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

The month of July is now in our review mirror; so how did commodities preform
in July: December corn opened the month at $3.95 and closed at $3.84 ¾, down 10 ¼, with a trading range of $3.79 ¼ to $4.17 ¼. November soybeans opened the month at $9.63 ½ and closed at $10.07 ¼, up 43 ¾ cents, with a trading range of $9.63 to $10.47. December cotton opened the month at 68.59 and closed at 68.86, up 0.27 cents, with a trading range of 66.28 to 69.72. September wheat opened the month at $5.38 ¼ and closed at $4.74 ½, down 63 ¾ cents, with a trading range of $5.74 ½ to $4.71 ½. Continue reading at Tennessee Market Highlights.

It is still not too late for producers in Tennessee and surrounding states to register for the Wednesday, August 9, 2017  Mid-South Agricultural Finance Conference. This annual conference will once again be held in the Boling University Center on the campus of the University of Tennessee at Martin in Martin, Tennessee. Speakers for this conference include:

Dr. David Kohl, Professor Emeritus, Virginia Tech University discussing Agriculture & Ag Lending at the Crossroads; Continue reading →

COOLER TEMPERATURES RETURN

Cooler temperatures and lower humidity returned at the end of the week. The scattered showers that preceded the drop in temperatures caused flooding in a few areas in southern Middle Tennessee, but brought relatively little moisture to most of the rest of the state. There were 5.9 days suitable for field work. Topsoil moisture was 7 percent very short, 20 percent short, 66 percent adequate and 7 percent surplus. Subsoil moisture was 5
percent very short, 20 percent short, 71 percent adequate and 4 percent surplus. Hay and Roughage Supplies ranked 2 percent very short, 18 percent short, 72 percent adequate and 8 percent surplus. Continue reading at TN_07_31_17. The U.S. Crop Progress report can be read at CropProg-07-31-2017.

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

July is rapidly coming to a close. As such, now is a good time to evaluate your
current pricing levels and examine harvest and post-harvest marketing alternatives.
With harvest in some areas of the state only a few weeks away it is prudent to evaluate if any “early” harvest price premiums can be obtained. Corn producers in Tennessee may be able to receive a premium now before the US market is flooded, as corn harvest moves into the Corn Belt. Additionally, opportunities are available in the futures market as there is still a great deal of production uncertainty, in Northern Corn Belt states, priced into the market. By now the range of yield outcomes for Tennessee corn fields has narrowed substantially, so securing a price on the last half-to-third of unpriced production can be accomplished without incurring substantial production risk.  Continue reading at Tennessee Market Highlights.

We are in a weather market that is affecting, for the most part, soybean and wheat prices.

Unfortunately for producers in Tennessee, the Mid-South and Southeast, most of the just-harvested wheat, I would guess, has already been sold or priced. So from that standpoint the rally in the wheat market may not help the 2017 crop. I would note that the rally in the nearby contracts has eased but does bear watching or action for the July 2018 contracts for next year’s production. Continue reading at Delta Farm Press.

HAY HARVEST CONTINUES IN THE MIDST OF HOT, DRY WEATHER

Seemingly endless periods of no precipitation and high temperatures resulted in very dry conditions across the State last week. This weather did allow producers to make their first and, oftentimes, second cuttings of hay. Yields from the second cuttings are reported as normal to above normal. Crops made great progress while crop and pasture conditions showed some stress from last week’s weather. There were 6.5 days suitable for field work. Topsoil moisture was 11 percent very short, 24 percent short, 61 percent adequate and 4 percent surplus. Subsoil moisture was 2 percent very short, 21 percent short, 73 percent adequate and 4 percent surplus. Continue reading at TN_07_24_17. The U.S. Crop Progress report can be read at CropProg-07-24-2017.

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

Since March 1st, September cash corn prices, in Tennessee, have traded between
$3.37 and $4.12, a range of 75 cents (for reported elevator and barge
point locations). Lower middle Tennessee has had the highest September
cash price offerings ($3.70 to $4.12) while Northwest Tennessee has had the lowest ($3.37 to $4.00). Currently, harvest cash prices are trading in the middle-to upper portion of this 5-month range ($3.72 to $4.01). Given the above average growing conditions
(91% of the corn crop in Tennessee is rated good-to-excellent) producers should consider pricing some additional production. Anticipated above average yields and prices (buoyed be drought concerns in the Northern plains) provide producers an excellent opportunity
to market additional crop at profitable levels. Continue reading at Tennessee Market Highlights.

FARMERS RETURN TO FIELDS

Drier conditions brought high temperatures and allowed farmers back into their fields. Soybean producers were wrapping up planting while corn producers were applying fungicides. Most farmers are reporting that their crops are looking good. The increased moisture levels from recent rains have had a slight adverse effect on tobacco. The higher temperatures slowed pasture growth, but, for the most part, pastures remained in good shape. There were 5.5 days suitable for field work. Topsoil moisture was 4 percent short, 87 percent adequate and 9 percent surplus. Subsoil moisture was 4 percent short, 88 percent adequate and 8 percent surplus. Continue reading at TN_07_17_17.  The U.S. Crop Progress report can be read at CropProg-07-17-2017.