Prices for major grains like canola and wheat could be on the rise in coming months.
FarmLink Marketing Solutions Chief Analyst Neil Townsend, sees wheat prices rising 25 to 50 cents a bushel in coming months. However, he said weather will be an important factor because many growing areas in the world are dry.
“All of this could turn around with a couple dip-soaking rains or a big snowfall or those kinds of things,” he stated. “We’ll have to wait and see. But compared to last year, things are trending dryer in key wheat areas around the world.”
Townsend added canola is like a rocket ship with ever rising prices.
He said canola might jump momentarily a couple dollars more per bushel, but it might be short-lived.
