Corn, cotton, soybeans, and wheat were up for the week. Continue reading at Tennessee Market Highlights 4_5_2019.
PERSISTENT RAINS, FREEZING TEMPERATURES, LIMITED FIELDWORK
Continued rains and wet, soft ground kept producers out of the field again this week, allowing only 2.1 days suitable for field work. Freezing temperatures accompanied by a frost over the weekend have some worried about wheat, fruit trees, and gardens. Wet weather has hindered corn planting. Many producers are waiting for a window of opportunity to return to fields. Some are optimistic for future pasture conditions due to the recent rainfall, though cattle still need fed due to wet conditions. Pasture and Strawberries appear to be in mostly good condition. Generally, crop progress seems to be comparable to last year. Topsoil moisture was 1 percent short, 53 percent adequate, and 46 percent surplus. Subsoil moisture was 55 percent adequate, and 45 percent surplus. Continue reading at TN Crop Weather 04_09_18. The U.S. Crop Progress report can be read at US Crop Progress 04_08_2019.
SOME FIELDS RECOVERING FROM WET WEATHER
CORN PLANTING BEGINNING
Coming off extreme wet weather, Tennessee farmers have had some dry days and are taking full advantage by applying burndown herbicides and anhydrous ammonia in drier fields in preparation for this year’s crop season. Fertilizer is being applied to hay fields and some corn is being planted. There were 4.9 days suitable for fieldwork last week. Topsoil moisture rated 3 percent short, 72 percent adequate, and 25 percent surplus. Subsoil moisture rated 1 percent short, 66 percent adequate, and 33 percent surplus. Continue reading at TN Crop Weather 04_01_2019. The U.S. Crop Progress report can be read at US Crop Progress 04_01_2019.
Corn: December corn futures traded $0.07 for the week. Corn futures were higher due to good export sales as indicated by the USDA. For the year, corn exports are 16% higher to date when compared to the previous year. The trade agreement between the United States, Mexico, and Canada (USMCA) was signed by all three nations’ leaders. However, the agreement will have to ratified by each nation’s legislatures. Also, the G20 trade summit will take place this weekend and the markets reflected a sense of optimism that these meetings will bode well for U.S. agriculture. Market analysts are predicting that the size of the Brazilian corn crop will be 1.1 billion bushels, which is 3.6% higher than the previous year. For producers with corn either in storage or on a deferred pricing contract, the increase in futures for the week is a sign of hope. Continue reading
Corn: December futures closed at $3.67, up only half a cent from the market open. For the week, corn futures have declined approximately two cents from the market’s open on Monday. The USDA’s latest World Agricultural Supply and Demand Estimate (WASDE) showed that ending stocks to continue to be drawn down due to steady demand for corn. Domestic consumption is estimated to be above 2016 and 2017 levels. However, the WASDE report did indicate that global corn production is expected to be higher due to increase production in China. Continue reading
Corn: September corn futures have rallied this holiday week in part due to the strength gained from the soybean market. However, that says very little given the decline that we have experienced in the corn markets since we put the crop in the ground. The below chart shows just how much corn futures have fallen since spring planting. Continue reading
Corn: September futures were down $0.03 today. For the week, corn has declined $0.13. The decline was primarily caused by the enactment of a 25% tariff on $50 billion worth of Chinese imports. Going forward, weather should dictate market prices as the crop year progresses. Planting progress for continues to march forward with 92% of the crop having been planted as of 5/27/2018 with 72% having already emerged. The current crop rating is 79% good-to-excellent. Locally, new crop basis for corn averaged -$0.08 as of today’s market close.
West Tennessee Grain Bids can be viewed here: West Tennessee Grain Bids 6-1-2018
Corn: Since the beginning of May, September corn futures have traded in a sideways pattern. The mid-day price of $4.14 for the September contract is only two cents higher than the closing price of $4.12, which occurred on May 1st. The sideways pattern can be attributed to a few things. We have experienced some delays in parts of the Midwest. However, as of May 20, we have already planted 80% of the crop, which is in line with the 5-year average. We have also yet to hit volatile stages of the growing season when weather dictates the market price direction. These factors combined with a not-so upsetting WASDE report this month has resulted in the market not swinging wildly in either direction. New crop corn basis is averaging -$0.09 as of today. Continue reading