Grain markets were on the rise again this past week.
Commodity futures advisor with P.I. Financial, Adam Pukalo, says wheat gained 45 cents a bushel this week while November canola was up about 18 dollars per metric ton.
He says Thursday was a strong day for grain markets with with canola gaining 27 dollars a ton and Minneapolis wheat up 30 cents a bushel.
He says its due to strong interest in the corn market, particularly from China.
He adds there are also some concerns about dry weather in the Dakotas as well.
However, he points out there is a large global supply of wheat so there remains some volatility.
He says wheat could jump another 20 to 40 cents a bushel but markets can also take a drop just as fast.
Since the start of May, he says canola is down about 50 dollars per metric ton but this week’s frost may have caused some concern.
He expects weather to play an important role in coming weeks in the grain market.
