Kim Anderson Sees Gentle Downtrend in Wheat Prices Since October

Listen to OSU’s Kim Anderson talk about the commodity markets on SUNUP.

This Week on SUNUP is Oklahoma State University Extension grain market economist Kim Anderson. During this week’s edition, Anderson talks about what is happening in the markets during this time between Thanksgiving and Christmas.

There are many factors impacting the market, Anderson said, such as Covid in China, the value of the dollar, the war in Russia and Ukraine, and the weather.

The value of the dollar, Anderson said, has gone from about 112 to 106, improving prices on the world market.

“I think people are realizing we have got to start watching the weather,” Anderson said. “The weather is a major factor I think the market is going to start concentrating on.”

Specifically, in the wheat markets, Anderson said a gentle downtrend started around the first of October.

“You had prices up as high as $9.50; they are down now around $8.60,” Anderson said. “Over the last couple of weeks, they have been sneaking lower. We have been talking about a sideways pattern in those wheat prices, but if you will look over the entire time period, we have got a little downtrend going on there.”

Australia and Argentina are around halfway through their harvest, Anderson said, which is near expectations. Weather problems in Australia continue, he added, with flooding making it hard to move some of that wheat into the market.

Exports for wheat are relatively strong, Anderson said, and stocks are tight.

“Then you have got the U.S. winter wheat conditions, which are bad, but they have improved a little bit over the last couple of weeks,” Anderson said.

This week on SUNUP: 

  • Paul Beck, OSU Extension beef cattle specialist, discusses the nutrient quality of using crop residue as hay
  • Wes Lee, OSU Extension Mesonet agricultural coordinator, shows how the recent rain impacted soil conditions. State climatologist Gary McManus predicts more drier weather is on the way. 
  • Derrell Peel, OSU Extension livestock marketing specialist, says the cattle markets are ending 2022 on a strong note. 
  • We have information about the upcoming 2022 Census of Agriculture.
  • Mark Johnson, OSU Extension beef cattle breeding specialist, has winter preparation tips for cattle producers
  • Kim Anderson, OSU Extension grain marketing specialist, says there’s been a lot of shakeup in the cotton market. 
  • Darren Scott, OSU food scientist, discusses the history of microwaves. 
  • Finally, Dana Zook, OSU Extension northwest area livestock specialist, has information about the Extension Experience podcast.

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

Verified by MonsterInsights