Wheat prices could jump in the next few months, says FarmLink analyst

A grain market analyst says wheat prices in Saskatchewan could jump as much as 50 cents a bushel in the next few months.

The chief analyst at FarmLink Marketing Solutions, Neil Townsend, says there is a lot of uncertainty in grain markets due to several factors, including COVID-19.

He says wheat is expected to increase 20 to 50 cents a bushel over the next few months.

“For the rest of the year, I think Canada is well positioned to export wheat,” said Townsend. “The Russians have got their taxation system in place now, it accelerates again in couple days. The European Union has a diminishing amount of export surplus.”

Townsend adds canola could rise further beyond its 16 dollar a bushel mark but also remains quite volatile.

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