Agricultural News
This Week on SUNUP - Kim Anderson Explains Why Egypt's Purchase of Wheat is Good News for US
Thu, 18 May 2017 21:18:07 CDT
This week on SUNUP! - OSU's Dr. Kim Anderson joins host Lyndall Stout once again talking wheat prices and this time he says, there is some hope on the horizon that wheat prices could get an uptick as we move through harvest into the fall.
"I think there's some hope in sight," he said. "If we have a good quality crop, I think we may see slightly higher prices."
According to Anderson the price for wheat right now is hovering between $3.30 and $3.50 with a basis at -.95 to -.75 and the loan rate at $2.97.
Meanwhile, the US has sold two different loads of HRW to Egypt this week, each contract for 60,000 metric tons, or roughly 2.2 million bushels for $5.08 and $5.05 at port. The freight to Egypt was $0.56 and $0.61/bu. totaling $5.64 and $5.66 on board at Egypt.
"That's very good news for wheat," Anderson said. "It's been a while since we've sold wheat into Egypt."
That price fell below that of other competing countries such as Russia, Romania and Ukraine, offering wheat within a range of $5.36 and $5.39.
"Our price was the lowest, so that means we're competitive on the world market," Anderson said.
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.
Beyond their weekly chat with Dr. Anderson- the SUNUP crew has a very full lineup for your viewing this weekend:
This week on SUNUP, we come to you from the North Central Research Station near Lahoma. We start with a wheat update from David Marburger.
- Then Brett Carver introduces us to the two newest OkState wheat varieties, Sprit Rider and Smith's Gold.
- In the Mesonet weather report, Al Sutherland says warm temperatures are starting to impact cattle and crops. Gary McManus shows us where drought remains in Oklahoma.
- Kim Anderson explains why Egypt's purchase of wheat from nearby countries impacted the price they paid for U.S. wheat.
- Josh Lofton says plan for sugarcane aphids now and it may not be worth replanting missed sorghum in your field.
- In Cow-Calf Corner, Glenn Selk has advice for preparing for your next calving season.
- Finally, Derrell Peel says exporting U.S. beef actually increases demand for beef domestically.
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