WASDE Report 'Good News and Bad News' for Wheat Producers, Anderson SaysThu, 13 Feb 2014 16:33:04 CST
In this week's light-hearted SUNUP preview, Oklahoma State University Extension Grain Marketing Specialist Dr. Kim Anderson says the recently-released USDA WASDE report has been both good news and bad news for wheat prices.
"Yeah, they lowered U.S. wheat stocks from 608 million bushels down to 558 and they lowered world stocks down to 6.8 billion bushels. That made U.S. stocks well below average and world stocks slightly below average and that resulted in higher prices."
Anderson says those higher prices are not necessarily good news because "those WASDE numbers are already factored into the market. It's going to take additional information to get prices to go higher. That March contract's got support at $6.60 and resistance at $6.93. The July contract's got support at $6.30 and resistance at $6.50. We've got to have that information." (Click on the LISTEN BAR at the bottom of this story for more from Kim Anderson.)
In the long run, Anderson says, export demand for the 2014 U.S. hard red winter wheat crop should be very high given this WASDE report.
Also on this week's program:
--SUNUP stops by the Oklahoma Soybean Expo to talk with Rick Reimer, executive director of the Oklahoma Soybean Board, and Paul Fruendt, a producer from Logan County. Then, John Damicone offers advice on varieties, crop rotation and disease prevention as soybean growers prepare for spring planting.
--In the Mesonet report, Al Sutherland and Gary McManus compare the hours of below freezing temperatures to the past two winters, and analyze the drought monitor, alfalfa weevil heat units and the first hollow stem advisor.
--Brian Arnall and Angela Post discuss how soil pH levels impact crop potential and herbicide use.
--Then, Kim Anderson takes a lighthearted approach in his analysis of the latest USDA crop supply and demand estimates.
--In Cow-Calf Corner, Glenn Selk tells us how to help a newborn calf breathe properly.
--Next, Brian Arnall is back to show producers a few mobile apps they might find helpful.
--In Shop Stop, Wayne Kiner and Randy Taylor offer tips on trailer axle maintenance.
--Finally, Karen Hickman tells why kudzu is an invasive species.
Catch SUNUP: Saturdays at 7:30 a.m. & Sundays at 6 a.m. on OETA-TV http://www.sunup.okstate.edu or on Youtube at http://www.youtube.com/sunuptv
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