Multi-Year Highs Hit Ontario Corn, Soybean, Wheat Prices
Ontario's corn and soybean prices have hit multi-year highs as yield doubts push crop prices upward. The Ontario corn price is at its highest since August 2023, while wheat prices are at their highest level since April 2024. Soybeans have reached three-year highs.
The increasing tensions between the United States and Iran has added volatility to the corn and soybean markets. Traders are factoring in minor yield drag on both Ontario and U.S. corn and soybean crops, considering recent weather forecasts. Export and domestic buyers are extending coverage for wheat, corn, and soybeans.
Ontario soybean prices have reached three-year highs, reaching 6-to-10-day forecast normals to below-normal precipitation and above-normal temperatures. Traders are trimming yield forecasts for the Ontario and U.S. soybean crops. The expected yield of the Ontario soybean crop is now at 3.6 million tonnes, down from its five-year average.