Corn, soybeans, and wheat were up; cotton was down for the week.
Corn and soybean futures were up for the week for the first time in the past three weeks. December corn established a new contact low of $3.42 ½ on Tuesday. On Wednesday, Thursday, and Friday corn rallied 15 cents off the low, closing at $3.57 ½. November soybeans also established a new contract low of $8.12 ¼ on September 18. On Wednesday and Thursday, soybeans rebounded 43 cents off the low before a 3 cent decline on Friday closing at $8.47 ¼. Price action early next week will likely dictate if the rally is sustainable and the harvest contract low has been established. A retreat early next week could result in further price weakness.
In Tennessee, corn and soybean basis remains near record lows as harvest progresses. Record yields will keep cash prices down across Tennessee during this harvest season. Storing a portion of this crop should be considered to avoid the current large negative basis. Continue reading at Tennessee Market Highlights.