Tennessee Market Highlights – 07/28/2023

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

Drought remains at the forefront of US corn and soybean markets. As of July 25, 59% of the US corn crop was estimated to be in drought (1% exceptional drought, 7% extreme drought, 14% severe drought, and 36% moderate drought) and 53% of the soybean crop was in drought (1% exceptional drought, 7% extreme drought, 13% severe drought, and 33% moderate drought). With limited precipitation (less than 1 inch in most locations) in the seven-day NOAA forecast and high temperatures, further crop stress is likely to occur. The weather uncertainty and sporadic rainfall has contributed to price volatility. Over, the past ten trading days, December corn has closed the day: -7 ¾, +28 ½, +18 ½, -6 ¾, -10, +32, -3, -17, -6, and -12 cents. The net move over the ten-day period was +11 cents but the daily price volatility has the perception of a larger overall move. Continue reading at Tennessee Market Highlights.

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