Corn: March corn futures traded $0.04 higher for the week. September corn futures traded $0.04 for the week as well. The average local basis for new crop corn averaged -$0.13. The higher futures can be attributed to better than expected exports. Also, the size of the corn crop in Argentina is expected to be lower than previously thought. Abnormally dry growing conditions are causing analysts to think that the size of the overall crop will be reduced in USDA’s next report. The size of the Brazilian corn crop is also presumed to be reduced as well. Continue reading
Corn: Over the last three weeks, March corn futures have traded sideways. On January 1, 2018, March corn futures opened at $3.51 and closed today at $3.52. September corn futures have followed the exact same pattern. September 2018 futures opened at $3.75 on January 1 and closed at $3.76 as of today’s market close. The latest USDA estimate has ending stocks forecasted to be higher and demand to be slightly lower. The USDA is also projecting that global production for coarse grains, which includes corn, to be higher for 2017/18. The size of the South American crop will also have an impact on the upside potential of corn futures. Cash basis is averaging $0.05 while new crop basis is currently averaging -$0.15 as of market close. Continue reading
In addition to the East, Middle and West TN Grain Conferences and the Cotton Focus event, UT Extension is hosting a series of meetings to be held throughout the state to prepare growers for the upcoming season. These meetings will focus on variety selection, insect and plant disease management, weed management, and other current crop production topics.
Below is a list of the production meetings to be held in January and February. Please contact your local UT Extension office for more details on time and location. Continue reading
The Tennessee Grain & Soybean Producers Conference will be held in Dyersburg on Thursday, February 1st at the Dyer County Fairgrounds. Free registration is from 7:45 – 8:45 AM. The program includes a trade show, multiple presentations on crop management, and a sponsored lunch. The keynote speaker this year is Greg Peterson of You Tube Farming Sensations and Peterson Farm Brothers discussing “Being an Advocate for Ag: the Role of Millennials”.
Special thanks to all those who participated and/or contributed to the program during the 2016 growing season. See more here: W285
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