Corn, soybeans, and wheat were up; cotton was mixed for the week. For the month of May, prices traded: mostly sideways for December corn – opening at $3.89 ½, closing at $3.91, with a trading range of $3.82 to $3.95 ¾; down for November soybeans – opening at $9.56 ¾, closing at $9.18 ¼, with a trading range of $9.15 ½ to $9.80; mostly sideways-to-down for cotton – opening at 74.55 cents, closing at 72.79 cents , with a trading range of 72.15 to 75.15 cents; and sideways-to-down for July wheat – opening at $4.38 ¼, closing at $4.29 ½, with a range of $4.20 to $4.61 ½. Continue reading at Tennessee Market Highlights.

WASHINGTON, May 26, 2017 — In response to a request from Clayton Parr, Farm Service Agency’s (FSA) acting State Executive Director in Arkansas, the U.S. Department of Agriculture (USDA) has designated 23 counties in Arkansas as primary natural disaster areas due to losses and damages caused by excessive rain, flash flooding, flooding, hail, high winds and lightning that occurred from April 1, 2017, and continues. Continue reading at USDA Designates Counties in Arkansas, Missouri, and Tennessee as Disaster Areas.

CROPS, PASTURES IN MOSTLY GOOD TO EXCELLENT CONDITION

With the exception of wet Mississippi River bottoms and limited replants, producers were able to finish planting corn and turned to getting soybeans in the ground. Winter wheat development flourished under favorable conditions. Some producers were able to cut hay before rains halted field activities. There were a few instances of insect pressure on cattle. There were 4.0 days suitable for field work. Topsoil moisture was 3 percent short,  78 percent adequate and 19 percent surplus. Subsoil moisture was 1 percent short, 82 percent adequate and 17 percent surplus. Continue reading at TN_05_30_17. The U.S. Crop Progress report can be read at CropProg-05-30-2017.

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

For the past three months, harvest corn futures prices have traded between $3.78/bu and $3.95/bu, below the projected price for crop insurance of $3.96/bu established in February. Harvest soybean futures have declined substantially (currently trading at $9.30-$9.40/bu) from the projected crop insurance price of $10.19/bu. For those that have an acceptable level of crop priced (25-65% of anticipated production) a wait and see marketing approach is likely warranted. For those with no crop priced establishing a price on a quarter of estimated production may be worth considering. Continue reading at Tennessee Market Highlights.

CORN PLANTING NEARS COMPLETION

Corn producers were wrapping up planting with some switching planters over to soybeans. High winds hindered spraying and caused lodging in wheat in some areas. Hay cutting was in full swing. Although hay quality was generally good, many producers reported below average yields. Cattle producers reported a few instances of insect pressure on their herds. There were 5.8 days suitable for field work. Topsoil moisture was 1 percent very short, 7 percent short, 79 percent adequate and 13 percent surplus. Subsoil moisture was 5 percent short, 77 percent adequate and 18 percent surplus. Continue reading at TN_05_22_17. The U.S. Crop Progress report can be read at CropProg-05-22-2017.

Corn and wheat was up; soybeans were down; and cotton was mixed for the week. The USDA is currently projecting 2017 corn production at 14.065 billion bushels. To arrive at this number the USDA is currently estimating 90 million acres planted (82.4 million acres harvested) and a trend line yield of 170.7 bu/acre. With planting approaching 80% complete, projected yield will soon be the primary focus for traders, as small changes in yield could have big consequences in production and price. For example, if trend yield is 5 bu/acre less than the current USDA projection (165.7 bu/acre), then production would be decreased 411 million bushels to 13.654 billion bushels. If use remained at the current USDA projection of 14.3 billion, then ending stocks would be 1.698 billion bushels compared to the current projection of 2.11 billion bushels. Continue reading at Tennessee Market Highlights.

WARMER WEATHER PROVIDES OPPORTUNITY FOR HAY HARVEST

Warmer, drier weather last week allowed producers to start cutting hay in many areas across the State. Producers also took the break in the cool, wet weather to make headway on planting row crops. Soybeans began to emerge and winter wheat is almost completely headed. There were some reports of wheat lodging because of previous heavy winds and rain. Wheat disease pressure was reported, especially in areas where there were no fungicide applications. There were 5.1 days suitable for field work. Topsoil moisture was 3 percent short, 70 percent adequate and 27 percent surplus. Subsoil moisture was 1 percent very short, 3 percent short, 74 percent adequate and 22 percent surplus. Continue reading at TN_05_15_17.  The U.S. Crop Progress report can be read at CropProg-05-15-2017.

Corn was up; soybeans and wheat were down; and cotton was mixed for the week. On May 10, the USDA released its May WASDE report. The report provided revised estimates for the 2016/17 marketing year and its first projections for the 2017/18 marketing year.  Continue reading at Tennessee Market Highlights.