Crop Market Update: October 25, 2016

Corn was down last week with Greenville cash corn currently trading $0.01 lower than a week ago and $0.35 lower than a year ago at $3.48/bu on Friday. December futures contracts are $0.02 lower on the week at $3.53/bu. Nationally, about 61% of the U.S. corn crop is harvested, behind a year ago and behind the five year average of 62%.

Soybean are trading higher this week, with Greenville soybeans trading $0.20 higher at $9.72/bu on Friday. A year ago, Greenville soybeans were trading for $9.26/bu. Nearby November soybean futures are trading $0.21 higher than a week ago. Mississippi’s soybean harvest is ahead of the 5-year average as well as a year ago with 92% of the crop harvested compared to 89% a year ago and also a five year average of 89%. The U.S. soybean harvest is right on pace with 76% of the crop harvested compared to a 5-year average of 76%.

December wheat futures are down $0.07 from a week ago at $4.15 while Greenville wheat prices are also down $0.06 on the week at $3.75/bu on Friday. Mississippi producers have 17% of their wheat crop planted, well behind a year ago and the 5-year average of 27%. The U.S. winter wheat crop is progressing well with 79% planted, slightly behind last year and the 5-year average of 82%.

Cotton prices finished the week lower with South Delta cash prices trading $1.50/cwt lower than a week ago at $68.57/cwt and $6.80/cwt higher than a year ago. Nearby cotton futures are higher with December cotton futures closing at $69.07, down $1.50/cwt from last week. Mississippi producers currently have about 81% of the state’s cotton crop harvested, ahead of a year ago and the 5-year average of 72%. Nationally, 39% of the cotton crop is harvested, slightly ahead of the 5-year average of 37%.

For more detail on crop futures and Mississippi local cash prices click here.

Crop Market Update: October 18, 2016

Corn was up last week with Greenville cash corn currently trading $0.16 higher than a week ago and $0.33 lower than a year ago at $3.49/bu on Friday. December futures contracts are $0.14 higehr on the week at $3.54/bu. Nationally, about 46% of the U.S. corn crop is harvested, behind a year ago and behind the five year average of 49%. Favorable growing conditions this summer have the U.S. corn crop looking good with 74% of the crop rated in good or excellent condition compared to 68% a year ago.

Soybean are trading lower this week, with Greenville soybeans trading $0.08 lower at $9.52/bu on Friday. A year ago, Greenville soybeans were trading for $9.23/bu. Nearby November soybean futures are trading $0.06 higher than a week ago. Mississippi’s soybean harvest is ahead of the 5-year average as well as a year ago with 87% of the crop harvested compared to 83% a year ago and a five year average of 82%. The U.S. soybean harvest is right on pace with 62% of the crop harvested compared to a 5-year average of 63%. Nationally, the soybean crop looks good overall with 74% of the nation’s soybean crop rated in good or excellent condition.

December wheat futures are up $0.26 from a week ago at $4.21 while Greenville wheat prices are also up $0.26 on the week at $3.81/bu on Friday. The U.S. winter wheat crop is progressing well with 72% planted, slightly behind last year and the 5-year average of 73%.

Cotton prices finished the week higher with South Delta cash prices trading $2.49/cwt higher than a week ago at $70.07/cwt and $6.97/cwt higher than a year ago. Nearby cotton futures are higher with December cotton futures closing at $70.57, up $3.59/cwt from last week. Mississippi producers currently have about 69% of the state’s cotton crop harvested, ahead of a year ago and the 5-year average of 57%. Nationally, 30% of the cotton crop is harvested, slightly ahead of the 5-year average of 27%.

For more detail on crop futures and Mississippi local cash prices click here.

