Corn, soybeans, and wheat were up; cotton was down for the week. March corn futures have moved sideways for the past two weeks. Producers that have corn in storage should consider additional sales at the top end of the current futures range ($3.70-$3.72), particularly in areas where a beneficial basis currently exists. Currently, many locations in Tennessee have a strong positive basis (10 to 35 over the March contract). Cash prices near/above $4.00 are very good selling opportunities that should not be allowed to pass idly by. December 2016 corn futures are up almost 20 cents from the contract low of $3.74 ½ on January 7th. Continue reading at Tennessee Market Highlights.
Corn, cotton, and wheat were up; soybeans were down for the week. March corn has rallied almost 20 cents since establishing a new contract low of $3.48 ½ on January 7th. March soybeans are up about 15 cents since the start of the year. However, significant resistance appears to be forming near $8.90. March cotton remains trapped in a 3 cent trading range (61-64 cents). March wheat has moved sideways since the USDA’s Winter Wheat Seedings report indicated domestic acreage was down 2.85 million acres. Continue reading at Tennessee Market Highlights.
Meeting season is in full swing, and there are several educational opportunities fast approaching (see below). Pesticide re-certification points and CCA points will be available at all these meeting. Additional details will be provided soon! Continue reading
Corn and soybeans were up; cotton was mixed; and wheat was down for the week. How do current harvest futures prices compare to the same time last year? On January 14: December 2015 corn futures were trading at $4.08 ½, 26 ½ cents higher than December 2016 corn futures ($3.82); November 2015 soybean futures were trading at $9.91 ¼, $1.01 higher than November 2016 soybean futures ($8.90 ¼); December 2015 cotton futures were trading at 63.01, 0.3 cents higher than December 2016 cotton futures (62.71); and July 2015 wheat futures were trading at $5.45 ¼, 64 ¾ cents higher than July 2016 wheat futures ($4.80 ½). Continue reading at Tennessee Market Highlights.
U.S. feed grain supplies for 2015/16 are lowered as small increases in corn and sorghum imports and sorghum production are more than offset by a reduction in corn production. Harvested area for corn is raised slightly, but the national average yield is estimated 0.9 bushel per acre lower than the previous forecast at 168.4 bushels per acre. Corn production for 2015/16 is estimated 53 million bushels lower, but remains the third largest crop on record at 13.6 billion. Continue reading at Monthly Crop Comments & Profitability Update.
Corn, soybeans, cotton, and wheat were down since Friday, December 18. December was a rough month for corn, soybeans, and wheat with the March, January, and March futures contracts, for corn, soybeans, and wheat, finishing down 13 ½, 9 ¾, and 4 cents, respectively, from where they opened the month. Cotton was the lone commodity, out of four, that had a positive month, as March cotton increased a modest 0.54 cents in December. This December was perhaps a fitting close to an underwhelming commodity price environment for many producers in 2015. Continue reading at Tennessee Market Highlights.
Soybeans were up; cotton and wheat were down; and corn was mixed for the week. On Thursday morning, March corn set a new contract low of $3.62 ½, before bouncing back on Thursday afternoon and Friday, closing down 1 cent for the week. Corn exports continue to lag well behind USDA projections at 17% (297.5 million bushels) of the 1.75 billion bushels projected for the 2015/16 marketing year. The five year average export pace would have 25% of the marketing year total (437.5 million bushels) exported by this week. Continue reading at Tennessee Market Highlights.
Corn, soybeans, and cotton were down; wheat was up for the week. The December WASDE report, released on Wednesday, provided limited modifications from the previous month’s report. Corn supply (beginning stocks + production + imports) was left unchanged from last month at 15.415 billion bushels. Corn used for ethanol was increased 25 million bushels due to the increased volumes put forth in the EPA’s RFS announcement on November 30th. Exports were decreased 50 million bushels due to the sluggish export sales pace year-to-date and an overall lack of price competiveness in global markets. Continue reading at Tennessee Market Highlights.