Wheat Prices Ticking Up, But Rain Could Bring Down Mood of Producers with Wheat Still in the FieldThu, 07 Jun 2018 17:18:19 CDT
This week on SUNUP - Oklahoma State University Extension Grain Market Economist Dr. Kim Anderson joins host Dave Deeken again to discuss some of the latest market developments impacting Oklahoma’s wheat harvest currently.
According to Anderson, the market regained an earlier loss of about 20 cents and then some from a small rally late in the week. Anderson says the good news there is that producers saw an increase overall in the basis for wheat. He says that is signaling the market’s demand for Oklahoma wheat being cut right now.
This position in the market is being supported by lower expectations for highly anticipated crops in Russia, Ukraine, Australia, Germany and other places - all of which are suffering from dry conditions which could significantly bolster prices for US wheat in the future, according to Anderson.
Likewise, conditions have been dry for most of Oklahoma’s growing season, but as of now much of the state is wet from recent rainfall. Anderson says this is bad news for producers still harvesting their wheat, predicting this moisture will cause test weights to drop. However, producers with summer crops in the ground should greatly benefit from the timely precipitation.
One other thing to watch in the markets right now is Mexico, Anderson says. Mexico is one of the largest US wheat importers - but it seems as though Mexico is courting other trading partners to meet its demand for wheat. Anderson speculates Russia may have another opportunity here to steal more of the US market share as it did with Venezuela last year. Anderson calls the situation “something to watch.”
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 Deeken's weekly chat with Dr. Anderson- the SUNUP crew has a very full lineup for your viewing this weekend:
We start the show with information from Justin Talley about ticks and how they impact people.
- In the Mesonet weather report, Al Sutherland shows us how recent temperatures and rainfall compare to normal and how they help the drought monitor.
- We visit with Josh Lofton about sorghum research he was conducting during the recent field day at Lahoma.
- Derrell Peel, while visiting Beijing, China, explains how U.S. - Chinese trade has been impacted following the recent tariffs.
- In Cow-Calf Corner, Glenn Selk has advice for reducing stress in calves when fence line weaning.
- Alex Rocateli has advice for producers that would like to use Johnsongrass for hay.
- Finally, in Food Whys Chuck Willoughby has an overview of the craft beer industry in Oklahoma.
Join us for SUNUP:
Saturday at 7:30 a.m.
Sunday at 6 a.m. on OETA-TV
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