Corn: September corn futures closed $0.02 lower for the week. Today, corn futures were able to recapture a portion of what was lost after yesterday’s USDA report. The latest World Agricultural Supply and Demand Estimates (WASDE) was released yesterday morning. This report contained very few surprises for the corn market. The USDA did lower the national yield by 1.2 bushels per acre from 170.7 to 169.5. This projected decline in the national yield did lower the USDA’s expected ending stocks for corn. Continue reading
Corn: Since the first of July, September corn futures have declined by $0.10. The decline can be attributed to a partial loss of the weather premium that was built into the corn market. During this time of year, the corn market is volatile due to it being a weather market. On Monday, the USDA reported that 67% of the crop is already silking with 64% of the crop being rated as good-to-excellent. Now, these ratings are lower than what we had during this same time frame last year. In 2016, the USDA rated 74% of the crop as being good-to-excellent. So far, these ratings are pointing to a good national yield. Continue reading
In just the past few days, dicamba drift has been reported on Tennessee farms. As temperatures rise, so does the potential for increased off-target movement of dicamba. Watch as Larry Steckel discusses three actions to reduce drift and volatilization.
Corn: Over the last 30 days, September corn futures have increased by $0.11. The increase can be attributed to the reduction in corn acres for 2017. The low prices of corn futures caused many farmers to increase their bean acres at the expense of corn acres. As a result, corn futures are showing signs of potentially creeping higher through the growing season. Of course, this all hinges upon the growing conditions of the crop. However, the stage has been set for a chance at higher corn prices.
Corn: Since the March 31st planting intentions report, September corn futures have increased by $0.05. However, there has been quite a bit of movement in the futures market after that report was released. The USDA indicated in that report that there would a reduction in corn acreage compared to last year’s levels. The report stated that we would plant 90 million acres of corn in 2017. While that was expected, it does create the potential for higher corn prices if we have a supply disruption in 2017, such as dry growing conditions in the Corn Belt. Continue reading
Corn: Since the market’s open on Monday morning, September corn futures have declined by approximately $0.11. This decline in prices may cause some producers to make some last minute changes to their planting intentions. With the planting intention report due out on March 31st, we will begin to see the market try to buy more acreage. This decline in prices is somewhat puzzling due to better export sales, acceptable demand from ethanol plants, and the expectation of lower acres in 2017. Continue reading
Corn: Over the past week, corn futures have struggled to gain ground. September corn futures have increased by $0.03 since the markets open on Monday. As the dollar continues to strengthen, corn exports will continue to face headwinds. However, ethanol production continues to remain relatively robust either due to building of stocks or an increase in gas consumption. The USDA will release their planting intentions report on March 31st. This will be the next major milestone for the corn market. New crop corn basis for West TN continues to remain negative with an average of -$0.12.
There is considerable excitement surrounding cotton on the heels of the Farm and Gin Show. From visiting with those in the industry across the Mid-South, I believe TN and nearby states may see larger increases than those initially estimated by the National Cotton Council for the 2017 season. Given the increases in acreage, picker capacity has been a topic of conversation over the past few weeks. Many sold basket equipment several years ago with plans to purchase a module building picker if cotton made its way back on the farm. Now that cotton is coming back, how much cotton can you typically feed through one picker in Tennessee? Mississippi? Missouri? What about capacities in states outside the Mid-South? Continue reading