(Alice McFarlane/farmnewsNOW Staff)

By Alice McFarlane

Wheat prices

Wheat price improvement expected.

Mar 18, 2019 | 5:02 PM

A grain market analyst expects wheat prices to be on the rise this year.

Neil Townsend with FarmLink Marketing Solutions said U.S. wheat futures jumped 25 cents a bushel in the last week. He said demand remains strong for Canadian wheat.

“Simply put the world needs Canadian wheat if they’re going to continue to consume at the rate they’ve been consuming,” Townsend said. “We did see some negativity over the last several weeks which broke this week. Basically a very, very big inverse in the Black Sea wheat market encouraged farmers really to just sweep their bins out right down to the floor. They probably exported a few million tonnes extra then they would have.”

Townsend said in Canada there is still strong demand on the west coast and Thunder Bay and the Great Lakes will be opening soon so he expects to see some strength in the market.

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“We still think in central Saskatchewan we’re looking at being able to market No.1 CWRS at 13.5 (protein) at above $7.25 (a bushel),” Townsend said. “Is it going to happen next week? Not necessarily, but just keep your eye on the prize and we should be getting another opportunity.”

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alice.mcfarlane@jpbg.ca

On Twitter: @Alice McF