Corn: For the week, December corn futures have traded sideways within a $0.08 price range. Farmer selling is reportedly slow this week and is partially evidenced by the increase in local basis. Corn harvest is continuing to progress at a steady pace. As of November 12, 83% of the national corn crop was harvested. In Tennessee, the USDA reported that 99% of all corn has been harvested. Continue reading
Corn: For the week, December corn futures have traded mostly sideways. Corn futures increased slightly yesterday following the USDA World Agricultural Supply and Demand Estimate (WASDE). The USDA raised the national corn yield to 171.8 BPA, up from 169.9 BPA September estimate. The increase is mostly attributed to abundant rainfall nationwide along with milder temperatures. Although ending stocks are projected to increase, the bullish news from the soybean market has spilled over into the corn market, pulling corn futures higher. Continue reading
Corn: September corn futures closed $0.11 lower for the week. The decline in futures can be attributed to high global stocks and the USDA’s projected yield of 169.5 bushels per acre. If the projected yield is realized, then we will only add to the large supply that we currently have. Over the next few weeks, we will begin to see harvest pressure surface as combines begin to enter the fields. Locally, we have begun to see farmers shell some of their earlier planted corn. Moisture is averaging 18% in Northwest Tennessee with farmers being pleased with yields so far. Some producers are even reporting yields as high as 190 bushels on dry land corn. Continue reading
Corn: September corn futures have traded $0.08 lower so far this week. The decline in corn futures can be attributed to a lack of a weather scare for the Midwest. Key growing states like Iowa and Illinois continue to receive extended weather forecasts with normal temperatures and normal precipitation. The USDA released the latest crop progress report on Monday. This report indicated that 97% of the corn crop is silking while 61% of the crop has reached the dough stage. The USDA rated 62% of the corn crop as being good-to-excellent, which is a 2% increase from last week’s report. Continue reading
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
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