OSU's Kim Anderson Talks with SUNUP about the Affects of Coronavirus on the Commodity MarketsThu, 30 Jan 2020 16:53:06 CST
Oklahoma State University Extension Grains Market Analyst Dr. Kim Anderson talks Coronavirus impacts on the commodity markets with SUNUP's Lyndall Stout.
“When you read what the analysts have to say, they are saying they are having a negative impact on the commodity markets,” said Anderson. “But, if you will look at the forward contract for wheat on January 21st versus the current price, wheat was at $4.85/bu its down to $4.67/bu now.”
Anderson says in that same time period, corn prices have dropped from $3.71/bu to $3.65/bu, soybeans are down $.31/bu from $8.61/bu to $8.30/bu while cotton is down from $.71/lb to $.70/lb. He says that could be linked to Coronavirus, but he thinks there are also other things going on in the market causing the dropping prices. “I think Coronavirus has had a minor impact,” he said. “And I think it is something we can easily talk about. But if you look at it, I think a big thing for wheat is that in France and the European Union the strikes that are going on.”
In the world wheat market, it has been reported that Russia is going to limit their export sales. However, he says the market is ignoring the fact that Ukraine is making up for Russia’s reduction in exports. In France, they have the labor strike going on as well as transportation strike. Anderson says they have a good demand for wheat, but they can’t get it to the market, thus helping the U.S. prices a little.
This week on SUNUP, we learn about an opportunity for Extension specialists from across the Great Plains to understand how to control woody plants in Oklahoma.
- Then, in the Mesonet weather report, Wes Lee shows us information about how wheat growing days can be used to estimate the progress of the wheat crop. Gary McManus says the recent wet weather has put most of the state above average for rainfall in January.
- In Nautrally Speaking, Dwayne Elmore explains how to manage land for whitetail deer productution.
- Kim Anderson says some analysts blame slowing markets on the coronavirus, but he says there are a lot more variables impacting prices around the world.
- In Cow-Calf Corner, Glenn Selk explains how a prolonged calving process can impact the calf.
- Josh Lofton has an update on winter crops and has advice for producers thinking about summer crops.
- Finally, Brian Arnall puts on his orange lab coat to explain different nitorgen options for producers.
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Sunday at 6 a.m. on OETA-TV
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