Kim Anderson Talks Overview of Global Hard Red Winter Wheat

Listen to Kim Anderson talking about the wheat markets.

This Week on SUNUP is Oklahoma State University Extension grain market economist Kim Anderson. During this week’s edition, Anderson talks about the wheat crop all over the world.

This time last week, Anderson said the USDA released the May WASDE report, and NASS released the 2024 crop production report. The news concentrated on the hard red winter wheat crop, Anderson said, which is at 513 million bushels, only three percent less than last year, but significantly lower than the 800-million-bushel average.

“It is the second short hard red winter wheat crop in a row, and hard red winter wheat stocks are tight,” Anderson said. “The market concentrated in on Oklahoma’s crop at 49.5 million bushels- second low crop in a row.”

Texas, Anderson said, has had a short crop as well.

“Kansas had a disaster as well at 1.91 million bushels,” Anderson said.

Looking back to April 1, Anderson said there has been a $1.65 increase in hard red winter wheat prices.

“If you compare hard red winter wheat prices to soft red winter wheat prices, hard red winter wheat prices are about $2.50 higher than the soft prices,” Anderson said.

The world is looking at another record wheat production at over 29 billion bushels, Anderson said, which is only a few million higher than last year’s record.

“What that implies is that there is adequate wheat in the world, so if you look at the potential export market, the export market could result in lower prices in Oklahoma as the world wheat harvest in June, July, and August moves in other parts of the world,” Anderson said.

Right now, 2024 wheat prices are about 80 cents below current prices, Anderson said, and only time will tell what those prices will do.

This week on SUNUP:

  • Justin Talley, OSU Extension livestock entomologist, explains how we can keep ourselves and our pets safe from pests like ticks and mosquitoes this summer. 
  • Wes Lee, OSU Extension Mesonet agricultural coordinator, shows how much soil moisture levels have changed over the past few weeks. State climatologist Gary McManus discusses improvements to the drought monitor. 
  • Derrell Peel, OSU Extension livestock marketing specialist, says though pastures are looking green in drought-stricken areas, more rain is needed for better grazing prospects.
  • Kim Anderson, OSU Extension grain marketing specialist, breaks down the latest movements in the crop markets.
  • Mark Johnson, OSU Extension beef cattle breeding specialist, discusses internal parasite control in spring calving herds. 
  • Finally, we learn what makes Joe Williams an OSU 2022 Distinguished Alumnus. 

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