Agricultural News
Crop Weather Conditions, Higher Demand Figures Send Grain Prices Higher, Anderson Says
Thu, 05 Jul 2012 17:36:19 CDT
The USDA lowered corn and soybean condition ratings in its latest report. The markets had expected a five percent drop in crops in the good and excellent categories, but the USDA figures showed an eight percent drop which sent prices higher, says Kim Anderson, Oklahoma State University small grains specialist.
In an interview with SUNUP's Lyndall Stout, Anderson says the International Grains Council also lowered world wheat production and raised estimates on corn and feed grain use, also sending prices higher. How much higher can grain prices go, and when will they peak?
"That's the million-dollar question," Anderson says. "Now, Allendale this week came out with a report. They said when you look on short crops, the price normally peaks early in short crop years. If you look at corn on the average in drought years, that price is going to peak in late August and early September. Allendale estimates that the Chicago Board of Trade December corn price is going to peak around $7 to $7.25.
"Wheat will probably follow the same months with peaking in late August and early September."
Click on the LISTEN BAR below to hear more of the preview of Anderson's analysis that will be on this week's SUNUP show.
Also on this week:
-- Dave Lalman discusses current statewide pasture conditions, obstacles for cattle nutrition and supplement guidelines in the coming months.
--In Cow-Calf Corner, Glenn Selk dispels a common belief about the time of day to harvest summer annuals.
--Brian Arnall looks at the impact of soil nutrients on summer crops.
--In the Mesonet report, Al Sutherland has details on the new plant available water maps.
--Derrell Peel explains the World Trade Organization's recent ruling on country-of-origin labeling for beef products.
-Finally, in Shop Stop, Randy Taylor and Wayne Kiner continue last week's demonstration on metal box construction.
Catch SUNUP Saturdays at 7:30 a.m. on OETA. You can also view archived shows on the OSU website by clicking here, and on YouTube by clicking here.
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