KSU Weekly Grain Market Analysis: SRW Wheat Quality & Crop Development Issues

Grain market summary notes, charts and comments ahead of the KSU Agriculture Today Grain Outlook to played on Friday, July 24th  will be up on  the Kansas State University www.AgManager.info website at the following web address: http://www.agmanager.info/news/Articles/KSRN_GrainOutlook_07-24-15.pdf

The recorded radio program will be aired at 10:03 a.m. central time, Friday, July 24th on the K-State Radio Network (here) – web player available.  At this time the program, the recording can also be listened to via a link from the following website in the “Radio Interviews” section: http://www.agmanager.info/news/default.asp

Slide1 Slide2 Slide3 Slide4 Slide5 Slide6 Slide7 Slide8 Slide9 Slide10 Slide11 Slide12 Slide13 Slide14 Slide15 Slide16 Slide17 Slide18

KSU Wheat Market Outlook in July 2015

An analysis of U.S. and World Wheat supply-demand factors and price prospects based on information from the July 10, 2015 USDA Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports will be placed up on the KSU AgManager website (http://www.agmanager.info/default.asp).

Following is a summary – with the full analysis-article for Wheat to be found at the following web address on Thursday, July 23rd: http://www.agmanager.info/marketing/outlook/newletters/archives/

************************

Summary

Overview and Perspective

Since USDA’s World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports on July 10th, U.S. wheat market prices have trended sharply lower due to a) continuing large World wheat supply-demand balances, and b) continued strength of the U.S. dollar – a negative for U.S. wheat exports. For the “new crop” 2015/16 marketing year the USDA projected that 1) World wheat total supplies and total use would be at record high levels, 2) World wheat export trade would be down moderately from a year ago – with some improvement in U.S. exports from the 15 year low in MY 2014/15, and c) World wheat ending stocks would be record high, with World percent ending stocks-to-use at their highest level since MY 2009/10.

There are emerging but as of yet largely unconfirmed concerns about potential problems with wheat supply prospects from Australia, India, and elsewhere in “new crop” MY 2015/16 due to the development of a significant “El Nino” World weather pattern, as well as the ongoing geopolitical problems in the Black Sea region, and long term uncertainty in World financial and currency markets. World wheat markets have evolved into a “large crop-over-supply” situation, with the future depending on whether production and/or export problems can be avoided in major World wheat producing and exporting areas in year 2015 and beyond.

USDA U.S. Wheat Supply-Demand & Price Forecast for “New Crop” MY 2015/16

For U.S. wheat in the “new crop” 2015/16 marketing year, the USDA projected that there would be 56.079 million acres (ma) planted, 48.454 ma harvested, 44.3 bu/ac yields, 2.148 billion bushels (bb) production (up 27 million bushels or ‘mb’ from June), 3.031 bb total supplies (up 58 mb), 950 mb exports (up 25 mb), 200 mb feed & residual use (up 5 mb), 2.189 bb total use (up 30 mb), 842 mb end stocks (up 28 mb), with 38.5% ending-stocks-to-use (the highest level since 48.6% in MY 2009/08). The USDA projected U.S. average wheat prices for “new crop” MY 2015/16 in the range of $4.75-$5.75 /bu. (midpoint =$5.25) – up $0.25 from a month ago but still the lowest since $4.87 /bu in MY 2009/10.

KSU U.S. Wheat Supply-Demand & Price Forecast for “New Crop” MY 2015/16

Key market factors for “new crop” MY 2015/16 are the level of 2015 U.S. wheat production, and the degree of recovery in U.S. wheat exports. KSU projections of “new crop” MY 2015/16 supply-demand balances and prices are represented in two scenarios:

A) “Medium Yield-Higher Exports” Scenario: 85% prob. of USDA acreage, yields and production of 2.148 bb production, 3.031 bb total supplies, 1.000 bb exports, 2.214 bb total use, 817 mb ending stocks, 36.9% S/U, and $5.50 /bu U.S. avg. price.

B) “Lower Yield-Higher Exports” Scenario: 15% prob. of 56.079 ma planted, 48.454 ma harvested, 42.5 bu/ac yields (lower than the USDA estimate), 2.059 bb production, 2.947 bb total supplies, 1.000 bb exports, 2.204 bb total use, 743 mb ending stocks, 33.72% S/U, and $6.10 /bu U.S. avg. price. If U.S. wheat exports increased by 100 mb, U.S. wheat prices could increase to the $6.15-$6.40 / bushel range.