Latest USDA Supply and Demand Report Still Shows Bumper Crop in 2016/17

The USDA made several updates for the 2016/17 crop year in the latest World Agricultural Supply and Demand Estimates. The USDA is projecting 94.5 million acres of corn were planted this year, and of that 86.8 million acres are expected to be harvested, a 200,000 acre increase from last month’s estimate. Corn yield for the 2016/17 crop year is projected at 173.4 bu/acre a 1.0 bu/acre decrease from the September estimate and in-line with pre-report expectations. If the acreage and yield hold true, U.S. producers are expected to produce a record 15.057 billion bushels of corn. Feed and residual use as well as ethanol use were unchanged. Exports were increased by 50 million bushels, leaving ending stocks down by 64 million bushels from a month ago. Global production was reduced by nearly 1 million metric tons with lower U.S. production being offset by higher Brazilian production. An increase in global feed use has eaten up some of the surplus global production, reducing ending stocks by about 2.5 million metric tons globally. Mississippi producers are expected to average 167 bu/acre on corn this year, down 5 bu/acre from a month ago and behind last year’s 175 bu/acre benchmark.

 The 2015/16 soybean balance saw several changes from the September WASDE report. Soybean harvested acres were left unchanged at 83.0 million acres while yields were bumped up by 0.8 bu/acre to 51.4 bu/acre, right in line with pre-report expectations. The higher yields left soybean production up 68 million bushels from a month ago. Soybean crush was unchanged from a month ago but exports are up 40 million bushels from last month’s estimates. Ending stocks were increased 30 million bushels to 395 million bushels. Global soybean production is almost 2.8 million metric tons higher than a month ago, driven almost entirely by higher U.S. and Brazilian production. Higher production combined with higher global carryover has global ending stocks up just over 5 million metric tons from last month’s estimates. Mississippi soybean producers are expected to see slightly higher soybean yields than a year ago at 48 bu/acre compared to 46 bu/acre a year ago and last month’s estimate of 47 bu/acre.

 The 2015/16 wheat crop balance sheet saw several minor changes. Acreage was reduced by 200,000 acres while wheat yields were unchanged from a month ago. The reduction in acreage left U.S. wheat production down by 11 million bushels. Food use was unchanged while feed use was reduced by 70 million bushels. Exports were increased by 25 million bushels, leaving ending stocks 38 million bushels higher than a month ago. Globally, wheat production was reduced slightly with several countries seeing small revisions. Global ending stocks were down by 0.7 million metric tons.

 The cotton balance sheet saw a few revisions this month as well. Cotton harvested acres was unchanged at 9.66 million acres while yields were reduced by 5 pounds per acre. Those changes left cotton production down slightly at 16.03 million bales. Domestic use was unchanged from last month, but exports were increased by 500,000 bales leaving ending stocks down by 600,000 bales at 4.3 million bales. Global cotton production was increased by 220,000 million bales with several countries seeing small revisions. The increase in production combined with lower carryover from 2015/16 and higher global use left global ending stocks down 2.46 million bales. Mississippi producers are expecting improved cotton yields this year at 1,159 pounds per acre, unchanged from last month and higher than last year’s yield of 1,024 pounds per acre.

Crop Market Update: September 19, 2016

Corn was down last week with Greenville cash corn currently trading $0.04 lower than a week ago and $0.36 lower than a year ago at $3.34/bu on Friday. December futures contracts are $0.04 lower on the week at $3.37/bu. Harvest is progressing well in Mississippi with 91% of the state’s corn crop harvested, slightly last year’s pace and ahead of the 5-year average of 90%. Nationally, about 9% of the U.S. corn crop is harvested, on pace with a year ago and ahead of the five year average of 12%. Favorable growing conditions have the U.S. corn crop looking good with 74% of the crop rated in good or excellent condition.

Soybean are trading lower this week, with Greenville soybeans trading $0.21 lower at $9.96/bu on Friday. A year ago, Greenville soybeans were trading for $9.16/bu. Nearby September soybean futures are trading $0.14 lower than a week ago. Mississippi’s soybean crop development is slightly behind the 5-year average as well as a year ago with 34% of the crop harvested compared to 43% a year ago and a five year average of 35%. Mississippi’s soybean crop condition remained steady with 70% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is just starting to be harvested with 4% of the crop in the bins compared to a 5-year average of 5%. Nationally, the soybean crop looks good overall with 73% of the nation’s soybean crop rated in good or excellent condition.

