Recent Updates

Corn Referendum Passes in Tennessee

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Reprint from TDA website https://www.tn.gov/agriculture/news/2018/12/11/corn-checkoff-referendum.html

NASHVILLE – Corn grown in Tennessee will now be promoted on a broader scale, with the establishment of a corn checkoff program.

Tennessee corn producers voted on a statewide checkoff referendum to consider a 1 cent per bushel assessment of corn sold to support in-state promotions of corn. Agriculture Commissioner Jai Templeton authorized the referendum at the request of the Tennessee Corn Growers Association, the state’s largest corn organization.

“We always welcome input from our partners and industry leaders,” Commissioner Templeton said. “Tennessee farmers and landowners should have a say in determining the future of their business. We’re proud that they were given the opportunity to do so.”

Tennessee corn farmers or landowners who share in the production costs or the proceeds of the sale of corn were eligible to vote. Of the producers who cast ballots at local UT Extension offices, 63.9% supported the measure. Of 474 total votes, 303 were in favor of the checkoff.

The funds will be used to finance a program of research, education, market development, marketing, advertising, and other methods designed to promote the increased production, consumption, use, and sale of Tennessee corn products.

Assessments will begin March 1, 2019. Producers who do not want to participate may request a refund of the assessed amount within 90 days of sale.

Tennessee ranks 17 among states for corn acreage in the U.S. According to the United States Department of Agriculture’s National Agricultural Statistics Service, Tennessee farmers harvested approximately 740,000 acres of corn in 2017, generating more than $418 million.

 

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Supply and Demand Estimates and Profitability Outlook

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Supply and Demand Estimates and Profitability Outlook

Monthly Crop Outlook 12 11 18 is 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 2018 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 2018 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 2018 Row Crop Budgets. This section provides an estimation of the current relative profitability amongst major row crops in Tennessee.
The report is prepared monthly by Dr. Aaron Smith and Chuck Danehower.
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Tennessee Market Highlights

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

For the month of November, March 2019 corn futures were up 2 cents  (opened at $3.75 ¾ and closed at $3.77 ¾) with a trading range of $3.67 ¼ to $3.90; December 2019 corn futures were up 1 ¾ cents (opened at $3.98 and closed at $3.99 ¾) with a trading range of $3.91 ¼ to $4.06 ¾; January 2019 soybean futures were up 44 ½ cents (opened at $8.50 ¼ and closed at $8.94 ¾) with a trading range of $8.45 ¾ to $9.00 ¾; November 2019 soybean futures were up 37 cents (opened at $9.02 ¼  and closed at $9.39 ¼) with a trading range of $8.98 to $9.48; March 2019 wheat futures were unchanged for the month (opened and closed at $5.15 ¾) with a trading range of $5.03 ¼ to $5.29; July 2019 wheat futures were down 6 ¼ cents (opened at $5.33 ½ and closed at $5.27 ¼) with a trading range of $5.17 to $5.47 ¾; March 2019 cotton futures were up 0.61 cents (opened at 78.3 and closed at 78.91) with a trading range of 77.18 to 82; and December 2019 cotton futures were up 0.08 cents (opened at 76.95 and closed at 77.03) with a trading range of 76.24 to 79.

Commodities were up across the board this week. Looking toward to the 2019 crop, producers may want to consider pricing some production with December corn futures currently above $4 and November soybean futures above $9.50. This early in the 2019 production season it is not advisable to get too aggressive with pricing but starting to consider price offering when futures prices are near these level is warranted. Pricing 10-20% should be considered given the large amount of trade, political, and global economic uncertainty. Continue reading at Tennessee Market Highlights.

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2018 Soybean Variety Tests in Tennessee – Prelim Report

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Our 2018 Tennessee Soybean Variety Trials report is nearly complete!   Results for yield and agronomic traits are now available – 2018 Soybean Variety Tests in Tennessee – PRELIM. Disease data will be updated early next week.  In the next week or so, these results will also be posted as mobile-friendly, searchable, sortable tables at search.utcrops.com.

Thank you for your patience this year.  We pride ourselves on getting data to you as quickly as possible, but, as most of you are aware, this has been a challenging harvest season for soybeans. Persistent rains delayed harvest for many of our variety trial locations, with the county standard tests seeing the worst of these delays. Fewer county locations are reported this year due to issues related to weather delays. In spite of the delayed harvest, yields for the majority of tests were good, averaging 54.8 bu/ac in the research center tests and 53.7 bu/ac in the county tests. Several varieties with average yields exceeding 60 bu/ac were observed.

Be sure to check back next week for updated disease data and excel tables.

 

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Commodity Market Update – 11/30/2018

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Corn: December corn futures traded $0.07 for the week. Corn futures were higher due to good export sales as indicated by the USDA. For the year, corn exports are 16% higher to date when compared to the previous year. The trade agreement between the United States, Mexico, and Canada (USMCA) was signed by all three nations’ leaders. However, the agreement will have to ratified by each nation’s legislatures. Also, the G20 trade summit will take place this weekend and the markets reflected a sense of optimism that these meetings will bode well for U.S. agriculture. Market analysts are predicting that the size of the Brazilian corn crop will be 1.1 billion bushels, which is 3.6% higher than the previous year. For producers with corn either in storage or on a deferred pricing contract, the increase in futures for the week is a sign of hope. Continue reading

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