USDA World Wheat Markets

The expectation of large World wheat supplies and stocks is pressuring World wheat prices. World wheat total supplies of 934.0 mmt in “new crop” MY 2015/16 are up from 919.4 mmt in “old crop” MY 2014/15, and from 892.2 mmt in MY 2013/14. Projected World wheat ending stocks in “new crop” MY 2015/16 of 219.8 mmt (30.8% S/U) are up from 212.1 mmt (30.0% S/U) in “old crop” MY 2014/15, and from 193.5 mmt (27.7% S/U) in MY 2013/14. The current supply-demand situation can be compared to the historic World wheat ending stocks and stocks-to-use minimums of 128.75 mmt and 20.9% S/U in MY 2007/08, which led to record high U.S. season average wheat prices of $6.89 /bu in that marketing year.

 

https://www.ag.ndsu.edu/news/newsreleases/2015/july-6-2015/n-d-top-wheat-producer-in-u-s/2015-07-08.6965156899/image

North Dakota Hard Red Spring Wheat Variety Tests in 2015 (Source: https://www.ag.ndsu.edu/news/newsreleases/2015/july-6-2015/n-d-top-wheat-producer-in-u-s)

Cumulous Clouds over a golden Kansas meadow  (Source: http://melbel.hubpages.com/hub/Cloud-Types-with-Pictures)

 

 

 

KSU Corn Market Outlook in July 2015: Adjusted USDA and KSU Forecasts for MY 2015/16

An analysis of U.S. and World corn supply-demand factors and 2015/16 price prospects following the USDA’s July 10th USDA Crop Production and World Agricultural Supply Demand Estimates (WASDE) reports will be available on the KSU AgManager website on Tuesday, July 21st  (http://www.agmanager.info/default.asp).

Following is a summary of the article on “Corn Market Outlook in July 2015″ with the full article and accompanying analysis soon to be available on the KSU AgManager website at the following web address: http://www.agmanager.info/marketing/outlook/newletters/Corn.asp

**************

Summary

Overview & Commentary

Since the USDA released its World Agricultural Supply and Demand Estimates (WASDE) report on July 10th, corn futures prices first rose and then have declined. With 1) a record high 2014 U.S. corn crop of 14.216 billion bushels (bb), 2) prospects for another large 2015 U.S. corn crop in the 13.2-13.8 bb range, and c) sizable 2015 foreign corn and other coarse grain crops, the likelihood of corn futures prices having a strong rally to the $4.75-$5.00 or above is limited. This situation could change if crop production or export availability problems occur in major World production and exporting regions (i.e., U.S., South America, the Black Sea Region) in coming months. IF major geopolitical conflicts and/or financial market problems occur in 2015-2016, grain markets could be extremely volatile, but the direction of potential grain price changes is difficult to predict.

The development of volatile weather patterns in 2015 such as “El Nino” may cause production problems for corn and other coarse grains in parts of the U.S., South America, Australia, India, and elsewhere in the next 6-12 months. Low feedgrain prices – resulting in lower input costs for U.S. and Foreign livestock feeding and bioenergy users – have helped to increase profitability of corn-using industries and led to increased feedgrain usage. A combination of these production and demand impacts in the future are likely to eventually bring about a change in the current World-wide “large crop – low price” market scenario faced in coarse grain and other agricultural markets.

USDA U.S. Corn Market Forecast

The USDA projected lower production, higher usage, moderately tighter ending stocks and stocks-to-use, and marginally higher U.S. prices for “new crop” MY 2015/16 than for the “current” 2014/15 marketing year. Projected 2015 U.S. corn production of 13.530 bb is down from 14.216 bb a year earlier, with total supplies of 15.334 bb in “new crop” MY 2015/16 down from 15.474 bb in “current” MY 2014/15. Projected MY 2015/16 total corn usage of 13.735 bb is a record (up from 13.696 bb in MY 2014/15), with ethanol use of 5.225 bb (up 25 mb vs a year earlier), non-ethanol FSI use of 1.360 bb (up 14 mb), exports of 1.875 bb (up 25 mb), and feed and residual use of 5.275 bb (down 25 mb).

