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

A strong finish to the week, due to optimism regarding trade discussions, led prices to close up for the week across the board. Markets will closely monitor trade news out of Buenos Aires, Argentina where G-20 leaders are meeting November 30 and December 1. The anticipated meeting between Presidents Trump and Xi (on Saturday) will dictate price direction early next week, particularly for soybeans. Positive news, indicating a path toward a trade dispute resolution between the world’s two largest economies, will likely result in a continuation of the late week rally, possibly breaking through strong resistance at $9.00 (January soybean contract). Negative reports could trigger a retest of the six month low of $8.26 (January soybean contract).

Total U.S. export commitments (accumulated exports and outstanding sales) for corn, soybeans, and wheat continue to languish well below the required pace to meet USDA’s marketing year projection for the 2018/19 marketing year. Cotton, the lone bright spot, has seen sales wain in recent weeks after very strong sales this summer and early fall. Currently, cotton export commitments are 70% of the USDA marketing year total well above the 5-year average pace of 58%. By comparison, corn, soybean, and wheat export commitments (5-year averages) are 41% (46%), 45% (71%), and 54% (73%). Continue reading at Tennessee Market Highlights.

FALL WEATHER CONTINUES TO CHALLENGE TENNESSEE FARMERS

Tennessee farmers took advantage of rare breaks in the wet weather last week to continue harvesting row crops, primarily soybeans. Not only are there crops to be harvested, producers are also planting winter wheat. There are reports of equipment getting stuck in muddy fields. To date, emerged winter wheat looks good. Cattle producers are starting to feed hay. There were 3.6 days suitable for fieldwork last week. Topsoil moisture rated 1 percent short, 57 percent adequate, and 42 percent surplus. Subsoil moisture rated 1 percent short, 60 percent adequate, and 39 percent surplus.  Continue reading at TN_11_26_18. The U.S. Crop Progress report can be read at CropProg-11-26-2018.  This is the last weekly Crop Progress report issued for the 2018 season. The first weekly report for 2019 will be released on Monday, April 1, 2019.

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

All four commodities were down across the board for an abbreviated Thanksgiving trading week. Limited news will emerge as we enter the Holiday trading season, however trade news will be closely monitored next week with the highly anticipated G20 summit. Agricultural markets will focus on any news from President Xi or Trump regarding tariffs and/or a resolution to the current trade disruption. As information is revealed anticipate further volatility in soybeans. Continue reading at Tennessee Market Highlights.

RAINS CONTINUE TO DELAY HARVEST

The rains that fell last week continued to keep farmers out of their fields and again delayed progress on the harvesting of soybeans and cotton. The excessive moisture has also caused quality issues with these crops. Wheat planting was also put on hold by the rains. There were 2.2 days suitable for fieldwork last week. Topsoil moisture rated 1 percent short, 42 percent adequate, and 57 percent surplus. Subsoil moisture rated 1 percent short, 45 percent adequate, and 54 percent surplus. Continue reading at TN_11_19_18.  The U.S. Crop Progress report can be read at CropProg-11-19-2018.

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

Since early October, March corn futures have traded between $3.70 and $3.90. Continued trading in this range seems likely as we move into December. Record U.S. yield and delays in the remaining harvest, due to adverse weather, continue to influence the market. Export sales pace will be watched closely as global stocks are projected to shrink for the second consecutive year.

January soybean futures have shown strength in recent weeks and are now approaching the upper end of the 3 month trading range of $8.25 to $9.05. A great deal of insecurity remains in soybean markets due to continued trade uncertainty. Markets will be looking for additional trade information leading up to a key meeting November 30 between President Trump and Xi. Continued volatility based on news reports and Twitter remains likely as we approach the meeting date. Continue reading at Tennessee Market Highlights.

There has been an increasing amount of interest in Tennessee on raising industrial hemp. The Haywood County Extension office is sponsoring an Industrial Hemp Production meeting on November 29th, 6 p.m.  at the Haywood County Justice Complex, 100 South Dupree Avenue, Brownsville, TN.  Please see the attached flyer.

FIELD WORK AND CROP DEVELOPMENT SLOWED BY COOL,
WET WEATHER CONDITIONS

Row crops and small grains are still being harvested at a slow pace, and small grains continue to develop gradually. There were 2.6 days suitable for fieldwork last week, nearly a full day less than the previous week.
Topsoil moisture rated 1 percent very short, 1 percent short, 56 percent adequate, and 42 percent surplus. Subsoil moisture rated 1 percent very short, 1 percent short, 59 percent adequate, and 39 percent surplus.  Continue reading at TN_11_13_18.  The U.S. Crop Progress report can be read at CropProg-11-13-2018.

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

This week the USDA released the November WASDE and Crop Production re-ports. Details of the WASDE report for corn, soybeans, cotton, and wheat are available at: Supply & Demand Estimates and Profitability Outlook.

The Crop Production report estimated 2018 National (Tennessee) corn, soybean, and cotton yields at: 178.9 bu/acre; down 1.8 bu/acre (173 bu/acre; down 1 bu/acre), 52.1 bu/acre; down 1 bu/acre (48 bu/acre down 2 bu/acre), and 836 lb/acre; down 51 lb/acre (1,048 lb/acre; up 14 lb/acre).

For the week, markets moved mostly sideways to down. The yield revisions for corn, soybeans, and cotton, were viewed as positive for prices, however the markets were anticipating yield decreases so the price response was muted. Continue reading at Tennessee Market Highlights.