Ontario Rainfall Bolsters Crop Growth as Wheat Prices Surge

Heavy rainfall in southwestern Ontario has boosted soil moisture levels for corn and soybean crops. The past two weeks saw between 50 to 100 millimeters of rain, with lesser amounts reported in the Windsor area.

The mild temperatures have helped encourage row crop development, with the corn crop mostly in the denting stage and soybeans rapidly advancing into the podding stage.

Wheat prices have also rallied over the past week due to the conflict in the Black Sea region. Russian and Ukrainian wheat shipments have been minimal during August as both sides attack export facilities and shipping.

The December Chicago wheat futures contract is currently trading above $7.80 per bushel, its highest level since July 2023.