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Agricultural News

Anderson Finds Good and Bad News in the Wheat and Corn Markets

Thu, 16 Jul 2015 18:31:22 CDT

Anderson Finds Good and Bad News in the Wheat and Corn Markets With the 2015 Oklahoma wheat harvest in the books, it's time to reflect on this year's crop. Oklahoma State University Grain Marketing Specialist Kim Anderson said the price and quality of wheat in Oklahoma has been all over the board. On this weekend's edition of SUNUP, he address the challenges with the milling quality of the crop and the volatile prices in recent weeks.

The Kansas City wheat September futures contract had gotten above six dollars a bushel to a peak price of $6.11. Over the last week, wheat prices have turned lower. Anderson said the price has tested $5.50 and if the market breaks that level, he thinks it could lose another 15 to 20 cents.

In looking at the global wheat crop, Anderson predicts wheat harvest is about halfway complete. He said harvest has wrapped up in India and North Africa, China has about one-third of their crop left to cut, while the U.S. and European Union is past the halfway point. By late August into the fall, wheat harvest will get underway in Canada, Argentina and Australia.

In looking at marketing the 2015 wheat crop, Anderson doesn't think it will pay to store the crop.

"I think the odds are probably 60 percent that it's going to lower in December than it is now, but we're just going to wait and see what's going on," Anderson said.

Corn prices have rebounded some over the last month. Anderson said over the last 22 days there was 87 cent move in corn prices. The December futures contract went from $3.63 to $4.52. In that time period, he said the funds bought 340 thousand contracts of corn totaling 1.7 billion bushels.

"The good news there is that they bought it, brought prices up, but the bad news is they are extremely long," Anderson said. "You look at that December contract right now, it's got support at $4.33 and $4.19 and resistance at $4.54."

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.

This week on SUNUP, we join you from the National Junior Angus Show, where youth from 35 states brought nearly 1,800 cattle to Tulsa. We start the show with Extension beef specialist Dave Lalman explaining how crabgrass can be used in rotation as a summer forage option.

- Also, Extension cotton specialist Randy Boman, shows us differences in cotton varieties.

- In the Mesonet report, Gary McManus has good news for precipitation chances through October and what it means to the drought outlook.

- In Cow-Calf Corner, Glenn Selk talks about the importance of using nutritional supplement with low-quality, low-protien forages.

- Kim Anderson looks at the 2015 wheat crop on paper, both the good and the bad.

- Derrell Peel discusses the decline in beef production and how that affects international trade.

- Then, Wayne Kiner and Randy Taylor share a trick to help hang onto loose bolts in sockets.

- Finally, we head into the barns to see why youth love to show their livestock in the NJAS ring.

Join us for SUNUP:

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

Catch SUNUP online through the OSU website by clicking here or through YouTube by clicking here.

SUNUP's Dave Daken interviews Kim Anderson on SUNUP
right-click to download mp3


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