December wheat futures are down $0.01 from a week ago at $4.03 while Greenville wheat prices are down $0.01 on the week at $3.64/bu on Friday. The U.S. winter wheat crop is starting to go into the ground with 17% planted, slightly ahead of last year and the 5-year average of 16%.

Cotton prices finished the week lower with South Delta cash prices trading $1.14/cwt lower than a week ago at $67.24/cwt and $7.94/cwt higher than a year ago. Nearby cotton futures are higher with October cotton futures closing at $67.74, down $1.14/cwt from last week. Mississippi producers currently have about 4% of the state’s cotton crop harvested, behind a year ago and the 5-year average of 6%. This week 60% of Mississippi’s cotton crop is rated in good or excellent condition while 48% of the U.S. crop is in good or excellent condition. Nationally, 6% of the cotton crop is harvested, slightly ahead of the 5-year average of 7%.

For more detail on crop futures and Mississippi local cash prices click here.

Crop Market Update: August 29, 2016

Corn was down last week with Greenville cash corn currently trading $0.20 lower than a week ago and $0.33 lower than a year ago at $3.31/bu on Friday. September futures contracts are $0.18 lower on the week at $3.16/bu. Harvest is underway in Mississippi with 30% of the state’s corn crop harvested, well behind last year’s pace and the 5-year average of 49%. Nationally, about 60% of the U.S. corn crop is dented, ahead of a year ago as well as the five year average of 52%. Favorable growing conditions have the U.S. corn crop looking good with 75% of the crop rated in good or excellent condition.

Soybean are trading lower this week, with Greenville soybeans trading $0.08 lower at $10.12/bu on Friday. A year ago, Greenville soybeans were trading for $9.04/bu. Nearby September soybean futures are trading $0.36 lower than a week ago. Mississippi’s soybean crop development is slightly behind the 5-year average as well as a year ago with 5% of the crop harvested compared to 14% a year ago and a five year average of 6%. Mississippi’s soybean crop condition remained steady with 72% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 94% of the crop setting pods compared to a 5-year average of 92%. Nationally, the soybean crop looks good overall with 73% of the nation’s soybean crop rated in good or excellent condition.

September wheat futures are down $0.44 from a week ago at $3.84 while Greenville wheat prices are down $0.43 on the week at $3.49/bu on Friday. The U.S. spring wheat crop is 81% harvested slightly behind last year but well ahead of the 5-year average of 62%.

Cotton prices finished the week higher with South Delta cash prices trading $0.14/cwt higher than a week ago at $67.21/cwt and $5.63/cwt higher than a year ago. Nearby cotton futures are higher with October cotton futures closing at $67.71, up $0.14/cwt from last week. Mississippi producers currently have about 30% of the state’s cotton crop opening bolls, behind a year ago but on pace with the 5-year average of 31%. This week 60% of Mississippi’s cotton crop is rated in good or excellent condition while 48% of the U.S. crop is in good or excellent condition. Nationally, 23% of the cotton crop is opening bolls, on pace with the 5-year average of 23%.

For more detail on crop futures and Mississippi local cash prices click here.

Crop Market Update: August 23, 2016

Corn was higher last week with Greenville cash corn currently trading $0.12 higher than a week ago and $0.09 lower than a year ago at $3.51/bu on Friday. September futures contracts are $0.12 lower on the week at $3.34/bu. Harvest is underway in Mississippi with 14% of the state’s corn crop harvested, well behind last year’s pace and the 5-year average of 32%. Nationally, about 40% of the U.S. corn crop is dented, ahead of a year ago as well as the five year average of 35%. Favorable growing conditions have the U.S. corn crop looking good with 75% of the crop rated in good or excellent condition.

