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

This week the USDA released the September WASDE and Crop Production Reports.
Analysis of the reports can be found at: Tennessee Monthly Crop Comments.

Overall the September WASDE report was bearish for corn, soybeans, and cotton and neutral-to-bullish for wheat. 2017/18 projected domestic (world) ending stocks were 2.335 billion bushels (7.971 billion bushels), 475 million bushels (3.584 billion bushels), 6 million
bales (92.54 million bales), and 933 million bushels (9.669 billion bushels) for corn, soybeans, cotton, and wheat, respectively. Global corn stocks were projected down from the previous marketing year, while soybean, cotton, and wheat stocks were projected up. Continue reading at Tennessee Market Highlights.

Market Reaction: December 2017 corn futures closed down 6 cents at $3.51 ½ with a trading range for the day of $3.45 ½ to $3.57 ¼. December 2018 corn futures closed down 5 cents at $3.93 ¾ with a trading range for the day of $3.88 to $3.98. USDA provided a yield surprise which drove prices lower. Most pre-report estimates were for USDA to lower yields 1-2 bu/acre. The report saw a 0.4 bu/acre increase. Initial reaction saw prices down 10-12 cents before a late session rebound.

USDA Summary: This month’s 2017/18 U.S. corn outlook is for increased production, greater feed and residual use, higher ending stocks, and lower prices.  Corn production is forecast at 14.184 billion bushels, up 32 million from last month.  Corn supplies are up from last month, as a larger crop more than offsets a small decline in beginning stocks due to updated use estimates for 2016/17.  Feed and residual use for 2017/18 is raised 25 million bushels with a larger crop and lower expected prices.  Corn used for ethanol for 2017/18 is projected down 25 million bushels at 5.475 billion, based on observed usage during 2016/17 and expectations of lower exports.  Other industrial use is lowered 50 million bushels.  With supply increasing and use falling, corn ending stocks are up 62 million bushels from last month.  The projected range for the season-average corn price received by producers is lowered 10 cents on both ends to a range of $2.80 to $3.60 per bushel. continue reading at UT Monthly Crop Comments.

RELEASED: September 12, 2017

Tennessee cotton forecast up 29 percent from 2016

NASHVILLE, Tenn. – The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) released the September Crop Production report today, showing an increase in yields for most crops. “This is a very promising season for agricultural producers in Tennessee,” according to Debra Kenerson, Tennessee State Statistician. “With the exception of burley tobacco, which showed a 100 pound per acre decrease from the August forecast, the September forecasts show yield increases for all other crops. Continue reading at SepCrop17_TN.

PRODUCERS ACTIVE WITH FIELD WORK AS WEATHER ALLOWED

Corn harvest resumed where fields and corn had dried down enough after the rain and wind events from Hurricane Harvey. Producers also cut hay and silage. Crop damage and loss were being assessed. Yields from all harvested crops were very promising. Cotton defoliation is expected to begin soon. Producers are getting into fields as much as possible ahead of next week’s rain forecast. There were 5.8 days suitable for field work. Topsoil moisture was 5 percent very short, 5 percent short, 79 percent adequate, and 11 percent surplus. Subsoil moisture was 5 percent very short, 7 percent short, 77 percent adequate and 11 percent surplus. Continue reading at TN_09_11_17. The U.S. Crop Progress report can be read at  CropProg-09-11-2017.

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

Commodity markets are positioning for potential damage from hurricane Irma.
December cotton prices were up 2.71 cents (and set a new 1-year high at 75.75)
for the week as expected land fall of Irma in Georgia and the Carolinas could
cause significant damage to the cotton crop.

The marketing year for corn and soybeans came to a conclusion on August 31. Compared to the previous marketing year, exports were up 19% and 14% for corn and soybeans, respectively. Top importers of soybeans (percent of world imports) were China (64%), the European Union (10%), and Mexico (3%). Top importers of corn were Japan (11%), Mexico (11%), and the European Union (10%). From 2013-2016, 13-15% of US produced corn was exported and 46-50% of US produced soybeans (this does not include processed products
such as DDGs and soybean meal). Continue reading at Tennessee Market Highlights.

HEAVY RAINS STALL HARVEST AND CAUSE SOME CROP DAMAGE

While some areas of the State benefitted from the heavy rains resulting from Hurricane Harvey, those same rains along with strong winds caused crop lodging and left some fields under water in heavy crop producing areas. Before the rains, the corn that had been harvested showed promising yields. Producers now have to wait for corn and fields to dry down before resuming harvest. There were only 3.8 days suitable for field work, compared to 6.1 the previous week. Topsoil moisture was 3 percent short, 58 percent adequate and 39 percent surplus. Subsoil moisture was 1 percent very short, 6 percent short, 75 percent adequate and 18 percent surplus. Continue reading at TN_09_05_17. The U.S. Crop Progress report can be read at  CropProg-09-05-2017.

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

For the month of August, December corn opened at $3.83 and closed at $3.57
¾, down 25 ¼ cents with a high of $3.89 and a low of $3.44 ¼; November soybeans
opened at $9.96 ¾ and closed at $9.45 ¼, down 51 ½ cents with a high of $10.00 ¼ and a low of $9.21; December cotton opened at 68.86 and closed at 70.93, up 2.07 cents with a high of 71.20 and a low of 66.64; and July wheat opened at $5.37 and closed at $4.83 ½ down 53 ½ cents with a high of $5.43 ½ and a low of $4.74 ¼. Continue reading at Tennessee Market Highlights.

PRODUCERS EXPECT AMPLE SUPPLY OF HAY GOING INTO WINTER

Producers continued to harvest hay under good conditions. Some fields produced higher than normal yields on the 2nd and 3rd cuttings. Corn harvest began last week on about the same pace as last year and the five-year average. Pastures continued to be in mostly good condition. Temperatures were cooler than normal last week over much of the State. There were 6.1 days suitable for field work. Topsoil moisture was 7 percent very short, 17 percent short, 72 percent adequate and 4 percent surplus. Subsoil moisture was 6 percent very short, 17 percent short, 74 percent adequate and 3 percent surplus. Continue reading at TN_08_28_17. The U.S. Crop Progress report can be read at  CropProg-08-28-2017.