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Agricultural News

No Big Moves in Commodity Markets This Week, but Talk of Low Diesel Storage

Thu, 27 Oct 2022 14:59:33 CDT

No Big Moves in Commodity Markets This Week, but Talk of Low Diesel Storage This Week on SUNUP is Oklahoma State University Extension grain market economist Kim Anderson. During this week's edition, Anderson talks about the commodity markets, factors influencing prices and more.

Anderson said this week there have not been any big moves in the markets.

The wheat market is continually moving lower, Anderson said and is around 9 dollars now. Looking at the corn market, Anderson said prices are moving sideways.

“The range from $7.36 to $7.68, currently around $7.60,” Anderson said. “Really sideways corn movement.”

Soybeans are moving sideways as well, Anderson said, as soybean prices have ranged from 14 dollars to $13.30 in the past month.

“Those prices, again, are just moving sideways, and that just tells you not much movement in the market,” Anderson said. “Now with cotton, you go back two months, we had $1.18 cotton, we are down to around 76 cents now. You go back a week; we were around 85 (cents) and dropped off- came up just a little bit.”

43 percent of U.S. cotton acres are predicted to be abandoned, Anderson said, and cotton production is estimated to decline by 21 percent.

“But if you look at the world cotton production, it is right at average, so we have cotton in the world- we just don’t have it in the United States,” Anderson said.

Recent rains in many parts of the state, Anderson said, will not have any impact on prices or forward contracting, but it will make life easier for farmers.

“It increases the odds they are going to have bushels to sell, and it is going to let them sleep at night, and when you sleep at night, you make better decisions,” Anderson said.

Ukraine is still gaining some territory, Anderson said, and Russia is having some issues regarding Putin’s war efforts.

“November 19 is the deadline for allowing Ukraine to export agricultural products, and Russia has got the make a decision on that,” Anderson said.

This week, Anderson said there has been talk of a diesel shortage in the markets.

“They are talking about the levels of diesel in storage haven’t been this low since 2008,” Anderson said. “The reason for that is we were importing Russian oil that was coming into the gulf refineries, and they were refining diesel. That oil has been cut off, so we have less diesel being refined, and we are running into a diesel shortage.”

This doesn’t mean farmers and truckers cannot get diesel, Anderson said; it just means they are going to have to pay a higher price for it.

“If you need a large amount of it, you better plan ahead on getting that diesel,” Anderson said.

This week on SUNUP:

Amanda De Oliveira Silva, OSU Extension small grains specialist, says the recent rain may have saved the wheat crop for a lot of producers.
Wes Lee, OSU Extension Mesonet coordinator, discusses how the rain impacted the soil moisture map. State climatologist Gary McManus shows us the improvement in the drought picture.
Derrell Peel, OSU Extension livestock marketing specialist, says even though the recent rain won’t help the hay situation, it could help with wheat pasture and other cool season forage prospects.
Mark Johnson, OSU Extension beef cattle breeding specialist, discusses bull selection.
Kim Anderson, OSU Extension grain marketing specialist, says cotton prices continue to take a hit.
Becky Carroll, OSU Extension fruit and nut specialist, explains why the recent freeze could be a problem for a lot of pecan growers.
• Finally, Rosslyn Biggs, OSU Extension beef cattle specialist, discusses a program to address the veterinarian shortage in rural communities.

Join us for SUNUP:
Saturday at 7:30 a.m. & Sunday at 6 a.m. on OETA (PBS)



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