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Agricultural News

Anderson Finds Wheat Market at Critical Tipping Point

Thu, 02 Jul 2015 16:29:29 CDT

Anderson Finds Wheat Market at Critical Tipping Point Wheat prices surged higher in recent days. On this weekend's edition of SUNUP, Oklahoma State University Grain Marketing Specialist Dr. Kim Anderson said prices rallied 41 cents from Monday, June 29th through Wednesday, July first. In looking at the past eight trading days, he said wheat prices surged 98 cents to over six dollars a bushel on June 30th. Anderson attributes the rally to the funds buying into the market. For instance, the funds bought 20-thousand contracts on Tuesday, June 30th for 100- million bushels. The wheat market dropped on Wednesday, as the funds sold 10 to 12 thousand contracts for 50 to 60 million bushels. Anderson said the funds are getting into position for an unknown reason.

With the move in the market, Anderson recommends farmers sell some, but not all of their 2015 wheat crop now. With the volatility of the market, he believes farmers need a written marketing plan with a price trigger point or a kill date. He said this will get farmers to sell some of their crop while still staggering their marketing.    

In looking at the wheat market right now, Anderson said the market is moving in about 20 cent increments. If the market goes below $5.80, he finds it's likely to move lower to the $5.40 to $5.80 range. If prices next week get above six dollars, then Anderson said the market may be able to establish an upward trend and there could be another 40 or 50 cent price run.

"Six dollars is the critical level, break that we'll establish an uptrend, if we stay below that, then we're going to stay in the five to six (dollar) range," Anderson said.

With plenty of wheat around the world, Anderson said wheat prices won't change too much. Right now there are a lot of rumors about the quality of wheat available in the U.S. and European Union. He said the available supply of milling quality wheat remains tight, but discounts for lower test weight and lower protein wheat are prevalent.

You can listen to the full interview between SUNUP Host Dave Deken and Kim Anderson by clicking on the LISTENBAR below.

This week on SUNUP, OSU Extension cotton specialist Randy Boman shows us why cotton producers are upbeat about the 2015 crop.

- Also, Extension irrigation specialist Saleh Taghvaeian talks about how the recent rain has recharged Lake Altus-Lugert and why we need to prepare for the next drought.

- In Cow-Calf Corner, Glenn Selk explains how the heat of July can stress cattle.

- Kim Anderson shares what influenced the $0.40 jump in wheat prices and if there's an uptrend in the near future.

- In the Mesonet report, Al Sutherland has the monthly averages for June 2015.

- John Weir has fireworks safety tips in Naturally Speaking.

- Finally, Wayne and Randy have tips about hitch pins.

Join us for SUNUP:

Saturdays at 7:30 a.m. & Sundays at 6 a.m. on OETA-TV

SUNUP can be seen on OETA across the state of Oklahoma- Dr. Anderson's segment on the markets is one of the standard features of this weekly show from Oklahoma State University. Catch SUNUP online through the OSU website by clicking here or through YouTube by clicking here.



SUNUP Host Dave Deken interviews Kim Anderson of OSU
right-click to download mp3


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