West Tennessee Grain Bids 1-13-2017

Corn: September corn futures only increased by a penny over the past week. The latest USDA report did not contain any major changes from last month’s report. As a result, corn prices have traded virtually sideways yesterday and today. Brazil and Argentina will begin their corn harvest next month. The size of this crop could impact U.S. corn prices as we edge closer to planting.

Soybeans: November futures increased by $0.36 over the past week. The latest USDA report reduced the size of the U.S. soybean crop. This was a major surprise to the soybean market. Most analysts were expecting an increase in this week’s report. Brazil is currently harvesting their soybean crop and Argentina will start next month. The size of this crop will influence U.S. soybean prices until we know the U.S. planting intentions.

 Wheat: The USDA reduced winter wheat acreages in this week’s report. The 2017 wheat crop is thought to be the smallest wheat crop in over 100 years. As a result, July wheat futures increased by $0.07 over the past week.

 Cotton: December cotton futures closed at 0.709. Cotton equities continue to range between $0.10 and $0.13 for 2016 equities and $0.15 for 2017 equities.

Take Home Message: With the recent rally in soybeans, producers may look at the potential of booking soybeans above the $10.00 level for the 2017 crop year. Producers should look at their costs of production to determine profitability levels and work with suppliers for input prices for 2017. UT Extension crop budgets for 2017 will be ready within the next few weeks.

Corn, soybeans, and wheat were up; cotton was down for the week. On Thursday the USDA released the Quarterly Grain Stocks, Winter Wheat Seedings, and World Agricultural Supply and Demand Estimates (WASDE) reports. December 1, corn stocks were estimated at 12.4 billion bushels, up 10% compared to 2015; soybean stocks were estimated at 2.90 billion bushels, up 7% compared to 2015; and wheat stocks were estimated at 2.07 billion bushels, up 19% compared to 2015. Stock estimates were within trade expectations for all three commodities. Continue reading at Tennessee Market Highlights.

This link to  the January 12, 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.

A new publication (W 389), Management of Aphids and Barley Yellow Dwarf Virus in Tennessee Wheat, is now available on line. This publication will provide some timely information for managing aphids during the next 30-45 days, where UT data suggest a late winter insecticide application can reduce the incidence of BYD and increase yields. Typically, pyrethroid insecticides are recommended. Continue reading →

UT Extension is hosting a series of meetings to be held throughout the state to prepare growers for the upcoming season. These meetings will focus on variety selection, insect and plant disease management, weed management, and other current crop production topics.

Below is a list of the production meetings to be held in January. Please contact your local UT Extension office for more details on time and location. Continue reading →

Corn, cotton, and wheat were up; soybeans were down for the week. Corn futures have reversed price direction after a mid/late December slide. The March futures contract continues to be range bound trading between $3.40 and $3.70 since early October. Next week’s WASDE report could be critical as USDA may have significant revisions to both production and use. Nearby corn -to-soybean price ratio has declined from over 3.0 to 2.78. Continue reading at Tennessee Market Highlights.