Corn and soybeans were up; cotton was down; and wheat was mixed for the week. Soybean and corn futures prices had a great Thanksgiving week. January soybean futures increased over 50 cents and March corn appreciated almost 10 cents. In Tennessee, basis did soften for both commodities but net prices to producers were up for the week. The primary catalyst for the rising prices was again strong export sales. Export sales continue to remain strong in spite of the appreciating USD. The focus for the markets will continue to be export demand and South American (Brazil and Argentina) growing conditions and crop progress.  Continue reading at Tennessee Market Highlights.

PRODUCERS ANXIOUS FOR RAIN

The persistent lack of rain across the State still torments our agricultural producers. Pastures, which cattle producers depended on going into the winter have suffered and are, therefore, unable to provide the needed nutrition, resulting in hay to being fed earlier than normal. Additionally, the lack of rain has caused water shortages, resulting in producers having to haul water to supplement drying ponds. Winter wheat seeding has been delayed because of dry conditions which, in most cases, are producing spotty stands.Continue reading Tennessee NASS report at tn_11_21_16. The U.S. Crop Progress report can be read at cropprog-11-21-2016.

Corn and wheat were mixed; and cotton and soybeans were up for the week. 2016 was an excellent production year for the US: corn production is estimated at 15.2 billion bushels and average yield at 175.3 bu/acre; soybean production is estimated at 4.36 billion bushels and average yield at 52.5 bu/acre; cotton production is estimated at 16.16 million bales and average yield at 803 lbs/acre; and wheat production is estimated at 2.31 billion bushels and average yield at 52.6 bu/acre. The USDA will continue to revise production and yield estimates as additional information becomes available however at this time it is unlikely substantial reductions will occur. Continue reading at Tennessee Market Highlights.

COOLER TEMPERATURES ARRIVE

Cooler temperatures arrived last week, with several counties reporting the first frosts of the season. Unfortunately, the cooler weather brought little to no rain. Pasture conditions continued to decline due to dry conditions. Livestock producers continued to feed hay and haul water as some ponds were drying up. The dry weather has forced some livestock producers to cull their herds. A few wheat farmers planted their crops hoping that rain will come soon. Continue reading Tennessee NASS report at tn_11_14_16. The U.S. Crop Progress report can be read at cropprog-11-14-2016

Released: November 10, 2016
November 1 Tennessee Crop Production Forecast
Corn production in Tennessee is forecast at 118 million bushels, unchanged from the October forecast and up 1 percent from the previous crop. Yield was estimated at 148.0 bushels per acre, unchanged from last month and down 12.0 bushels from the 2015 level. Acres for harvest as grain were estimated at 800,000 acres, up 70,000 acres from 2015. Continue reading at novcrop16_tn.

This link to November 9, 2016 – USDA World Supply and Demand Estimates contains a summary of the USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) report. Domestic balance sheets for corn, soybeans, cotton, and wheat are displayed along with price reaction in futures markets for each commodity on the day of the report release. Additionally, supply and demand estimates for key importing and exporting countries are provided for the current month along with change in estimates from the previous report. The Profitability Outlook section contains estimated returns per acre for each commodity for 2017 based on Tennessee state average yield projections and estimated price offerings for 2017(note: cotton prices include a seed and hauling rebate). Variable expenses are based on the University of Tennessee Extension 2016 Row Crop Budgets. Prices are updated monthly; expenses are updated as warranted during the year and may be different than the expenses contained in the 2016 Row Crop Budgets. This section provides an estimation of the current relative profitability amongst major row crops in Tennessee.

SCORCHING, DAMAGING DRY CONDITIONS CONTINUE

Rain is desperately needed across the State. Dry conditions caused pasture conditions to steadily decline. Producers continue to feed hay as supplies allow and haul water as ponds dry up. The weather is beginning to have an economic impact, as some producers are having to sell cattle at a lower price. Some wheat farmers hesitate to plant because of fear the crop will not germinate in these weather conditions. Others worry that their already planted crops will produce spotty or no stands. Continue reading Tennessee NASS report at tn_11_07_16. The U.S. Crop Progress report can be read at cropprog-11-07-2016.

Corn, cotton, and soybeans were down; wheat was up for the week. In October, November soybean futures increased 48 cents from $9.54 to $10.02 and December corn futures increased 18 cents from $3.36 to $3.54. December cotton futures increased 0.78 cents/lb in October from 68.08 to 68.86 cents/ lb. Prices have established a new trading range with support at 66 cents and resistance at 72 cents. As harvest is completed, it will be interesting to see if cotton futures can push into and maintain the 70+ cent price level. Continue reading at Tennessee Market Highlights.