USDA announced this week the details of the $12 billion trade assistance package. One part of the package is the Market Facilitation Program (MFP).
MFP is established under the statutory authority of the Commodity Credit Corporation (CCC) and administered by FSA. For each commodity covered, the payment rate will be dependent upon the severity of the trade disruption and the period of adjustment to new trade patterns, based on each producer’s actual production. Continue reading
FARMERS PREPARE FOR HARVEST
Spotty rains did little to hamper field work last week. Corn producers continued to prepare for harvest. Late season hay harvest also continued with some producers reporting problems with armyworms. Cooler temperatures helped the growth of pasture. There were 6.1 days suitable for field work. Topsoil moisture rated 6 percent very short, 22 percent short, 68 percent adequate, and 4 percent surplus. Subsoil moisture rated 8 percent very short, 25 percent short, 65 percent adequate, and 2 percent surplus. Continue reading at TN_08_27_18. The U.S. Crop Progress report can be read at CropProg-08-27-2018.
The 2018 Mid-South Cotton Defoliation Guide is now available online. You can access the guide by clicking the above image or any of the embedded links within this post. This guide was compiled by Extension Specialists from throughout the Mid-South and is updated yearly.
Corn, soybeans, and wheat were down; cotton was mixed for the week. After last week’s gains, corn, soybeans, and wheat had large declines. Higher U.S. yield estimates, increased political uncertainty, and trade dominated agricultural news this week.
Currently, the USDA estimates national average corn and soybean yields at 178.4 bu/acre, an all-time high, and 51.6 bu/acre, 0.5 bu/acre below the all-time high in 2016. There is still a great deal of uncertainty in the USDA’s final yield estimates and usually adjustments will be made in future reports with the October/November Crop Production report typically shedding a more accurate light on final yields. However, in general, field tours and private estimates indicate the potential for higher corn and soybeans yields across several growing regions. So right now the prevailing thought is for upward yield revisions by the USDA, not down.
Political uncertainty is running rampant in Washington due to numerous issues faced by the Trump administration. Political uncertainty creates further complexity in already unpredictable commodity markets. Continue reading at Tennessee Market Highlights.
I ran a post last week that somehow got lost in cyberspace, so this is my effort to recreate it.
Cotton: The gist of my post last week was that most early planted cotton has accumulated more than 350 DD60s past NAWF5, and thus, insect management was Continue reading
RAINS PROVIDE NEEDED MOISTURE
Rain fell over most of the state last week providing needed moisture and improving crop conditions. Corn producers were preparing for harvest, while cotton and soybean farmers were busy with last minute spraying. These rains also improved pasture conditions. There were 4.9 days suitable for field work. Topsoil moisture rated 6 percent very short, 18 percent short, 70 percent adequate, and 6 percent surplus. Subsoil moisture rated 7 percent very short, 25 percent short, 65 percent adequate, and 3 percent surplus. Continue reading at TN_08_20_18. The U.S. Crop Progress report can be read at CropProg-08-20-2018.
Corn, soybeans, and wheat were up; cotton was down for the week. The size of the U.S. corn and soybean crop, large domestic stocks carried over from 2017, continued trade disruptions, and faster crop maturity than normal will diminish (eliminate) early harvest price premiums and depress harvest basis below typical levels.
Will producers in Tennessee have lower gross revenue this year, compared to 2017?
From August 1 to October 31, 2017, the average cash prices for corn and soybeans across the state were $3.35/bu and $9.43/bu. So far, in August 2018, cash prices have averaged $3.63/bu and $8.59/bu. Cash wheat prices from June 1 to July 31, were $4.83 (2017) and $5.08 (2018). Cash cotton prices, from October 1 to November 30, 2017 averaged 69.39 cents/lb, currently, cotton pric-es are 81.51 cents/lb. So far, year-over-year average corn, cotton, and wheat prices are up, soybean prices are down. Continue reading at Tennessee Market Highlights.
