Wheat Harvest Underway — US Wheat Associates reports the winter wheat harvest now extends into central Oklahoma. All areas of north Texas and southwest Oklahoma are reporting very good quality, but yields are extremely low, averaging in the mid to upper teens. Test weights are averaging well over 60 pounds per bushel, but kernels are smaller than normal. Proteins are very good, from the mid-12s to over 13.5 percent. The crop is extremely clean, with the low dockage attributed to drought conditions which are not favorable to the germination of weed seed. With very few custom harvesters in these areas, harvest may continue to develop slowly. One grain elevator in southwest Oklahoma reports their worst wheat year since the family business began in the 1920s.
Texas Drought — Economists with Texas AgriLife Extension Service say preliminary estimates of Texas drought losses have reached $1.2 billion and are expected to escalate higher as livestock producers continue to sell off herds and crop conditions deteriorate.
Record Sunflower Prices — Delayed planting and tight stocks have pushed sunflower prices to an all-time high. The bird food market and crushing plants are offering the old crop price of oil-type sunflower at just shy of $40 cwt in a number of locations. New crop prices have hit the $30 mark in some areas. Last year’s prices hovered around $15 cwt
Russia Lifts Export Ban — Russia will lift its export ban on grain after July 1st. A Russian grain industry official said there is the potential to export 15 to 20 million tons of grain. While the Russian decision has market implications, North Dakota State University Extension marketing specialist Frayne Olson said other global problems may soak up the extra wheat coming to market. "To counter that, we have some issues, such as dry weather developing in Europe." Wheat producing areas of France and Germany are suffering from drought and Olson says the competition that typically comes from Europe may diminish.
Iraq Halts Wheat Imports — Iraq has temporarily halted wheat imports until the end of the current harvest. The action was taken to curb traders’ illegally reselling imported grain as local produce to take advantage of high prices.
A Weekly Update From Your Friends at the Red River Farm Network
Monday, May 30, 2011
Texas Drought — Economists with Texas AgriLife Extension Service say preliminary estimates of Texas drought losses have reached $1.2 billion and are expected to escalate higher as livestock producers continue to sell off herds and crop conditions deteriorate.
Record Sunflower Prices — Delayed planting and tight stocks have pushed sunflower prices to an all-time high. The bird food market and crushing plants are offering the old crop price of oil-type sunflower at just shy of $40 cwt in a number of locations. New crop prices have hit the $30 mark in some areas. Last year’s prices hovered around $15 cwt
Russia Lifts Export Ban — Russia will lift its export ban on grain after July 1st. A Russian grain industry official said there is the potential to export 15 to 20 million tons of grain. While the Russian decision has market implications, North Dakota State University Extension marketing specialist Frayne Olson said other global problems may soak up the extra wheat coming to market. "To counter that, we have some issues, such as dry weather developing in Europe." Wheat producing areas of France and Germany are suffering from drought and Olson says the competition that typically comes from Europe may diminish.
Iraq Halts Wheat Imports — Iraq has temporarily halted wheat imports until the end of the current harvest. The action was taken to curb traders’ illegally reselling imported grain as local produce to take advantage of high prices.
A Weekly Update From Your Friends at the Red River Farm Network
Monday, May 30, 2011
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