Tennessee Market Highlights – 05/06/2022

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

Drought continues to persist in the western half of the U.S. As of May 3, the USDA estimated
that 23% of corn, 56% of cotton, 14% of soybean, and 69% of winter wheat production were in areas experiencing drought. 22% of winter wheat and 36% of cotton were estimated to be in extreme-to-exceptional drought, compared to only 4% for corn and 1% for soybeans. There may be some relief in the 7-day forecast for the southern plains, however it is likely insufficient to provide substantial relief. The seven-day forecast also has 1-3 inches of precipitation in the Northern Plains and Eastern Corn Belt, which could contribute to additional plantings delays. USDA estimated corn planting progress at 14% compared to the 5-year average of 33% as of May 1. Continue reading at Tennessee Market Highlights.

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