A grain market analyst expects wheat prices will be on the rise this winter.
Senior Market Analyst with FarmLink Marketing Solutions, Neil Townsend, said wheat prices could jump 50 cents a bushel this winter due to rising demand and reduced supplies in Russia and Australia.
“You can never totally predict demand, because demand is a reaction to a lot of things,” Townsend said. “I think from where we are today I would expect to see cash prices go up by about 50 cents per bushel at some point in the year,” he added.
Townsend also said wheat prices have already bottomed out, and will likely start moving up in November or December.