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Agricultural News

Russia-Ukraine War Largely Impacting Commodity Markets says Dr. Kim Anderson

Fri, 09 Sep 2022 11:07:26 CDT

Russia-Ukraine War Largely Impacting Commodity Markets says Dr. Kim Anderson This week on SUNUP is Dr. Kim Anderson, Oklahoma State University Extension grain market economist. During this week's edition, Anderson talks about wheat, corn and soybean prices

The biggest things impacting commodity prices right now, Anderson said, are the drought, stocks and the Russia-Ukraine war.

“You look at Ukraine, in the last month they allowed them to start exporting agricultural commodities,” Anderson said. “Reports this week said they had 87 cargos leaving the Ukrainian ports; however, it has also been reported that very few of these cargos are wheat. Most of the cargos have been going to Turkey. There have also been shipments to China, India, Yemen, and Somalia.”

Looking at Oklahoma wheat prices, Anderson said in late June they were in the seven- and eight-dollar range, and they stayed in that eight-dollar range for a bit.

“Last couple of weeks it has been between $8.25 and $8.75,” Anderson said. “When Putin came out and said that he may stop the exports out of Ukraine, our wheat prices went up 47 cents and then they backed off later in the day down to around 25 cents up.”

That price movement, Anderson said, shows the volatility in wheat prices and how they are impacted by what is happening in Russia and Ukraine.

“If you look at corn prices, Ukraine has been exporting more corn than wheat,” Anderson said. “You would think when Putin says that he is going to stop the exports or that he may stop the exports, you’d have a big increase in corn prices. Well, you had about an 11-cent increase when the markets opened, and it backed off to pretty much even.”

In Oklahoma, Anderson said new crop prices for corn in mid-July were at $5.50, then they saw a $2.10 increase to about $7.60.

“60 cents of that $2.10 price increase was increased at the basis and only $1.60 or $1.70 was on the board, so corn prices are going up, the basis on the corn is going up, and that says that the market wants corn now and needs corn now,” Anderson said.

Soybeans, Anderson said, have been moving sideways around 13 and 14 dollars.

“Right now, you can forward contract or sell soybeans for around $13.50,” Anderson said. “Crop prices are relatively high, there is a lot of uncertainty in this market. These prices can change relatively fast. It is just a ‘wait-and-see’ on what is going to happen.”

This week on SUNUP:

• We take a look back at some of our favorite stories from this summer.
Kim Anderson, OSU Extension grain marketing specialist, breaks down the latest news in the crop markets.
Wes Lee, OSU Extension Mesonet agricultural coordinator, discusses the role La Nina played in the long-term heat wave. State climatologist Gary McManus takes a look at the 90-day rainfall map.
• Finally, Mark Johnson, OSU Extension beef cattle breeding specialist, wraps up his series on retained ownership.

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



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