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

Anderson Reviews Grain Market Rally and Offers Harvest Price Outlook

Thu, 09 Jul 2015 17:38:55 CDT

Anderson Reviews Grain Market Rally and Offers Harvest Price Outlook Wheat, corn and soybeans have seen some positive gains in recent weeks. On this weekend's edition of SUNUP, Oklahoma State University Grain Marketing Specialist Dr. Kim Anderson provides the outlook for grain prices. The wheat market continues to be highly volatile. The Kansas City wheat futures contract has been trading from $5 to $6.11 a bushel. This past week, wheat traded from $5.74 to nearly $6.11. He said the price needs to break through the $6.11 level in order to move higher.

"If we can break that $6.11, which I think the odds are against that, then we would establish an uptrend," Anderson said. "Right now the market looks like we're just going to continue this sideways pattern, probably in a plus or minus 30 or 40 cents off the current price."

Corn prices has seen a significant rally. In looking at harvest delivery, Anderson said the Chicago Board of Trade contract prices for December are running from $3.63 to $4.40. He said this week corn had a support price around $4.20. The basis in central Oklahoma for harvest delivered corn is running around 25 cents below the December futures contract price for a cash price around $4.15 in central Oklahoma. The Panhandle region has a positive 25 cent basis, so cash prices are running around $4.65.

Soybean prices have rallied from $9 to about $10.40 in recent days. Anderson said soybean basis levels for harvest delivered beans across Oklahoma and the Texas Panhandle is running around 90 cents. With a November CBT price around $10, he said that makes the harvest delivered price $9.10.

In looking at sorghum, Anderson said the basis in central Oklahoma is running around minus ten cents, which equates to a harvest cash price of about $4.30.   The sorghum basis in the panhandle is even, so Anderson said whatever the December contract price is for corn, then that is the forward contracted price for harvest delivered grain sorghum.

The rally has been stronger for corn and soybeans than for wheat. Anderson said if the prices can break through the top levels now, then the market can start an uptrend. He said this looks to more likely in soybeans and corn, than wheat. He thinks wheat will continue to trade sideways until August or September when wheat harvest gets underway in key wheat growing regions around the world.

You can listen to the full SUNUP interview by clicking on the LISTENBAR below.

SUNUP interview with Kim Anderson
right-click to download mp3


WebReadyTM Powered by WireReady® NSI


Top Agricultural News

  • Oklahoma Youth Expo Sale of Champions Sale Order Available Here- Sale Set for 4 PM Friday  Fri, 17 Mar 2023 04:50:54 CDT
  • Rural Voters Dominated Vote to Defeat Recreational Marijuana March 7th  Fri, 10 Mar 2023 07:13:05 CST
  • Ron Hays Talks to Israeli Ag Tour Guide Colin Lotzof About the Miraclel of Ag in Israel  Wed, 22 Feb 2023 22:11:04 CST
  • OALP Members Experience First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:51:49 CST
  • OALP Members Get First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:50:10 CST
  • Oklahoma Ag Leadership Program Sees Fruit, Beef and Dairy Production North of the Sea of Galilee in Israel  Mon, 20 Feb 2023 21:56:02 CST
  • Oklahoma Ag Leadership Program Sees Diverse Farm Operations in Jordan River Valley of Israel  Sun, 19 Feb 2023 21:17:30 CST
  • Israeli Tour Guide Mark Kedem Talks About The Cultural Aspects of What Class XX of OALP is Experiencing   Sat, 18 Feb 2023 22:17:23 CST

  • 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

    © 2008-2023 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.