Corn and soybeans were up; cotton and wheat were down for the week. 2015 harvest corn and soybean futures have traded in a reasonably consistent range for most of 2015. December corn futures have traded from $3.92 to $4.32, while November soybeans have traded from $9.33 to $10.31. Both commodities were at the high end of the range to start January and have subsequently moved lower as we have progressed through 2015. At this point in the marketing year, it is unlikely that we will get back to those early year highs unless a weather event occurs. Continue reading at Tennessee Market Highlights.
Cotton was up; corn, soybeans, and wheat were down for the week. Currently, two major obstacles exists that will prevent sustained price rallies for grains, oilseeds, and cotton. First, global and domestic stocks of corn, soybeans, cotton, and wheat are at or near record levels. Second, the strength of the US dollar will continue to reduce the competitiveness of US agricultural products in the global market place, thus reducing the potential for US exports. Continue reading at Tennessee Market Highlights.
Projected corn ending stocks are raised 50 million bushels with a reduction in expected feed and residual use reflecting December-February disappearance as indicated by March 1 stocks. The projected range for the corn season-average farm price is narrowed 5 cents on each end to $3.55 to $3.85 per bushel. Continue reading at Dr. Aaron Smith’s comments on April 10th USDA report.
Soybeans and wheat were up, corn was down, and cotton was mixed for the week. On March 31st the USDA released its Prospective Plantings and Quar-terly Grain Stocks reports, highlights of the reports include: Nationally, 2015 planted acreage was estimated at: 89.2 million acres of corn, down 2% from 2014; 84.6 million acres of soybeans, up 1% from 2014; 55.4 million acres of wheat, down 3%; 9.5 million acres of cotton, down 13%; and 7.9 million acres of sorghum, up 11%. Continue reading at Tennessee Market Highlights.
On Tuesday March 31st, the USDA released their Prospective Plantings and Quarterly Grain Stocks reports. Below are the futures market reaction and a summary of the reports for corn, soybeans, cotton and wheat for the U.S. and Tennessee. Continue reading at 2015 Prospective Plantings and Quarterly Grain Stocks Report Summary.
Corn and cotton were up; soybeans and wheat were down for the week. This week corn futures prices strengthened relative to soybeans. Currently, the nearby soybean to corn futures price ratio is 2.47; compared to a harvest price ratio of 2.33. The harvest price ratio has the potential to further decrease if, on March 31st, the USDA planted acreage estimates contain more than expected planted acres of soybeans and less than expected planted acres of corn. Of course the potential exists for the USDA to provide a surprise on Tuesday. Continue reading at Tennessee Market Highlights.
Corn, cotton, and wheat were up; soybeans were mixed for the week. De-cember 2015 corn futures set a new 150 day low on Wednesday before re-bounding on Thursday and Friday to close up for the week. November soy-bean futures establish new 150 day lows this week at $9.39 per bushel. Soy-bean futures remain somewhat of a quagmire. Strong export and domestic demand provide bullish news, while large domestic and global ending stocks for the 2014/15 marketing year and the potential for increased planted acreage in 2015 fuel the bears. Continue reading at Tennessee Market Highlights.
Please note that crop comments will be posted online Monday, March 16th at http://economics.ag.utk.edu/cropcomm.html.
FED CATTLE: Fed cattle traded steady on a live basis compared to a week ago based on limited numbers. Live prices were primarily $160 to $161 while dressed trade was mainly $259 to $260. The 5-area weighted average prices thru Thursday were $160.78 live, up $2.91 from last week and $259.09 dressed, up $9.09 from a week ago. A year ago prices were $147.92 live and $239.80 dressed. Continue reading at Tennessee Market Highlights.