Corn and soybeans were up; wheat and cotton were down for the week.
This week the December corn contract established a new low at $4.73 ½, before closing up the last three trading days of the week. US yield estimates remain a hot topic of debate between market analysts, as rains at the end of July through August have improved crop conditions across a large portion of the growing area. As of August 15th, corn production in drought is estimated at 42%, with 5% in extreme drought, 15% in severe drought, and 22% in moderate drought. Currently, the USDA estimates the national average corn yield at 175.1 bu acre. Most analysts have a national yield closer to 177 bu/acre. Based on USDA’s current harvested acre projection of 86.322 million acres, a 1.9 bu/acre increase in national average yield would increase US production by 164 million bushels. Continue reading at Tennessee Market Highlights.