Soybean futures are trading higher this week but Mississippi soybeans are lower, with Greenville soybeans trading $0.02 lower at $10.20/bu on Friday. A year ago, Greenville soybeans were trading for $9.15/bu. Nearby September soybean futures are trading $0.28 higher than a week ago. Mississippi’s soybean crop development is slightly behind the 5-year average as well as a year ago with 1% of the crop harvested compared to 6% a year ago and a five year average of 3%. Mississippi’s soybean crop condition improved some with 71% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 89% of the crop setting pods compared to a 5-year average of 85%. Nationally, the soybean crop looks good overall with 72% of the nation’s soybean crop rated in good or excellent condition.

September wheat futures are up $0.04 from a week ago at $4.27 while Greenville wheat prices are up $0.04 on the week at $3.92/bu on Friday. The U.S. spring wheat crop is rated 66% good or excellent condition, slightly worse than last year when the crop was rated 68% good or excellent.

Cotton prices finished the week lower with South Delta cash prices trading $2.31/cwt lower than a week ago at $67.07/cwt and $1.68/cwt higher than a year ago. Nearby cotton futures are lower with October cotton futures closing at $67.57, down $2.31/cwt from last week. Mississippi producers currently have about 18% of the state’s cotton crop opening bolls, behind a year ago but ahead of the 5-year average of 17%. This week 58% of Mississippi’s cotton crop is rated in good or excellent condition while 48% of the U.S. crop is in good or excellent condition. Nationally, 16% of the cotton crop is opening bolls, slightly ahead of the 5-year average of 15%.

For more detail on crop futures and Mississippi local cash prices click here.

Crop Market Update: August 16, 2016

Corn was down last week with Greenville cash corn currently trading $0.02 lower than a week ago and $0.20 lower than a year ago at $3.39/bu on Friday. September futures contracts are $0.02 lower on the week at $3.22/bu. Harvest is underway in Mississippi with 11% of the state’s corn crop harvested, behind last year’s pace and the 5-year average of 16%. Mississippi’s corn crop condition was steady with 62% of the state’s crop rated in good or excellent condition. Nationally, about 73% of the U.S. corn crop is in the dough state, ahead of a year ago as well as the five year average of 60%. Favorable growing conditions have the U.S. corn crop looking good with 74% of the crop rated in good or excellent condition.

Soybean markets are trading higher this week, with Greenville soybeans trading $0.07 higher at $10.22/bu on Friday. A year ago, Greenville soybeans were trading for $9.37/bu. Nearby September soybean futures are trading $0.11 higher than a week ago. Mississippi’s soybean crop development is slightly ahead of the 5-year average as well as ahead of a year ago with 89% of the crop setting pods compared to 86% a year ago and a five year average of 88%. Mississippi’s soybean crop condition improved some with 69% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 80% of the crop setting pods compared to a 5-year average of 75%. Nationally, the soybean crop looks good overall with 72% of the nation’s soybean crop rated in good or excellent condition.

September wheat futures are up $0.07 from a week ago at $4.23 while Greenville wheat prices are up $0.07 on the week at $3.88/bu on Friday. The U.S. spring wheat crop is rated 66% good or excellent condition, slightly worse than last year when the crop was rated 68% good or excellent.

Cotton prices finished the week lower with South Delta cash prices trading $6.76/cwt lower than a week ago at $69.38/cwt and $4.47/cwt higher than a year ago. Nearby cotton futures are lower with October cotton futures closing at $69.88, down $6.76/cwt from last week. Mississippi producers currently have about 13% of the state’s cotton crop opening bolls, slightly behind a year ago but ahead of the 5-year average of 7%. This week 57% of Mississippi’s cotton crop is rated in good or excellent condition while 48% of the U.S. crop is in good or excellent condition. Nationally, 12% of the cotton crop is opening bolls, slightly ahead of the 5-year average of 10%.

For more detail on crop futures and Mississippi local cash prices click here.

