This Week on SUNUP - Kim Anderson Breaks Down the Numbers in this Month's WASDE ReportThu, 12 Jul 2018 16:27:08 CDT
This week on SUNUP - Oklahoma State University Extension Grain Market Economist Dr. Kim Anderson joins host Lyndall Stout again, this time to discuss the most recent World Agricultural Supply and Demand Estimates report released Thursday by the USDA. According to Anderson, little has been changed in this report from the previous one last month with the exception of soybeans. This weekend, Anderson breaks down the numbers in that report and offers his analysis of the impact it will have on markets.
Citing those numbers, Anderson reports that wheat ending stocks according to USDA, increased to 975 million bushels - a 25 million bushel increase and 74 million above last year’s level.
Corn production increased to 14.2 billion bu. up from 14 billion, which Anderson says could be significant but with consideration to exports currently, the ending stocks were only adjusted slightly lower from 1.58 billion to 1.55.
Soybean production was increased from 4.28 billion bushels up to 4.31 billion and ending stocks for beans came in larger than the previous 385 million bushels, up to 580 million and lowered the average annual projected soybean price down 75 cents to 0.092.
Switching gears to look at the current market situation, Anderson says Russia’s record wheat crop harvested last year has allowed it to take advantage of its ample supplies and effectively steal some of the US’s market share around the world. This has suppressed US wheat exports in 2018 and in turn caused wheat prices to turn nearly a dollar lower here in the seventh week of the 2018-19 marketing year.
Furthermore, while one would have suspected the price of wheat to go up with a crop this year half the size it normally is, Anderson says the protein levels are the best they have been in 20 years and has the test weight to back it up. With large lower quality supplies of wheat still in the bin, Anderson says elevators are opting to blend the two crops to increase the total supply’s marketability - essentially adding more viably sellable grain on the market. Therefor creating a negative influence on prices.
You can watch their visit tomorrow or Sunday on SUNUP- but you can hear Kim's comments right now and hear his advice to producers on how to market their wheat moving forward, by clicking on the LISTEN BAR below.
Beyond Lyndall's weekly chat with Dr. Anderson- the SUNUP crew has a very full lineup for your viewing this weekend:
We start the show with an update on the Oklahoma cotton crop from Extension Cotton Specialist Seth Byrd.
- In the Mesonet weather report, Wes Lee explains why the recent soil temperatures will make it hard for some seeds to germinate. Gary McManus says while extreme drought is on the run in western Oklahoma, severe drought is growing in the eastern part of the state.
- Brian Arnall puts on his orange lab coat for a lesson on the four ways of getting nitrogen for the soil.
- Eric Rebek has a wealth of information about treating and preventing those creepy crawly chiggers.
- Derrell Peel is watching how carcass size and drought conditions could impact cattle and beef markets in the second half of 2018.
- In Cow-Calf Corner, Glenn Selk offers tips on storing round bales to maximize quality.
- Finally, Alex Rocateli shows us the results of the first cutting of the pasture rehabilitation project.
Join us for SUNUP:
Saturday at 7:30 a.m.
Sunday at 6 a.m. on OETA-TV
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