Corn and cotton were up, soybeans and wheat were down for the week.
Futures prices declined for the week as tepid weekly export sales numbers for corn and soybeans resulted in further concerns about dispersing this year’s large domestic crop. Soybean and wheat export commitments (outstanding sales and accumulated exports) are well behind the pace to meet USDA projections. Currently, wheat export commitments are 45% of the USDA’s marketing year goal. This compares unfavorably to last year at 68% and the five year average of 64% for the same time period. Similarly, soybean export commitments are at 38% of USDA’s marketing year total, compared to 50% last year and a five year average of 57%. Chinese tariffs have obviously played a substantial role in reduced soybean export commitments. However, these are troubling numbers during harvest when export sales are typically at their highest. Reduced exports will increase domestic carry-over and further decrease cash prices. Continue reading at Tennessee Market Highlights.