Dr. John Michael Riley, OSU agricultural economist, provided an overview of current crop markets, starting with corn. He noted that while corn is “one of the rosier crops” compared to others, it still faces challenges. Following the August report that showed higher-than-expected acres and yields, the market initially fell but has since rebounded somewhat due to increasing dryness across the Corn Belt, which could limit yields. Positive trade news has also helped prices, but Oklahoma producers are still seeing futures in the low $4 range, with local prices closer to $3.50–$3.80 per bushel. With Oklahoma’s corn harvest about 60% complete, Riley said producers are harvesting into a weak market, one that offered thin margins even at planting.
Soybeans, Riley explained, are under more pressure. He used a Thanksgiving pie analogy to describe how the U.S. has traditionally supplied soybeans (the “pie”) to China, but Brazil is increasingly competing for that trade. “Soybean trade right now is missing out on China,” he said, noting there are no current sales to China for either the old or new crop. While other countries are buying U.S. soybeans, the absence of Chinese purchases leaves the market weaker than usual. He added that Brazil’s growing supply could continue to undercut U.S. trade opportunities moving forward, although some optimism remains that markets could eventually reopen.
Turning to wheat, Riley said Oklahoma is about one-third planted, but low prices make the crop a tough sell. Many producers are questioning whether to plant primarily for grain or for grazing, with cattle markets providing a bright spot for those leaning toward grazing. Recent rains have helped conditions, but the market itself remains “a bit of a headwind” for wheat growers.
Finally, cotton markets have recently stumbled. While harvest has not yet begun in Oklahoma, Riley noted that prices “tanked early in the week,” likely tied to broader economic pressures such as oil and the U.S. dollar. With no clear recovery in sight, cotton producers are in a holding pattern, waiting and hoping for improved prices. Overall, Riley emphasized that while corn offers a slightly better outlook than other summer crops, producers across the board are facing markets that remain difficult heading into fall harvest.
This week on SUNUP:
- Brian Arnall, OSU Extension soil nutrient management specialist, offers guidance on Nitrogen and other nutrient strategies for graze-out, grain-only and dual-purpose wheat systems. He also encourages producers to get a soil test and take advantage of N-Rich strips.
- Rodney Jones, OSU Extension ag finance and management specialist, has details on the Rural Economic Outlook Conference on Oct. 8 in Stillwater.
- In the Mesonet report, Emma White, OSU Extension Mesonet agricultural coordinator, looks at current soil temperatures and the Cattle Comfort Index. Then, state climatologist Gary McManus discusses a widening drought picture for Oklahoma.
- John Michael Riley, OSU agricultural economist, uses a family dinner analogy to help us understand the current market challenges with U.S. crop exports, such as those involving soybeans.
- In Cow-Calf Corner, Mark Johnson, OSU Extension beef cattle breeding specialist, stresses the importance of early pregnancy checks for replacement heifers and suggests culling strategies for those cows that remain open.
- SUNUP previews the upcoming OSU Agriculture Livestock and Range Field Day.
- Dave Lalman, OSU Extension beef cattle specialist, discusses tactics for improving profits in cow-calf operations.
- Finally, planning ahead for spring, Kris Hiney, OSU Extension equine specialist, discusses deworming options for horses.
