USDA Crop Progress Report Shows Winter Wheat In Good Condition C
DR. AARON SMITH KNOXVILLE, TENN.
orn, cotton, soybeans, and wheat were down for the week. Price declines for corn, soy-
beans, and wheat moderated this week as markets search for new in- formation. With the USDA March reports out of the way, focus will now shift to planting progress and weather forecasts.
Since early October, December corn has traded
mostly between $3.75 and $4.00 with only occasional moves outside of this range. November soybeans have decreased over 70 cents
since the beginning of March. Fortunately, the pro- jected price for crop insurance was set at $10.19 pro- viding some revenue support at a higher level than current market offerings. Nearby cotton futures abandoned its pursuit of the
80 cent level declining over 3 cents and falling back below 75 cents. Cotton harvest futures are trading below 73 cents after a 1.8 cent decline this week. The first Crop Progress report of 2017 was released
this past Monday indicating 51 percent of domestic winter wheat was in good-to-excellent condition. July wheat futures have traded flat the past three weeks, between $4.30 and $4.45.
Corn May 2017 corn futures closed at $3.59 down 5
cents since last Friday. For the week, May 2017 corn futures traded between $3.57 and $3.71. Across Ten- nessee, average basis (cash price-nearby futures price) weakened or remained unchanged at Memphis, Northwest, and Upper-middle Tennessee and strengthened at Northwest Barge Points and Lower- middle Tennessee. Overall, basis for the week ranged from 6 under to 30 over the May futures contract with an average of 6 over at the end of the week. Corn net sales reported by exporters from March 24-30 were above expectations with net sales of 44.8 million bushels for the 2016/17 marketing year and 1.4 mil- lion bushels for the 2017/18 marketing year. Exports for the same time period were up from last week at 62.9 million bushels. Corn export sales and commit- ments were 86 percent of the USDA estimated total annual exports for the 2016/17 marketing year (Sep- tember 1 to August 31) compared to a 5-year average of 82 percent. Ethanol production for the week end- ing March 31 was 1.019 million barrels per day down 35,000 from last week. Ethanol stocks were 23.705 million barrels, up 448,000 barrels. May/Jul and May/Dec future spreads were 8 and 25 cents, re- spectively. July 2017 corn futures closed at $3.67 down 4 cents since last Friday. In Tennessee, the Crop Progress report estimated corn planted at 1 percent compared to 5 percent last
year and a 5-year average of 5 percent. In Tennessee, September 2017 cash forward contracts averaged $3.69 with a range of $3.42 to $3.92. December 2017 corn futures closed at $3.84 down 4 cents since last Friday. Downside price protection could be obtained by purchasing a $3.90 December 2017 Put Option costing 31 cents establishing a $3.59 futures floor. Soybeans May 2017 soybean futures closed at $9.42 down 4
cents since last Friday. For the week, May 2017 soy- bean futures traded between $9.36 and $9.49. Aver- age soybean basis weakened or remained unchanged at Memphis, Lower-middle, Upper-middle, and North- west Tennessee and strengthened at Northwest Barge Points. Basis ranged from 37 under to 4 under the May futures contract at elevators and barge points. Average basis at the end of the week was 16 under the May futures contract. Net sales reported by ex- porters were above expectations with net sales of 17.7 million bushels for the 2016/17 marketing year and 14.5 million bushels for the 2017/18 marketing year. Exports for the same period were down from last week at 27.7 million bushels. Soybean export sales and commitments were 100 percent of the USDA es- timated total annual exports for the 2016/17 mar- keting year (September 1 to August 31), compared to a 5-year average of 94 percent. May soybean-to-corn futures price ratio was 2.62 at the end of the week.
