This Week on SUNUP is Oklahoma State University Extension grain market economist Kim Anderson. During this week’s edition, Anderson talks about the latest information in the grain markets.
USDA has released estimates for the 2023-2024 marketing year. Regarding those estimates, Anderson said there were not any surprises.
“You look at production for wheat- 1.89 billion bushels was the estimate,” Anderson said. “1.89 billion bushels is what USDA came in with, and wheat produced 1.92 billion last year.”
As for the USDA’s price projections for wheat, Anderson said wheat is at $8.50 for the marketing year of 2023 through 2024. If you adjust that to Oklahoma, Anderson said it is at about eight dollars.
“Relatively good prices expected for the next marketing year,” Anderson said.
Right now, Anderson said weather is the big driving force for the markets.
“If you look at the impacts for what this report had on it and the weather, and the rain we have had, you see wheat, corn and bean prices all go down,” Anderson said.
The war in Russia and Ukraine is also continuing to impact the markets, Anderson said.
“I think the Covid impact is out of the market right now, so if by some chance the war ended, I think we could have lower prices because that Black Sea wheat and corn would flow out, and I think that could have more of a negative impact on corn and wheat prices,” Anderson said. “Bean prices- I think they are going to watch the weather and the planted acres.
This week on SUNUP:
- With the recent tornadoes and extreme wind events, Mark Johnson, OSU Extension beef cattle breeding specialist, says producers need to be aware of the danger of debris to their herds.
- Wes Lee, OSU Extension Mesonetagricultural coordinator, discusses the maximum air temperature maps and says plants are waking up earlier than usual. State climatologist Gary McManus says although drought is improving, the situation could change for the better or worse as spring approaches.
- Ryan Desantis, OSU Extension forestry specialist, has chainsaw safety tips for those who are cleaning up brush and tree damage after the recent storms.
- Derrell Peel, OSU Extension livestock marketing specialist, says cattle markets are continuing to remain strong overall.
- Kim Anderson, OSU Extension grain marketing specialist, discusses the USDA’s latest crop marketing report.
- Finally, SUNUP travels to Harmon County to meet a Rural Renewal Scholar who’s testing the quality of well water.