Tag: Crop Markets

Corn is lower this week with Greenville cash corn currently trading $0.07 lower than a week ago and $0.09 lower than a year ago at $3.83/bu on Friday. May futures contracts are also $0.07 lower on the week at $3.72/bu. Mississippi producers have 76% of the state’s corn crop in the ground, slightly ahead of last year’s pace but behind the 5-year average of 83%. Favorable planting conditions have put U.S. producers well ahead of average, with 30% of the U.S. corn crop in the ground compared to a 5-year average of 16%.

Soybean markets are trading higher this week, with Greenville soybeans trading $0.31 higher at $9.94/bu on Friday. A year ago, Greenville soybeans were trading for $10.00/bu. Nearby May soybean futures are trading $0.31 higher than a week ago. Mississippi producers are right on pace in planting soybeans with 25% of the state’s crop in the ground compared to a 5-year average of 27%. Producers across the U.S. have just begun planting soybeans with 3% of the crop in the ground nationally.

May wheat futures are unchanged from a week ago while Greenville wheat prices are also unchanged on the week at $4.52/bu on Friday. A year ago, Greenville cash wheat was selling for $5.11/bu. Mississippi’s wheat crop is in mixed condition so far this year with 12% rated poor or very poor and 48% rated good or excellent. Nationally, the wheat crop is in relatively good condition with 59% of the U.S crop rated good or excellent, much better than last year when 42% of the U.S. crop was rated good or excellent.

Cotton prices finished the week up sharply with South Delta cash prices trading $4.16/cwt higher than a week ago at $64.19/cwt and $0.05/cwt lower than a year ago. Nearby cotton futures are also lower with May Cotton futures closing at $63.08, down $3.05/cwt from last week. Mississippi producers have currently planted about 6% of the state’s cotton crop, slightly ahead of a year ago and slightly behind the 5-year average of 7%.

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

Corn is higher this week as planting gets underway across much of the U.S. Greenville cash corn is currently trading $0.17 higher than a week ago and $0.05 lower than a year ago at $3.91/bu on Friday. May futures contracts are also $0.17 higher on the week at $3.79/bu. Mississippi producers have 64% of the state’s corn crop in the ground, well behind the 5-year average of 75%. Nationally, producers have about 13% of the corn crop in the ground, ahead of the 5-year average of 8%.

Soybean markets are also trading higher this week, with Greenville soybeans trading $0.39 higher at $9.63/bu on Friday. A year ago, Greenville soybeans were trading for $9.90/bu. Nearby May soybean futures are trading $0.39 higher than a week ago. As of Sunday, Mississippi producers had 19% of their soybeans planted, slightly behind the 5-year average of 20%.

May wheat futures are unchanged from a week ago while Greenville wheat prices are also unchanged on the week at $4.45/bu on Friday. A year ago, Greenville cash wheat was selling for $5.01/bu. Mississippi’s wheat crop condition may have been adversely affected by the wet weather this spring with 12% rated poor or very poor and 41% rated good or excellent. This compares to 57% of the U.S. wheat crop rated good or excellent. Currently, 33% of the state’s wheat crop is headed out, well behind the 5-year average of 46% but ahead of last year when only 23% of the state’s wheat was headed out.

Cotton prices finished the week slightly lower with South Delta cash prices trading $0.04/cwt lower than a week ago at $60.03/cwt and $3.31/cwt lower than a year ago. Nearby cotton futures are also lower with May Cotton futures closing at $60.03, down $0.04/cwt from last week. Cotton planting has begun in the state, with about 3 percent of the state’s crop in the ground. That is right on pace with the 5-year average. Nationally, cotton planting is slightly behind normal with 7% of the crop in the ground compared to a 5-year average of 10%.

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

The corn balance sheet for the 2015/16 crop saw a few changes in disappearance from the March release. Feed use was reduced by 50 million bushels while ethanol use was increased by 25 million bushels. Ending stocks for the 2015/16 crop were estimated to be 1.862 billion bushels, up 25 million bushels from last month’s estimate. Exports were left unchanged at 1.65 billion bushels. Global ending stocks were increased from 206.97 million metric tons to 208.91 million metric tons with increased global production as well as increased domestic feed use being the primary drivers for the change.

