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 grain markets.
Since the middle of July, Anderson said wheat prices have dropped $1.75. Since a few weeks ago, Andreson said those prices have been between $6.70 and $7.10.
“You can forward contract 2024 harvested wheat for $6.70, and the current price is around $6.75,” Anderson said.
Argentina and Australia’s harvest will start in September and go through December, Anderson said, and both Argentina and Australia are projected to produce an average crop.
Canada’s harvest of hard spring wheat is starting up relatively soon, Anderson said, and they are projected to have an above-average crop, as is the European Union.
“Germany and France and the EU are the biggest wheat producers and exporters,” Anderson said. “They are having a wet harvest, and that has been reducing the yield and the quality of that product. Russia is projected to harvest the second-largest wheat crop ever. They came into this marketing year with above average ending stocks, and they have a tremendous amount of wheat to export.”
Right now, Anderson said, Russia is projected to be at 1.73 billion bushels of wheat, but it will probably go higher than that. Ukraine is looking at harvesting 50 to 60 percent of their crop, Anderson added.
“The average Oklahoma harvest price since 2008 has been right at $6.00,” Anderson said. “The market is offering $6.60 to $6.70 in northern Oklahoma, less than that in southern Oklahoma and maybe a little more in the panhandle.”
That $6.60 price is a good mid-point range right now, Anderson said, but the next few weeks will tell what the wheat will trend for the next few months.
This week on SUNUP:
- Dave Lalman, OSU Extension beef cattle specialist, has guidance on protein supplementation for cow-calf pairs in late summer.
- Wes Lee, OSU Extension Mesonet agricultural coordinator, discusses the recent heat wave. State climatologist Gary McManus explains how this wave is impacting the drought monitor.
- Josh Lofton, OSU Extension cropping systems specialist, explains how the recent heat wave is impacting summer crops.
- Mark Johnson, OSU Extension beef cattle breeding specialist, discusses what to look for when purchasing a calf.
- Derrell Peel, OSU Extension livestock marketing specialist, says even though this heat wave is rough, pasture conditions should hold up well for the rest of the summer in many parts of the state.
- Kim Anderson, OSU Extension grain marketing specialist, breaks down the latest move in the crop markets.
- Finally, SUNUP welcomes the new vice president and dean of OSU Agriculture, Dr. Jayson Lusk.
Watch SUNUP:
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