Corn and cotton were down; wheat and soybeans were up for the week.
Since early October, March corn futures have traded between $3.70 and $3.90. Continued trading in this range seems likely as we move into December. Record U.S. yield and delays in the remaining harvest, due to adverse weather, continue to influence the market. Export sales pace will be watched closely as global stocks are projected to shrink for the second consecutive year.
January soybean futures have shown strength in recent weeks and are now approaching the upper end of the 3 month trading range of $8.25 to $9.05. A great deal of insecurity remains in soybean markets due to continued trade uncertainty. Markets will be looking for additional trade information leading up to a key meeting November 30 between President Trump and Xi. Continued volatility based on news reports and Twitter remains likely as we approach the meeting date. Continue reading at Tennessee Market Highlights.