Agricultural News
OSU's Kim Anderson Sees Wheat Prices to Stay High for the Next 2 to 3 Years
Thu, 19 May 2022 16:33:16 CDT
This week on SUNUP is Dr. Kim Anderson, Oklahoma State University Extension grain market economist talks at the Lahoma Field Day. During this week's edition, Anderson speaks on U.S. and world wheat production and future wheat prices.
In the World Agricultural Supply and Demand Estimates (WASDE) report that came out recently, Anderson said U.S. wheat production came in at 1,730,000,000 bushels compared to last year's 1,650,000,000. So, he added, about 100 million more bushels of U.S. wheat production ahead of last year.
"However, hard red winter wheat was 590 million bushels compared to 750 last year," Anderson said. "So, hard red winter wheat stocks that were already tight are going to get tighter."
Looking at Oklahoma production, Anderson said they came out at 60 million on the report. The crop tour's estimate, he added, was 58 million and last year's production in Oklahoma was 115 million bushels.
"World production came out at 28.5 billion compared to 28.6 last year," Anderson said. "So, about the same production as last year. When you look at ending stocks, U.S. ending stocks are projected to go from 655 million bushels down to 619 million bushels."
Anderson said ending stocks are projected to go from 10.3 billion to 9.8 billion next year. Stocks of wheat are projected to tighten up through the 22-23 wheat marketing year, he added.
"I think wheat prices can stay high for 2 to 3 years," Anderson said. "The joker in the deck is Russia and Ukraine. Russia is coming out with a record crop this year of about 3.2, to 3.3 billion bushels compared to 2.8 last year."
This week on SUNUP:
• We bring you the show from the annual Wheat Field Day at the North Central Research Station at Lahoma. Amanda Silva, OSU Extension small grains specialist, discusses how the wheat is performing in her variety trials at the station and at other sites around the state.
• Wes Lee, OSU Extension Mesonet agricultural coordinator, breaks down the latest rainfall accumulation maps. State Climatologist Gary McManus says even though eastern Oklahoma is out of drought, conditions are worsening in the western part of the state.
• Brett Carver, OSU wheat genetics chair, continues his annual SUNUP tradition in walking us through potential wheat variety candidates for commercial release.
• Kim Anderson, OSU Extension grain marketing specialist, explains what the latest USDA supply and demand report means for Oklahoma producers.
• Meriem Aoun, OSU Extension wheat pathologist, has information about wheat disease pressure at Lahoma and other areas of the state.
• Finally, Mark Johnson, OSU Extension beef cattle breeding specialist, discusses bermudagrass pastures and why it may be important to fertilize in drought stricken areas.
Join us for SUNUP:
Saturday at 7:30 a.m. & Sunday at 6 a.m. on OETA-TV
YouTube.com/SUNUPtv
SUNUP.okstate.edu
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