Article Date 25/09/2020

Soybean farmers still in the weeds despite futures rally

Source Finacial Post

Soybean prices may be on the rise, but industry observers warn that Canadian farmers will need more than that to return soybeans to the profitable staple crop they once were, after years of falling prices and rising diplomatic tensions that made the Chinese market effectively off limits.

Soybean futures trading on the Chicago Board of Trade hit a two-year high of US$10.43 a bushel at the end of last week, amid renewed buying interest from China, according to the Wall Street Journal. Soybean prices in Canada are based on those futures prices, but that doesn't necessarily mean the recent rally will automatically translate into higher income for Canadian farmers.

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