Corn | Sep 20 | Change | Dec 20 | Change |
Price | $3.16 | -$0.10 | $3.27 | -$0.08 |
Support | $3.12 | -$0.11 | $3.23 | -$0.07 |
Resistance | $3.20 | -$0.12 | $3.30 | -$0.09 |
20 Day MA | $3.29 | -$0.05 | $3.38 | -$0.04 |
50 Day MA | $3.30 | -$0.01 | $3.39 | $0.00 |
100 Day MA | $3.34 | -$0.03 | $3.43 | -$0.02 |
4-Week High | $3.55 | $0.00 | $3.63 | $0.00 |
4-Week Low | $3.14 | -$0.01 | $3.25 | $0.03 |
Technical Trend | Down | = | Down | = |
Nationally the Crop Progress report estimated corn condition at 72% good-to-excellent and 7% poor-to-very poor; corn silking at 82% compared to 59% last week, 51% last year, and a 5-year average of 75%; and corn dough at 22% compared to 9% last week, 11% last year, and a 5-year average of 17%. In Tennessee, the Crop Progress report estimated corn condition at 75% good-to-excellent and 6% poor-to-very poor; corn silking at 87% compared to 81% last week, 92% last year, and a 5-year average of 95%; and corn dough at 43% compared to 35% last week, 60% last year, and a 5-year average of 64%. In Tennessee, new crop cash corn contracts ranged from $3.06 to $3.55. December 2020 corn futures closed at $3.27, down 8 cents since last Friday. Downside price protection could be obtained by purchasing a $3.30 December 2020 Put Option costing 15 cents establishing a $3.15 futures floor. March 2021 corn futures closed at $3.38, down 8 cents since last Friday.

Soybeans
Net sales reported by exporters were up compared to last week with net sales of 9.5 million bushels for the 2019/20 marketing year and 122.9 million bushels for the 2020/21 marketing year. Exports for the same period were up 44% compared to last week at 24.8 million bushels. Soybean export sales and commitments were 104% of the USDA estimated total annual exports for the 2019/20 marketing year (September 1 to August 31), compared to the previous 5-year average of 103%. Average soybean basis weakened at Memphis and strengthened at Northwest Barge Points, Upper-middle, and Northwest Tennessee. Basis ranged from 3 under to 31 over the August futures contract at elevators and barge points. Average basis at the end of the week was 21 over the August futures contract. September 2020 soybean futures closed at $8.90, down 8 cents since last Friday. For the week, September 2020 soybean futures traded between $8.79 and $9.02. Sep/Nov and Sep/Jan future spreads were 2 and 8 cents. September soybean-to-corn price ratio was 2.82 at the end of the week.
Soybeans | Sep 20 | Change | Nov 20 | Change |
Price | $8.90 | -$0.08 | $8.92 | -$0.07 |
Support | $8.76 | -$0.14 | $8.77 | -$0.13 |
Resistance | $8.93 | -$0.15 | $8.95 | -$0.10 |
20 Day MA | $8.90 | $0.04 | $8.93 | $0.03 |
50 Day MA | $8.74 | $0.04 | $8.79 | $0.04 |
100 Day MA | $8.64 | -$0.01 | $8.68 | $0.00 |
4-Week High | $9.05 | $0.00 | $9.12 | $0.00 |
4-Week Low | $8.68 | $0.15 | $8.71 | $0.15 |
Technical Trend | Up | = | Up | - |
Nationally the Crop Progress report estimated soybean condition at 72% good-to-excellent and 6% poor-to-very poor; soybeans blooming at 76% compared to 64% last week, 52% last year, and a 5-year average of 72%; and soybeans setting pods at 43% compared to 25% last week, 17% last year, and a 5-year average of 36%. In Tennessee, soybean condition was estimated at 72% good-to-excellent and 8% poor-to-very poor; soybeans blooming at 62% compared to 47% last week, 65% last year, and a 5-year average of 72%; and soybeans setting pods at 35% compared to 21% last week, 37% last year, and a 5-year average of 42%. In Tennessee, new crop soybean cash contracts ranged from $8.73 to $9.29. Nov/Dec 2020 soybean-to-corn price ratio was 2.73 at the end of the week. November 2020 soybean futures closed at $8.92, down 7 cents since last Friday. Downside price protection could be achieved by purchasing a $9.00 November 2020 Put Option which would cost 26 cents and set an $8.74 futures floor. January 2021 soybean futures closed at $8.98, down 6 cents since last Friday.

