Tidbits, Oklahoma Wheat, Fertilizer Imports, Palm Oil, Soybean Put Options, Broilers & Ethanol 5/7/26
- Wright team
- 1 day ago
- 5 min read
Tidbits
Corn, beans, and wheat were smartly lower for the second consecutive day yesterday primarily because crude oil was sharply lower. June futures contract was down as much as $13.61 and finished down $7.19. Lower crude prices mean lower gasoline and diesel prices, reducing the value of biofuel blending stock. However, lower fuel prices are good for the economy. A strong economy will increase demand for fuel and everything else, like livestock that eat feed and all the commercial products made from grains. Stock markets ripped higher yesterday.
Oklahoma’s 2026 winter wheat harvest was projected at 47.8 million bushels on Tuesday, with an average yield of 23.11 bushels per acre, following an annual tour of the state. The estimates were based on field assessments conducted by Oklahoma State University Extension educators, as well as private crop consultants and area agronomists.
The estimates were sharply lower than the 10-year yield average of 94.5 million bushels in Oklahoma, which is among the top U.S. wheat-producing states. The state’s harvest is projected to be less than the 106.4 million bushels that the USDA says were harvested in 2025. Due to severe drought, crop predictions are planned for an extremely poor crop.
The USDA will start its regular 2026 production forecasts in the S&D report on May 12.
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