Agricultural News
WASDE Report puts Wheat Prices 'In the Tank,' Anderson Says
Thu, 12 Dec 2013 20:00:17 CST
The latest WASDE numbers are out and Oklahoma State University Extension Grain Marketing Specialist Kim Anderson dissects the grain numbers in his preview to this week's SUNUP program.
He says the Canadian canola crop has done very well and has had a negative impact on prices, dropping the forward contract price for next June down about 90 cents since last month.
"Soybeans, that's been the bright spot in the grains. Soybean prices have been going up for the last six weeks. We got a positive report on that. Higher prices. The soybean stocks were lowered to 150 million bushels, 20 million bushels lower. We have resistance on that January soybean contract at $13.53 and support at $13.14."
Anderson says that the report was also positive for corn with an additional 50 million bushels being exported, a 50-million-bushel increase in ethanol and an additional 50 million bushels being used for seed and food. Ending stocks were lowered by 90 million bushels.
There weren't many changes in the wheat numbers in the latest report, Anderson says. "The USDA increased the ending stocks number by 10 million bushels to 575 million. You can compare that to 718 last year or a 700-million bushel five-year average- Overall ending stocks in the world increased by two-and-a-half percent and, of course, wheat prices went in the tank."
Also this week, SUNUP visits OSU's North Range to learn about synchronized artificial insemination for the entire herd. Interviews include Dan Stein and James Shropshire.
-- In the Mesonet report, Al Sutherland and Gary McManus look at how the recent snowfall impacted soil temperatures and a year-to-year comparison of the number of hours below freezing.
-- Next, Jody Campiche has an update on the Farm Bill.
-- In Cow-Calf Corner, Glenn Selk discusses the importance of body condition scores as we move through calving season and into breeding season.
-- Kim Anderson breaks down the latest USDA supply and demand numbers and explains how they will impact the 2014 wheat price.
-- Gary Strickland and Stan Bevers invite viewers to the Red River Crops Conference, Jan. 28-29 in Altus.
-- Michelle Calvo-Lorenzo explains what drivers should do if they come upon cattle in the roadway.
-- Finally, in Food Whys, Patricia Rayas-Duarte explains the different classes of wheat and how they translate into food products.
Catch SUNUP: Saturdays at 7:30 a.m. & Sundays at 6 a.m. on OETA-TV or online at http://www.sunup.okstate.edu or http://www.youtube.com/sunuptv
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