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

Limited changes were made to the domestic supply and demand balance sheets with soybean crush up 25 million bushels, cotton exports down 250,000 bales, and wheat total use down 20 million bushels. However, major revisions were again made to South American production. Brazil’s corn and soybean production were projected 39 and 184 million bushels lower, compared to last month. Argentina and Paraguay soybean production was projected 55 and 81 million bushels lower. The drought in South America has clearly adversely affected production, but the full impact is unlikely to be realized for several months. US prices and exports will continue to be supported by lower South American production. Continue reading at Tennessee Market Highlights.