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

The big news this week was the release of the USDA’s August WASDE report. Full details of the report for corn, soybeans, cotton, and wheat can be found online at: Monthly Crop Comments.

Overall the report had a bearish market reaction for all four commodities with 2017/18 contracts down across the board: corn futures were down 12-15 cents; soybeans down 24-33 cents; wheat down 15-19 cents; and cotton down 2.24-3 cents. The primary driver was higher domestic yields than anticipated. National yields (the first for this crop year estimated by survey data) were: 169.5 bu/acre for corn; 49.4 bu/acre for soybeans; 45.6 bu/acre for wheat; and 892 lbs/acre for cotton. Continue reading at Tennessee Market Highlights.

Released: August 10, 2017

Tennessee cotton production forecast up 18 percent

NASHVILLE, Tenn. – The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) released the August Crop Production report today, showing Tennessee’s cotton production continuing to rebound. This month’s report is the first of the season to forecast row crop production.

“Tennessee’s cotton crop acreage continues its steady rise from record lows over the past few seasons, and tobacco yields are expected to rise from last season’s weather-plagued crop,” said Debra Kenerson, Tennessee State Statistician. Continue reading  at PRAUG17_TN.

HAY STOCKS PROMISING, CATTLE IN GOOD CONDITION

Mostly dry weather provided ideal conditions for producers to cut hay, with average to better than average yields reported. This is seen as a positive sign that hay stocks will be adequate going into winter. Moderate temperatures combined with good pasture conditions contributed to improved cattle condition. Crops are in mostly good condition but could use a soaking rain. There were 6.1 days suitable for field work. Topsoil moisture was 14 percent very short, 22 percent short, 60 percent adequate and 4 percent surplus. Subsoil moisture was 11 percent very short, 21 percent short, 64 percent adequate and 4 percent surplus. Continue reading at TN_08_07_17. The U.S. Crop Progress report can be read at CropProg-08-07-2017.

Corn: September corn futures declined by $0.05 this week. The decline can be attributed to a lack of weather concerns. The forecast for most of the Midwest is cooler temperatures.  On Monday, the USDA reported that 85% is already silking with 23% of the crop beginning to dough. Also, the USDA reported that 61% of the crop as being good-to-excellent. In the picture below, you can see that almost 50% of the corn crop is in the crescent shape of Minnesota, Iowa, Illinois, Indiana, and Ohio. Those states were rated, on average, 63% good-to-excellent. This indicates that we ought to have a good crop if the Midwest remains cool along with ample moisture. Any forecasts with adverse conditions would trigger a small rally in corn prices. As of market close today, the average basis for new crop corn equaled -$0.14 in West Tennessee. Continue reading →

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

The month of July is now in our review mirror; so how did commodities preform
in July: December corn opened the month at $3.95 and closed at $3.84 ¾, down 10 ¼, with a trading range of $3.79 ¼ to $4.17 ¼. November soybeans opened the month at $9.63 ½ and closed at $10.07 ¼, up 43 ¾ cents, with a trading range of $9.63 to $10.47. December cotton opened the month at 68.59 and closed at 68.86, up 0.27 cents, with a trading range of 66.28 to 69.72. September wheat opened the month at $5.38 ¼ and closed at $4.74 ½, down 63 ¾ cents, with a trading range of $5.74 ½ to $4.71 ½. Continue reading at Tennessee Market Highlights.