Agricultural News
OSU's Kim Anderson Explains How the Russian Invasion of Ukraine is Affecting Crop Prices
Thu, 24 Feb 2022 15:49:32 CST
This week on SUNUP, Oklahoma State University Grain Marketing Specialist Kim Anderson talks about how Russia's invasion of Ukraine is impacting crop prices.
"No one knows what the long-term impact is going to be," Anderson said. "Initially, we saw higher prices. Ukraine is a major exporter of wheat and corn, Russia is a major exporter of wheat and if something happens to that production area or the export area, the impact will be significantly higher prices because it will take product off the market."
If things settle down and shipments continue, Anderson said prices will likely remain high. The conflict that could cause prices to drop is the situation between China and Taiwan. Ultimately, he said produces selling wheat do not need to worry about these situations.
"My rule of thumb is in volatile situations to just stand aside," Anderson said. "However, in the case of producers, they have to utilize their land, labor, capital management. I think they need to take into consideration the drought situation, look at wheat crop conditions - do they want to turn that wheat under and go with a summer crop."
On the same note, Anderson said producers should consider the price relationships as they select a summer crop and consider what crops they will produce in the fall.
Hit the LISTEN BAR below to hear more from Dr. Anderson this week on SUNUP as he talks about global issues that are impacting grain prices and what producers should and should not consider when thinking about their 2022 winter wheat crop.
Join SUNUP at 7:30 a.m. on Saturdays and 6 a.m. on Sundays on OETA-TV, or by visiting SUNUP.okstate.edu.
This week on SUNUP:
• Kelly Seuhs, OSU Extension alfalfa specialist, offers guidance on scouting and treating alfalfa weevils.
• Derrell Peel, OSU Extension livestock marketing specialist, talks about liquidation strategies to consider should drought conditions continue.
• Wes Lee, OSU Extension Mesonet agricultural data specialist, analyzes recent and historical soil temperatures during times of extreme cold. Gary McManus, state climatologist, says the latest drought monitor shows slight improvement.
• Kim Anderson, OSU Extension grain marketing specialist, discusses how the Russian invasion of Ukraine will impact crop prices. He also looks at the current market for Oklahoma crops.
• Mark Johnson, OSU Extension beef cattle breeding specialist, answers the question: "What is the value of a good bull?"
• Darren Scott, OSU food scientist, has an overview of the sous vide food trend.
• Chris Richards, field research and service unit director, invites viewers to spring field days at OSU Ag Research stations.
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