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

For corn and soybean producers, activity in futures markets in February is very important. For Tennessee producers, projected crop insurance prices and volatility factors are determined from February 1-28. The projected price will set revenue guarantees and potentially affect planting decisions. At the start of February 2023, December 2023 corn futures were slightly above ($5.94) last years projected crop insurance price of $5.90 per bushel and November 2023 soybean futures ($13.65) were well below last year’s futures price of $14.40. The direction of prices from now until the end of February will be key for producers when examining risk management and marketing strategies for the 2023 crop. Continue reading at Tennessee Market Highlights.

Compared to the previous five years, 2021 and 2022 corn and soybean harvest futures prices experienced increased trading ranges. December 2022 corn futures, from December 1, 2021 to contract expiration, had a trading range of $2.23 ($5.43 to $7.66). November 2022 soybean futures, from November 1, 2021 to contract expiration, had a trading range of $3.81 ($12.02 to $15.81). Tight U.S. stocks, the Russia-Ukraine conflict, global inflation, supply chain disruptions, and drought in the U.S. and South America have propelled prices higher but have also increased volatility. The 2021 and 2022 December contracts had 49 and 65 trading days with moves of more than 10 cents up or down. The previous five years had a total of 54 trading days with a greater than 10-cent move. Similarly, in 2021 and 2022, the November soybean contract had 45 and 74 trading days with a greater than 20-cent up or down move. For the previous five years, the November soybean contract had a total of 64 days with a greater than 20-cent up or down move. Continue reading at Tennessee Market Highlights.

The USDA Quarterly Grain Stocks Report was released on Thursday. The report estimated corn stored on December 1, 2022, totaled 10.8 billion bushels, down 7 percent from the previous year. The September-November 2022 indicated disappearance was 4.30 billion bushels, compared with 4.67 billion bushels during the same period last year. Soybeans stored on December 1, 2022, totaled 3.02 billion bushels, down 4 percent from the previous year. Indicated disappearance for September-November 2022 totaled 1.53 billion bushels, down 4 percent from the same period a year earlier. All wheat stored on December 1, 2022, totaled 1.28 billion bushels, down 7 percent from a year ago. The September-November 2022 indicated disappearance is 498 million bushels, 26 percent above the same period a year earlier. Continue reading at Tennessee Market Highlights.