1. Market Headline News: Wheat Kim Anderson Oklahoma State University

2. KCBT Wheat Weekly Nearest

3. KCBT Wheat July Daily

4. What will it take for $5 wheat? $5 wheat requires 620 mb ending stocks Average use 2.16 bb 980 – 620 = 360 0.36 bb 1.80 bb Four times since 1975 below 1.9 bb

5. Expected Production Winter Wheat: 37.1 million acres planted 0.81 (percent harvested) 44 bu/ac average yield 1.33 bb Spring Wheat 15.7 million acres harvested 40 bu/ac average yield 0.63 bb 1.96 bb Total Production

6. Yield More Important than Price 29 bu/ac x $5 = $145 40 bu/ac x $3.75 = $150 June 2010 wheat price KCBT July $5.13 Basis -$0.80 $4.33

9. What to Hope For Marketing Strategy Hope for: –Above average yields. –Below average yields Market Strategy: –1/4 to 1/3 at harvest. –2/3 to 3/4 fall & winter.

10. OETA Saturday Mornings 7:30 a.m.