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Agricultural News

OSU's Kim Anderson talks Rapid Fluctuation of Crop Prices

Thu, 28 Jul 2022 15:42:46 CDT

OSU's Kim Anderson talks Rapid Fluctuation of Crop Prices This week on SUNUP is Dr. Kim Anderson, Oklahoma State University Extension grain market economist. During this week's edition, Anderson shares his analysis of crop prices and gives an outlook on where we may go from here.

“They (crop prices) are just volatile,” Anderson said. “You look at wheat prices, go back to June 1, wheat prices were in the $11 range. About mid-July, we were down around $7.80, and now we are back up to $8.30.”

Since last week, Anderson said wheat prices have been down 30 cents and up 50 cents.

Going back to early June, Anderson said corn prices were at $7.10. By mid-July they went down to $5.50, he added, and now they are back up to $5.90 for forward contract harvest delivery.

“Soybeans are the same thing,” Anderson said.

In June, Anderson said you could forward contract soybeans for $15. Then, they went back down to $12 and came up above $13.

“This last week, soybean prices for harvest delivery were down 60 cents and up $1.40,” Anderson said. “Just a lot of volatility in this market.”

This time of year, as producers are making planting decisions for the next growing year, Anderson said the market is offering relatively good prices for 2023 harvested wheat.

“In North Central Oklahoma, you can forward contract $8 to $8.10, 65 cents under that July ’23 contract price,” Anderson said. “This time last year those forward contract prices for the ’22 crop were $6.20 and the basis was a minus 30.”

In Southwest Oklahoma, Anderson said forward contract prices are at $7.75, which is a dollar under basis.

“This time last year, they were very close to North Central Oklahoma at $6.10 with a minus 40 basis,” Anderson said.

In the Panhandle area, forward contract prices are at $8.25, minus 50 under that July ’23 contract. This time last year, he added, prices were at $6.10 or a minus 40 cent basis.

“The basis this year is weaker than it was this time last year and I think that reflects a volatility in this market and the relatively high prices,” Anderson said.

Looking at wheat, Anderson said Russia and Ukraine are driving prices.

“You also have to look at the supply and demand issue with wheat,” Anderson said. “We’ve got tighter stocks.”

Looking at corn, Anderson said Ukraine plays a role in the prices because they shipped some corn out which drove prices down.

“The main driver for corn is Brazil, Argentina, and the weather,” Anderson said. “Soybeans go back to Brazil, Argentina, and weather and China.”

This week on SUNUP:

Alex Rocateli, OSU Extension forage systems specialist, has advice for managing drought-stressed alfalfa fields.
Wes Lee, OSU Extension Mesonet agricultural coordinator, discusses the continuing extreme heat wave. State climatologist Gary McManus says the majority of the state is now in severe to extreme drought.
Kim Anderson, OSU Extension grain marketing specialist, breaks down the latest news in the crop markets.
Roger Sahs, OSU Extension agricultural economics specialist, has an update on Oklahoma land values.
Mark Johnson, OSU Extension beef cattle breeding specialist, discusses anaplasmosis in cattle.
• SUNUP talks with 4-H’ers at the 101st State 4-H Roundup.
Laura Goodman, OSU Extension rangeland specialist, discusses curly dock, a common but toxic pasture plant.
• Finally, OSU Agriculture celebrates the achievement of reaching the $50 million goal for the New Frontiers campaign.

Join us for SUNUP:
Saturday at 7:30 a.m. & Sunday at 6 a.m. on OETA-TV



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