This week on SUNUP, Oklahoma State University Grain Market Specialist Dr. Kim Anderson makes an appearance again talking wheat prices domestically and abroad. According to him, despite climbing prices over the last few weeks, we have seen those back off a bit this week. Anderson attributes a waning export demand as the culprit for this deceleration.
He reports wheat prices down about $0.15, still on a short run-up pattern on the long-term, bending to downward and sideways pressure. Corn, he says, down as well but only a nickel, drawing little attention to this change as the market remains in an up-trending pattern. Meanwhile, soybeans are down $0.20 on a short-term up trend, he reports.
While all three commodities are down, Anderson says they are hanging still in a short run going up, while in the mid-term seem to be stuck in a sideways pattern.
Anderson explains that while the US looks for alternatives to the Trans-Pacific Partnership deal which was taken off the table by President Trump this week, suspending American access to two of our major markets, Japan and Mexico, he says we continue to trade with several of our regular customers around the world.
However, as Russia and Ukraine continue to chip away at the global market - he stresses the importance of producing a high quality crop this year to stay competitive internationally.
You can watch his visit tomorrow or Sunday on SUNUP- but you can hear Kim's comments right now by clicking on the LISTEN BAR below.
Beyond Dr. Anderson's review of the wheat market, be sure to catch more great agricultural information on this week's episode.
This week on SUNUP, we start with Dave Lalman explaining the basics of cattle production. It’s a good starting point for anyone wanting to build a ranching operation.
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