Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211


Agricultural News

Crop Reports Good News for Corn Producers, Not so Good for Wheat Growers, Anderson Says

Fri, 10 Jan 2014 12:24:12 CST

Crop Reports Good News for Corn Producers, Not so Good for Wheat Growers, Anderson Says
The USDA released its 2013 Crop Production Summary report, the Winter Wheat Seedings report and the WASDE report on Friday. Markets were quick to react and Oklahoma State University Extension Grain Marketing Economist Dr. Kim Anderson tells Radio Oklahoma Network's Ron Hays the reports were positive for corn producers and not so positive for wheat growers.

"I think it's negative for wheat. You look at the analysts their pre-release expectations of wheat ending stocks at 559 million came in at 608 million. That's just well above market expectations. And, of course, the market's reacting to that.

"And if you look at what they changed on the wheat, the lowered the amount of wheat that was fed by 60 million bushels and they raised our exports by 25 million. So, a net loss there on the wheat which we saw in the ending stocks.

"If you look at the wheat plantings, that should be semi-positive for hard red winter wheat. The expectations were for 30.4 million acres and it came in at 30.1 so less acres than the market expected.

"So, I would expect your old crop wheat in the bin to be worth less. That will probably pull down the July contract, but maybe not as much. You got a mixed bag in wheat."

The numbers for corn were far more positive, Anderson says.

"On your crop production, the analysts were expecting just over 14 billion bushels and they got just barely over 13.9 billion. They looked at quarterly stocks on corn and they were expecting 10,770,000; they got 10.4 million which is almost 300,000 less than they had expected.

"So, you look at corn ending stocks for the marketing year. The market was expecting 1,844,000,000. They got 1,631,000,000, significantly less on the ending stocks, 213 million bushels of corn less than expected.

"So, it looks positive for corn prices and negative for wheat."

Anderson said wheat seedings across the Southern Great Plains for the 2014 crop year were reported higher in Texas and lower in Oklahoma and Kansas. Oklahoma's seeded acres dropped about five percent and Kansas was down seven percent.

"I think that is significant because the heart of the hard red winter wheat production is in northern Oklahoma and southern Kansas. You've just got the northern two tiers of Oklahoma and the southern two or three tiers of Kansas and that's the heart of the belt and you've got less wheat planted. I think that's significant for the hard red winter wheat."

Anderson said he thinks the reduction in wheat acreage is mostly due to an increase in canola acres.

"And I think that's good news because it indicates we'll produce a better quality, a cleaner quality of wheat with less foreign material-your rye and your dockage in it."

He said some of the lost acres may have been due to summer crops that were harvested late and have been planted back to wheat, but have not yet been counted as wheat acres.

Anderson said the market reacted strongly to the wheat numbers on Friday, but he thinks traders will re-evaluate their figures over the weekend. If the Kansas City March and July contracts stay below $6.30 Monday and Tuesday, he said the next support level down will be at $6.

"Let's just hope we don't break $6 because once you break $6 on the March and July contracts, it just doesn't have a floor down there for awhile."

You can hear Anderson's full analysis by clicking on the LISTEN BAR below.

Click on the report names below to read the full reports.

2013 Crop Production Summary

Winter Wheat Seedings

World Agricultural Supply and Demand Estimates



Kim Anderson analyzes three key USDA grain reports released Friday.
right-click to download mp3


WebReadyTM Powered by WireReady® NSI


Top Agricultural News

  • Atop the RON Rural Soapbox - Former Secretary John Block  Sun, 25 Sep 2022 15:50:14 CDT
  • Road to Rural Prosperity Features Joey Carter about his movie "Hog Farmer" and his battle To Keep his Farm  Sun, 25 Sep 2022 13:42:02 CDT
  • Superior Livestock's Sept. 22 Video Auction Market Report  Fri, 23 Sep 2022 15:44:12 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2 p.m. September 23, 2022  Fri, 23 Sep 2022 15:23:02 CDT
  • House Republicans Unveil Commitment to America  Fri, 23 Sep 2022 13:23:28 CDT
  • BASF's Sack Hunger Challenge back for 2022 Kansas State Season  Fri, 23 Sep 2022 13:17:53 CDT
  • Thompson: Commitment to America Will Restore a Robust Rural Economy  Fri, 23 Sep 2022 12:31:08 CDT
  • Integrity Beef Helping Producers Develop Value Added Cattle  Fri, 23 Sep 2022 11:18:31 CDT

  • More Headlines...


    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.


    Search OklahomaFarmReport.com

    © 2008-2022 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.