Corn, soybeans, and wheat were down; cotton was mixed for the week. The 2015/16 corn and soybean marketing year comes to an end August 31 and exports are estimated at 1.925 billion bushels and 1.88 billion bushels for corn and soybeans, respectively. Corn exports are well below the all-time record of 2.437 billion bushels exported during the 2007/08 marketing year, while soybeans set a third consecutive all-time record. Both commodities are expected to increase export sales for the forthcoming marketing year. Continue reading at Tennessee Market Highlights.

TOBACCO IN NEED OF DRIER CONDITIONS

While frequent rains benefitted the condition of most crops in the State, it also delayed the topping and cutting of tobacco. The tobacco crop has been plagued with leaf spot, rot diseases, and armyworms, which have reduced grower’s yield and quality expectations. Some corn harvest has begun with good yields reported. Continue reading Tennessee NASS report at TN_08_22_16. The U.S. Crop Progress report can be read at CropProg-08-22-2016.

Corn, soybeans, and wheat were up; cotton was down for the week. December corn rebounded this week, closing up 10 cents, after setting a new contract low last Friday at $3.22 ½. Strong export sales, buoyed by a 2-month low in the USD index, contributed to the price rebound. Prices have appreciated in spite of the bearish WASDE report last week which included record yield (175.1 bu/acre) and production (15.153 billion bushels). Harvest futures will likely trade in the short-term between $3.30 and $3.50. Continue reading at Tennessee Market Highlights.