All Commodities Have Experienced Increases In Prices

DR. CHARLEY MARTINEZ

KNOXVILLE, TENNESSEE

I hope everyone had a great Thanksgiving break. This week, we have some fresh reports that will be discussed this Friday. Throughout last week, all commodities experienced increases in prices. 

Digging through each commodity brings some optimism, as each had started some upward swings, signaling possibly some stability for the short run. Additionally, there is some news that the interest rates might be coming down in the coming weeks. If that occurs, that would be another welcomed sight as many producers are working with lenders to secure capital for next year. 

In policy news, there is growing interest in the possibility of government funding (similar to MFP payments) geared towards row crop producers. This is largely in part due to the producers having to endure this year’s price volatility, that resulted in loss of revenues across many commodities. If there is movement on this topic this week, I will cover it in Friday’s comments. 

The comments below are based on last Friday’s closing. This Friday’s comments will cover this week. 

Corn

Across Tennessee, average corn basis (cash price-nearby futures price) strengthened from last week (fourth week in a row) at West, Northwest, West-Central, North-Central, and Mississippi River elevators and barge points. Overall, basis for the week ranged from 11 cents under to 26 cents over, with an average of 7 cents over with the December futures at elevators and barge points. Ethanol production for the week ending November 21 was 1.113 million barrels, up 22,000 barrels compared to the previous week. Ethanol stocks were 21.968 million barrels, down 339,000 barrels compared to last week. Cash prices ranged from $4.13 to $4.61 at elevators and barge points. On Friday, December 2025 corn futures closed at $4.35, which is up 10 cents compared to the previous Friday. For the week, December 2025 corn futures traded between $4.22 and $4.37. 

Nationally, the Crop Progress report estimated corn harvested at 96% compared to 91% last week, 100% last year and a 5-year average of 97%. In Tennessee, corn harvested at 99% compared to 95% last week, 99% last year and a 5-year average of 100%. This week, new crop cash contracts ranged from $4.22 to $4.67 at elevators and barge points. March 2026 corn futures closed at $4.47, up 10 cents compared to the previous Friday. 

Soybeans

Across Tennessee average soybean basis weakened compared to last week at West, Northwest, North-Central, West-Central, and Mississippi River elevators and barge points. Average basis ranged from 36 under to 4 over the January futures contract, with an average basis at the end of the week of 8 cents under. Cash soybean prices at elevators and barge points ranged from $10.88 to $11.54. January 2026 soybean futures closed at $11.37, up 12 cents compared to the previous Friday. For the week, January 2026 soybean futures traded between $11.16 and $11.38. 

September 2026 soybean futures closed at $11.30, up 18 cents since last Friday. 

Cotton

North Delta upland cotton spot price quotes for November 28th were down to 62.71 cents/lb (41-4-34) and 67.46 cents/lb (31-3 -35). 

Nationally, the Crop Progress report estimated cotton harvested at 79% compared to 71% last week, 83% last year, and a 5- year average of 80%. In Tennessee, cotton harvested at 92% compared to 90% last week, 94% last year, and a 5-year average of 92%. December 2025 cotton futures closed at 62.91 cents, up 1.56 cents since last Friday. For the week, December 2025 cotton futures traded between 61.27 to 62.98 cents. Dec/Mar and Dec/May cotton futures spreads were 1.8 cents and 3.01 cents. March 2026 cotton futures closed at 64.71 cents, up .86 cents compared to the previous Friday. May 2026 cotton futures closed at 65.92 cents, up .85 cents compared to the previous Friday. 

Wheat 

Wheat cash prices at elevators and barge points ranged from $4.87 to $5.96. 

Nationally, the Crop Progress report had winter wheat planted at 97% compared to 92% last week, 97% last year, and a 5-year average of 97%; winter wheat emerged at 87% compared to 79% last week, 88% last year and a 5-year average of 89%; and winter wheat condition of very poor to poor at 17% and good to excellent at 48%. December 2025 wheat futures closed at $5.31, up 4 cents compared to the previous Friday. December 2025 wheat futures traded between $5.19 and $5.33 last week. July 2026 wheat futures closed at $5.55, down 2 cents since than last Friday.   ∆

DR. CHARLEY MARTINEZ

UNIVERSITY OF TENNESSEE