Agricultural News
OSU's Kim Anderson Outlines Multiple Factors Impacting Commodity Markets
Thu, 20 Oct 2022 16:13:50 CDT
This Week on SUNUP is Oklahoma State University Extension grain market economist Kim Anderson. During this week's edition, Anderson talks about the latest on commodity prices and factors impacting the markets.
“It looks quiet, but there is quite a bit happening,” Anderson said. “You look at wheat prices over the last two weeks; we have lost about 40 cents in the wheat prices from around $9.80- $9.85 cents down to 9 dollars.”
Anderson said the market has taken 20 cents off of corn in the last week, sending it down to around $7.50. Soybeans are down about 35 cents this week to $13.25.
“Cotton- that is the one commodity that has taken a beating,” Anderson said. “It is down about 7 cents from around 85 to about 78 cents- that is on the futures market. Take about 3 cents off; that gets it about 75 cents in southwestern Oklahoma.”
The drought, Anderson said, is having a relatively large impact on the prices in the crop markets and production.
“On prices, there is a lot of risk for production,” Anderson said. “Stocks are relatively tight, both in the United States- not quite as tight around the world, but there is tight stocks. When we can’t get our wheat planted and if we can’t get it raised it is impacting prices.”
Anderson said the drought is also impacting planting decisions for farmers.
“Do farmers want to dust it in, or do they want to wait on rain,” Anderson said. “I think it is extremely important that they check with their crop insurance agent and look at that final planting date and what the consequences are of not planting versus planting.”
Anderson said the Russia and Ukraine war is still the biggest factor impacting the commodity markets.
“Ukraine basically feels if they don’t take all of that land that they have lost to Russia, even what they lost in 2014, it is going to create problems in the future.”
Politically, Anderson said Putin cannot allow Russia to allow Ukraine to take the land back.
“There is a lot going on there and it is impacting our markets and our prices,” Anderson said.
This week on SUNUP:
• Dave Lalman, OSU Extension beef cattle specialist, offers guidance for producers who are feeding or grazing cotton.
• Wes Lee, OSU Extension Mesonet agricultural coordinator, breaks down the recent cold front. State climatologist Gary McManus says the recent rainfall made a slight dent in the drought monitor.
• Cortney Cowley, Federal Reserve economist, discusses supply chain issues at the recent Rural Economic Outlook Conference.
• Mark Johnson, OSU Extension beef cattle breeding specialist, explains how to prepare for financial opportunities when turning calves into yearlings.
• Kim Anderson, OSU Extension grain marketing specialist, believes there are profit opportunities for wheat producers if they can get the crop established.
• Darren Scott, OSU food scientist, explains what makes peppers spicy.
• Finally, a look back at a SUNUP favorite featuring the fury protector of the plains: the guard dog.
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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