Ending stocks are forecast at 1.599 bb (11.6% S/U) in “new crop” MY 2015/16 – down from 1.779 bb (13.0% S/U) in “current” MY 2014/15, but still up from 1.232 bb (9.2% S/U) in MY 2013/14, and 821 mb (7.4% S/U) in MY 2012/13. “New crop” MY 2015/16 U.S. average cash prices are forecast to be in the range of $3.45-$4.05 per bu. (midpoint of $3.75) versus to $3.60-$3.80 /bu ($3.70 midpoint) in “current” MY 2014/15, and $4.46 in MY 2013/14.

KSU U.S. Corn Market Forecasts

Projected supply-demand and price scenarios by KSU for “new crop” MY 2015/16 are as follows:

a) “2015 ‘Normal Crop’ 13.382 bb Production” Scenario (30% prob.): 88.897 ma planted, 81.101 ma harvested, yield of 165.0 bu/ac, 2015 U.S. corn production of 13.382 bb, total supplies of 15.186 bb, total use of 13.710 bb, ending stocks of 1.476 bb, 10.77% S/U, & $4.25 /bu U.S. corn MYA prices;

b) “2015 ‘Smaller Normal Crop’ 13.163 bb Production” Scenario (55% prob.): 88.897 ma planted, 81.101 ma harvested, KSU long term trend yield of 162.25 bu/ac, 2015 U.S. corn production of 13.163 bb, total supplies of 14.967 bb, total use of 13.625 bb, ending stocks of 1.342 bb, 9.84% S/U, & $4.35 /bu U.S. corn MYA prices; and

c) “2015 ‘Short Crop’ 12.571 bb Production” Scenario (15% prob.): Planted / harvested acres same as scenarios (a) & (b), but with a KSU low yield of 155.0 bu/ac, U.S. corn production of 12.571 bb, total supplies of 14.375 bb, total use of 13.405 bb, ending stocks of 970 mb, 7.24% S/U, & $6.90 /bu U.S. corn MYA prices.

World Corn Supply-Demand

World total supplies of 1,181 mmt are projected for “new crop” MY 2015/16, up from 1,176 mmt in “current” MY 2014/15, and 1,128 mmt in MY 2013/14. Projected World corn ending stocks of 190.0 mmt (19.2% S/U) in “new crop” MY 2015/16 are down marginally from 194.0 mmt (19.7% S/U) in “current” MY 2014/15, but up from 174.7 mmt (18.3% S/U) in MY 2013/14.

https://i0.wp.com/kansasagnetwork.com/wp-content/uploads/2013/08/Corn-Field.jpg

Kansas Corn Fields in 2013 (Source: http://kansasagnetwork.com/2013/kansas-farmers-able-to-catch-up-on-haying-herbicide-spraying-activities-and-wheat-planting-preperation/)

KSU Weekly Grain Market Analysis: Market Ramifications of July 10th USDA Numbers

Grain market summary notes, charts and comments ahead of the KSU Agriculture Today Grain Outlook to played on Friday, July 17th will shortly be up on the Kansas State University www.AgManager.info website at the following web address: http://www.agmanager.info/news/Articles/KSRN_GrainOutlook_07-13-15.pdf

The recorded radio program was aired at 10:03 a.m. central time, Friday, July 17th on the K-State Radio Network (here) – web player available.  The program recording can also be listened to via 1)  KSU Ag Today radio program streaming archives (http://www.ksre.ksu.edu/news/), and 2) a link to the KSU AgManager “Radio Interviews” section: http://www.agmanager.info/news/default.asp

Following are key excerpts from these working notes:

Slide1 Slide2 Slide3 Slide4 Slide5 Slide6 Slide7 Slide8 Slide9 Slide10 Slide11 Slide12 Slide13 Slide14 Slide15 Slide16 Slide17 Slide18 Slide19 Slide20 Slide21

KSU “Quick Analysis” of the 6/30/2015 USDA Acreage Report

On Tuesday, June 30, 2015 the USDA National Agricultural Statistics Service (NASS) released its 2015 USDA Acreage Report and its June 1, 2015 Quarterly Stocks Report.  There were a number of market surprises in the 2015 USDA Acreage Report, including:

A. U.S. Corn Acreage in 2015

The USDA projected 2015 U.S. Corn planted acreage to be 88.897 million acres (ma) – down 395,000 (-0.4%) from pre-report expectations.  Planted acreage of 88.897 ma in 2015 would be the lowest amount since 2010, being down from 90.597 ma planted in 2014, 95.365 ma in 2013, and 97.291 ma in 2012.