Cotton
Net sales reported by exporters were up compared to last week with net sales of 118,700 bales for the 2019/20 marketing year and 9,500 bales for the 2020/21 marketing year. Exports for the same time period were up 18% compared to last week at 320,800 bales. Upland cotton export sales were 120% of the USDA estimated total annual exports for the 2019/20 marketing year (August 1 to July 31), compared to the previous 5-year average of 109%. Delta upland cotton spot price quotes for July 30 were 59.82 cents/lb (41-4-34) and 62.07 cents/lb (31-3-35). Adjusted World Price (AWP) decreased 1.33 cents to 47.71 cents.
Cotton | Dec 20 | Change | Mar 21 | Change |
Price | 62.66 | 2.56 | 63.25 | 2.43 |
Support | 61.24 | 1.61 | 61.79 | 1.50 |
Resistance | 64.02 | 0.79 | 64.67 | 0.73 |
20 Day MA | 62.56 | 0.19 | 63.23 | 0.19 |
50 Day MA | 60.74 | 0.35 | 61.42 | 0.35 |
100 Day MA | 58.58 | -0.07 | 59.42 | -0.07 |
4-Week High | 64.90 | 0.00 | 65.39 | 0.00 |
4-Week Low | 59.51 | 0.71 | 60.26 | 0.85 |
Technical Trend | Down | = | Down | = |
Nationally, the Crop Progress report estimated cotton condition at 49% good-to-excellent and 16% poor-to-very poor; cotton squaring at 84% compared to 73% last week, 84% last year, and a 5-year average of 84%; and cotton setting bolls at 42% compared to 27% last week, 42% last year, and a 5-year average of 44%. In Tennessee, cotton condition was estimated at 66% good-to-excellent and 14% poor-to-very poor; cotton squaring at 86% compared to 80% last week, 85% last year, and a 5-year average of 91%; and cotton setting bolls at 42% compared to 37% last week, 40% last year, and a 5-year average of 52%. December 2020 cotton futures closed at 62.66, up 2.56 cents since last Friday. For the week, December 2020 cotton futures traded between 59.75 and 63.31 cents. Dec/Mar and Dec/Dec cotton futures spreads were -0.18 cent and 0.59 cent. Downside price protection could be obtained by purchasing a 64 cent December 2020 Put Option costing 3.74 cents establishing a 60.26 cent futures floor. March 2021 cotton futures closed at 63.25 cents, up 2.43 cents since last Friday. December 2021 cotton futures closed at 62.48 cents, up 1.77 cents since last Friday.

Wheat
Wheat net sales reported by exporters were up compared to last week with net sales of 24.9 million bushels for the 2020/21 marketing year. Exports for the same time period were down 4% from last week at 18.6 million bushels. Wheat export sales were 37% of the USDA estimated total annual exports for the 2020/21 marketing year (June 1 to May 31), compared to the previous 5-year average of 37%.
Wheat | Sep 20 | Change | Jul 21 | Change |
Price | $5.31 | -$0.08 | $5.49 | -$0.01 |
Support | $5.20 | -$0.01 | $5.37 | $0.05 |
Resistance | $5.39 | -$0.02 | $5.51 | -$0.03 |
20 Day MA | $5.26 | $0.10 | $5.39 | $0.09 |
50 Day MA | $5.13 | $0.03 | $5.31 | $0.02 |
100 Day MA | $5.23 | $0.00 | $5.35 | $0.00 |
4-Week High | $5.51 | $0.00 | $5.54 | $0.00 |
4-Week Low | $4.87 | $0.16 | $5.09 | $0.13 |
Technical Trend | Up | = | Up | = |
Nationally the Crop Progress report estimated winter wheat harvested at 81% compared to 74% last week, 73% last year, and a 5-year average of 82%; spring wheat condition at 70% good-to-excellent and 6% poor-to-very poor; spring wheat headed at 97% compared to 91% last week, 96% last year, and a 5-year average of 98%; and spring wheat harvested at 1% compared to 1% last year and a 5-year average of 3%. In Tennessee, July 2020 wheat cash contracts ranged from $5.09 to $5.58. September 2020 wheat futures closed at $5.31, down 8 cents since last Friday. September 2020 wheat futures traded between $5.19 and $5.39 this week. September wheat-to-corn price ratio was 1.68. Sep/Dec and Sep/Jul future spreads were 7 and 18 cents. December 2020 wheat futures closed at $5.38 down 7 cents since last Friday. December wheat-to-corn price ratio was 1.65. July 2021 wheat futures closed at $5.49, down 1 cent since last Friday. Downside price protection could be obtained by purchasing a $5.50 July 2021 Put Option costing 37 cents establishing a $5.13 futures floor.

Source : tennessee.edu