Corn, cotton, and wheat were down; and soybeans were mixed for the week.
At the start of December, harvest futures prices for the next production year (2022) are at the highest levels since 2013. On December 1, July wheat futures closed at $7.86 ½, December corn at $5.48 ½, and November soybeans at $12.14. December cotton prices are the highest since 2012, closing December 1 at 86.4 cents. Using a simple linear trend (1990 to 2021), Tennessee average yields are projected, for 2022, at 169 bu/acre for corn, 1,116 lb/acre for cotton, 48 bu/acre for soybeans, and 72 bu/acre for wheat. Without adjusting for basis, this would project average revenue per acre at $924 for corn, $965 for cotton, $579 for soybeans, and $568 for wheat (producers with higher yields will have anticipated revenues of over $1,000 per acre, for corn and cotton). Continue reading at Tennessee Market Highlights.