Saskatchewan wheat farmers saw a price rally for a short time last week on the world market.
Chris Palmer is a trader at G3 Canada.
He says wheat prices rose 20 cents a bushel after the U.S. winter wheat acreage came in at the smallest number in over 100 years.
But he says markets backed off late in the week due to abundant supplies.
Palmer says there are record wheat stocks around the world and weather will be a key factor in future prices.