Corn | Sep 20 | Change | Dec 20 | Change |
Price | $3.25 | $0.18 | $3.38 | $0.18 |
Support | $3.09 | $0.05 | $3.22 | $0.05 |
Resistance | $3.35 | $0.22 | $3.48 | $0.23 |
20 Day MA | $3.18 | -$0.03 | $3.29 | -$0.01 |
50 Day MA | $3.28 | -$0.01 | $3.37 | -$0.01 |
100 Day MA | $3.30 | -$0.01 | $3.39 | -$0.01 |
4-Week High | $3.34 | -$0.21 | $3.41 | -$0.21 |
4-Week Low | $3.07 | $0.00 | $3.20 | $0.00 |
Technical Trend | Down | = | Down | = |
Nationally the Crop Progress report estimated corn condition at 71% good-to-excellent and 8% poor-to-very poor; corn silking at 97% compared to 92% last week, 87% last year, and a 5-year average of 95%; corn dough at 59% compared to 39% last week, 34% last year, and a 5-year average of 52%; and corn dented at 11% compared to 6% last year and a 5-year average of 12%. In Tennessee, the Crop Progress report estimated corn condition at 71% good-to-excellent and 6% poor-to-very poor; corn silking at 98% compared to 94% last week, 98% last year, and a 5-year average of 99%; corn dough at 70% compared to 59% last week, 86% last year, and a 5-year average of 88%; and corn dented at 11% compared to 38% last year and a 5-year average of 41%. In Tennessee, new crop cash corn contracts ranged from $2.98 to $3.49. December 2020 corn futures closed at $3.38, up 18 cents since last Friday. Downside price protection could be obtained by purchasing a $3.40 December 2020 Put Option costing 14 cents establishing a $3.26 futures floor. March 2021 corn futures closed at $3.49, up 17 cents since last Friday.

Soybeans
Net sales reported by exporters were up compared to last week with net sales of 20.9 million bushels for the 2019/20 marketing year and 104.3 million bushels for the 2020/21 marketing year. Exports for the same period were up 36% compared to last week at 40.6 million bushels. Soybean export sales and commitments were 106% 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 104%. Across Tennessee, average soybean basis strengthened at Northwest, North-Central, West-Central, West, and Mississippi River elevators and barge points. Basis ranged from 2 over to 34 over the September futures contract. Average basis at the end of the week was 20 over the September futures contract. September 2020 soybean futures closed at $8.96, up 31 cents since last Friday. For the week, September 2020 soybean futures traded between $8.63 and $8.99. Sep/Nov and Sep/Jan future spreads were 3 and 8 cents. September soybean-to-corn price ratio was 2.76 at the end of the week.
Soybeans | Sep 20 | Change | Nov 20 | Change |
Price | $8.96 | $0.31 | $8.99 | $0.32 |
Support | $8.73 | $0.16 | $8.75 | $0.17 |
Resistance | $9.10 | $0.31 | $9.14 | $0.30 |
20 Day MA | $8.86 | $0.00 | $8.88 | $0.00 |
50 Day MA | $8.80 | $0.03 | $8.84 | $0.02 |
100 Day MA | $8.66 | $0.01 | $8.70 | $0.01 |
4-Week High | $9.04 | $0.00 | $9.03 | -$0.06 |
4-Week Low | $8.63 | -$0.01 | $8.65 | -$0.01 |
Technical Trend | Down | = | Down | = |
Nationally the Crop Progress report estimated soybean condition at 74% good-to-excellent and 5% poor-to-very poor; soybeans blooming at 92% compared to 85% last week, 79% last year, and a 5-year average of 89%; and soybeans setting pods at 75% compared to 59% last week, 49% last year, and a 5-year average of 68%. In Tennessee, soybean condition was estimated at 69% good-to-excellent and 7% poor-to-very poor; soybeans blooming at 84% compared to 73% last week, 83% last year, and a 5-year average of 87%; and soybeans setting pods at 58% compared to 45% last week, 63% last year, and a 5-year average of 68%. In Tennessee, new crop soybean cash contracts ranged from $8.62 to $9.33. Nov/Dec 2020 soybean-to-corn price ratio was 2.66 at the end of the week. November 2020 soybean futures closed at $8.99, up 32 cents since last Friday. Downside price protection could be achieved by purchasing a $9.00 November 2020 Put Option which would cost 20 cents and set an $8.80 futures floor. January 2021 soybean futures closed at $9.04, up 30 cents since last Friday.

