Corn, soybean, and wheat prices are up with cotton prices down for the week. The September U.S. Dollar Index traded before the close at 83.59, up 1.84 for the week. The Dow Jones Industrial Average before the close traded at 12,717, down 163 points since last Friday. Crude Oil traded at 84.64 a barrel mid-day, down 0.32 a barrel for the week. A weak U.S. employment report spurred concerns that Continue reading
I have put together a few thoughts on management decisions that producers should consider during the current drought. Please click on the link below.
As reported by NASS on July 2, 2012
OPPRESSIVE HEAT AND BRUTALLY DRY CONDITIONS
CONTINUE TO STRIKE TENNESSEE FARMLAND
The hottest temperatures on record coupled with no precipitation last week led to a deterioration of crop conditions throughout the state. Topsoil moisture supplies are rated short or very short on 94 percent of Tennessee farmland. The corn and pasture acreages are especially affected, as almost half the corn is rated in very poor or poor condition with two-thirds of the pastures in this same category. Soybean, tobacco, and cotton acreage remained in mostly fair-to-good condition but declined substantially in one week. Pastures are parched and livestock producers are feeding hay, an event that normally begins in the fall. Continue reading
Corn, cotton, soybean, and wheat prices are up for the week. The September U.S. Dollar Index traded before the close at 81.77, down 1.24 today and 0.67 for the week. The Dow Jones Industrial Average before the close traded at 12,835, up 232 points today and 172 points since last Friday. Crude Oil traded at 83.89 a barrel mid-day, up 6.20 today and up 4.13 a barrel for the week. Today’s USDA Acreage and Grain Stocks report did not contain any major surprises and the market should soon turn if it has not already back to trading the weather and news on the European bailout on banks and their financial condition. Continue reading
Comments on the June 29, 2012 USDA Acreage and Grain Stocks reports have been posted at Acreage Report June 29 12. Continue reading
The link below is a slide set put together by Kevin Ferguson, UT Extension Area Specialist-Farm Management and contains farm management information for drought related beef cattle management decisions including a culling strategy, tax implications, and the three biggest mistakes made by cattlemen.
Drought Related Beef Cattle Management Decisions Continue reading
As reported by NASS on June 25, 2012
DRY CONDITIONS PREVAILING
The high pressure system holding over Tennessee caused a continuation of the hot and dry weather last week. Virtually all of the featured weather stations across the state now show considerable precipitation deficits indicating moderate drought conditions. Soil moisture reports indicate that moisture levels in the state were 60 percent short to very short in West Tennessee, 80 percent short to very short in Middle Tennessee, and 70 percent short to very short in East Tennessee. The effects of the extended dry spell on crops have begun to show, but most crops continue to be rated in fair-to-good condition. Corn development remains well ahead of normal with seventy percent in the silking stage, but plants are twisting in many areas. Continue reading
Prices are reported as of Thursday, June 21, 2012. Corn, soybean, and wheat prices are up while cotton prices are down for the week through Thursday. The September U.S. Dollar Index closed Thursday at 82.49, up 0.52 for the week. The Dow Jones Industrial Average closed at 12,574, down 251 points today and 193 points since last Friday. Crude Oil closed at 78.20 a barrel, down 6.13 a barrel for the week. It may sound like a broken record, but weather and the Dollar are the main influences on the market this week. Continue reading