Over the past two weeks, the price of Saskatchewan wheat prices has jumped big time, $0.63/bushel.
FarmLink Marketing Solutions Senior Market Analyst Neil Townsend says this rise is attributable to the dry conditions in Western Canada, parts of the U.S. wheat belt and uncertain weather in Russia.
“There’s kind of a growing sense that the crop isn’t getting any bigger in any place in the world,” said Townsend. “It seems to be a death by 1000 thousand cuts, I guess you’d say. It’s not a big disaster anywhere, but nothings projecting upwards from the current estimates.”
In other markets, Saskatchewan elevator prices for #1 red spring wheat have topped out at $7.00/bushel, while canola prices are up $0.16/bushel.