This Week on SUNUP- Russian Wheat Floods the Market as Growers' Cup Runneth Over with RainThu, 11 Oct 2018 17:26:36 CDT
Russia has been a major influence on the wheat market lately and a consistent topic in discussions of trade. Once again, Russia has come onto the scene this week with news out from its Ministry of Agriculture. Like last year, the Russians are adjusting their production estimates up, this time from 2.4 to 2.5 billion bushels. According to Oklahoma State University Extension Grain Market Economist Dr. Kim Anderson, this news implies that Russia probably intends to put more wheat on the export market than what was previously expected. He explained the market’s reaction to this news in an interview this week with SUNUP host, Dave Deeken.
“To a certain degree, the US and probably the market as a whole was prepared for this type of announcement. USDA’s estimate had it at 2.6 billion, still above the Russian estimate,” he said. “You didn’t see any big decline in the market or any increase. So, I think any impetus for higher prices… I think it pretty much killed that, but it didn’t take the market down.”
In regard to the new crop going into the ground, Anderson spoke to the effect that recent rains have had on wheat farmers and others. He says that while the moisture is great for some of the more established wheat acres, some newly sown acres have probably been washed out and will require reseeding. However, from what he has gathered most farmers around the state planned for this and adjusted their planting times.
For other producers with crops waiting to be harvested, i.e. cotton, corn and soybeans- the wet weather has been more of an inconvenience and is sure to have impacted the quality and most likely reduced the yields of those crops.
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.
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