Agricultural News
Dr. Kim Anderson Talks Tighter Stocks on Almost Every Commodity Regarding Latest WASDE Report
Thu, 15 Sep 2022 15:33:54 CDT
Oklahoma State University Extension grain market economist. During this week's edition, Anderson talks about the latest WASDE report and the crop markets.
“I don’t think there was any surprise in it,” Anderson said. “You look at ending stocks to summarize everything- wheat at 610 million bushels, same as it was last month, so no changes in the wheat at all.”
Corn came in at 1.22 billion bushels, and last month, corn was at 1.39 billion bushels. The five-year average for corn is 1.5 billion bushels, Anderson added, so corn stocks are tight.
Anderson said soybean stocks are also tight coming in at 200 million bushels, down from 240 million last year and the average of 500 million bushels.
Cotton is down from last year’s 3.8 million bales, Anderson said, at 2.7 million bales.
“You look at the world’s situation- 9.9 billion bushels for wheat,” Anderson said. “That is the lowest since 2015.”
Corn for the world, Anderson said is at 46.2 billion bushels, down from 48 billion last year. Soybeans are at 3.6 billion bushels, Anderson added, down slightly from the 3.7-billion-bushel average.
Cotton is at 84.8 million bales, Anderson said, which is the lowest since 2019.
“If you look at numbers, I think they are near expectations, and we have got tight stocks nearly on every commodity,” Anderson said. “Also, you look at Australia, they are about to harvest the second largest crop ever and Canada is fixing to harvest the third largest crop ever, but that is already factored into the market.”
What we don’t see, Anderson said, is the uncertainty in the market caused by Russia, and Ukraine in regard to supply and demand. Nitrogen prices were going down again, Anderson said, but events in Russia are going to cause them to come back up most likely.
This week on SUNUP:
• Amy Hagerman, OSU Extension agricultural policy specialist, analyzes the programs available for producers dealing with the impacts of drought.
• Wes Lee, OSU Extension Mesonet agricultural coordinator, says although drought has been devastating for summer crops, it has kept disease pressure low. State climatologist Gary McManus expects these dry conditions to continue for the next few months.
• Dave Lalman, OSU Extension beef cattle specialist, has management advice for producers about saving on feed costs, while continuing to grow cattle on their operations.
• Derrell Peel, OSU Extension livestock marketing specialist, explains what the budgets in the cattle markets will look like if wheat pasture can be established.
• Kim Anderson, OSU Extension grain marketing specialist, covers the latest WASDE report and continued uncertainty in the markets.
• Mark Johnson, OSU Extension beef cattle breeding specialist, discusses the importance of hay testing.
• Finally, we travel to Cleveland County for the sights and sounds of the fair.
Join us for SUNUP:
Saturday at 7:30 a.m. & Sunday at 6 a.m. on OETA (PBS)
YouTube.com/SUNUPtv
SUNUP.okstate.edu
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