Corn, soybeans, and wheat were up; cotton was mixed for the week.
In July, commodity markets were driven by weather and trade disputes. For most of the major corn and soybean producing regions in the United States, growing conditions have been very good, as a result many are expecting yields to be above trend line (early national average yield projections are 171-179 bu/acre for corn and 48-53 bu/acre for soybeans). Cotton production has suffered in parts of Texas and the Southwest, however the Mid-South and Southeast cotton crop looks very good. July 6th marked the day that China officially put retaliatory tariffs on several U.S. agricultural goods, including cotton, corn, soybeans, and wheat. The futures market had the tariffs priced into the market as the trade dispute had been building since early January and intensified at the end of May. Continue reading at Tennessee Market Highlights.