Agricultural News
Anderson Says It's Been A Nervous Week For Wheat Markets as Harvest Gets Rolling
Thu, 17 May 2012 18:25:54 CDT
It's been a nervous week in the grain markets with wheat falling to near $6 and then regaining ground. OSU Grain Marketing Specialist Kim Anderson said traders are keeping an eye on early harvest numbers.
"I think the trade is looking at yields and how the harvest is coming. Even though it's a new harvest, I think they're a little disappointed."
In looking at the Kansas City July contract, Anderson said the markets dropped below a $6.60 support level, down below $6.37 and hovered around $6.05 before popping back up through the resistance and into the $6.60 range again. He said he's been hearing from elevators around the state that they're not seeing as much wheat as they had expected.
"The underlying tone is that yields aren't going to be as high as they earlier expected. Talk about heads having nothing in them to heads half full of wheat. There are some big, beautiful heads out there that do not have kernels or they are not full of kernels and they are talking about some shriveled kernels. I think the trade is getting nervous that we're not going to have as much production in Oklahoma and around the U.S."
Lower-than-expected world production, as well, is fueling some of the nervousness in the markets, Anderson says.
You can catch the rest of Kim Anderson's analysis of grain markets on this week's SUNUP at 7:30 a.m. on OETA. Also on SUNUP this week:
· A wheat harvest update.
· Dr. Susan Little talks about the prevalence of ticks in Oklahoma.
· In the Mesonet report, Al Sutherland and Gary McManus discuss possible drought expansion and lack of rainfall, and provide month-to-month weather data comparisons.
· Gina Peek demonstrates how to prepare your storm shelter for tornado season.
· In Shop Stop, Wayne Kiner and Randy Taylor show us how to set up a boom for electrical cords.
· In Naturally Speaking, Dwayne Elmore covers squirrel species in Oklahoma, and how to block squirrels from bird feeders, trees, homes and sweet corn.
· Next, we travel to Blaine County for Farm Safety Day with local school children.
· Finally, Glenn Selk weighs the pros and cons of growth-promoting implants in Cow-Calf Corner.
Catch SUNUP: Saturdays at 7:30 a.m. on OETA. You can also see archived shows by clicking here and here.
Click on the LISTEN BAR below for more of Kim Anderson's wheat market analysis.
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