This Week on SUNUP - Dr. Kim Anderson Says Wheat Harvest Moving Slowly and Prices Reflect ItThu, 06 Jun 2019 14:32:06 CDT
This week on SUNUP - Oklahoma State University Extension Grain Market Economist Dr. Kim Anderson visits with host Dave Deeken to discuss the current condition of the Oklahoma wheat crop and some of the recent developments that might hinder its marketability.
Recently, wheat prices have climbed up as much as .90 to a dollar in response to several factors, including the new tariffs imposed on Mexico imposed by President Trump to put pressure on the country’s immigration problems, the persistent rains and resulting harvest delays, USDA’s positive report on the crop’s condition and the fact that the funds have climbed out of their short positions. Anderson says the markets have been exhibiting some extremely volatile behavior and believes that will likely continue into the near future.
While recent rains will certainly have an impact on the wheat crop and market prices, the engorged waterways and transportation issues that have followed are not likely to affect things quite as much. Anderson says the market will be more concerned rather with yields and total production, test weights and protein levels. He says the market’s focus is a matter of supply and milling quality.
Harvest has started in Oklahoma, but just barely. Anderson shared some initial reports that indicate some of these first loads coming in between 50-70 bpa. However, Anderson says it is too early at this point to say that will be representative of the entire Oklahoma crop. Especially with the expectation that at least 15 percent of the crop will be lost to rain, but it is thought that yields will be well-above average. Anderson says elevators have been emptied for the most part and are ready to meet the storage needs of the estimated 120 million bushel crop.
In the meantime, Anderson speculates on what might happen if the Mexican tariff situation is inflamed. As the United States’ largest importer of wheat and a particularly important market for Oklahoma’s producers, Anderson said the impact could be very detrimental - knowing that both Russia and Argentina would jump on any opportunity to cut into that marketplace if given the chance.
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 Lyndall's weekly chat with Dr. Anderson- the SUNUP crew has a very full lineup for your viewing this weekend:
This week on SUNUP we visit southern Oklahoma to see how wheat harvest is progressing.
- Then, we head to Kay County to see how producers traveling by fan-boat were feeding stranded cattle along the Arkansas River.
- In the Mesonet weather report, Wes Lee explains how cooler temperatures in May have slowed maturity of many crops.
- Marley Beem has advice for landowners with ponds following flooding events.
- In Cow-Calf Corner, Glenn Selk explains the dangers of feeding moldy hay.
- Derrell Peel says the Chinese will be moving from pork to other meats because of African Swine Fever and beef could benefit. He also explains the agricultural trade relationship between the U.S. and Mexico.
- Finally, in Naturally Speaking, Dwayne Elmore explains the benefits for wildlife of delaying hay cutting until early July.
Join us for SUNUP:
Saturday at 7:30 a.m.
Sunday at 6 a.m. on OETA-TV
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