Dr. Kim Anderson Says Too Much Wheat Worldwide, Expect Lower Prices for the Foreseeable FutureThu, 17 Aug 2017 16:36:46 CDT
This week, SUNUP returns after a two-week hiatus, and once again Oklahoma State University Grain Market Economist Dr. Kim Anderson joins host Dave Deeken, to talk wheat prices in the wake of the August 10 World Agricultural Supply & Demand Estimates report released by the US Department of Agriculture.
Deeken recounts from last week that the numbers in that WASDE report were not as expected and since the market has seen the price for wheat steadily drop.
Currently, the Kansas City contract is at $4.45, down almost $1.50 from July 5th. According to Anderson, none of the market analysts he follows is predicting a bottom to this free-fall.
He claims this is not the fault of US producers, but instead lays blame at the feet of our foreign competitors like Russia, who continue to grow record crops as ending stocks remain piled up.
Foreign production totals this year at 25.6 billion bushels. Here at home, producers have decreased production this year about 500 million bushels to 1.7 billion down from 2.3 billion last year.
The enormous amount of wheat backlogged in the system will continue to weigh on prices, Anderson says, until a major weather event takes out a foreign crop - or if the entire US were to take a year out of wheat production. Something he says is highly unlikely to happen. Although, he does believe we could see less acres planted in 2018.
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 Dr. Andersonís weekly chat - the SUNUP crew has a very full lineup for your viewing this weekend:
This week on SUNUP, Alex Rocateli and David Lalman put the GrazeOK app to the test for grazing steers and heifers on native pasture.
- In the Mesonet weather report, Al Sutherland has a drought-free drought monitor map, as well as heat-unit numbers for the Oklahoma cotton crop.
- Extension wheat pathologist Bob Hunger has advice for producers concerned about wheat streak mosaic.
- In Cow-Calf Corner, Glenn Selk says pregnancy checking replacement heifers will help your herdís bottom line.
- Finally, we learn the correct way to stock new and refurbished ponds.
Join us for SUNUP:
Saturday at 7:30 a.m.
Sunday at 6 a.m. on OETA-TV
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