Kim Anderson Believes Wheat Prices Have Bottomed Out

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

This Week on SUNUP is Oklahoma State University Extension grain market economist Kim Anderson. During this week’s edition, Anderson talks about the latest news in the crop markets. 

Anderson said he believes wheat prices have reached a bottom, as they are at about $5.60 now.

“If you look at the average Oklahoma wheat price, it is $5.85,” Anderson said. “If you look at ending stocks right now for U.S. wheat, projected to be around 700 million bushels, $8.50 is the average.”

Anderson said that the U.S. and the world are below average on wheat stocks, so wheat prices should hold above $5.85.

Looking into the 2024 wheat crop, Anderson said the market is offering close to 20 or 30 cents higher than the current price.

As corn harvest is near completion, Anderson said that corn prices have also bottomed out.

“You have got corn prices up around $4.60, so they have come off of that bottom,” Anderson said.

This week on SUNUP:

  1. Amy Hagerman, OSU Extension agricultural policy specialist, has information on the loan repayment plan section included in the Inflation Reduction Act.
  1. Wes Lee, OSU Extension Mesonet agricultural coordinator, takes a look at the soil moisture maps to see whether the recent rainfall made an impact. State climatologist Gary McManus predicts more rainfall is on the way.
  1. Derrell Peel, OSU Extension livestock marketing specialist, says boxed beef prices have remained strong, but that could change.
  1. Mark Johnson, OSU Extension beef cattle breeding specialist, discusses freeze branding cattle.
  1. Rosslyn Biggs, OSU Extension beef cattle specialist, explains why anaplasmosis is so hard to control in cattle herds.
  1. Kim Anderson, OSU Extension grain marketing specialist, says wheat, corn and cotton prices are all trending toward the bottom, but soybean prices are a bright spot in the markets.
  1. Finally, SUNUP joins Oklahoma Agricultural Leadership Program participants as they tour a manufacturing plant in Madill.

Watch SUNUP:

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

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