Cereal Grains & Soybeans (by: Brian Williams)
Crop scouts have been touring much of the corn belt this week and their findings have been a major driver in crop prices this week. The corn crop looks very good in much of Illinois and Indiana, while Iowa has quite a bit of variability. Despite the variability in Iowa, yields there are expected to be above the trend line. Soybeans are a different story. Scouts have been finding lower pod counts than a year ago in many areas, which is bringing some concern about yields at harvest. At the same time, soybean demand is remaining relatively strong providing a boost to prices over the last week. Despite the bearish information coming in about the corn crop, it appears that the corn market is following soybeans and has had a positive tone this week. Corn harvest is underway in Mississippi, with 6% of the crop harvested as of Sunday evening. This led to Mississippi cash prices moving lower in spite of higher futures prices.
Cotton (by: John Michael Riley)
Cotton prices were dealt blow this week and fell about 10 cents per pound. The December futures price pushed above 93 cents last Friday, a contract high. On Tuesday, whispers of China releasing some of their massive reserves. Then, weakness in the general economy as well as a stronger U.S. dollar added pressure on Wednesday. Prices stabilized the remainder of the week.
Recap of Futures Markets:
|Nearby Futures Contract||This Friday||Last Friday||% Change|
|Source: Corn, soybean, wheat, and rice prices are from the CMEGroup; Cotton price is from the Intercontinental Exchange|
|Prices are $/bu for corn, soybeans and wheat, cents/pound for cotton, and $/cwt for rice|
Recap of Mississippi Cash Prices:
|Miss. Cash Quote||This Friday||Last Friday||% Change|
|Note: Corn, soybeans, and wheat are averages from Greenville, Belzoni, Greenwood, and Indianola, MS ($/bu); Cotton is the South Delta base grade quote (cents/lb)|
|Source: All prices are from USDA, Ag Marketing Service|