Corn, cotton, and soybeans were up and wheat was down for the week.
Soybean prices continue to whipsaw based on news/speculation regarding three issues: 1) China-U.S. trade negotiations; 2) Brazilian weather – specifically dry conditions in the northeast; and 3) export sales (1 and 2 are driving 3). Availability of export data has been reduced due to the partial government shutdown leading to a greater divergence in export sales estimates. USDA reports can be viewed as a type of baseline line that provides market participants with a common estimate to base trading decisions on. This is not to say that the USDA estimates are correct or more accurate than estimates provided through other market sources, however the USDA estimates provide an equal starting point for market participants. Individual opinions, about the accuracy of the USDA’s estimates, will deviate substantially and allow traders to roll the dice one way or the other. Continue reading at Tennessee Market Highlights.