Oklahoma's Latest Farm
And Ranch News
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OSU’s Dr. Kim Anderson on Latest USDA Crop Numbers |
Below is an analysis of the latest August USDA reports from Oklahoma State University Crop Marketing Specialist, Dr. Kim Anderson.
The USDA released the August WASDE (World Agricultural Demand and Supply Estimates) and the Crop Production reports. The reports were most positive for corn and soybeans. The WASDE report was slightly negative, price wise, for hard red winter (HRW) wheat.
The initial market reaction to the reports were miniscule, which indicates USDA’s estimates were near the market’s expectations.
Oklahoma’s wheat production was lowered from 70.2 million bushels (Mb) to 68.85 Mb. All HRW wheat production was increased from 577 Mb to 588 Mb, and HRW 2023/24 marketing year ending stocks were increased to 246 Mb from 227 Mb. The five-year averages are 689 Mb for U.S. HRW production and 411 Mb for ending stocks. The increases are expected to have little impact on wheat prices.
World wheat ending stocks were lowered from 9.79 billion bushels (Bb) to 9.76 Bb.
U.S. corn production was estimated to be 15.1 Bb, which was only 209 Mb lower than July’s estimate, and ending stocks declined 0.3%. The changes in world production and ending stocks were also small. No price impact is expected.
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Sponsor Spotlight
Union Mutual of Oklahoma Turns 85 Years Old
Back in July of 1938 when Union Mutual of Oklahoma was founded, FDR was in the White House, EW Marland was in the Governor’s Mansion, and the Soldiers of Gettysburg were gathering for a reunion on the old battlefield. Union Mutual was born out of necessity in Oklahoma and serves as one of the oldest rural insurance carriers serving only the people of Oklahoma. Union Mutual was created 85 years ago for one purpose, that was and is to serve and protect rural Oklahomans and their property. That mission has never wavered.
Union Mutual Insurance of Oklahoma was chartered in 1938 to write property and casualty insurance in the state of Oklahoma. Over the years, Union Mutual has maintained the attitude that started the company, “Protection for Oklahomans by Oklahomans.” In poor economic times, in times when national insurance companies either stopped writing or completely left the state, Union Mutual has been there for Oklahomans. Today, Union Mutual writes insurance in all 77 counties of Oklahoma through almost 300 agency locations. These agents provide fast and reliable quotes for most lines of insurance.
Union Mutual of Oklahoma CEO Monica Collison had this to say on the company turning 85 years old. “I am humbled to lead such and extraordinary company and team with the history and legacy of Union Mutual. Union Mutual has stood with rural Oklahoma for 85 solid years and I look forward to helping it for the next 85 years.”
For the agent nearest you, go to unionmutualic.com or give them a call at 405 286-7703.
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Rural Oklahoma is full of some of the greatest success stories throughout the entire state and is a big reason why Oklahoma is on track to become a top 10 state.
The Road to Rural Prosperity dives into these stories, bringing you stories covering rural life, agriculture, energy, healthcare, tourism, and politics affecting rural America.
The Road to Rural Prosperity is here to tell stories about rural America, for rural America.
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Cattle Industry Leader Bob Drake sits down and talks with Ron Hays about his lifetime of service in the cattle business. Drake has served as the President of the Oklahoma Cattlemen's Association, the last President of the old National Cattlemen's Association and Vice President of the Oklahoma Farm Bureau.
He loves politics and being a change agent for the cattle producer back up at the fork of the creek. Drake had a front row seat as the Beef Checkoff was approved by cattle producers and he believes it's way past time to find a way to get a second dollar at the national level.
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God Bless!
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Tim West
President/General Manager
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405-317-6361
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KC Sheperd
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Radio Oklahoma Ag Network
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Ron Hays
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Radio Oklahoma Ag Network
405.473.6144
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