Corn, cotton, soybeans, and wheat were up for the week. Prices were up this week after last week’s USDA reports release. Export sales remain important for old crop prices. Currently, corn, soybean, and wheat sales are behind the export sales pace required to meet USDA’s marketing year projection. Corn export sales commitments are currently 2% behind the 5-year average, while wheat and soybeans lag the 5-year average by 6% and 14%, respectively. Cotton export commitments are currently exceeding the 5-year average pace by 11%.
Closing the export sales gap for corn, soybeans, and wheat will be essential to avoid further buildup of domestic stocks. Cotton exports continue to fuel the nearby futures rally, however, harvest 2018 futures have been resistant to moving beyond 75-76 cents. New crop relative prices between corn, soybean, and cotton will be closely followed as producers gear up for 2018 planting. Continue reading at Tennessee Market Highlights.