CONTINUED ON PAGE 18
‘08 Kinze 3600 16/31, No Till ...........................................$49,500
Phillips 4305A Harrow......$14,500
‘09 Humdinger 45’ Diamond Harrow .............................................$45,000
‘09 CIH SDX40 Air Drill w/3380 cart ...........................................$65,000
New McFarlane 16R30” do-all on stacker bar .........................$25,500
‘98 Kinze 2600 8-38” or 15-19” rows, No Till, Row Cleaners, New Openers ................$24,500
‘10CIH 1230 16 Row 30”, New Openers, Pneumatic down pressure ..................................................$34,500
‘98 JD 1560 15’, New Openers & Tires ............................$19,500
‘03 CIH SPX3200 3311 Hrs, 90’, AIM Command, Guidance......$55,000
‘15 CIH 3240 633 Hrs, 100’, Guidance, Warranty......$169,000
‘12 CIH P85 1988 Hrs........$10,500 P85 w/generator, 4348 Hrs$10,500
TRACTORS
‘11 CIH Magnum 290 3197 Hrs, 520/85R46 ...$89,500 ’10 CIH Magnum 275 3702 Hrs, 520/85R46 ...$85,000 ‘07 CIH Magnum 275 4220 Hrs, 520/85R46 ...$73,500 ‘08 CIH Steiger 385 5838 Hrs, 620/70R42......$79,500 ’06 CIH MX285 3900 Hrs, 520/85R46..............$72,500 ’03 CIH MX230 4935 Hrs, 18.4R46..................$49,500 ‘13 CIH Maxxum 140 1150 Hrs, 14.9R46........$65,000 COMBINES
‘14 CIH 7230 439/337 Hrs, Duals...................$265,000 ‘12 CIH 8230 1448/1209 Hrs, Tracks.............$225,000 ‘12 CIH 9230 1347/1033 Hrs, Tracks.............$245,000 ‘11 CIH 8120 1911/1316 Hrs, Duals...............$129,500 ‘09 CIH 8120 1771/1377 Hrs, 4wd, Tracks ....$159,000 ‘07 CIH 8010 1484/1179 Hrs, Duals...............$125,000
‘02 CIH 2388 2467/1850 Hrs, 4wd, 35.5X32....$45,000
‘08 CIH Steiger 385 5838 Hrs, 620/70R42......................$79,500
‘95 JD 7700 8665 Hrs, 320/90 R50, Power Quad.....................$24,500
GRAIN CARTS AND TRAILERS
‘12 Brent 882.............................. ....................$29,500 ‘12 Brent 782.............................. .....................$26,500 ‘15 CTS 40’ Hopper Bottom.............................$21,900 ‘05 Kinze 850 Scales, 30.5x32 ........................$27,500 ‘14 CTS 40’ Hopper Bottom Air Ride................$20,500 ‘14 Menard 40’ Hopper Bottom........................$20,500 ‘11 J&M 1051-22 tarp, 900/60R32...................$31,500 ‘04 KIllbros 1810 1100 bu., tarp, scales..........$22,500 Killbros 1175 750 bu., tarp..............................$20,500 ‘13 J&M 875 tarp, 30.5X32 ..............................$24,900 ‘92 CPS Hopper Bottom, 42’$10,500
‘90 CIH 496 disk, 26’....... $7,500 ‘09 CIH 340 disk, 31’, 9” spacing ............. .......................................$28,500
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April 14, 2017 / MidAmerica Farmer Grower • 3
Unverferth 475 new rollover tarp.......................$6,500 TILLAGE
‘03 CIH MX230 4930 Hrs, 18.4R46, Dual PTO........................$49,500
CIH 3950 23’ disk...............................................$9,500 DMI TMII Field Cult., 34’...................................$10,500 JD 630 26’ disk...................................................$9,000 Wil-Rich 1400 8 row scratcher do all...............$10,500 ‘08 Landoll 6230 disk, 33’, 9” spacing, cushion gang... .........................................................................$26,500 ‘09 Great Plains 30’ Turbo Till
...................$22,500
Orthman 12 Row 38” Hippers w/JD gangs........$9,000 CIH 4800 32’ Field Cult, 5 bar spike harrow ......$7,900 DRAPER HEADERS
‘01 CIH 1052 25’...............................................$15,500 ‘10 CIH 2162 30’...............................................$45,000 ‘13 CIH 2162 35’...............................................$55,000 ‘10 MacDon FD70 40’ ......................................$55,000 ‘04 MacDon 973 25’, Fits JD............................$23,500
‘96 CIH 5240 7778 Hrs, Loader, 18.4X38........................$32,500
‘04 CIH SDX40 air seeder, 7.5”.......................$39,500 ‘04 CIH 1200 8R38” stackfold ......................... $14,500 ‘12 Kinze 3600 16/31, No Till, Row Cleaners ..$89,500 Kinze 3600 12-38”/23-19”, No Till................... $45,000 ‘00 CIH 1200 12R38” stackfold ........................$12,500 ‘11 CIH 1230 16R30”, Hyd. Drive, Pneumatic
.........................................................................$37,500
‘14 Kinze 3660 16/31, No Till, Row Cleaners, Hyd. Drive....................................................$125,000
Don Medlin Co.
Hwy. D • Caruthersville, MO 63830
www.donmedlinco.com
573-333-0663
‘09 CIH 2152 30’ ..............................................$29,500 ‘99 HoneyBee 25’, Fits CIH...............................$9,500 ‘03 HoneyBee 25’, Fits JD...............................$10,500 ‘05 HoneyBee 30’, Fits JD...............................$26,500 PLANTERS
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