OSU's Kim Anderson Says we could be Nearing the Top of the Wheat RallyThu, 05 Nov 2020 13:39:42 CST
Oklahoma State University Extension Grains Market Analyst Dr. Kim Anderson talks about what is going on in the Wheat Markets weekly on SUNUP.
This week Dr. Anderson talks about the the possiblity of seeing some lower prices ahead in the wheat market, "If you're looking at that wheat market,We've got, 30% of that crop to be sold yet. If you go back to August 7th the
December contract price was about $4.20 cents it went up to $5.80, that's $1.60 price increase. Technically, looks like the markets buiding what we call a head and shoulders top. Now if this top comes through, and we'll know by the beginning of next week, you're looking at a potential 80 cent price decline in wheat prices. So, I think that the market needs to watch what's going, and producers need to watch what's going on, because there is the potential for significantly lower prices." To hear more from Dr. Anderson, click or tap below.
This week on SUNUP, we start with a look at how a dry, then wet and icy October, impacted the Oklahoma wheat crop, with Amanda Silva.
- Then, in the Mesonet weather report, Wes Lee shows us how last week's rain helped the soil profile at 10 inches. Gary McManus says the rain greatly reduced drought across the state.
- Brian Arnall explains how a soaking rain affects mobile nutrients like nitrogen and whether producers need to reapply.
- Derrell Peel says the struggle is real in livestock and beef markets, but they are making progress.
- In Cow-Calf Corner, Glenn Selk explains why target weight goals for replacement heifers are important to breeding success.
- Kim Anderson says we could be nearing the top of the recent wheat rally. He also expects no surprises in next week's WASDE report, which can sometimes invite a surprise.
- Finally, Seth Byrd says cotton harvest has started, but it's too early to report on the overall quality of the crop.
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Sunday at 6 a.m. on OETA-TV
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