Cotton was up; wheat was down; and corn and soybeans were mixed for the week.

For the month of October, December 2017 corn futures traded mostly flat opening at $3.54 ¾ and closing at $3.45 ¾, down 9 cents. Better than projected national yields have increased supply estimates and will likely keep cash prices in Tennessee well under $4.00 for the remainder of 2017. However, a 10 to 40 cent seasonal price appreciation in most locations should be realized as we move towards the New Year. Continue reading at Tennessee Market Highlights.

RAIN LAST WEEK IMPROVED PASTURE CONDITION; DELAYED HARVEST 

Livestock producers got a boost in the form of improved pastures as rains fell across the State last week. This, along with ample hay supplies, have producers optimistic about feed supplies going into winter. The rain delayed harvest of field crops but improved both topsoil and subsoil moisture. There were 4.4 days suitable for field work, down from 6.1 the previous week. Topsoil moisture was 1 percent very short, 7 percent short, 84
percent adequate, and 8 percent surplus. Subsoil moisture was 3 percent very short, 21 percent short, 71 percent adequate and 5 percent surplus. Continue reading at TN_10_29_17. The U.S. Crop Progress report can be read at  CropProg-10-30-2017.

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

This week the U.S. dollar (USD) continued to strengthen. On September 8,
the USD index (Dec futures) set a one year low at 90.795, since then the USD
index has strengthened 4.4%. A strengthening USD provides headwinds for
agricultural exports. Continue reading at Tennessee Market Highlights.

CROP YIELDS PROMISING; CORN HARVEST WRAPPING UP

Corn harvest was wrapping up and soybean and cotton harvest made strong progress after the previous week’s rains. There is a positive yield outlook for all crops. There was also strong wheat seeding progress. There were 6.1 days suitable for field work. Topsoil moisture was 6 percent very short, 20 percent short, 73 percent adequate, and 1 percent surplus. Subsoil moisture was 6 percent very short, 19 percent short, 73 percent adequate and 2 percent surplus. Continue reading at TN_10_22_17.  The U.S. Crop Progress report can be read at CropProg-10-23-2017.

Corn, cotton, soybeans, and wheat were down for the week.

Basis in Tennessee has continued to decline as record state average yields for
corn and soybeans maintain downward pressure on local markets. In September
2016, soybean basis across the state averaged 8 over the November
futures contract. This year average basis, in September, was 20 under the November contract, a 28 cent decrease in average monthly basis. Soybean basis in Tennessee typically bottoms out in October or November, so basis will likely continue to deteriorate
as the record Tennessee harvest enters the market. Currently, October basis across Tennessee averages 34 under the November futures contract. Continue reading at Tennessee Market Highlights.

RAIN RETURNS TO TENNESSEE

Rain returned to Tennessee last week with rainfall amounts ranging from a trace to over three inches. These rains delayed corn, cotton, and soybean harvest, but provided much needed moisture for recently planted wheat. Yield reports remain optimistic. Pasture conditions improved with the extra moisture. There were 4.5 days suitable for field work. Topsoil moisture was 11 percent very short, 18 percent short, 68 percent adequate, and 3 percent surplus. Subsoil moisture was 10 percent very short, 19 percent short, 69 percent adequate and 2 percent surplus. Continue reading at TN_10_16_17. The U.S. Crop Progress report can be read at CropProg-10-16-2017.

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

On Thursday, the USDA released the October World Agriculture Supply and
Demand Estimates (WASDE) report. Analysis of the report and market reaction
for corn, soybeans, cotton, and wheat is available at Tennessee Monthly Crop Comments.

The USDA also released the Crop Production report on Thursday. Nationally, average yields for corn, soybeans, and upland cotton were estimated to be 171.8 bu/acre, 49.5 bu/acre, and 877 lbs/acre, respectively. Corn was up 1.9 bu/acre, soybeans were down 0.4 bu/acre, and upland cotton was down 19 lbs/acre from last month’s USDA estimates. The decrease in soybean yield was the biggest surprise and soybean futures reacted accordingly closing up 25-30 cents for the day. Continue reading at Tennessee Market Highlights.

Released: October 12, 2017

Corn, soybean prospects remain promising in Tennessee

NASHVILLE, Tenn. – The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) released the October Crop Production report today, showing good yield prospects despite recent hurricanes.
“Farmer participation in the October Agricultural Yield Survey allowed us the opportunity to properly assess damage from rains and wind generated by recent hurricanes since our September forecasts,” said Debra Kenerson, Tennessee State Statistician. “We appreciate their cooperation. The survey results show that the damage occurred primarily in preventing harvest of acreages lost to flooding and lodging. Yield prospects remain promising, with all but cotton and tobacco showing an increase in expected yields. Expected cotton yields remained steady while tobacco yields were expected to decrease because of the wet weather.” Continue reading at OctCrop17_TN.