 The soybean balance sheet also very few changes from the March WASDE report. Soybean harvested acres and yields were left unchanged at 81.8 million acres and 48 bu/acre, respectively. Soybean exports were increased by 15 million bushels from a month ago while crush was left unchanged. Ending stocks were 15 million bushels lower at 445 million bushels. Global ending stocks were increased from 78.87 million metric tons to 79.02 million metric tons with much of that decrease coming from a reduction in global soybean crush, particularly in the European Union.

 The 2015/16 wheat crop balance sheet was left mostly unchanged. Feed and residual use was lowered by 10 million bushels, while all other disappearance was left unchanged. Ending stocks for wheat came in at 976 million bushels, up 10 million bushels from a month ago. Global wheat ending stocks were raised from 237.59 million metric tons to 239.26 million metric tons. Much of the difference was a result of decreased global feed use.

 The cotton balance sheet saw a few minor revisions this month. Cotton production was lowered by 50,000 bales as a result of lower yields, production at 12.87 million bales. Domestic use and exports were unchanged from last month, leaving ending stocks unchanged at 3.5 million bales, down 100,000 bales from last month’s estimates. Global cotton ending stocks were reduced by 1.12 million bales as a result of lower global production and lower beginning stocks.

Moving on to markets, corn has rebounded this following the bearish Prospective Plantings report released on March 31. Greenville cash corn is currently trading $0.08 higher than a week ago and $0.25 lower than a year ago at $3.74/bu on Friday. May futures contracts are also $0.08 higher on the week at $3.62/bu. Mississippi producers have 51% of the state’s corn crop in the ground, slightly behind last year’s pace and well behind the 5-year average of 63%.

Soybean markets are lower this week, with Greenville soybeans trading $0.01 lower at $9.24/bu on Friday. A year ago, Greenville soybeans were trading for $9.82/bu. Nearby May soybean futures are trading $0.01 lower than a week ago.

May wheat futures are down $0.16 from a week ago while Greenville wheat prices are also down $0.16 at $4.45/bu on Friday. A year ago, Greenville cash wheat was selling for $5.36/bu. Mississippi’s wheat crop looks good so far this year with only 13% rated poor or very poor and 41% rated good or excellent

Cotton prices finished the week higher with South Delta cash prices trading $0.87/cwt higher than a week ago at $60.07/cwt and $5.41/cwt lower than a year ago. Cotton futures are also higher with May Cotton futures closing at $60.07, up $0.87/cwt from last week. This is the first time cotton has been above $60.00 since mid-February.

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

The USDA released their annual Prospective Plantings report and their quarterly Grain Stocks report today (Thursday, March 31). The Prospective Plantings report uses the results of producer surveys from late February through early March to set the tone for the acreage allocation of various crops in each state (and the nation). The stocks report summarizes the level of grain inventories in terminal elevators and on farm grain bins.

The plantings report revealed that U.S. producers intend to plant 93.601 million acres of corn this summer, up 6 percent from last year’s 87.999 million acres and more than 3 million acres higher than estimates released in February’s USDA Outlook forum and 2.6 million acres higher than even the highest trade estimate. Mississippi producers plan to plant 800,000 acres of corn this summer, up 57% from last year when 510,000 acres of corn were planted.

U.S. producers are planning on planting 82.236 million acres of soybeans this summer, down slightly less than 1 percent from a year ago when 82.65 million acres of soybeans were planted nationally. This came in just slightly lower than the estimates released at the Outlook forum just over a month ago. And about 800,000 acres lower than the average trade estimate.

Cotton acreage is expected to be 11 percent higher than a year ago nationally with 9.562 million acres of cotton expected to be planted in the U.S. Mississippi producers are planning to plant 40 percent more acres this year at 450,000 acres compared to 320,000 acres a year ago. Both of these estimates fall in line with the National Cotton Council’s results released back in January.

Mississippi producer are expected to plant 9 percent fewer peanut acres with 40,000 acres expected to be planted this summer compared to 44,000 acres a year ago. Rice acreage is expected to be sharply higher with 17 percent more acres expected to be planted nationally while Mississippi producers are planning on planting 47 percent more rice this year with 220,000 acres planned. Sweet potato acreage in Mississippi is expected to be down slightly at 25,000 acres compared to 27,000 acres a year ago.

So far, the report has been very bearish for corn while many of the other crops are seeing a minimal response to the report.

