President of intelliFARM Inc., Brian Voth, says wheat will be one of the big stories of the 2017 market.
Voth says, the big rally seen during seeding and into early summer, and a loss of wheat acres in the U.S. over the last couple years, combined with the dry weather during seeding, lead to an explosive upside potential in the wheat market.
He says, lots of farms were able to sell some $7.00 to $9.00 spring wheat, but it came back down very quickly.
"And a lot of farms missed to opportunity because that $7.00, they say maybe I'll sell it at $7.50 or maybe I'll sell it at $8.00. And every time it gets there, they up that target again to another $0.25 or $0.50 until ultimately, you hit that high, and when you start coming down by $0.50 a day, well now you don't want a price because it dropped $0.50 a day, so surely tomorrow or next week it's going to come back."
Voth says, all of a sudden farmers were down two dollars a bushel and nothing had been sold.
Also, canola is true Canadian story when looking at the 2017 markets, Voth says.
"It's always a fun one to analyze. It's been a very consistently profitable for most farms across anywhere in Canada, and I think it will continue to do that."
Voth says, Canada is the biggest supplier of canola globally.
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