat were down; cotton was mixed for the week.
The average cash price for a bushel of soybeans, in Tennessee, fell to $8.94
on Thursday, June 22. This is the lowest average price since March 15, 2016.
Similarly, harvest cash forward contracts (October/November delivery)
dipped to an average of $9.01/bu, the lowest since March 18, 2016. For soybean prices to improve, it is likely that one (or both of the following will need to happen: 1) export sales will need to rebound – export sales for this marketing year have been strong, however recent weeks export sales commitments have been underwhelming (4.2 million bushels this past (reported) week for the 2016/17 and 2017/18 marketing years combined) and sales commitments for the 2017/18 marketing year are substantially lower than past years (3.4 MMT compared to 6.2, 6.0, and 10.3 MMT for the previous 3 years at the same time in the marketing year); Continue reading at Tennessee Market Highlights.