Wheat. Kim’s web site for wheat market information agecon.okstate.edu/anderson.

WheatWheat

Kim’s web sitefor wheat market information

Kim’s web sitefor wheat market information

agecon.okstate.edu/andersonagecon.okstate.edu/anderson

KCBT Dec priceKCBT Dec price

Ending StocksEnding Stocks

U.S.

World

5-yearaverage2006/07

520456

5,3204,589

Million Bushels

2007/08

362

4,128

Argentina & AustraliaArgentina & Australia

Million Bushels

2006/07 2007/08 5-yr avg.

Argentina 559 514 532

Australia 367 772 692

CornCorn

Soybeans Soybeans

HRW wheat production areaHRW wheat production area

CornCorn

SRW wheat production areaSRW wheat production area

Soybeans Soybeans

Other Spring Wheat excl. DurhamOther Spring Wheat excl. Durham

Durum Durum

White Winter WheatWhite Winter Wheat

KCBT July ‘08KCBT July ‘08

$5.95-0.40$5.55

ProductionProduction

5-year avg. ‘07 Guessmillion bushels

World 21,720 22,428 22,80021.7 22.9

21.9

U.S. 2,106 2,114 2,2502,005

U.S. Wheat Supply and UseU.S. Wheat Supply and Use

Beginning stocksProduction Supply, TotalExports

Use, TotalEnding StocksAvg. farm price

370

2,250

2,720

1,025

2,225

495

$4.60

million bushels

Kim’s08/09

456

2,114

2,655

1,075

2,293

362

$5.40

USDA07/08

World Wheat Supply and UseWorld Wheat Supply and Use

Beginning stocksProduction Supply, TotalUse, TotalEnding Stocks

4.13

22.80

26.93

22.50

4.43

million bushels

Kim’s08/09

4.59

22.43

27.02

22.80

4.22

USDA07/08

KCBT July ‘07KCBT July ‘07

Freeze Rain

$4.70 -.40$4.30

CN08 ~3.92 + $0.40 = $4.32

U.S. and world wheat stocks remain tight

KCBT & Basis imply higher Nov ’07 prices

Going into harvest, prices will be relatively high

Market ~$5.60

Kim ~$4.80

Corn ~$4.30

Important pointsImportant points