Corn and soybeans were mixed; cotton was up; and wheat was down for the week.
Corn export sales this week were very strong helping to propel the March futures price to close on December 16th at $5.90 ¼. Corn weekly export sales were a marketing year high of 76.7 million bushels for the week. Given current export commitments, as a percent of USDA
estimated marketing year total exports, of 61% compared to the five-year average of 53%, it is very likely that USDA will need to raise corn exports from the current estimate of 2.5 billion bushels. Last marketing year the US exported 2.753 billion bushels. Based on the current pace, the 2021/22 marketing year could be greater than the previous year. Should this marketing year’s exports exceed last year’s, the March contract could challenge the contract high of $6.40 ½ set on May 7, 2021. For now, the first major hurdle is for corn to break above the $6.00 level for the nearby futures contract. Continue reading at Tennessee Market Highlights.