Agricultural News
Oklahoma Corn Crop Looks Good, So the Price May Not - Kim Anderson Explains
Thu, 04 Aug 2016 22:51:33 CDT
As producers prepare for corn harvest across the state, OSU Extension Grain Market Economist Dr. Kim Anderson says prices "are in the tank." He says the low prices are a result of ending stocks over 2 billion bushels and world stocks at 8.2 billion bushels.
"That's well above the 1.3 billion bushel U.S. average and the 6.8 world average ending stocks," Anderson says.
Corn production is projected at over 15 billion bushels, and Anderson says the high ending stocks combined with projected high yield means low corn prices.
Corn basis around the state ranges from -$0.65 to -$0.60, meaning a $2.70 price on the December contract. Basis in the Panhandle is at -$0.30 for $3 to $3.05/bushel for harvest delivered corn.
Looking at the state's sorghum crop, Anderson says the basis is -$1.10 for a delivered price of $2.25. The Panhandle basis is at -$0.70 for a $2.65 delivered price.
Oklahoma soybean production is projected at over 4 billion bushels, which could set a new record. Anderson says the basis is around -$0.80 around the state bidding off the November contract price of $9.60/bushel for harvest delivered soybeans.
You can hear Anderson's comments - including a 2017 wheat forecast - that will be a part of SUNUP this weekend a day early by clicking on the LISTEN BAR below.
In addition to the the weekly Kim Anderson grain market outlook segment - here is the lineup of what will be seen and featured on this weekend's SUNUP program on OETA:
- David Marburger shares where some wheat varieties performed best in the state and has advice for producers planning to graze cattle on wheat.
- In Cow-Calf Corner, Glenn Selk explains how nutrients consumed by mother cows can impact calf development.
- Then, Marley Beem shows us yellow grub worms in fish and tells us if it's okay for humans to consume them.
- In the Mesonet weather report, Al Sutherland has some surprises when sharing where rain has fallen in state.
- In Food Whys, Darren Scott walks us through the redesigned Nutritional Facts Label.
- Finally, we travel to Kingfisher County to learn about a man who has had the same address for 75 years and how his relatives are planning to keep the family name associated with the land.
The weekly program can be seen Saturday at 7:30 a.m. and Sunday at 6 a.m. on the statewide OETA network of stations.
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