Cotton
Net sales reported by exporters were down compared to last week with net sales of 6,900 bales for the 2020/21 marketing year. Exports for the same time period were down 7% compared to last week at 322,200 bales. A total of 2,883,200 running bale sales were carried over from 2019/20 to 2020/21 marketing year. Accumulated exports for the 2019/20 marketing year were 14,174,500, up 8% compared to the previous marketing year. Upland cotton export sales were 47% of the USDA estimated total annual exports for the 2020/21 marketing year (August 1 to July 31), compared to the previous 5-year average of 43%. Delta upland cotton spot price quotes for August 13 were 58.43 cents/lb (41-4-34) and 60.68 cents/lb (31-3-35). Adjusted World Price (AWP) decreased 0.52 cents to 48.92 cents.
Cotton | Dec 20 | Change | Mar 21 | Change |
Price | 62.99 | 0.63 | 63.92 | 0.73 |
Support | 61.62 | 1.21 | 62.73 | 1.50 |
Resistance | 64.16 | -1.69 | 64.95 | -1.58 |
20 Day MA | 62.65 | 0.04 | 63.38 | 0.08 |
50 Day MA | 61.65 | 0.32 | 62.33 | 0.34 |
100 Day MA | 59.04 | 0.29 | 59.85 | 0.28 |
4-Week High | 65.05 | 0.00 | 65.70 | 0.00 |
4-Week Low | 59.51 | 0.00 | 60.26 | 0.00 |
Technical Trend | Up | = | Up | = |
Nationally, the Crop Progress report estimated cotton condition at 42% good-to-excellent and 23% poor-to-very poor; cotton squaring at 96% compared to 91% last week, 97% last year, and a 5-year average of 96%; cotton setting bolls at 71% compared to 54% last week, 72% last year, and a 5-year average of 70%; and cotton bolls opening at 9% compared to 17% last year and a 5-year average of 11%. In Tennessee, cotton condition was estimated at 63% good-to-excellent and 19% poor-to-very poor; cotton squaring at 94% compared to 90% last week, 99% last year, and a 5-year average of 98%; and cotton setting bolls at 79% compared to 67% last week, 76% last year, and a 5-year average of 82%. December 2020 cotton futures closed at 62.99, up 0.63 cents since last Friday. For the week, December 2020 cotton futures traded between 62.01 and 63.95 cents. Dec/Mar and Dec/Dec cotton futures spreads were 0.93 cent and 0.87 cent. Downside price protection could be obtained by purchasing a 63 cent December 2020 Put Option costing 2.8 cents establishing a 60.2 cent futures floor. March 2021 cotton futures closed at 63.92 cents, up 0.73 cents since last Friday. December 2021 cotton futures closed at 63.86 cents, up 1.16 cents since last Friday.

Wheat
Wheat net sales reported by exporters were down compared to last week with net sales of 13.5 million bushels for the 2020/21 marketing year. Exports for the same time period were down 22% from last week at 17.2 million bushels. Wheat export sales were 40% 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 41%.
Wheat | Sep 20 | Change | Jul 21 | Change |
Price | $4.96 | $0.01 | $5.23 | $0.02 |
Support | $4.83 | $0.00 | $5.11 | $0.01 |
Resistance | $5.07 | -$0.02 | $5.32 | $0.00 |
20 Day MA | $5.17 | -$0.08 | $5.35 | -$0.05 |
50 Day MA | $5.10 | -$0.02 | $5.29 | -$0.02 |
100 Day MA | $5.21 | -$0.02 | $5.35 | $0.00 |
4-Week High | $5.51 | $0.00 | $5.54 | $0.00 |
4-Week Low | $4.88 | -$0.02 | $5.14 | $0.00 |
Technical Trend | Down | = | Down | = |
Nationally the Crop Progress report estimated winter wheat harvested at 90% compared to 85% last week, 87% last year, and a 5-year average of 93%; spring wheat condition at 69% good-to-excellent and 7% poor-to-very poor; and spring wheat harvested at 15% compared to 5% last week, 6% last year, and a 5-year average of 25%. In Tennessee, August 2020 wheat cash contracts ranged from $5.00 to $5.12. September 2020 wheat futures closed at $4.96, up 1 cent since last Friday. September 2020 wheat futures traded between $4.88 and $5.00 this week. September wheat-to-corn price ratio was 1.53. Sep/Dec and Sep/Jul future spreads were 10 and 27 cents. December 2020 wheat futures closed at $5.06, up 3 cents since last Friday. December wheat-to-corn price ratio was 1.50. July 2021 wheat futures closed at $5.23, up 2 cents since last Friday. Downside price protection could be obtained by purchasing a $5.40 July 2021 Put Option costing 41 cents establishing a $4.99 futures floor.

Source : tennessee.edu