Agricultural News
Wheat Prices Continue a Steady Decline- and we have your SUNUP preview
Thu, 22 Sep 2011 16:56:42 CDT
The wheat market has taken a dip over the past several weeks. According to Oklahoma State University Grain Marketing Specialist, Dr. Kim Anderson, the market has established a downtrend with the recent drop of $1.50 in price and averaging a loss of $.50 per week.
Anderson says if you look at the stocks, the USDA released the supply and demand estimates last week for wheat and raised the U.S. wheat stocks from 601 million bushels to 761 bushels, which is well above average. Also, the USDA increased the world ending stocks from 6.9 billion bushels of wheat to 7.1 billion bushels, which is also above average.
A majority of this increased production supply is from countries that were in the former Soviet Union, such as Russia and Ukraine, says Anderson. Russia is determined to be a major exporter of wheat and has taken a majority of the U.S. exports to eastern Asia and northern Africa markets says Anderson.
Anderson predicts that the market could go down to $6.30 to $6.80 in Oklahoma, but only if the market breaks the current trading price for December contracts at $7.20.
Click on the LISTEN bar below to hear the rest of Austin Moore and Dr. Anderson's conversation on why wheat prices are continuing to drop.
Also this week on SUNUP, Derrell Peel analyzes the dramatic decline in Oklahoma's cattle inventory caused by drought, the largest one-year drop in state history.
Bob Kropp gives details on a new heifer feeding program at the Oklahoma Beef Incorporated.
In Cow-Calf Corner, Glenn Selk explains the link between stage two of calving and reproductive rates.
Next, the Mesonet team has the latest on the expanding drought and looks at the current fractional soil moisture levels.
Then, Chad Godsey demonstrates peanut blasting to identify maturity levels, and also invites producers to next week's Peanut Field Tour in Fort Cobb and Peanut Field Day in Beckham County.
Finally, Randy and Wayne explain the difference between tubing and pipe in Shop Stop.
Join us for SUNUP: Saturdays at 7:30 a.m. on your local OETA channel.
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