This Week on SUNUP is Oklahoma State University Extension grain market economist Kim Anderson. During this week’s edition, Anderson talks about commodity prices and factors impacting the markets.
Anderson said not much has changed in the crop prices this week. Wheat has continued at a sideways trend, he added.
“Remember last week, Russia said, ‘we are not going to honor that agreement for the exports,’ and the price went up 50 cents, and then they said, ‘we will honor it,’ and it went down 50 cents.”
Corn prices were slightly lower this week, Anderson said, around $7.40.
“Corn prices are reacting to slightly higher yields that we are harvesting right now in the corn,” Anderson said.
There is a rally in soybeans, Anderson said, because China came into the market and bought U.S. soybeans.
“Got those bean prices up around $14.30, right at the top of that range,” Anderson said.
Cotton has moved up a little higher, Anderson said, back up to about 84 cents.
The Russia and Ukraine war, Anderson said, has the potential to change prices more.
“Right now, they say they are going to honor that export agreement; however, they have slowed things out for the inspection of those ships, and so that is a quasi-saying, ‘we are going to let you export a little bit, but we are going to restrict it.’”
The Australian wheat crop is the second largest crop ever expected, Anderson said, but they are facing heavy amounts of rain, so there is a concern for the loss of yield and quality. Argentina is having the opposite problem, Anderson said, whereas they are being faced with drought.
As for the November WASDE report, Anderson said there was not much change going on in the world.
Based on USDA’s projections, Anderson said he sees it taking three to four years for Russia and Ukraine to get high input prices to come down, which will bring U.S. crop prices down.
This week on SUNUP:
- Rosslyn Biggs, OSU Extension beef cattle specialist, says changes to over-the-counter medications for livestock are on the horizon.
- State climatologist Gary McManus discusses the changes in the latest drought monitor map.
- After an EF-4 tornado tore the Idabel area last week, we have information on how to access disaster relief resources.
- Derrell Peel, OSU Extension livestock marketing specialist, says the drop in beef exports for September was the largest decrease in 30 months.
- Kim Anderson, OSU Extension grain marketing specialist, explains why there weren’t many changes in the latest WASDE report.
- Mark Johnson, OSU Extension beef cattle breeding specialist, talks with Parker Henley, OSU Extension beef seedstock management specialist, about the importance of supplementing minerals this given the lack of quality in the hay supply.
- We take a look at a Stillwater FFA member’s project that teaches her fellow students about the possible careers in the world of agriculture.
- Finally, OSU researchers are studying using saline water as an alternative irrigation method to help crops in extreme drought years.
Join us for SUNUP:
Saturday at 7:30 a.m. & Sunday at 6 a.m. on OETA (PBS)
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