This week on SUNUP, OSU Agriculture Economist Dr. John Michael Riley discusses the highs and lows of current grain markets after the last WASDE report.
Soybeans dropped about 40 cents on the day of the WASDE report and the day after. Prices have leveled out since then, and have currently risen 10 to 20 cents since the aftermath of that report to the mid to upper nines which is similar to futures.
Dr. Riley said that corn and wheat didn’t have any big news in the last WASDE report. “They did well coming out of the report counter to what soybeans were. Cotton had a little bit of a bright spot in terms of lower acres expected and lower carryover, but mostly benefited that day and then tailed off shortly thereafter.”
Cotton has strengthened in terms of overall price over the past week, upwards of 70 cents per pound nearing the prices of early to mid-July. Cotton’s success is relative to where the U.S. dollar compares to other currencies. Due to the dollar’s weakness, cotton prices have been elevated.
“Another thing to keep in mind with that is recent indications from the federal reserve that they may be lowering interest rates,” Dr. Riley cautioned. “Stock markets have been improving. The spill over there is that consumers may have a little more ability to spend, and cotton is going to be one of the bigger ones to benefit from that.”
Wheat and Corn have been under pressure, and Dr. Riley says it’s hard to pinpoint why. They benefited on the day of the report, but have since fallen. Wheat is experiencing a bit of pressure from overseas markets, and corn may be experiencing the results of expectations of a big corn crop.
This week on SUNUP:
- Becky Carroll, OSU Extension fruit and nut specialist, discusses the progress of this year’s pecan crop. She also previews the upcoming 2024 Fall Pecan Field Day.
- Wes Lee, OSU Extension Mesonet agricultural coordinator, predicts cooler weather for this weekend. State climatologist Gary MacManus says drought in southwestern Oklahoma is getting worse.
- Brian Arnall, OSU Extension precision nutrient management specialist, has fertility advice for producers growing wheat for grain and pasture.
- Paul Beck, OSU Extension beef cattle specialist, says now is the time to start planning for fall calving and weaning of spring-born calves.
- John Michael Riley, OSU agricultural economist, discusses the pressure on the corn and wheat markets.
- Finally, Mark Johnson, OSU Extension beef cattle breeding specialist, discusses the Beef Quality Assurance program and its benefits.
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