by Andrew Griffith, Livestock Marketing Specialist
October 23, 2026
Overview
Corn, Soybean and Wheat down, Cotton up for the week.
Fuel
Diesel prices have eased nearly $0.25 per gallon over the past month, but that does very little to appease diesel consumers when fuel costs are nearly twice as much as one year ago. The softer prices may benefit some farmers as they continue fall harvest, but the benefit is minimal. The only benefit most farmers would have is if they had adequate on farm fuel storage and have not had to purchase fuel during this upswing in fuel prices. However, most farmers will be seeking an opportunity to refill on farm storage tanks, but many folks will likely wait until prices soften or they are forced to put diesel back in the tank. High fuel prices do provide an opportunity for a tax write-off!
| Fuel | Regular | Mid-Grade | Premium | Diesel |
|---|---|---|---|---|
| Current Avg. | $3.84 | $4.32 | $4.72 | $5.97 |
| Yesterday Avg. | $3.82 | $4.30 | $4.70 | $5.97 |
| Week Ago Avg. | $3.87 | $4.33 | $4.74 | $6.00 |
| Month Ago Avg. | $4.07 | $4.53 | $4.94 | $6.21 |
| Year Ago Avg. | $2.64 | $3.11 | $3.50 | $3.33 |
| Indicator | Previous | Current | Change |
|---|---|---|---|
| USD Index | 101.84 | 101.80 | -0.04 |
| Crude Oil | 101.47 | 103.13 | 1.66 |
| DJIA | 51888 | 52290 | 402 |
Corn
Across Tennessee, average corn basis (cash price-nearby futures price) increased 4 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 40 cents under to 1 cent under, with an average of 24 cents under the December futures at elevators and barge points. Ethanol production for the week ending October 16th was 1.094 million barrels per day, up 29,000 barrels per day compared to the previous week. Ethanol stocks were 24,588 million barrels, up 616,000 barrels compared to the previous week. Cash prices ranged from $4.22 to $4.67 at elevators and barge points. On Friday, December 2026 corn futures closed at $4.56, down 18 cents compared to last week. For the week, December 2026 corn futures traded between $4.54 and $4.74.
Nationally, the Crop Progress report estimated corn condition at 56% good-to-excellent (no change from last week) and 17% poor-to-very poor (no change from last week); corn harvested to be 44% compared to 33% last week, NA last year, and a 5-year average of 52%. In Tennessee, corn condition was estimated at 81% good-to-excellent (no change from last week) and 4% poor-to-very poor (no change from last week); corn harvested to be 96% compared to 91% last week, NA last year, and a 5-year average of 85%. This week new crop cash contracts ranged from $4.22 to $4.93 at elevators and barge points.For the week of October 9-October 15, 2026, net sales of 1,527,100 MT for 2026/2027 were up 36 percent from the previous week and 87 percent from the prior 4-week average. Increases primarily for Mexico (477,700 MT), unknown destinations (307,200 MT), Japan (285,400 MT), the United Kingdom (141,800 MT), and Honduras (79,100 MT). Exports of 780,300 MT were down 43 percent from the previous week and 51 percent from the prior 4-week average.
Soybeans
Across Tennessee average soybean basis increased 3 cents compared to last week at West, Northwest, North-Central, West-Central, and Mississippi River elevators and barge points. Average basis ranged from 40 under to 17 over with the November futures contract, with an average basis of 18 cents under at the end of the week. Cash soybean prices at elevators and barge points ranged from $12.07 to $12.73. November 2026 soybean futures closed at $12.57, down 4 cents compared to last week. For the week, November 2026 soybean futures traded between $12.36 and $12.65.
Nationally, the Crop Progress report estimated soybean harvested to be 64% compared to 46% last week, NA last year, and a 5-year average of 65%. In Tennessee, soybeans harvested to be 75% compared to 67% last week, NA last year, and a 5-year average of 51%. For the week of October 9-October 15, 2026, net sales of 2,841,200 MT for 2026/2027 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for China (2,178,600 MT), Mexico (232,200 MT), the Netherlands (84,500 MT), Portugal (75,000 MT), and Vietnam (70,600 MT). Exports of 2,016,800 MT were up 75 percent from the previous week and 88 percent from the prior 4-week average.
Cotton
North Delta upland cotton spot price quotes for October 22nd were up compared to last week. Prices were 83.29 cents/lb (41-4-34), and 78.54 cents/lb (31-3-35), which made both up 0.73 cents compared to last week’s prices.
Nationally, the Crop Progress report estimated cotton condition at 35% good-to-excellent (up 1% from last week) and 37% poor-to-very poor (up 1% from last week); cotton harvested to be 41% compared to 31% last week, NA% last year, and a 5-year average of 37%. In Tennessee, the Crop Progress report estimated cotton condition at 68% good-to-excellent (up 11% from last week) and 8% poor-to-very poor (down 7% from last week); cotton harvested to be 46% compared to 35% last week, NA% last year, and a 5-year average of 35%. For the week October 9-October 15, 2026, net sales of Upland totaling 199,600 RB for 2026/2027 were up 36 percent from the previous week and 7 percent from the prior 4-week average. Increases primarily for Vietnam (94,500 RB), Turkey (33,700 RB), Pakistan (15,300 RB), and India (7,800 RB). Exports of 196,400 RB were up 40 percent from the previous week and 27 percent from the prior 4-week average. On Thursday, December 2026 cotton futures settled at 80.79 cents, up 0.73 cents compared to last week. December 2027 cotton futures settled at 79.37 cents, up 0.58 cents compared to last week.
Wheat
Wheat cash prices at elevators and barge points ranged from $5.54 to $5.85. July 2027 wheat futures closed at $6.47, down 36 cents compared to last week.
Nationally, the Crop Progress report estimated winter wheat planted to be 63% compared to 51% last week, NA last year, and a 5-year average of 69%. For the week of October 9-October 15, net sales of 239,600 metric tons (MT) for 2026/2027 were down 25 percent from the previous week and 28 percent from the prior 4-week average. Increases primarily for Mexico (98,000 MT), unknown destinations (49,900 MT), South Korea (19,000 MT), Singapore (18,000 MT), and Japan (15,100 MT). Exports of 240,300 MT were down 26 percent from the previous week and 23 percent from the prior 4-week average. The destinations were primarily to Vietnam (68,000 MT), Mexico (42,900 MT), Egypt (38,500 MT), Japan (37,200 MT), and Jamaica (15,200 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.