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Agricultural News


Grain Markets Trading Sideways, No Signs of Breaking the Pattern

Thu, 06 Oct 2016 18:04:13 CDT

Grain Markets Trading Sideways, No Signs of Breaking the Pattern Oklahoma State University Extension Grains Market Analyst Dr. Kim Anderson talks wheat prices with SUNUP's Lyndall Stout this week- and gives an overview of how grains being harvested right now are doing in trade as well. A common thread it seems in wheat and most all grains right now, is movement in a sideways pattern. Wheat, he says, has been doing this for the last couple months. According to him, the December contract moved from $3.95 to $4.25, getting down close to support at the $4 level. The basis around the state though is running anywhere from -$1.29 off December to -$1.15; cash prices dropping off mid-week at around $2.75. Fund positions are short at 127,000 bushels - about 635 million bushels off. Dr. Anderson says there are no signs in the market currently that suggest a break in this sideways pattern.


Corn though on the opposite end of the spectrum, he says. Traders have been bouncing around $3.45 trying to make a break that would potentially cause a .20 run up in prices to $3.65. Finally, Anderson says beans have been trading right in the middle of their sideways pattern range at $9.35 - $10.00. He says if it breaks $10, then there will be some strong resistance at $10.20. Looking out though, Anderson still believes there is little chance of neither soybeans, nor wheat, breaking their sideways patterns. You can watch their visit tomorrow or Sunday on SUNUP- but you can hear Kim's comments right now by clicking on the LISTEN BAR below.



This week on SUNUP, we wrap up our 2016 fair tour at the Tulsa State Fair.


- We start with Chris Richards talking about options for tracking feed supplements as livestock forages begin to go dormant.


- In the Mesonet report, Al Sutherland explains how rain-cooled air can impact soil temperatures, and Gary McManus shows where drought is expanding in Oklahoma.


- Derrell Peel says cattle production is up and beef production is following.


- Then, Dave Lalman talks about a recent visit of Argentinian cattle producers to Oklahoma State University.


- In Shop Stop, Wayne Kiner and Randy Taylor explain why slip clutches are important to equipment.


- Kim Anderson says there is little movement in the markets, but it is all sideways.


- Damona Doye has information about the upcoming Rural Economic Outlook Conference.


- In Cow-Calf Corner, Glenn Selk discusses how to ensure body condition scores as replacement heifers move into winter.


- Finally, we visit the birthing center at the Tulsa State Fair to welcome all of the baby calves, piglets, and lambs born at the fair.




Join SUNUP:



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




   




   

Click below to listen early to this week's grain markets update for SUNUP with Dr. Kim Anderson
right-click to download mp3

 

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