Latest USDA Supply and Demand Report Expects Bumper Crop in 2016/17

The USDA made several updates for the 2016/17 crop year in the latest World Agricultural Supply and Demand Estimates. The USDA is projecting 94.1 million acres of corn to be planted this year, and of that 86.6 million acres are expected to be harvested. Corn yield for the 2016/17 crop year is projected at 175.1 bu/acre a 7.1 bu/acre increase over the July estimate and much higher than pre-report expectations. If the acreage and yield hold true, U.S. producers are expected to produce a record 15.1 billion bushels of corn. Feed and residual use was increased by 175 million bushels, a reflection of lower prices and increased production from beef, poultry, and pork. Exports were also increased by 125 million bushels. Despite the increases in demand for corn, ending stocks were revised up by 328 million bushels from a month ago. The large U.S. crop has also driven global corn production much higher, with global production increased by nearly 18 million metric tons. Most of the increase is due to higher U.S. production, although Argentina is expecting a larger crop as well. An increase in global feed use has eaten up some of the increase in production, but ending stocks are still up more than 12 billion metric tons globally. Mississippi corn yields were also released this month. Mississippi producers are expected to average 172 bu/acre on corn this year, slightly behind last year’s 175 bu/acre benchmark.

 The 2015/16 soybean balance also saw several changes from the July WASDE report. Soybean harvested acres were left unchanged at 83.0 million acres while yields were bumped up by 2.2 bu/acre to 48.9, much higher than expected. Soybean crush was up 15 million bushels from a month ago while exports are up 30 million bushels from last month’s estimates. Beginning stocks were lowered by 95 million bushels, mostly a reflection of higher than expected exports for the old crop. Ending stocks for 2015/16 were increased 40 million bushels to 330 million bushels. Global soybean production is also 4.46 million metric tons higher than a month ago, driven almost entirely by higher U.S. production. The larger crop will now put the U.S. back on top of Brazil as the world’s largest soybean producer. While slight increases in demand have helped some, global ending stocks are still 4.1 million metric tons higher than last month. Mississippi soybean producers are expected to see slightly higher soybean yields than a year ago at 47 bu/acre compared to 46 bu/acre a year ago.

 The 2015/16 wheat crop balance sheet saw several minor changes. Acreage remained the same, but wheat yields were increased by 1.3 bu/acre to 52.6 bu/acre. Food use was increased by 5 million bushels, while feed use was increased by 30 million bushels as the crop has become more competitive with corn as an alternative feed source. Exports were increased by 25 million bushels, leaving ending stocks 5 million bushels lower than a month ago at 1.1 billion bushels. Globally, wheat production was increased by 4.94 million metric tons, driven primarily by higher production in the U.S., Canada, Australia, and the former Soviet Union. Increases in demand have more than offset the increased production, leaving global ending stocks down by 0.88 million metric tons.

 The cotton balance sheet saw several revisions this month as well. Cotton harvested acres was increased by 230,000 acres to 9.53 million acres while yields were reduced by 15 pounds per acre. Those changes left cotton production up slightly at 15.88 million bales. Domestic use and exports were unchanged from last month, leaving ending stocks up by 100,000 bales at 4.7 million bales. Global cotton production was lowered by 0.97 million bales due mostly to lower Chinese and Indian production. The decrease in production combined with lower carryover from 2015/16 left global ending stocks down 1.68 million bales. Mississippi producers are expecting improved cotton yields this year at 1,133 pounds per acre compared to 1,024 a year ago.

Crop Market Update: August 9, 2016

Corn was down last week with Greenville cash corn currently trading $0.19 lower than a week ago and $0.27 lower than a year ago at $3.41/bu on Friday. September futures contracts are $0.10 lower on the week at $3.24/bu. Mississippi producers have just started harvest with 4% of the state’s corn crop harvested, slightly behind last year’s pace and the 5-year average of 6%. Mississippi’s corn crop condition declined slightly with 62% of the state’s crop rated in good or excellent condition. Nationally, about 53% of the U.S. corn crop is in the dough state, ahead of a year ago as well as the five year average. Favorable growing conditions have the U.S. corn crop looking good with 74% of the crop rated in good or excellent condition.