Supplies of corn and soybeans were in-line with expectations. All corn stocks were up 1% from a year ago at 7.81 billion bushels while corn held on-farms was down 1% versus last March. All soybean stocks were up 15% from a year ago at 1.53 billion bushels while on-farm soybeans stocks are up 19%. All wheat stocks are also up 20% from a year ago at 1.37 billion bushels. The USDA also released its Quarterly Rice Stocks report today. Total rice stocks are down 4% from a year ago at 108 million cwt. Mississippi has 4.613 million cwt of rice in storage, down 24% from a year ago.

Corn is higher this week as we await Thursday’s release of the Prospective Plantings report by the USDA. Greenville cash corn is currently trading $0.03 higher than a week ago and $0.33 lower than a year ago at $3.82/bu on Friday. May futures contracts are also $0.03 higher on the week at $3.70/bu. The USDA released Mississippi’s first crop progress report of the year Monday afternoon. Mississippi producers have 5% of the state’s corn crop in the ground, slightly ahead of last year’s pace but well behind the 5-year average of 29%.

Soybean markets are also trading higher this week, with Greenville soybeans trading $0.16 higher at $9.18/bu on Friday. A year ago, Greenville soybeans were trading for $10.14/bu. Nearby May soybean futures are trading $0.13 higher than a week ago.

May wheat futures are unchanged from a week ago while Greenville wheat prices are down $0.05 at $4.48/bu on Friday. A year ago, Greenville cash wheat was selling for $5.29/bu. Mississippi’s wheat crop looks good so far this year with only 11% rated poor or very poor and 47% rated good or excellent

Cotton prices finished the week higher with South Delta cash prices trading $0.56/cwt higher than a week ago at $57.72/cwt and $4.19/cwt lower than a year ago. Cotton futures are also higher with May Cotton futures closing at $57.72, up $0.56/cwt from last week.

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

Corn is higher this week as we anticipate the USDA’s release of the Prospective Plantings report on March 31. Greenville cash corn is currently trading $0.04 higher than a week ago and $0.16 lower than a year ago at $3.79/bu on Friday. May futures contracts are also $0.04 higher on the week at $3.67/bu.

Soybean markets are also trading higher this week, with Greenville soybeans trading $0.06 higher at $9.02/bu on Friday. A year ago, Greenville soybeans were trading for $9.90/bu. Nearby May soybean futures are trading $0.09 higher than a week ago.

May wheat futures are down $0.14 from a week ago while Greenville wheat prices are also down $0.09 at $4.53/bu on Friday. A year ago, Greenville cash wheat was selling for $4.99/bu.

Cotton prices finished the week higher with South Delta cash prices trading $0.33/cwt higher than a week ago at $57.l6/cwt and $4.57/cwt lower than a year ago. Cotton futures are also higher with May Cotton futures closing at $57.16, up $0.33/cwt from last week.

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

Corn is higher this week following the USDA’s monthly World Agricultural Supply and Demand Estimates. Greenville cash corn is currently trading $0.05 higher than a week ago and $0.26 lower than a year ago at $3.75/bu on Friday. May futures contracts are also $0.04 higher on the week at $3.63/bu.

Soybean markets are trading higher this week, with Greenville soybeans trading $0.10 higher at $8.96/bu on Friday. A year ago, Greenville soybeans were trading for $10.11/bu. Nearby May soybean futures are trading $0.10 higher than a week ago.

May wheat futures are up $0.16 from a week ago while Greenville wheat prices are also up $0.36 at $4.62/bu on Friday. A year ago, Greenville cash wheat was selling for $5.17/bu.

Cotton prices finished the week lower with South Delta cash prices trading $0.28/cwt lower than a week ago and $3.64/cwt lower than a year ago. Cotton futures are also lower with May Cotton futures closing at $56.83, down $0.28/cwt from last week.

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

The corn balance sheet for the 2015/16 crop remained unchanged from the February release. Ending stocks for the 2015/16 crop were estimated to be 1.837 billion bushels, unchanged from last month’s estimate. Total production was estimated to be 13.601 billion bushels while total domestic disappearance is estimated to be 11.895 billion bushels. Exports were left unchanged at 1.65 billion bushels. Global ending stocks were decreased from 208.81 million metric tons to 206.97 million metric tons with decreased global production, lower beginning stocks, and a slight increase in domestic use.

The soybean balance sheet also very few changes from the February WASDE report. Soybean harvested acres and yields were left unchanged at 81.8 million acres and 48 bu/acre, respectively. Soybean crush was reduced by 10 million bushels while exports were left unchanged from a month ago. Ending stocks were 10 million bushels higher at 460 million bushels. Global ending stocks were reduced from 80.42 million metric tons to 78.87 million metric tons with much of that decrease coming from an increase in global soybean crush, particularly in Argentina and China.

