Soybeans and wheat were up; cotton was mixed; and corn was down for the
The USDA released its monthly WASDE report on Thursday. The largest surprise
in the report was increasing 2017 projected national average yield to 175.4 bu/acre, up 3.6 bu/acre from last month’s estimate and 0.8 bu/acre over last year’s all-time record. A small increase was anticipated due to favorable conditions the last two months of the growing season, but not the 3.6 bu/acre indicated in the report. Weekly Crop Progress reports indicated corn condition at 66% good-to-excellent for the week of October 29, 2017 compared to 74% good-to-excellent in 2016 (11% poor-to-very poor in 2017 compared to 7% last year), so markets were caught a little off guard by such a large increase and as a result corn futures prices decreased 6-7 cents immediately following the report release. Continue reading at Tennessee Market Highlights.