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

Markets Drop Due to WASDE/Crop Production Reports, Tom Leffler Offers Analysis

Wed, 11 Jun 2014 16:03:37 CDT

Markets Drop Due to WASDE/Crop Production Reports, Tom Leffler Offers Analysis

Markets turned lower Wednesday in reaction to the latest Crop Production report and World Supply Demand and Estimates released from the US Department of Agriculture.    
Tom Leffler of Leffler Commodities says the biggest surprise was how the markets reacted.

"Seeing the big down side, especially in our wheat complex, as most people in the southern plains know we lost a lot of wheat already to the weather, we having trouble harvesting what there is out there in some places, because of the weather bringing us moisture now and to see the market crash was a bit of shocker," Leffler said.

"We saw the Kansas wheat production lowered by 16.8 million bushels," he said. "They lowered the bushel per acre by two bushels."

"Oklahoma saw their production lowered by 3.3 million bushels, their bushel per acre by one bushel," Leffler said. "And Texas saw their production lowered by 7.6 million bushels and their yield by four bushels."

"Overall, we saw the old crop wheat only increase on the ending stocks by three bushels but we did a 22 bushel increase in the new crop and new crop world stocks increased over a million metric tons, so that helped put some pressure on the wheat," Leffler said.

The corn report wasn't as negative. Leffler says we saw the corn old crop ending stocks come in 24 million lower than what the trade was looking for. While new crop came in 10 million higher than what the trade was looking for.

Soybeans saw old crop ending stocks came in two million bushels lower than what the trade was, but they did see new crop come in six million more, but we really didn't see anything more in the soybeans.

Overall this report was traded negative. Leffler says we might see a bounce in the market on Thursday. Market analysists will now put their eyes on the June 30th report, which is the quarterly stock eport and the USDA planting acreage number. Leffler looks for those reports to have a bigger impact on the market.

Click here for the complete WASDE report release Wednesday.

Click here for the full USDA Crop Production report.



Leslie Smith talks with Tom Leffler on today's USDA reports
right-click to download mp3


WebReadyTM Powered by WireReady® NSI


Top Agricultural News

  • 2023 Cattle Industry Convention Registration Now Open   Mon, 03 Oct 2022 12:37:51 CDT
  • State Climatologist Gary McManus Says we might see Some Slight Rain Events, but No Drought Busters Anytime Soon  Mon, 03 Oct 2022 12:43:06 CDT
  • NCBA's Colin Woodall Believes Beef is a Key Part of the Solution to Stamping out Hunger  Mon, 03 Oct 2022 11:53:01 CDT
  • NCBA Urges EPA to Pause WOTUS Rulemaking Following Supreme Court Arguments  Mon, 03 Oct 2022 11:26:49 CDT
  • Registration Open for 2023 American Farm Bureau Convention  Mon, 03 Oct 2022 10:11:37 CDT
  • Texas Tech Taking Lead in $1.6M Sorghum Project   Mon, 03 Oct 2022 10:08:30 CDT
  • What's Ahead in Agriculture's Journey Toward Artificial Intelligence  Mon, 03 Oct 2022 10:05:22 CDT
  • The Importance of Beef Trade to the Cattle Industry  Mon, 03 Oct 2022 10:01:14 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.