Saskatchewan Canola Prices Hold Steady Amid Fluctuations
Farmers in Saskatchewan are keeping an eye on commodity markets as they navigate the best time to sell their crops. According to David Derwin, portfolio manager of Ventum Financial, canola and wheat prices have experienced significant fluctuations but remain on track to increase over the long term.
Derwin notes that canola prices have been trending upwards since the beginning of the year, with the November canola contract trading between $810 and $840 a metric tonne over the last two weeks. He suggests that the $840 level has served as an 'overhead resistance' price point, where the market repeatedly reaches but then falls back.
'But with all grain markets still pointing higher,' Derwin said, 'it wouldn't take much for canola to break through that.'