Corn and soybeans were down; cotton was mixed; and wheat was up for the week.
The partial government shutdown has resulted in several key reports (WASDE, Crop Production, and Grain Stocks being delayed. Reports will be released, however the USDA will determine the release schedule after the government resumes normal operations. An addition consequence of the partial shutdown is the inability for producers to complete paper work at FSA for Market Facilitation Program (MFP) payments. The payments were provided to producers to help mitigate the impact of retaliatory tariffs on commodity prices. The application dead-line was initially set as January 15, 2019, however USDA Secretary of Agriculture Sonny Perdue extended the deadline indicating: “We will therefore extend the application deadline for a period of time equal to the number of business days FSA offices were closed, once the government shutdown ends…”. This should allow producers time to complete the required paper work to obtain payments for 2018 production. Continue reading at Tennessee Market Highlights.