The USDA also projected 2015 U.S. Corn harvested acreage to be 81.101 ma (91.2% harvested-to-planted acres) – down from 83.136 ma harvested in 2014 (91.8% hvstd/plntd), 87.451 ma in 2013 (91.7% hvsted/plntd), and 87.365 ma in 2012 (89.8% hvstd/plntd).

Market Impact: Using the USDA’s June 10th World Agricultural Supply and Demand Estimates (WASDE) report projected 2015 U.S. corn yield of 166.8 bu/ac, corn production in the U.S. in 2015 would be 13.528 billion bushels (bb) – down 102 mb from the June 10th USDA forecast of 13.630 bb.  All else being equal, the USDA’s forecast of ending stocks would be reduced by the same amount down to 1.669 bb, with ending stocks-to-use down to 12.1% from 12.9% in the June 1oth WASDE report.  Projected U.S. corn prices for “new crop” 2015/16 would be expected to be adjusted higher from $3.50 by at least a small-to-moderate amount – likely $0.25-$0.50 per bushel higher.

B. U.S. Soybean Acreage in 2015

The USDA projected 2015 U.S. Soybean planted acreage to be 85.139 ma – down 3,200 acres from pre-report expectations.  Planted acreage of 85.139 ma in 2015 would be a record high, being up from the previous record of 83.701 ma planted in 2014, 76.840 ma in 2013, and 77.198 ma in 2012.

The USDA also projected 2015 U.S. Soybean harvested acreage to be 84.449 ma (99.2% harvested-to-planted acres) – up from 83.061 ma harvested in 2014 (99.2% hvstd/plntd), 76.253 ma in 2013 (99.2% hvsted/plntd), and 76.144 ma in 2012 (98.6% hvstd/plntd).

Because of wet weather conditions and delayed plantings of soybeans in selected states in May and early June, the USDA indicated that it will re-survey agricultural producers in Kansas, Arkansas and Missouri in regards to soybean planted acreage.  The USDA indicated that if the new survey data justifies changes to the June 30th Acreage report estimates, such changes would be published in the August 12th USDA NASS Crop Production report.

Market Impact: Using the USDA’s June 10th World Agricultural Supply and Demand Estimates (WASDE) report projected 2015 U.S. soybean yield of 46.0 bu/ac, soybean production in the U.S. in 2015 would be 3.885 bb – up 35 mb from the June 10th USDA forecast of 3.850 bb.  All else being equal, the USDA’s forecast of ending stocks would be increased by the same amount – up to 510 mb, with ending stocks-to-use up to 13.7% from 12.7% projected in the June 10th WASDE report.  Projected U.S. soybean prices for “new crop” 2015/16 would be expected to be adjusted marginally lower from $9.00 by a small amount – likely down $0.10-$0.25 per bushel.

C. U.S. Wheat Acreage in 2015

The USDA projected 2015 U.S. Wheat planted acreage to be 56.079 ma – up 212,000 acres from pre-report expectations.  Planted acreage of 56.079 ma in 2015 would be down from 56.822 ma planted in 2014, 56.236 ma in 2013, and 55.294 ma in 2012.  On the basis of wheat type, planted acreage of 2015 U.S. winter wheat of 40.620 ma came in 0.5% below pre-report expectations, down to the lowest level since at lease 2012.  Planted acreage of 2015 U.S. other spring wheat of 13.505 ma came in 2.2% above pre-report expectations, up to the highest level since at least 2012.  Planted acreage of 2015 U.S. durum wheat of 1.954 ma came in 8.0% above pre-report expectations, up to the highest level since 2.138 ma in 2012.

The USDA also projected 2015 U.S. Wheat harvested acreage to be 48.545 ma (82.1% harvested-to-planted acres) – up from 46.381 ma harvested in 2014 (81.6% hvstd/plntd), and 45.332 ma in 2013 (80.6% hvsted/plntd), but down from 48.758 ma in 2012 (88.2% hvstd/plntd).

