Corn, soybeans, cotton, and wheat were up for the week. This week saw significant improvements in futures prices for all four commodities. Corn closed up 7-11 cents; soybeans closed up 9-24 cents; wheat closed up 33-36 cents; and cotton closed up 0.28-0.75 cents. The rally was fueled primarily by four factors: 1) continued dry weather concerns in Argentina, 2) continued buying by managed money, 3) strong export sales, and 4) drought concerns in the Southern and Northcentral Plains in the US. All four factors will continue to influence prices next week.
Improved futures prices are a welcome sight by producers looking to price crop prior to planting, however, a potential fly-in-theointment of commodity prices could emerge from this week’s announcement by President Trump of potential tariffs on steel (25%)
and aluminum (10%). These tariffs could result in retaliatory action from trade partners that could have a detrimental impact on agricultural exports, particularly China. Continue reading at Tennessee Market Highlights.