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Agricultural News

Kim Anderson Explains How Russian Crop Projections Are Impacting Domestic Wheat Prices

Thu, 26 Sep 2019 19:08:52 CDT

Kim Anderson Explains How Russian Crop Projections Are Impacting Domestic Wheat Prices In his weekly visit with SUNUP host Lyndall Stout this weekend, Oklahoma State University Extension Grain Market Economist Dr. Kim Anderson talks about the 2020 wheat planting and wheat price fluctuation. 

"If you look at the Kansas City December contract, which we wanted to break that $4.10/bu level," Anderson said. "It really got up to $4.11/bu, but it backed off $.6 or $.7/bu earlier in the week. It is back up to around $4.10/bu now, so our cash prices are just essentially wallowing around."

In Russia, the prediction for their wheat production, just before the USDA World Agricultural Supply and Demand (WASDE) report came out, Russia released their own prediction of 2.75 billion bushels, he said. Then the USDA came out the next day with 2.66 billion bushels in projected Russian production. Then again, earlier this week, Russia came out with 2.87 billion bushels.

"In recent weeks, France has under bid Russia for some cargos of wheat in Egypt," Anderson said. "Now France is exporting Soft Red winter wheat compared to Russia's Hard Red winter wheat. Now, remember that any bushel that Russia doesn't sell, they are going to be selling to somebody else if they don't sell it to Egypt."

They have been saying for quite some time that Argentina would have a down year because of their lack of water, but a report came out this week indicating that they would probably have a record crop this year. And in Argentina, they export what they produce, he added.

"The only good news is that across the state is the prices, they're up in the $3.75 to $3.80/bu level, versus $3.50/bu level," Anderson said. "There is some potential that they could get up around $4.00/bu or slightly higher as we get into the December time period."

This week on SUNUP, Josh Lofton has information about planting canola and cover crops as part of a long-term cropping system.

- Then, we learn about the upcoming field day at the Eastern Research Station near Haskell.

- We meet Oklahoma State University's new Extension small grains specialist, Amanda de Oliveira Silva, and learn about the progress of wheat planting across the state.

- In Cow-Calf Corner, Glenn Selk explains why planning for wheat tetany now, will help the health of older cows this winter.

- Seth Byrd has an update on the cotton crop and advice for producers as they near harvest.

- Tom Royer says producers should be scouting for fall armyworms and stink bugs.

- Kim Anderson tells us how the wide range of Russian crop projections are impacting wheat prices.

- Finally, in the Mesonet weather report, Wes Lee shows us how the recent rains could impact winter crops. Also, Gary McManus says the drought monitor looks better, but expect one more round of warmer than usual weather in the coming weeks.

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



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