Cotton prices are up, corn and wheat prices are down while soybean prices are mixed for the week. The June U.S. Dollar Index is trading midday at 80.04, down .04 for the week. The Dow Jones Industrial Average at midday was down 126 points for the week at 12,934. Crude Oil traded before the close at 103.00 a barrel, down 0.31 a barrel for the week. Financial concerns in Europe have shifted from Greece to Spain and have been behind today’s strength in the Dollar which has put pressure on commodity prices. China’s first quarter Gross Domestic Product showed growth at 8.1% compared to guesses of 8.4% to 9% and at least for today has also put pressure on commodity prices. Continue reading →

Corn

In today’s report, ending stocks were unchanged at 801 million bushels and a 6.3% stock to use ratio. Based on the March 1 stocks, the trade was disappointed as the expectation was projected ending stocks of 717 million bushels. The season average price is projected to range from $6.00 to $6.40 a bushel, narrowed 10 cents on both ends. Global corn stocks decreased 72 million bushels from last month to 4.831 billion bushels on lower beginning stocks, unchanged production, and lower feed use. Continue reading →

This table should be used as a guide as yields, prices, and expenses will vary among producers and locations. This table looks at crop prices as of April 10, 2012 for 2012 and can give a glimpse of what crop profitability is in Tennessee as of this date. One of the expense items that have to be watched is fertilizer. For reference, in variable expenses below, fertilizer expense per acre is estimated as follows: cotton – $ 153, Soybeans – $55, Corn – $172 (includes 150 units of N), Milo – $138, and wheat/soybeans – $135. Production costs will be updated as we go through the year. Due to the warm spring, additional burndowns are needed in cotton (+$39 chemical) and soybeans (+$11 chemical) and the increased chemical and sprayer cost have been updated. Continue reading →

Corn and soybean prices are up while cotton and wheat prices are down for the week. Markets were closed on Friday due to the Good Friday holiday so market closes are as of Thursday, April 5, 2012. The June U.S. Dollar Index closed is at 80.09, up .95 for the week. The Dow Jones Industrial Average closed down 152 points for the week at 13,060. Crude Oil closed at 103.31 a barrel, up 0.34 a barrel for the week. Employment gains were reported on Friday while the markets were closed and were weaker than expected. The unemployment rate dipped slightly to 8.2%. USDA will update its monthly Supply & Demand report on Tuesday, April 10. Continue reading →