Market Impact: Using the USDA’s June 10th World Agricultural Supply and Demand Estimates (WASDE) report projected 2015 U.S. wheat yield of 44.2 bu/ac, wheat production in the U.S. in 2015 would be 2.145 bb – up 24 mb from the June 10th USDA forecast of 2.121 bb.  All else being equal, the USDA’s forecast of ending stocks would be increased by the same amount – up to 838 mb, with ending stocks-to-use up to 38.8% from 37.7% projected in the June 10th WASDE report.  Projected U.S. soybean prices for “new crop” 2015/16 would be expected to be adjusted marginally lower from $4.90 by a small amount – likely down $0.05-$0.10 per bushel.

D. U.S. Grain Sorghum Acreage in 2015

The USDA projected 2015 U.S. Grain Sorghum planted acreage to be 8.840 million acres (ma) – up 930,000 (+11.8%) from pre-report expectations.  Planted acreage of 8.840 ma in 2015 would be up from 7.138 ma planted in 2014, 8.076 ma in 2013, and 6.259 ma in 2012.

The USDA also projected 2015 U.S. Grain Sorghum harvested acreage to be 7.773 ma (87.9% harvested-to-planted acres) – up from 6.401 ma harvested in 2014 (89.7% hvstd/plntd), 6.585 ma in 2013 (81.5% hvsted/plntd), and 4.995 ma in 2012 (79.8% hvstd/plntd).

Market Impact: Using the USDA’s June 10th World Agricultural Supply and Demand Estimates (WASDE) report projected 2015 U.S. grain sorghum yield of 64.9 bu/ac, grain sorghum production in the U.S. in 2015 would be 504 million bushels (mb) – up 69 mb from the June 10th USDA forecast of 435 mb.

**************

http://www.wilsonks.com/images/other/Wilson%20Lake%20Rocktown%202011%20%20(500x333).jpg

Wilson Lake in Central-Western Kansas (Source: http://www.wilsonks.com/wilson_lake.htm)

KSU “Quick Analysis” of the 6/30/2015 USDA Grain Stocks Report

Today on June 30, 2015 the USDA National Agricultural Statistics Service (NASS) released its 2015 Acreage Report and its June 1, 2015 Quarterly Stocks Report.  Following are the key findings in the June 1st Grain Stocks report by major crop:

A. U.S. Corn

U.S. Corn Stocks on June 1, 2015 = 4.447 billion bushels (bb)……..Down 108 million bushels (mb) from pre-report expectations, and up markedly from 3.8520 bb on 6/1/2014, 2.766 bb on 6/1/2013, and 3.148 bb on 6/1/2012. The 67% confidence interval for this USDA forecast is from 4.327 to 4.567 bb, implying that his estimate could still be adjusted in future USDA Quarterly Grain Stocks reports.

U.S. Corn Usage during March-May 2015  = 3.303 bb……..Up 113 mb from implied pre-report expectations, and greater than 3.165 bb in Mar-May 2014, 2.674 bb in Mar-May 2013, and 2.886 bb in Mar-May 2012.

On-Farm Storage of U.S. corn is estimated to be 2.275 bb, up 22% from a year earlier, and indicative of a large amount of unsold U.S. corn yet on “current crop” 2014/15.  These carryover supplies are likely to continue to be a limiting factor for U.S. corn cash prices in coming months (absent a weather-related, negative set of production factors in the summer of 2015).   Off-Farm Commercial Storage of U.S. corn is estimated to be 2.172 bb, up 9% from a year earlier, also indicative of large available yet-unused U.S. corn supplies and of limited prospects for U.S. corn prices this summer (again – absent major crop production reductions from wet soils, slow crop development, other other potential crop problems).

Market Implications => Lower than expected June 1, 2015 U.S. corn stocks and higher than expected March-May 2015 U.S. corn use are positive factors for U.S. corn price prospects. Still, U.S. corn stocks of 4..447 bb on June 1, 2015 are 15% – 60% larger than June 1 stocks over the 2012-2014 period, and likely to be a limiting factor in major corn price rallies (absent major U.S. corn production problems in the summer of 2015).

B. U.S. Grain Sorghum

U.S. Grain Sorghum Stocks on June 1, 2015 = 33 million bushels (mb)……..Down 6 mb from pre-report expectations, and down dramatically from 99 mb on 6/1/2014, 41 mb on 6/1/2013, and 59 mb on 6/1/2012.  The 67% confidence interval for this USDA forecast is from 28 to 39 mb, implying as for other major U.S. crops that his estimate could still change to some degree in future Quarterly Grain Stocks reports.

