Oklahoma State University Agricultural Economist John Michael Riley says that the WASDE Report was a surprise for the Soybean market. Although the Future’s trade expected the numbers to be more in line with what was seen in July, there were big adjustments to acres and yield which trickled down into larger ending stocks.
“The weather throughout the growing season has been very favorable for corn and beans,” Riley said. “We saw soybeans come in with a yield of 53.2 bushels per acre. That is an increase of 1.2 from last month’s report. Stocks to use for soybeans at 12.8 percent from this most recent report, that is an increase from 10 percent from the number we saw in July. Those are really seismic changes across the board on the supply side which really sent markets in a tailspin.”
Soybean prices are currently $9.66 on the futures market which is much lower than what they were at coming into the report and even at this time last week.
Wheat and Corn numbers were similar to the futures report and trade expectations; however, both were lower in overall acres, yield, and production. Ending stocks were in line with what trade was expecting.
“Ending stocks for wheat are currently at 42 percent. That is about a percentage point decline from last month’s report,” Riley said. “Corn is 13.9 percent, just a little bit lower than the 14 percent from the July report in terms of stocks to use.”
This week on SUNUP:
- Maira Rodrigues Duffeck, OSU Extension row crop pathologist, confirms that corn stunt, a disease new to Oklahoma, has been confirmed in the state.
- Ashleigh Faris, OSU Extension entomologist, discusses the corn leafhopper, which is the insect that transmits corn stunt disease.
- Wes Lee, OSU Extension Mesonet agricultural coordinator, shows how the recent rain impacted soil moisture. State climatologist Gary McManus says all that rain helps, but drought is still an issue.
- Jonathan Cammack, OSU Extension livestock entomologist, says the Asian longhorned tick was found on Oklahoma cattle sold in Missouri, confirming the presence of this tick in the state. Dr. Cammack also has recommendations for stopping the spread of this insect.
- John Michael Riley, OSU Agricultural Economics associate professor, dives into the recent WASDE report.
- Mark Johnson, OSU Extension beef cattle breeding specialist, discusses creep grazing options.
- Plans are moving forward for new greenhouses for research and variety development by OSU’s Wheat Improvement Team, thanks to two gifts totaling $6 million.
- Finally, Rosslyn Biggs, OSU Extension beef cattle specialist, has advice on how to make the most out of when the local veterinarian comes to your ranch.
Oklahoma Agriculture Starts at SUNUP!
Weekly Statewide Broadcast: Saturday at 7:30 a.m. & Sunday at 6 a.m. on OETA (PBS)
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