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

December corn futures prices have moved sideways since the contract low on August 31 of $3.44 ¼, closing at $3.50 ¼ on Thursday. Mixed yield reports across the Corn Belt continue to provide some production uncertainty. Fur-ther complicating the supply picture are USDA’s projections of 2.335 billion bushels of domestic stocks versus an almost 1 billion bushel projected decrease (8.935 billion bushels to 7.971 billion bushels, an 11% year-over-year reduction) in global corn stocks from the 2016/17 marketing year end to the 2017/18 marketing year end. Corn prices are likely to establish (if the low hasn’t al-ready been set) a bottom this month. Continue reading at Tennessee Market Highlights.

WEATHER SLOWS BURLEY TOBACCO HARVEST

Burley harvest was delayed by wet weather conditions. As the weather dries, harvest is expected to again be in full swing. Corn harvest has progressed with good yields reported, some even above last year’s record. Cotton defoliation was ongoing. Producers are preparing to make another cutting of hay, continuing to build their stocks for winter. There were 3.8 days suitable for field work. Topsoil moisture was 10 percent very short, 4 percent short, 70 percent adequate, and 16 percent surplus. Subsoil moisture was 12 percent very short, 6 percent short, 70 percent adequate and 12 percent surplus. Continue reading at TN_09_18_17. The U.S. Crop Progress report can be read at CropProg-09-18-2017.

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

This week the USDA released the September WASDE and Crop Production Reports.
Analysis of the reports can be found at: Tennessee Monthly Crop Comments.

Overall the September WASDE report was bearish for corn, soybeans, and cotton and neutral-to-bullish for wheat. 2017/18 projected domestic (world) ending stocks were 2.335 billion bushels (7.971 billion bushels), 475 million bushels (3.584 billion bushels), 6 million
bales (92.54 million bales), and 933 million bushels (9.669 billion bushels) for corn, soybeans, cotton, and wheat, respectively. Global corn stocks were projected down from the previous marketing year, while soybean, cotton, and wheat stocks were projected up. Continue reading at Tennessee Market Highlights.

Dr. Tyson Raper explains how cotton bolls can be used to determine proper defoliation timing.

Dr. Tyson Raper encourages cotton producers to select defoliation products to manage re-growth in 2017.

Market Reaction: December 2017 corn futures closed down 6 cents at $3.51 ½ with a trading range for the day of $3.45 ½ to $3.57 ¼. December 2018 corn futures closed down 5 cents at $3.93 ¾ with a trading range for the day of $3.88 to $3.98. USDA provided a yield surprise which drove prices lower. Most pre-report estimates were for USDA to lower yields 1-2 bu/acre. The report saw a 0.4 bu/acre increase. Initial reaction saw prices down 10-12 cents before a late session rebound.

USDA Summary: This month’s 2017/18 U.S. corn outlook is for increased production, greater feed and residual use, higher ending stocks, and lower prices.  Corn production is forecast at 14.184 billion bushels, up 32 million from last month.  Corn supplies are up from last month, as a larger crop more than offsets a small decline in beginning stocks due to updated use estimates for 2016/17.  Feed and residual use for 2017/18 is raised 25 million bushels with a larger crop and lower expected prices.  Corn used for ethanol for 2017/18 is projected down 25 million bushels at 5.475 billion, based on observed usage during 2016/17 and expectations of lower exports.  Other industrial use is lowered 50 million bushels.  With supply increasing and use falling, corn ending stocks are up 62 million bushels from last month.  The projected range for the season-average corn price received by producers is lowered 10 cents on both ends to a range of $2.80 to $3.60 per bushel. continue reading at UT Monthly Crop Comments.