Recent Updates

Tennessee Market Highlights

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Corn, cotton, soybeans, and wheat were up for the week.

2018 was an eventful year in corn, cotton, soybean, and wheat markets.
Trade, domestic policy, global economic growth, large yields, and poor harvest conditions all had substantial impacts on commodity prices. As always, supply and demand played an important role in commodity markets however, 2018 will likely be remembered for the many external influences – trade disruptions, Market Facilitation Program payments, a New Farm Bill, and government shut down to name a few – that inserted
tremendous volatility into commodity prices and producer profitability.

Looking out to the 2019 crop some price prospects have improved, compared to 2018, others have deteriorated. Last year at this time the new crop harvest contracts (2018 crop year) for the month of December (2017) averaged: $3.84/bu for corn; $9.91/bu for soybeans; 72.74 cents/lb for cotton; and $4.50/bu for wheat. In 2018, the new crop harvest contract (2019 crop year) for the month of December (2018) averaged: $4.01/bu for corn; $9.48/bu for soybeans; 76.25 cents/lb for cotton; and $5.34/bu for wheat. So the good news is corn, cotton and wheat were up 17 cents, 3.51 cents, and 84 cents (soybean prices were down 43 cents form a year ago). Continue reading at Tennessee Market Highlights.

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Tennessee Market Highlights

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Corn, cotton, soybeans, and wheat were down for the week.

On Monday, the USDA confirmed that a second round of payments under the Market Facilitation Program (MFP) would be provided to several commodities, including: corn, cotton, soybeans, and wheat. Previously payments were announced on 50% of 2018 production. This week’s announcement provided payments on the remaining 50% of 2018 production. The MFP payments were implemented to assist producers that were adversely affected by retaliatory tariffs. Producers are required to complete the MFP application (Form CCC-910) at USDA-FSA prior to January 15, 2019, however they have until May 1 to certify production. MFP payment rates are: $0.06/lb for cotton; $0.01/bu for corn; $1.65/bu for soybeans; and $0.14/bu for wheat. Combined payment limits of  $125,000 for corn, cotton, soybeans, and wheat are capped per person or legal entity. It is important to note that production is certified by the producer, however it is important that appropriate records are  maintained for verification purposes (including any quality  adjustments). Continue reading at Tennessee Market Highlights.

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Tennessee Market Highlights

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Corn and wheat were mixed; cotton and soybeans were down for the week.

Announcement of Chinese purchases of soybeans was welcome news early in the week, however the magnitude of the purchases remains to be seen. As such, entering the weekend soybeans retreated from mid-week highs. Next week, markets will pay close attention to the USDA export sales numbers (numbers are always lagged), hints of additional/future purchases, and progress on the resolution of the China-US trade dispute.

In December, the 2019 (2018) new crop harvest futures contract for: corn has averaged $4.03/bu ($3.84/bu); soybeans have averaged $9.58/bu ($9.91/bu); wheat has averaged $5.35/bu ($4.50/bu); and cotton has averaged 77.84 cents (72.74 cents). So far in December, new crop: corn is up 19 cents, soybeans are down 33 cents, wheat is up 85 cents, and cotton is up 5.1 cents. Continue reading at Tennessee Market Highlights.

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2019 Cotton Variety Guide

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The 2019 Cotton Variety Guide is now available  online. This document summarizes results from the 2018 University of Tennessee Cotton Agronomy program and serves as a precursor to a full release of trial results in PB 1742 to come within the next few weeks.  Summary tables from the 2018 season were calculated from six Official Variety Trials (OVTs) and eight County Standard Trials (CSTs) scattered throughout TN’s cotton producing counties.  To access the document click the adjacent image or the hyperlinks above or below.

 

Special thanks to all those who participated and/or contributed to the program during the 2018 growing season.

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