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

Drought continues to persist in the western half of the U.S. As of May 3, the USDA estimated
that 23% of corn, 56% of cotton, 14% of soybean, and 69% of winter wheat production were in areas experiencing drought. 22% of winter wheat and 36% of cotton were estimated to be in extreme-to-exceptional drought, compared to only 4% for corn and 1% for soybeans. There may be some relief in the 7-day forecast for the southern plains, however it is likely insufficient to provide substantial relief. The seven-day forecast also has 1-3 inches of precipitation in the Northern Plains and Eastern Corn Belt, which could contribute to additional plantings delays. USDA estimated corn planting progress at 14% compared to the 5-year average of 33% as of May 1. Continue reading at Tennessee Market Highlights.

In West Tennessee, farmers were busy planting corn and soybeans and preparing to plant cotton. Winter wheat condition looked good across the region, as did pasture condition. In Middle Tennessee, corn and soybean producers picked up the pace of their planting. Wheat condition was reported as good throughout the region as well. Other activities included the application of fertilizer and herbicides. In East Tennessee, farmers began planting corn and soybeans, with some areas still reporting that rain was needed. There were 4.9 days suitable for field work.

Topsoil moisture was 8 percent short, 82 percent adequate, and 10 percent surplus. Subsoil moisture was 6 percent short, 82 percent adequate, and 12 percent surplus. Hay and Roughage Supplies rated 4 percent very short, 22 percent short, 66 percent adequate, and 8 percent surplus. Continue reading at  TN_CropProgress_05_01_22. The U.S. Crop Progress Report is available at US_CropProgress_05_01_2022.

Corn and cotton were up; wheat was down; soybeans were mixed for the week.
New harvest contract highs for corn and cotton were set this week. The last time the December corn contract was this high was 2012. That year the December contract peaked at $8.38 ¾ on August 21. Where was the December 2012 contract at the end of April? $5.43 ¼. The contract added nearly $3.00 between the end of April and the third week in August. Every year is different, and some weather concerns are factored into the current futures price, however if weather conditions are uncooperative over the next four months, we likely have another substantial leg up in this year’s corn market. Weather and the war between Russia and Ukraine will continue to make markets unpredictable and dramatic movements up or down can not be ruled out at this juncture. Continue reading at Tennessee Market Highlights.