A grain market analyst says the COVID-19 outbreak has resulted in strong demand for wheat.
The senior analyst with FarmLink Marketing Solutions, Neil Townsend, says spring wheat prices will likely hover around the $6.50 a bushel mark.
“High degree of variance depending on the geography you’re in, but I think right now, the price can’t dip much lower,” said Townsend. “One of the catalysts that’s been a negative for Canada in the last month is that the Canadian dollar went down to 68 cents, and now its sort of clawed up above 70.”
Townsend adds poor weather in parts of the U.S. and Europe is also having a positive impact on wheat prices.
