Kim Anderson: Oklahoma Wheat Production Down, World Wheat Supplies UpThu, 15 May 2014 18:32:47 CDT
Reports are coming in that Oklahoma’s 2014 wheat crop is going to be one of the worst in many, many years. In his preview for this weekend’s SUNUP program, Oklahoma State University Extension Grain Marketing Economist Dr. Kim Anderson says he concurs.
“I think those reports are probably correct. You’d have to go back ‘50s to get production this low. I think the market may have already taken this short crop into consideration and maybe thinks that it’s a little bigger than it was a couple of weeks ago.”
He says a fall off about 50 cents in grain prices over the last few weeks tends to show that traders think there may be more wheat out in the field than first thought. He says that if the Kansas City July contract breaks below $8 in the coming week, then it will fall to the $7.60 support level. Domestic prices may have reached their peak for the year.
Ending stock projections indicate there is plenty of grain in the world, Anderson says, despite the lowered production here.
Also on this week’s SUNUP:
-- SUNUP takes viewers to Lahoma for the annual Wheat Field Day at the North Central Research Station. Interviews and topics include Jeff Edwards, wheat varieties and crop quality; Josh Bushong, canola varieties and crop quality; Jody Campiche, farm bill; and Rick Kochenower, crop rotation.
-In the Mesonet report, Al Sutherland and Gary McManus look at rainfall amounts, wind gusts and averages, and the latest drought monitor.
-Next, in Cow-Calf Corner, Glenn Selk covers research on the benefits of culling unruly cows from a herd.
-Finally, Derrell Peel tells why the U.S. is importing more cattle from Canada and fewer cattle from Mexico.
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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