Corn and wheat were down; soybeans and cotton were up for the week. On Thursday and Friday, the USDA held its 94th annual Outlook Conference. The conference provides USDA’s initial estimates for the forth coming marketing year (2018/19).
The USDA currently projects corn acres planted at 90.0 million acres and harvested
acres at 82.7 million acres. Yield is a trend line estimate of 174 bu/acre. Total production is projected at 14.39 billion bushels, down 1.5% from 2017. Total use is projected at 14.52 billion bushels resulting in a decrease in ending stocks from 2.352 to 2.272 billion bushels. Continue reading at Tennessee Market Highlights.