Kim Anderson Finds Bulls and Bears in Latest WASDE ReportThu, 13 Dec 2012 17:26:11 CST
The WASDE numbers were out this week and in his weekly preview of the SUNUP show, OSU Grain Marketing Specialist Kim Anderson says the report was a mixed bag.
“The soybeans and the corn, of course, were neutral to bullish. You look at corn, the ending stocks estimate came in the same as it was last month, below market expectations. With the beans, the estimate was 10 million below last month. But, again, it was exactly what the market expected in the United States. If you look at the world ending stocks numbers, the corn number was slightly less than the market had expected. It was bullish in this case. And the beans were almost exactly what the market expected. So, what you had with the corn and the beans was a slightly neutral to bullish report.”
In terms of wheat, Anderson says, the numbers were bearish with United States stocks at 754 million, above the five year average of 708 million. The world numbers at 6.5 billion bushels were exactly in line with market expectations.
The market reaction was as expected, Anderson says, with corn and beans down slightly. Wheat was also down 27 cents on the news, dipping below the $8.82 support level on the March contract.
Anderson says wheat could drop as much as 75 cents more, but drought worries could send it back up.
Anderson’s advice for producers given the current WASDE report? “If they’re holding wheat, they’re going to have to hold it out to February to March to try to get anything with 50 cents risk premium in it.”
Featured on this week’s SUNUP show:
--The 33rd Annual Oklahoma Governor's Water Conference & 10th Annual Water Resources Research Symposium in Tulsa. Interviews include: Dave Engle, J.D. Strong, Larry Sanders (Eastern redcedar policy) and Dave Shideler (2012 drought loss estimates).
-1In the Mesonet report, Al Sutherland explains current wildfire dangers and Gary McManus offers historical perspective on the drought.
--In Cow-Calf Corner, Glenn Selk gives advice on using obstetrical tools for assisted calving.
--Wayne Kiner and Randy Taylor demonstrate how to flare pipe in Shop Stop.
--Finally, SUNUP visits Pushmataha County to showcase a herd of Spanish Colonial Mustangs descended from horses brought to Oklahoma on the Trail of Tears.
Catch SUNUP Saturdays at 7:30 a.m. on OETA. Archived programs are available on the OSU website by clicking here, and on Youtube by clicking here.
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