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Friday, February 23, 2024 | | | |
Kim Anderson Expects Wheat Prices to Move Back Up- Eventually |
This Week on SUNUP is Oklahoma State University Extension grain market economist Kim Anderson. During this week’s edition, Anderson talks about the change in wheat prices and more
“Wheat is just continuing to go in the tank,” Anderson said. “You go back a month ago, or not quite a month, we were up at $5.81 for wheat prices. We got down to $5.17 last week and the first of this week, then we gained a few cents to get it up about $5.30.”
Looking at forward contracting for June and July 2024 delivery of winter wheat, Anderson said prices are at about $5.25.
“They have continued to go down,” Anderson said.
Although wheat prices have not been the greatest lately, Anderson said he does expect them to move back up eventually.
“I still think we are going to get back up into that $5.60-$5.70 range,” Anderson said. “If you look at the average Oklahoma price for June, July and August, it is $5.80. If you look at the stocks to use ratio for the world, for the U.S. for hard red winter wheat, they are all at average, and average stocks to use implies average prices.”
With great wheat being produced across the state, Anderson recommends produces take it easy for now, because a lot will happen between now and harvest in the markets.
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