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Agricultural News

Wheat Prices Looking Stronger for Second Half of 2016, But World Wheat Crop Could Change That

Thu, 26 May 2016 22:31:50 CDT

Wheat Prices Looking Stronger for Second Half of 2016, But World Wheat Crop Could Change That With wheat harvest right around the corner, Oklahoma State University Extension Grain Marketing Specialist Dr. Kim Anderson says producers are still concerned about prices. He says the KC July contract is around $4.50, with the basis ranging from a -$0.45 in Enid but closer to -$0.70 in most areas of the state. This leaves farmers with a current price of around $3.80/bushel heading into harvest.

Anderson says the second half of the year looks stronger, with the current December contract $0.40 higher at $4.90. He says the basis usually improves around that time of year too, making the increase in price closer to $0.60. However, Anderson warns that if the world market delivers on the predicted near-record crop this year, prices will follow suit.

“If we have that record world crop, it could put the quietus on all of this positive outlook,” he told SUNUP’s Dave Deken.

When it comes to current corn prices, Anderson says producers are looking at $4.20/bushel. He says the basis in the Oklahoma Panhandle is -$0.15. In central Oklahoma, the basis is ranging from -$0.67 to -$0.50.

Anderson says sorghum is currently about $0.50 less than corn in the Panhandle and about $0.30 less than corn in the central part of the state.

The real bright spot in the crop markets is soybeans. Anderson says the futures price has increased from $8.70 to $10.80, with a harvest delivery basis currently at -$0.75 around the state and -$1.00 in the Panhandle.

Click on the LISTEN BAR below to hear Anderson talk more about current market conditions, or you can watch him this weekend on SUNUP.

This week SUNUP features the Oklahoma wheat crop, starting at the Kansas border and traveling down US 81 to the Red River, stopping in Grant, Kingfisher, Grady and Stephens Counties.

- Glenn Selk has advice on preventing hay fires after putting up wet hay in Cow-Calf Corner.

- In the Mesonet report, Al Sutherland shows us how heat units are impacting the maturity of the wheat crop along our tour route. Gary McManus says to prepare for a possible wet summer.

- Next, we compare the quality of the 2016 wheat crop to last year’s crop.

- Finally, we get a report on the overall progress of the Oklahoma wheat crop from DASNR’s new Extension Small Grains Specialist David Marburger.

Watch SUNUP Saturday at 7:30 a.m. & Sunday at 6 a.m. on OETA-TV



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