Corn and cotton were up; wheat was down; soybeans were mixed for the week.
New harvest contract highs for corn and cotton were set this week. The last time the December corn contract was this high was 2012. That year the December contract peaked at $8.38 ¾ on August 21. Where was the December 2012 contract at the end of April? $5.43 ¼. The contract added nearly $3.00 between the end of April and the third week in August. Every year is different, and some weather concerns are factored into the current futures price, however if weather conditions are uncooperative over the next four months, we likely have another substantial leg up in this year’s corn market. Weather and the war between Russia and Ukraine will continue to make markets unpredictable and dramatic movements up or down can not be ruled out at this juncture. Continue reading at Tennessee Market Highlights.