Heat unit accumulation has been the big question over the past week. Mild temperatures settled over Tennessee during early August and there is some concern that the crop may not be maturing as quickly as noted in years past. While I agree the weather has been quite comfortable, we are currently very close to the 30 year average heat unit accumulation trend noted from 1980-2010.
Corn: September corn futures have traded $0.08 lower so far this week. The decline in corn futures can be attributed to a lack of a weather scare for the Midwest. Key growing states like Iowa and Illinois continue to receive extended weather forecasts with normal temperatures and normal precipitation. The USDA released the latest crop progress report on Monday. This report indicated that 97% of the corn crop is silking while 61% of the crop has reached the dough stage. The USDA rated 62% of the corn crop as being good-to-excellent, which is a 2% increase from last week’s report. Continue reading
Guidance to Handling Dicamba Damage Claims
If you have been to any agricultural field day, then you have heard mention of dicamba drift. Whether you are a producer or an agribusiness professional, dicamba is on the forefront of everyone’s’ mind. Some states have outright banned the chemical’s use while others have provided extra guidance on how to apply the herbicide. Whether you farm in the Midwest or the Mid-south, dicamba is an issue that must be addressed. The yield loss from dicamba drift is not yet known and will be unique for each drift occurrence. Continue reading
Corn: September corn futures closed $0.02 lower for the week. Today, corn futures were able to recapture a portion of what was lost after yesterday’s USDA report. The latest World Agricultural Supply and Demand Estimates (WASDE) was released yesterday morning. This report contained very few surprises for the corn market. The USDA did lower the national yield by 1.2 bushels per acre from 170.7 to 169.5. This projected decline in the national yield did lower the USDA’s expected ending stocks for corn. Continue reading
Corn: Since the first of July, September corn futures have declined by $0.10. The decline can be attributed to a partial loss of the weather premium that was built into the corn market. During this time of year, the corn market is volatile due to it being a weather market. On Monday, the USDA reported that 67% of the crop is already silking with 64% of the crop being rated as good-to-excellent. Now, these ratings are lower than what we had during this same time frame last year. In 2016, the USDA rated 74% of the crop as being good-to-excellent. So far, these ratings are pointing to a good national yield. Continue reading
In just the past few days, dicamba drift has been reported on Tennessee farms. As temperatures rise, so does the potential for increased off-target movement of dicamba. Watch as Larry Steckel discusses three actions to reduce drift and volatilization.
Corn: Over the last 30 days, September corn futures have increased by $0.11. The increase can be attributed to the reduction in corn acres for 2017. The low prices of corn futures caused many farmers to increase their bean acres at the expense of corn acres. As a result, corn futures are showing signs of potentially creeping higher through the growing season. Of course, this all hinges upon the growing conditions of the crop. However, the stage has been set for a chance at higher corn prices.
Corn: Since the March 31st planting intentions report, September corn futures have increased by $0.05. However, there has been quite a bit of movement in the futures market after that report was released. The USDA indicated in that report that there would a reduction in corn acreage compared to last year’s levels. The report stated that we would plant 90 million acres of corn in 2017. While that was expected, it does create the potential for higher corn prices if we have a supply disruption in 2017, such as dry growing conditions in the Corn Belt. Continue reading