Discussed where the markets are and where they could go
By Diego Flammini, Farms.com
The London Farm Show is in full swing in London, Ontario’s Western Fair District as farmers come to learn about new products, trends and technologies, as well as to interact with the industry professionals responsible for making them available.
The 2015 show also features a variety of speakers including Moe Agostino, Chief Commodity Strategist for Farms.com who talked about current trends in the markets and where they could end up.
“How many people in here want to make money?” Agostino asked to a room full of farmers, who unanimously raised their hands in agreement.
Agostino touched on a variety of subjects including grain markets, crude oil prices and the Canadian dollar and also gave advice on how farmers can profit the most from their hard work.
“Call everybody,” he said when talking about selling grain. “Let them fight for your bushels. One phone call can be worth an extra 50 cents.”
When it comes to the grains, Agostino described the 2015 price targets.
For corn, the spring 2015 price could be around $4.50/bushel and by summer rise to $5.00/bushel. The fall however could see prices dip to around $2.85/bushel.
Soybeans in the spring may fetch $11.00/bushel and increase to $11.50/bushel in the summer. The price could fall back to $7.00/bushel by the fall.
Wheat prices in spring could be around $6.50/bushel and go up to $7.00/bushel by summer. In the fall it may drop to around $5.00/bushel.
Agostino mentioned to look out for the next WASDE report scheduled to come out March 10th.
The London Farm Show will wrap up March 6th. Other speakers include Andrew Campbell who talked about his use of social media to document his farming practices, the challenges and successes that come along with it.
Join the discussion and tell us if these possible grain prices are going to change your operation this planting season. Are you attending the London Farm Show? What are you taking away from it?