Corn, cotton, soybeans, and wheat were up for the week. Corn net sales for export were almost double pre-report estimates at 85.1 million bushels for the week of April15-20. Immediately following the export sales report on Thursday, July corn futures increased 5 cents. Currently, total export commit-ments (outstanding sales + exports) total 1.459 billion bushels (540 million bushels of outstanding sales plus 919 million bushels of accumulated exports), 191 million bushels short of the USDA’s 2015/16 marketing year projection of 1.65 billion bushels, with 19 weeks remaining in the marketing year. To achieve the USDA projection, net sales would need to average just over 10 million bushels per week. Continue reading at Tennessee Market Highlights.
Corn: Corn has been trading sideways this week. However, corn prices are still above the recent lows that we saw take place at the end of March. Better corn sales has contributed to the increase in corn prices. According to the today’s USDA export report, net sales of 2.2 million metric tons established a marketing year high for 2015/2016. This is an increase of 80% over the previous week. Actual exports were a tad lower than last week’s levels.
Planting is advancing rapidly across the U.S. According to the April 25, 2016 Crop Progress 30% of the U.S. corn crop is planted. This is almost double the planting progress that we saw at the end of April of 2015. Continue reading
Corn was down; cotton, soybeans, and wheat were up for the week. December corn peaked at $4.09 on Thursday before retreating to a close of $3.81 on Friday. Concerns about drier weather in Brazil and the sharp rally in the soybean complex drove prices up at the beginning of the week. Soybeans continued their upward trajectory at the beginning of the week; however, by Thursday the rally started to falter and on Friday soybean contracts gave back between 15-30 cents. Continue reading at Tennessee Market Highlights.
Corn and soybeans were up; cotton and wheat were mixed for the week. Soybeans continue to lead the current market rally with the November contract up 93 cents since March 1st. On April 14th, November soybeans were 11 cents higher than a year ago while corn (13 ½), cotton (5.25), and wheat (29 ¾) were all lower. It is likely that soybean acres will increase from the USDA’s March estimate. Fueling the current rally for soybeans has been extremely wet conditions in Argentina, a depreciating US dollar, strong demand, and aggressive fund buying. Continue reading at Tennessee Market Highlights.
Supply and Demand Estimates and Profitability Outlook
This link to Supply & Demand Estimates & Profitability Outlook contains a summary of the USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) report. Domestic balance sheets for corn, soybeans, cotton, and wheat are displayed along with price reaction in futures markets for each commodity on the day of the report release. Additionally, supply and demand estimates for key importing and exporting countries are provided for the current month along with change in estimates from the previous report. The Profitability Outlook section contains estimated returns per acre for each commodity based on 2015 Tennessee state average/trend yields and current price offerings (note: cotton prices include a seed and hauling rebate). Variable expenses are based on the University of Tennessee Extension 2016 Row Crop Budgets. Prices are updated monthly; expenses are updated as warranted during the year and may be different than the expenses contained in the 2016 Row Crop Budgets. This section provides an estimation of the current relative profitability amongst major row crops in Tennessee.
Corn and cotton were up; soybeans and wheat were down for the week. Since the 15 cent drop immediately after the USDA’s Prospective Plantings report corn has trended upward. December corn has gained 11 cents since the contract low of $3.64 on April 1 (the day after the report). Soybean futures have moved mostly sideways since the start of the month. Continue reading at Tennesseee Market Highlights.
Corn was down; cotton, soybeans, and wheat were up for the week. On Thursday, the USDA released its annual Prospective Plantings and quarterly Grain Stocks reports. Continue reading at Tennessee Market Highlights.
A Summary of the March 31 USDA’s Prospective Plantings and Grain Stocks Report including a Profitability Update has been posted at UT Extension Summary of USDA’s Reports.