Soybean markets are trading lower this week, with Greenville soybeans trading $0.18 lower at $10.15/bu on Friday. A year ago, Greenville soybeans were trading for $9.83/bu. Nearby September soybean futures are trading $0.32 lower than a week ago. Mississippi’s soybean crop development is slightly ahead of the 5-year average as well as ahead of a year ago with 86% of the crop setting pods compared to 81% a year ago and a five year average of 80%. Mississippi’s soybean crop condition declined some with 67% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 69% of the crop setting pods compared to a 5-year average of 61%. Nationally, the soybean crop looks good overall with 72% of the nation’s soybean crop rated in good or excellent condition.

September wheat futures are up $0.08 from a week ago at $4.16 while Greenville wheat prices are up $0.08 on the week at $3.81/bu on Friday. The U.S. winter wheat harvest is slightly ahead of schedule with 94% of the U.S. wheat crop harvested compared to a 5-year average of 91%. The U.S. spring wheat crop is rated 68% good or excellent condition, slightly worse than last year when the crop was rated 69% good or excellent.

Cotton prices finished the week higher with South Delta cash prices trading $2.48/cwt higher than a week ago at $76.14/cwt and $15.62/cwt higher than a year ago. Nearby cotton futures are lower with October cotton futures closing at $76.64, up $2.48/cwt from last week. Mississippi producers currently have about 85% of the state’s cotton crop setting bolls, right on pace with a year ago and the 5-year average of 86%. This week 55% of Mississippi’s cotton crop is rated in good or excellent condition while 48% of the U.S. crop is in good or excellent condition. Nationally, 70% of the cotton crop is setting bolls, slightly behind the 5-year average of 72%.

For more detail on crop futures and Mississippi local cash prices click here.

Crop Market Update: August 2, 2016

Corn was up slightly last week with Greenville cash corn currently trading $0.15 higher than a week ago and $0.16 lower than a year ago at $3.60/bu on Friday. September futures contracts are unchanged on the week at $3.35/bu. Mississippi producers have 72% of the state’s corn crop denting, ahead of last year’s pace and slightly behind the 5-year average of 76%. Mississippi’s corn crop condition improves slightly with 64% of the state’s crop rated in good or excellent condition. Nationally, about 30% of the U.S. corn crop is in the dough state, ahead of a year ago as well as the five year average. Favorable growing conditions have the U.S. corn crop looking good with 76% of the crop rated in good or excellent condition.

Soybean markets are trading higher this week, with Greenville soybeans trading $0.26 higher at $10.33/bu on Friday. A year ago, Greenville soybeans were trading for $9.55/bu. Nearby August soybean futures are trading $0.26 lower than a week ago. Mississippi’s soybean crop development is slightly ahead of the 5-year average as well as ahead of a year ago with 79% of the crop setting pods compared to 72% a year ago and a five year average of 70%. Mississippi’s soybean crop condition improved some with 70% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 54% of the crop setting pods compared to a 5-year average of 44%. Nationally, the soybean crop looks good overall with 72% of the nation’s soybean crop rated in good or excellent condition.

September wheat futures are down $0.18 from a week ago at $4.08 while Greenville wheat prices are down $0.32 on the week at $3.73/bu on Friday, the lowest price in more than seven years. The U.S. winter wheat harvest is slightly ahead of schedule with 89% of the U.S. wheat crop harvested compared to a 5-year average of 86%. The U.S. spring wheat crop is rated 68% good or excellent condition, slightly worse than last year when the crop was rated 70% good or excellent.

Cotton prices finished the week higher with South Delta cash prices trading $1.64/cwt higher than a week ago at $73.66/cwt and $11.90/cwt higher than a year ago. Nearby cotton futures are lower with October cotton futures closing at $74.16, up $1.64/cwt from last week. Mississippi producers currently have about 78% of the state’s cotton crop setting bolls, right on pace with a year ago and the 5-year average of 78%. This week 57% of Mississippi’s cotton crop is rated in good or excellent condition while 50% of the U.S. crop is in good or excellent condition. Nationally, 54% of the cotton crop is setting bolls, slightly behind the 5-year average of 57%.

For more detail on crop futures and Mississippi local cash prices click here.