Soybeans and wheat were down; cotton and corn were up for the week. December corn has bounced back from the August 12th low of $3.57 ½. Corn yields continue to be the subject of great debate as several crop tours have substantially different state yield estimates than the August 12th USDA Crop Production report. It is generally accepted that the Western Corn Belt will have record-to-near record yields while the Eastern Corn Belt will have yields that are below trend. Whether the good yields in the west offset the poorer yields in the east will determine if the USDA’s estimated national average yield of 168.8 bu/acre is high or low. Continue reading at Tennessee Market Highlights.
All posts by Chuck Danehower, Extension Area Specialist - Farm Management
Farm Computer Usage & Ownership
USDA National Agricultural Statistics Service (NASS) recently released publication Farm Computer Usage and Ownership. Highlights for Tennessee include an increase of the number of farms with computers from 55% in 2011 to 68% in 2015; increase of farms that use computers for farm business from 26% in 2011 to 35% in 2015; and increase in farms that purchase inputs over the internet from 10% in 2011 to 17% in 2015. The publication in its entirety can be found at Farm Computer Use – Aug 2015.
Crop Progress
As reported by NASS on August 10, 2015
MOST CROPS IN GOOD TO EXCELLENT CONDITION
With the exception of this season’s grain sorghum crop which continues to be plagued by sugarcane aphids, most of Tennessee’s crops are in good to excellent condition. Producers are readying their equipment for corn harvest which is anticipated to start in a few weeks. Corn silage is being cut and second cuttings of hay are being finished. Rain in some areas of the state gave crops a boost. Continue reading at Crop Progress 8 16 15.
Tennessee Market Highlights
Corn, soybeans, and wheat were down; cotton was up for the week. In grain and oilseed markets there were two dominant pieces of news this week: 1) the devaluation of the Chinese Yuan and 2) the August 12th WASDE and Crop Production reports. On August 10th the Chinese Yuan was trading at 6.21 to 1 USD. As of writing on August 14th, the Yuan was trading at 6.43 to 1 USD, 3.5% less than the beginning of the week. Simplistically stated the devaluation of the Chinese Yuan makes U.S. exports more ex-pensive for Chinese consumers to purchase and makes Chinese goods imported into the U.S. less expensive, all else being equal. While the full ramifications of this devaluation are yet to be determined for U.S. agricultural exports, it is likely that given the USD’s relative strength and the large global supplies of many grains, oilseeds, and fiber crops that exports and domestic prices will be adversely affected. Continue reading at Tennessee Market Highlights.
Comments on the USDA WASDE report & Profitability Outlook update
Comments by Dr. Aaron Smith
August 12, 2015 – USDA World Supply and Demand Estimates
Corn Projected 2015/16 U.S. feed grain supplies are increased this month with higher forecast corn, sorghum, barley, and oats production. Corn production is forecast at 13.7 billion bushels, up 156 million from the July projection, with the season’s first survey-based corn yield forecast at 168.8 bushels per acre, 2.0 bushels higher than last month’s trend-based projection. Corn supplies for 2015/16 are projected at a record 15.5 billion bushels, up 154 million from last month with a small reduction in beginning stocks. Continue reading at USDA WASDE Comments & Profitability Outlook update.
Crop Progress
As reported by NASS on August 10, 2015
LATE WEEK RAINS BOOST CROPS
A rain producing front late in the week was a welcome sight and helped boost crop development. Even through the mostly dry weather, however, crops progressed well. Hay harvest was delayed because of the rain. Sugarcane aphids continue to spread in the grain sorghum crop and some fields reached threshold levels and were treated. Continue reading at Crop Progress 8 9 15.
Tennessee Market Highlights
Corn, soybeans, and wheat were up; cotton was down for the week. Next week, the USDA will release the August World Agricultural Supply and Demand Estimates (WASDE) Report. As such, corn and soybean futures next week could be volatile as traders position themselves and react to the August 12th report. Given planting delays and wet conditions this spring/early sum-mer there still exists a great deal of uncertainty regarding total planted acreage and average yield. Continue reading at Tennessee Market Highlights.
Planting Soybeans on Flooded Ground-Crop Insurance Considerations
As written by Dr. Larry Steckal on UT Crops News Blog , producers in Tennessee in the Mississippi River bottoms are planting ultra-late soybeans on ground previously flooded. Before planting, there may be some crop insurance considerations to take into account. Producers should have already contacted their crop insurance agent and discussed the situation with them. This is critical as this can be a complicated issue and if timely reporting has not been done, there may not be an indemnity payment. Continue reading