Corn, soybeans, and cotton were up; and wheat was mixed for the week.
November was not a good month for grain futures. December corn closed
the month at $3.41 ¾, down 4 cents for the month and December wheat
closed at $4.09 ¼, down 9 ½ cents for the month. January soybeans traded
flat for the month closing at $9.85 ¾, up 1 cent from the start of the month.
Cotton futures had a terrific November. The December contract closed the month at 75.04 cents, up 6.33 cents for the month. While many factors have influenced futures prices this past month, export sales commitments shed some light on futures market
price direction in November. Year-to-date cotton export sales commitments are 9.646 million bales (2.19 million in exports-to-date and 7.456 million in outstanding sales), 41% higher than a year ago and 72% of the USDA’s marketing year total. By comparison
total export sales commitments for: soybeans are 1.264 billion bushels, down 18% from last year and 56% of the USDA’s marketing year total; corn are 867 million bushels, down 27% from last year and 45% of the USDA’s marketing year total; and wheat are 634
million bushels, down 9% from last year and 63% of the USDA’s marketing year total. Strong export demand for cotton was a major driver of improved cotton futures prices. Continue reading at Tennessee Market Highlights.