Wed, Dec 03 2008
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Published October 03, 2008 11:03 am - Grain farmers working in fields in Southeast Kansas are not isolated from Wall Street or global affairs, Mike Woolverton, Kansas State University agricultural economist, told farmers at a Grain Production Field Day last week at Parsons. Farm: KSU expert offers grain price outlook By Mike Surbrugg
msurbrugg@joplinglobe.com PARSONS, Kan. — Grain farmers working in fields in Southeast Kansas are not isolated from Wall Street or global affairs, Mike Woolverton, Kansas State University agricultural economist, told farmers at a Grain Production Field Day last week at Parsons. Grain prices last week had turned lower in reaction to Wall Street pulling out of commodity markets to get needed cash, he said, but those prices have since been firming up. Wheat production around the world is up 11 percent from a year ago. That is more than offset by the poor quality of the wheat from Russia and the Ukraine, which attracts only low prices and is used to feed livestock, Woolverton said. By this fall and winter, much of the world will turn to the United States to supply wheat with quality to make bread. But that demand should not create runaway price increases, he said. The economist expects fall-planted wheat acres to be lower as more land will be used to grow soybeans and corn. Corn is being harvested and yield estimates range from low to high because many of the nation’s fields endured floods and late planting caused by excess rainfall. The U.S. Department of Agriculture expects the corn crop this fall to be down from earlier projections, he said. Questions could remain until the harvest ends. The nation has a billion bushels of corn in stock from last year’s harvest. That is the bare amount needed, he said. The low supply should keep corn prices strong through the harvest. Soybeans were planted late and the race is on to see if there will be enough time for pods to fill and mature before the first frost, which is normally expected by late October in this area. An early frost spells major problems for soybean fields with green plants. The crop also was hurt by dry weather in August that could reduce yields, Woolverton said. The effect of the short supply of soybeans was seen recently at Emporia, where a soybean crushing plant shut down for a month recently because there were no incoming beans, he said. Farmers can expect soybean prices to take a traditional dip during harvest and gain strength in late fall and winter, he predicted. 
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