Corn, soybeans, and wheat were down; cotton was up for the week. Corn and wheat tumbled this week due to favorable weather conditions and in-creased projected global supplies. Weather forecasts for April-May provide no major concerns that would disrupt planting across most of the Corn Belt. The USDA estimated that over ΒΌ of the projected corn acres in Tennessee have been planted to date.
November soybean prices have moved mostly sideways ($9.40 to $9.65) since the beginning of April after steep ($10.20 to $9.50) declines in March. Weekly soybean export sales have tapered off as foreign buyers have turned to the record South American crop as for supply. Planting conditions will be closely monitored by soybean markets as most believe that good planting conditions early in the season translate into increased corn acreage, potentially to the detriment of soybean acreage. Continue reading at Tennessee Market Highlights.
