Grain prices continue to climb

Grain prices in Saskatchewan continue to push into record and near record levels.

Canola futures jumped 137 dollars a ton last week and wheat rose 33 cents a bushel.

FarmLink Marketing Solutions analyst Neil Townsend says strong demand and dry weather continue to push up prices.

“We need to see some big relief for that dryness to kind of mitigate the market,” said Townsend. “We also need some evidence that demand will actually back off. I think that’s the amazing canola story here, that we have not found the price yet that kills demand. It just keeps materializing.”

Townsend says the demand is broad-based with canola moving to Western Europe, China, and Japan.

He says weather during the growing season will be a key factor in pricing.

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