by Andrew Griffith, Livestock Marketing Specialist
September 18, 2026
Overview
Corn, wheat and cotton down, Soybean up for the week
Fuel
Diesel prices increase a dime in a day, 41 cents in a week, a dollar in a month and may double their price from a year ago if this price continues increasing at this pace. This is making farming more expensive in the midst of harvest, but what are the alternatives to leaving a crop in the field. Similarly, the nation depends on trucking and transportation of goods, which is highly dependent on diesel. This will only add to inflation as the price of all transported goods will have to increase to cover the cost. The small increase in interest rates will do little to curb inflation from this standpoint. Higher gas prices will continue to put a strain on consumer disposable income, which may be an offset.
| Fuel | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $4.08 | $4.55 | $4.96 | $6.17 |
| Yesterday Avg. | $4.06 | $4.54 | $4.94 | $6.07 |
| Week Ago Avg. | $3.92 | $4.40 | $4.80 | $5.76 |
| Month Ago Avg. | $3.64 | $4.11 | $4.52 | $5.18 |
| Year Ago Avg. | $2.80 | $3.29 | $3.67 | $3.41 |
| Indicator | Previous | Current | Change |
|---|---|---|---|
| USD Index | 99.04 | 100.24 | 1.20 |
| Crude Oil | 100.41 | 96.06 | -4.35 |
| DJIA | 52595 | 51667 | -928 |
Corn
Across Tennessee, average corn basis (cash price-nearby futures price) declined 20 cents from last week at West, Northwest, West-Central, North-Central, and Mississippi River elevators and barge points. Overall, basis for the week ranged from 46 cents under to 27 cents under, with an average of 38 cents under the November futures at elevators and barge points. Ethanol production for the week ending September 11th was 1.099 million barrels, no changed compared to the previous week. Ethanol stocks were 25.220 million barrels, up 13,000 barrels compared to the previous week. Cash prices ranged from $4.88 to $5.07 at elevators and barge points.On Friday, December 2026 corn futures closed at $5.28, which is down 3 cents compared to last week. For the week, December 2026 corn futures traded between $5.25 and $5.39.
Nationally, the Crop Progress report estimated corn condition at 57% good-to-excellent (up 1% from last week) and 17% poor-to-very poor (no change from last week); corn mature to be 42% compared to 25% last week, 39% last year, and a 5-year average of 38%. In Tennessee, corn condition was estimated at 80% good-to-excellent (up 1% from last week) and 4% poor-to-very poor (down 1% from last week); corn harvested to be 44% compared to 30% last week, 45% last year, and a 5-year average of 28%. This week new crop cash contracts ranged from $4.92 to $5.35 at elevators and barge points.For the week of September 4-September 10, 2026, net sales of 1,026,700 MT for 2026/2027 were primarily for Mexico (626,000 MT), Japan (150,200 MT), Colombia (117,700 MT), South Korea (83,900 MT), and Saudi Arabia (63,700 MT). Exports of 1,683,200 were primarily to Mexico (436,600 MT), South Korea (338,200 MT), Japan (248,400 MT), Colombia (134,700 MT), and Spain (110,300 MT).
Soybeans
Across Tennessee average soybean basis decreased 16 cents compared to last week at West, Northwest, North-Central, West-Central, and Mississippi River elevators and barge points. Average basis ranged from 41 under to 11 cents under the November futures contract, with an average basis of 29 cents under at the end of the week. Cash soybean prices at elevators and barge points ranged from $12.77 to $13.22. November 2026 soybean futures closed at $13.04, up 7 cents compared to last week. For the week, November 2026 soybean futures traded between $12.92 and $13.32.