The 2015/16 wheat crop balance sheet was left unchanged. Ending stocks for wheat came in at 966 million bushels, unchanged from a month ago. Global wheat ending stocks were decreased from 238.87 million metric tons to 237.59 million metric tons. Much of the difference was a result of decreased production in Australia.

The cotton balance sheet also saw few revisions this month. Cotton production was unchanged, however yields were increased slightly but were offset by slightly lower harvested acres leaving production at 12.94 million bales. Domestic use and exports were also unchanged from last month, leaving ending stocks unchanged at 3.6 million bales. Global cotton ending stocks were reduced by 740,000 bales as a result of lower global production, mostly sourced back to India.

Corn is lower this week following the USDA’s annual outlook forum. Greenville cash corn is currently trading $0.07 lower than a week ago  and $0.35 lower an a year ago at $3.71/bu on Friday. May futures contracts are also $0.07 lower on the week at $3.64/bu. The projections coming out of the USDA’s Outlook Forum are expecting corn production to hit 13.825 billion bushels, about 2% higher than last year’s production. The increase in expected production is the result of a two million acre increase in planted acres to 90 million acres.

Soybean markets are trading higher this week, with Greenville soybeans trading $0.05 higher at $8.95/bu on Friday. A year ago, Greenville soybeans were trading for $10.18/bu. Nearby March soybean futures are trading $0.05 higher than a week ago. The USDA is projection lower soybean acres this year with an expected 82.5 million acres to be planted this spring. The lower acreage number will leave soybean production 3% lower than a year ago at 3.81 billion bushels.

March wheat futures are down $0.09 from a week ago while Greenville wheat prices are also down $0.09 at $4.23/bu on Friday. A year ago, Greenville cash wheat was selling for $5.36/bu. Winter wheat acres planted last fall are down 2.9 million acres from a year ago at 36.6 million acres, while production is expected to be down 3% from a year ago at 1.991 billion bushels. Wheat conditions are currently much improved from a year ago with hard red winter wheat in the plains states rated at 57% good or excellent compared to just 44% a year ago.

Cotton prices finished the week lower with South Delta cash prices trading $1.07/cwt lower than a week ago and $2.62/cwt lower than a year ago. Cotton futures are also lower with March Cotton futures closing at $58.90, down $1.07/cwt from last week. U.S. cotton acreage is projected to be 10% higher than a year ago at 9.4 million acres, while cotton production is projected to be up 1.36 million bales from a year ago.

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

The corn balance sheet for the 2015/16 crop saw few changes from the January release. Ending stocks for the 2015/16 crop were revised up by 35 million bushels as a result of lower disappearance. Yields were left unchanged at 168.4 bu/acre and total production was also unchanged at at 13.601 billion bushels. Feed use was also left unchanged while ethanol use was increased by 25 million bushels. Exports were reduced by 50 million bushels, leaving ending stocks at 1.837 billion bushels. Global ending stocks were decreased from 208.94 million metric tons to 208.81 million metric tons with increased global production but also increased global feed use.

The soybean balance sheet also very few changes from the January WASDE report. Soybean harvested acres and yields were left unchanged at 81.8 million acres and 48 bu/acre, respectively. Soybean crush was reduced by 10 million bushels while exports were left unchanged from a month ago. Ending stocks were 10 million bushels higher at 450 million bushels. Global ending stocks were increased from 79.28 million metric tons to 80.42 million metric tons with much of that increase coming from an increase in global production, particularly in Argentina.

The 2015/16 wheat crop balance sheet had a few minor changes. Ending stocks for wheat came in at 966 million bushels, which is 25 million bushels higher than last month. Seed use, feed use, and food and residual use was all left unchanged while exports were reduced by 25 million bushels. Global wheat ending stocks were increased from 232.04 million metric tons to 238.87 million metric tons. Much of the difference was a result of decreased global demand. China alone saw a 4 million metric ton decrease in domestic wheat use.

The cotton balance sheet also saw few revisions this month. Cotton production an yields were unchanged from last month’s estimates with production remaining at 12.94 million bales. Domestic use was also unchanged from last month, while exports were reduced by 500,000 bales. That leaves ending stocks up 500,000 bales from a month ago. Global cotton ending stocks were increased by 1.22 million bales as a result of lower global domestic use primarily from China, Pakistan, and India.