Many Reports That Are Utilized In The Weekly Comments Were Not Published This Week Due To The Shutdown
DR. CHARLEY MARTINEZ
KNOXVILLE, TENNESSEE
At the time of this write up, the government is currently in shutdown mode. Because of the shutdown, many reports that are utilized in the weekly comments were not published this week. Thus, this week’s writeup is void of many things such as the crop progress and trade information. Hopefully the shutdown is short lived and we will have reports back next week. If we do not get these reports next week, we could end up with valuable information not being reported not only weekly, but some monthly reports (such as WASDE) could be impacted.
One report that was released was the September 2025 Grain Stocks & Small Grains Summary.
Nationally, grain corn production for 2024 was revised up 25 million bushels and soybean production were revised up 7.74 million bushels. Other highlights of the report: Nationally: Corn Stocks Down 13 Percent from September 2024, Soybean Stocks Down 8 Percent, All Wheat Stocks Up 6 Percent
In 2025, Tennessee had 345,000 wheat acres, with an estimated 265,000 acres harvested, and stocks at 7.4 million bushels on September 1, 2025 (down from 9.1 million bushels on September 1, 202). Additionally, estimates for Tennessee corn on September 1, 2025 had corn stocks at 4.9 million bushels (down from 7.4 million on September 1, 2024). Tennessee soybean stocks on September 1, 2025 was 586,000 bushels (down from 1 million bushels on September 1, 2024).
Throughout this week, many news stations across the state have reported about the unfavorable soybean situation for many producers not only in Tennessee, but across the country. The bright spot, if there is one, is that the situation is being seen and heard. While the basis for soybeans is not ideal, the cash prices across Tennessee picked up some, and the futures did as well.
Hopefully this is a sign of a floor being set. As mentioned last week, with China buying from Argentina and Brazil recently, I expect for trade to occur with countries that normally would have bought from Argentina and Brazil, and hopefully it starts sooner rather than later. All of which would be known if we had the weekly reports.
Corn
Across Tennessee, average corn basis (cash price-nearby futures price) remained unchanged from last week at West, Northwest, West-Central, North-Central, and Mississippi River elevators and barge points. Overall, basis for the week ranged from 35 cents under to 5 cents under, with an average of 17 cents under with the December futures at elevators and barge points. Ethanol production for the week ending September 26 was 995,000 barrels, down 29,000 compared to the previous week. Ethanol stocks were 22.76 million barrels, down 704,000 barrels compared to last week. Cash prices ranged from $3.80 to $4.20 at elevators and barge points. December 2025 corn futures closed at $4.19, which is down 3 cents since last Friday. For the week, December 2025 corn futures traded between $4.10 and $4.23.
This week, Oct/Nov cash contracts ranged from $3.80 to $4.52 at elevators and barge points. March 2026 corn futures closed at $4.35, down 3 cents since last Friday.
Soybeans
Across Tennessee average soybean basis slightly weakened compared to last week at West, Northwest, North-Central, West- Central, and Mississippi River elevators and barge points. Average basis ranged from 65 under to 20 under the September futures contract, with an average basis at the end of the week of 38 under. Cash soybean prices at elevators and barge points ranged from $9.48 to $10.03. November 2025 soybean futures closed at $10.18, up 5 cents since last Friday. For the week, November 2025 soybean futures traded between $9.93 and $10.28.
Oct/Nov cash prices at elevators and barge points were $9.48 to $10.52 for the week. January 2026 soybean futures closed at $10.37, up 4 cents since last Friday. Nov/Dec 2025 soybean-to-corn price ratio was 2.43 at the end of the week.
Cotton
North Delta upland cotton spot price quotes for October 2nd were up to 63.09 cents/lb (41-4-34) and 67.84 cents/lb (31-3-35).
December 2025 cotton futures closed at 65.3 cents, down 1.1 cents since last Friday. For the week, December 2025 cotton futures traded between 64.82 to 66.62 cents. Dec/Mar and Dec/May cotton futures spreads were 1.89 cents and 3.20 cents. March 2026 cotton futures closed at 67.19 cents, down 1.07 cents since last Friday. May 2026 cotton futures closed at 68.5 cents, down 1.08 cents since last Friday.
Wheat
Wheat cash prices at elevators and barge points ranged from $4.53 to $4.66.
December 2025 wheat futures closed at $5.15, down 4 cents since last Friday. December 2025 wheat futures traded between $5.10 and $5.22 this week. July 2026 wheat futures closed at $5.57, down 3 cents since than last Friday. ∆
DR. CHARLEY MARTINEZ
UNIVERSITY OF TENNESSEE