Nationally, the Crop Progress report estimated soybean condition at 58% good-to-excellent (no change from last week) and 13% poor-to-very poor (no change from last week); soybean dropping leaves to be 44% compared to 26% last week, 38% last year, and a 5-year average of 37%. In Tennessee, soybean condition was estimated at 75% good-to-excellent (up 1% from last week) compared to 5% poor-to-very poor (down 1% from last week); soybeans harvested to be 26% compared to 15% last week, 16% last year, and a 5-year average of 9%. For the week of September 4-September 10, 2026, net sales of 1,702,000 MT for 2026/2027 were primarily for China (875,300 MT), unknown destinations (218,900 MT), Mexico (138,600 MT), Indonesia (111,400 MT), and Algeria (80,000 MT). Exports of 622,700 MT were primarily to China (328,300 MT), Indonesia (89,600 MT), Egypt (57,400 MT), Bangladesh (57,300 MT), and Taiwan (20,300 MT).
Cotton
North Delta upland cotton spot price quotes for September 17th were down compared to last week. Prices were 79.67 cents/lb (41-4-34), and 84.42 cents/lb (31-3-35), which made both down 1.22 cents compared to last week’s prices.
Nationally, the Crop Progress report estimated cotton condition at 36% good-to-excellent (up 2% from last week) and 34% poor-to-very poor (up 2% from last week); cotton bolls opening to be 57% compared to 40% last week, 49% last year, and a 5-year average of 48%. In Tennessee, the Crop Progress report estimated cotton condition at 59% good-to-excellent (down 11% from last week) and 17% poor-to-very poor (up 7% from last week); cotton bolls opening to be 64% compared to 52% last week, 63% last year, and a 5-year average of 42%. For the week September 4-September 10, 2026, net sales of Upland totaling 71,200 RB for 2026/2027 were down 4 percent from the previous week and 30 percent from the prior 4-week average. Increases were primarily for Vietnam (28,200 RB), Guatemala (14,000 RB), Pakistan (7,500 RB), Honduras (6,500 RB), and Thailand (4,400 RB). Net sales of 6,200 RB for 2027/2028 were primarily for Guatemala (5,600 RB). Exports of 142,100 RB were down 20 percent from the previous week and 26 percent from the prior 4-week average. The destinations were primarily to Vietnam (44,600 RB), Pakistan (24,700 RB), India (18,000 RB), Bangladesh (16,200 RB), and Mexico (9,900 RB). On Thursday, December 2026 cotton futures settled at 82.17 cents, down 6.05 cents compared to last week. December 2027 cotton futures settled at 78.43 cents, down 1.74 cents compared to last week.
Wheat
Wheat cash prices at elevators and barge points ranged from $6.35 to $6.43. July 2027 wheat futures closed at $7.38, down 8 cents compared to last week.
Nationally, the Crop Progress report estimated winter wheat planted to be 8% compared to 2% last week, 10% last year, and a 5-year average of 12%. For the week of September 4-September 10, net sales of 325,900 metric tons (MT) for 2026/2027 were up 68 percent from the previous week, but unchanged from the prior 4-week average. Increases were primarily for the Philippines (189,600 MT), Mexico (70,300 MT), South Korea (51,500 MT), Vietnam (32,800 MT), and Colombia (13,000 MT). Exports of 502,000 MT were up 2 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to Mexico (139,000 MT), Japan (118,100 MT), Thailand (95,300 MT), the Philippines (82,600 MT), and Vietnam (33,900 MT).
Additional Information
Links for data presented:
U.S. Export Sales – https://apps.fas.usda.gov/export-sales/esrd1.html
USDA FAS: Weekly Export Performance Indicator – https://apps.fas.usda.gov/esrquery/esrpi.aspx
EIA: Weekly ethanol Plant Production – https://www.eia.gov/dnav/pet/pet_pnp_wprode_s1_w.htm
EIA: Weekly Supply Estimates – https://www.eia.gov/dnav/pet/pet_sum_sndw_a_EPOOXE_sae_mbbl_w.htm
Upland Cotton Reports – https://www.fsa.usda.gov/FSA/epasReports?area=home&subject=ecpa&topic=fta-uc
Tennessee Crop Progress – https://www.nass.usda.gov/Statistics_by_State/Tennessee/Publications/Crop_Progress_&_Condition/
U.S. Crop Progress – http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1048
USDA AMS: Market News – https://www.ams.usda.gov/market-news/search-market-news
If you would like further information or clarification on topics discussed in the crop comments section or would like to be added to our free email list please contact me at agriff14@utk.edu.