Agricultural News
OSU's Kim Anderson Partially Credits Increased Consumption for Historically High Wheat Prices
Thu, 16 Jun 2022 17:06:27 CDT
This week on SUNUP is Dr. Kim Anderson, Oklahoma State University Extension grain market economist. During this week's edition, Anderson speaks on wheat prices.
"Normally when you get into harvest, wheat prices will go down," Anderson said, "They have been relatively stable."
Wheat prices in Medford, Oklahoma are $10.90, Anderson said, and Perryton, Texas is up around $11. In southern Oklahoma around Snyder and Altus, prices are around $10.35, Anderson added, but wheat is probably not as good of quality that area. In north-central Oklahoma around Weatherford, Anderson said prices are around $10.50.
"If you look back over the last couple of weeks, the wheat prices have been relatively stable," Anderson said. "You go back into March, the range was 10.24-11.25 dollars, then it got up to 13.30 dollars. The last couple of weeks, it has just been in a 25-30 cent range, right under 11 dollars a bushel."
Some of the reasons we are seeing these historical highs, Anderson said is mostly because of changes in demand.
"I think production has had some impact, and then, of course, you have got to get into the ending stocks issue and the Russian-Ukraine war," Anderson said.
World production of wheat really started rising significantly starting in 2013, Anderson said.
"When you go back to 2013, you had production at 26.3 and consumption, or use, was at 25.4 billion bushels," Anderson said. " Use went up each year. We got into 2017 and it was 27.2 billion bushels."
As we got into years '19,'20, '21, and '22, Anderson said consumption increased to up around 28.9 billion bushels.
"Consumption increased dramatically within the last three years," Anderson said.
These wheat prices didn't come overnight, Anderson said, and many factors affect the price going forward.
This week on SUNUP:
Justin Tally, OSU Entomology and Plant Pathology department head and Extension livestock entomologist, says the recent rains coupled with the high temperatures will make the perfect opportunity for mosquitos to flourish.
Wes Lee, OSU Mesonet agricultural coordinator, discusses how the hot weather has impacted the plant evapotranspiration map. State climatologist Gary McManus compares this June's heat to the record temperatures of June 2011.
Derrell Peel, OSU Extension livestock marketing specialist, breaks down the latest news in the cattle markets.
With about 45 percent of Oklahoma's wheat harvest complete, we provide an update on yields, test weights and protein levels.
Kim Anderson, OSU Extension grain marketing specialist, discusses what's impacting the crop markets.
Mark Johnson, OSU Extension beef cattle breeding specialist, has information on managing horn flies.
Paul Beck, OSU Extension beef specialist, discusses heat stress in cattle.
Rosslyn Biggs, OSU Extension beef cattle specialist, explains the seriousness of the rabies virus.
Join us for SUNUP:
Saturday at 7:30 a.m. & Sunday at 6 a.m. on OETA-TV
YouTube.com/SUNUPtv
SUNUP.okstate.edu
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