This week on SUNUP - Oklahoma State University Extension Grain Market Economist Dr. Kim Anderson is reporting higher than expected yield and quality in terms of Oklahoma’s wheat crop this harvest season. In his weekly chat with the SUNUP team, Anderson will share his notes from the field which he says highlight an average protein level in this crop well-above that of 12 percent. In addition, he says the markets will be pleased to find test weights logged at around 59 lbs. per bushel.
Producers will also be relieved to hear that wheat prices, after months of weakness, are finally beginning to build a floor at around $5.50 to $5.60 a bushel, having recently dropped off about a dollar in the last several days. However, Anderson does mention that the protein premium has held on and still remains strong.
Globally, the Russians are reporting some bad news related to their crop, still suffering from dry conditions. Anderson says the Russians are expecting this year’s crop to fall short of last year’s record production of 3.1 billion bushels, by about 400 million which will leave them with a total production this year of approximately 2.6 to 2.7 billion bushels. Nonetheless, the Russians are aggressively working to maintain their claim as top wheat exporter, having just shipped a large order of wheat to Brazil in another move to increase its South American market share following last year’s dealings with long-time American customer Venezuela.
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