Corn, cotton, and wheat were up; and soybeans were down for the week. The nearby corn futures contract has traded between $3.01 (8/29/16) and $4.43 ¼ (7/13/15) since July 2014. 1,270 calendar days when the nearby contract has traded in a $1.42 range. As of the market close today, the nearby contract was $3.52, in the middle-to-lower end of the long-term range. Looking towards 2018 it is very unlikely that nearby corn futures will exit this long term trading range. Large global and domestic stocks of corn and other grains will limit rallies in the nearby futures contract. As such, producers may want to evaluate opportunities in deferred futures contracts and/or improvements in local basis as a path to higher prices. Given record corn yields in Tennessee a few extra cents per bushel can greatly assist producer profitability. Continue reading at Tennessee Market Highlights.
22 Dec 2017