Market analyst says large soybean crop in Brazil will influence canola prices this year


An independent agricultural consultant has been making rounds in parts of eastern Saskatchewan this past week.

Brad Magnusson was in Wadena on Tuesday, and Swan River on Wednesday.

He provided producers with tips on their agriculture strategy and management.

Magnusson sees a pattern among commodity prices and grain.

He says the price of canola is affected significantly by the soybean market.

He says a large soybean crop in Brazil is being harvested and will pressure markets, including canola.

However, Magnusson says the current drought in Argentina isn’t such a big deal to the soybean market.

Magnusson adds the amount of soybeans grown in Canada doesn’t have a significant impact on the market either.

Magnusson suggests grain prices hang lower at this time of year but many times there is upward pressure in late April and early May as crushers look for supply.

Brad Magnusson is an independent agricultural consultant based in Manitoba.

He held seminars in Wadena and Swan River this past week.

(with files from cjgx)


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