Crop Situation and Outlook Kim Anderson Oklahoma Cooperative

Crop Situation and Outlook Kim Anderson Oklahoma Cooperative Extension Agricultural Economist Kim. Anderson@okstate. edu 405. 744. 9817

Market Points • Major commodity prices • • • Wheat Corn Soybeans Cotton Sorghum $5. 05 $3. 60 $7. 75 $0. 71 $3. 54 $5. 35 (‘ 19) • World grain stocks are near record highs • Prices have cycles • Relatively high prices will return • they won’t last long.

World Wheat Production, Consumption? 6 31 7 4 2 5 8 Anderson/3/9/2021 ppt.

World Corn Production, Consumption? U. S. 12. 5 bb China 9. 4 bb EU 2. 9 bb Brazil 2. 4 bb Mexico 0. 7 bb India 1. 0 bb Egypt 0. 6 bb Japan 0. 6 bb Canada 0. 6 bb Vietnam 0. 6 bb Anderson/3/9/2021 ppt.

Wheat

Hard Wheat Exports: 2018/19 Anderson/3/9/2021 ppt.

U. S. Wheat Export Countries: 2017/18 (Million Bushels) US Rank 1 2 3 4 5 6 7 8 9 10 11 World Country U. S. World Percent Rank Mexico 112 193 58% 10 Japan 110 216 51% 8 Philippines 90 220 41% 7 S. Korea 53 157 34% 14 Indonesia 39 386 10% 2 Taiwan 37 49 76% 37 Nigeria 36 191 19% 11 China 28 147 19% 16 Iraq 25 151 16% 15 Thailand 24 118 21% 19 Colombia 24 72 33% 28 Anderson/3/9/2021 ppt.

U. S. Wheat Export Countries: 2013 -2017 (Million Bushels) US Rank 1 2 3 4 5 6 7 8 9 10 11 World Country U. S. World Percent Rank Mexico 118 180 65% 9 -10 Japan 105 217 49% 5 -8 Philippines 86 185 46% 8 -7 Nigeria 63 172 37% 11 -11 China 55 151 36% 14 -16 Brazil 54 245 22% 4 -4 S. Korea 48 159 30% 12 -11 Taiwan 38 51 75% 36 -16 Indonesia 34 335 10% 2 -2 Colombia 27 70 39% 26 -28 EU 26 206 13% 6 -9 654, 954, 69% Anderson/3/9/2021 ppt.

Wheat Year Protein Test Weight Production Use Ending Stocks U. S. Price 2011 13. 1% 61. 5# 2. 00 2. 23 . 743 $7. 24 $ 7. 05 $(0. 19) 2012 12. 3% 60. 3# 2. 25 2. 41 . 718 $7. 77 $ 7. 45 $(0. 32) 2013 12. 8% 59. 7# 2. 14 2. 43 . 590 $6. 87 $ 6. 99 $ 0. 12 2014 14. 2% 59. 7# 2. 03 2. 02 . 752 $5. 99 $ 6. 34 $ 0. 35 2015 12. 6% 57. 3# 2. 06 1. 95 . 976 $4. 89 $ 4. 77 $(0. 12) 2016 11. 0% 61. 2# 2. 31 2. 22 1. 18 $3. 89 $ 3. 44 $(0. 46) 2017 10. 9% 60. 5# 1. 74 1. 98 1. 10 $4. 73 $ 3. 98 $(0. 75) 2018 12. 6% 61. 5# 1. 88 2. 18 . 935 $5. 16 $ 5. 34 $ 0. 18 2. 08 2. 18 . 866 $5. 91 $5. 70 ($0. 21) 7 -Year Average Oklahoma Ok – U. S. Price Difference

Questions - Comments kim. anderson@okstate. edu

One last Observation • Producers who have below average costs, above average yields, and above average quality will make a profit raising wheat.