U.S. Grain Sorghum Usage during March-May 2015  = 86.7 mb……..Up 6 mb from implied pre-report expectations, and up from 83 mb in Mar-May 2014 (also a strong export period for U.S. grain sorghum), 50 mb in Mar-May 2013, and 49 mb in Mar-May 2012.

Market Implications => Strong exports of U.S. grain sorghum during the first three quarters of the 2014/2015 marketing year (i.e., September 2014 through May 2015) have been a major factor in usage being higher than during the previous three (3) March-May periods. This is a supportive, bullish result for U.S. grain sorghum markets and local grain sorghum basis.

C. U.S. Wheat

U.S. Wheat Stocks on June 1, 2015 =753 million bushels (mb)……..up 35 mb from pre-report expectations, and up from 590 mb on 6/1/2014, 718 mb on 6/1/2013, and 743 mb on 6/1/2012.  The 67% confidence interval for this USDA forecast is from 715 to 790 mb, indicating that this estimate could still be adjusted in future Quarterly Grain Stocks reports.

U.S. Wheat Usage during March-May 2015  = 388 mb……..Down 18 mb from implied pre-report expectations, and down from 513 mb in Mar-May 2014, 547 mb in Mar-May 2013, and 486 mb in Mar-May 2012.

Market Implications => Weak exports of U.S. wheat during both the Dec-Feb and Mar-May 2015 periods and moderate wheat feeding have been major factors in U.S. wheat usage being less than during the previous three (3) March-May periods. This is a negative, bearish result for U.S. wheat market prices.  However, concerns about the quantity and quality of the 2015 U.S. winter wheat crop and also about 2015 wheat production in major foreign wheat producing nations may mitigate these negative factors to some degree, and begin to play an important positive role in U.S. wheat market direction in coming weeks and months.

D. U.S. Soybeans

U.S. Soybean Stocks on June 1, 2015 =625 million bushels (mb)……..Down 45 mb from pre-report expectations, and up sharply from 405 mb on 6/1/2014, and from 435 mb on 6/1/2013, but down from 668 mb on 6/1/2012.  The 67% confidence interval for this USDA forecast is from 604 to 647 mb.

U.S. Soybean Usage during March-May 2015  = 701 mb……..Up 37 mb from implied pre-report expectations, and up from 607 mb in Mar-May 2014, and 571 mb in Mar-May 2013, but down from 712 mb in Mar-May 2012.

On-Farm Storage of U.S. soybeans is estimated to be 246 mb, up 126% from a year earlier, and indicative of a large amount of unsold U.S. soybeans yet on “current crop” 2014/15 – that (similar to corn markets) is likely to be a negative factor in U.S. soybean cash prices in coming months (absent a weather-related, negative set of U.S. soybean production factors in the summer of 2015).   Off-Farm Commercial Storage of U.S. soybeans is estimated to be 379 mb, up 28% from a year earlier, also indicative along with On-farm storage amounts of a “large supply-lower price” outlook for U.S. soybean prices this summer (absent 2015 U.S. soybean crop production problems this summer).

Market Implications => At face value, this grain stocks report is “moderately supportive” for U.S. soybean markets, with lower than expected June 1st U.S. soybean stocks, and moderately higher than expected Mar-May 2015 usage.  These results support the idea that lower prices have helped cause higher soybean usage during Mar-May 2015.

Slide1 Slide2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

https://i2.wp.com/www.nps.gov/ncrc/programs/rtca/nri/images/ks.JPG

One of Kansas’ Scenic Rivers (Source: http://kansas-outdoors.blogspot.com/p/kansas-outdoors.html)

 

KSU Weekly Grain Market Analysis: U.S. Corn, Soybean, and Wheat Production Questions Emerging

Grain market summary notes, charts and comments ahead of the KSU Agriculture Today Grain Outlook to played on Friday, June 26th are up on  the Kansas State University www.AgManager.info website at the following web address:

http://www.agmanager.info/news/Articles/KSRN_GrainOutlook_06-26-15.pdf

The recorded radio program will be aired at 10:03 a.m. central time, Friday, June 26th on the K-State Radio Network (here) – web player available.  At this time the program, the recording can also be listened to via a link from the following website in the “Radio Interviews” section: http://www.agmanager.info/news/default.asp

Slide1 Slide2 Slide3 Slide4 Slide5 Slide6 Slide7 Slide8 Slide9 Slide10 Slide11 Slide12 Slide13 Slide14 Slide15 Slide16 Slide17