This Week on SUNUP is Oklahoma State University Extension grain market economist Kim Anderson. During this week’s edition, Anderson talks about the latest in the global wheat markets.
In summary, Anderson said Russia’s actions to close the grain corridor for Ukraine have caused an increase in wheat prices. Ukraine retaliated against Russia, Anderson said, and is now assuming all ships coming into ports have military equipment.
“That has increased the cost for Russia to get ships into the port and exports with higher insurance,” Anderson said. “There are some shippers that are no longer sending ships to the Black Sea area. So, it has increased the cost of wheat coming out of that area, and of course, that should be supportive of our prices.”
There is world-record wheat production estimated for this year, Anderson said, and slightly lower ending stocks.
The average wheat price in Oklahoma since 2008, Anderson said, is $5.75.
“So, we still have a relatively high price, but with what is going on with Ukraine and the Black Sea, I expected prices to go up, and they went down,” Anderson said.
This week on SUNUP:
- Maira Duffeck, OSU Extension row crop pathologist, says soybean, corn and peanut producers need to start scouting now for possible diseases in their fields.
- Wes Lee, OSU Extension Mesonet agricultural coordinator, discusses the recent rains that covered a good portion of the state. State climatologist Gary McManus says some areas are seeing drought relief, but it is creeping back up in other parts of Oklahoma.
- SUNUP previews the upcoming 2023 Panhandle Crops Field Day.
- Alex Rocateli, OSU Extension forage systems specialist, has information on stockpiling bermudagrass.
- Derrell Peel, OSU Extension livestock marketing specialist, says grazing prospects are much higher than this time last year.
- Kim Anderson, OSU Extension grain marketing specialist, explains how the world soybean markets impact prices here in the U.S.
- Finally, Mark Johnson, OSU Extension beef cattle breeding specialist, discusses retained ownership for cattle producers.
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