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

Thursday’s WASDE report projected a record large soybean crop for Brazil and increased production estimates for South American corn production. Minor adjustments were made to the U.S. domestic balance sheet. The decrease in soybean exports was unexpected at this juncture, however record South American production and a strengthening USD, relative the Brazilian Real, provide some justification for USDA changes.

For corn, compared to last month’s report, domestic supply was unchanged; feed and residual was decreased 50 million bushels and ethanol was increased 50 million (resulting in no changed in domestic use); U.S. ending stocks were unchanged; and foreign stocks were increased 123 million bushels. Currently, global ending stocks are projected at 8.688 billion bushels (2.32 billion in the U.S. and 6.368 billion in foreign stocks), up 4.6% from the previous marketing year. Continue reading at Tennessee Market Highlights.

This link to  the March 9, 2017 – USDA World Supply and Demand Estimates contains a summary of the USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) report. Domestic balance sheets for corn, soybeans, cotton, and wheat are displayed along with price reaction in futures markets for each commodity on the day of the report release. Additionally, supply and demand estimates for key importing and exporting countries are provided for the current month along with change in estimates from the previous report. The Profitability Outlook section contains estimated returns per acre for each commodity for 2017 based on Tennessee state average yield projections and estimated price offerings for 2017(note: cotton prices include a seed and hauling rebate). Variable expenses are based on the University of Tennessee Extension 2017 Row Crop Budgets. Prices are updated monthly; expenses are updated as warranted during the year and may be different than the expenses contained in the 2017 Row Crop Budgets. This section provides an estimation of the current relative profitability amongst major row crops in Tennessee.

Corn, soybeans, and cotton were up; wheat was mixed for the week. This week started out with a bang as rumors regarding changes to RFS/Ethanol/ Biodiesel provided fuel for Tuesday’s rally in corn and soybean markets. For the remainder of the week markets moved sideways to lower. The final projected prices and price volatility factors for crop insurance for corn, soybeans, and cotton in Tennessee were set this week. For corn, projected price was set at $3.96 with a price volatility factor of 0.19 (compared to last year – $3.86 and 0.17). For soybeans, projected price was set at $10.19 with a price volatility factor of 0.16 (compared to last year – $8.85 and 0.12). For cotton, projected price was set at $0.74 with a price volatility factor of 0.15 (compared to last year – $0.60 and 0.14). Continue reading at Tennessee Market Highlights.

The Southern Cotton Ginners’ Association and Foundation Annual Meeting will be held in the Venetian Room of the Peabody Hotel March 2nd at 1:30 PM. Mid-South Cotton Producers are invited to attend; one of our own Tennessee producers will be recognized during this meeting for his efforts in increasing the efficiency and productivity of the cotton production system. Details on the schedule can be found at https://www.farmandginshow.com/Base/Uploads/files/SCHEDULE%20OF%20EVENTS.pdf

The 65th Annual Mid-South Farm and Gin Show will be held at the Memphis Cook Convention Center in Memphis, TN on March 3 & 4th.  Details on this event can be found at https://www.farmandginshow.com/

Look forward to seeing you there!