Now that the harvest is pretty much wrapped up for most farmers, producers are monitoring the markets and what's happening with production in other countries.
Neil Townsend, a Senior Market Analyst with GrainFox | FarmLink thinks that in the next month, we could see some retracement for canola and wheat values.
"Maybe in the canola, we can gain back $1 per bushel, and in the wheat, we can gain back 50, 60, or 70 cents per bushel. Again, I wouldn't be a seller at those values just because to go further out beyond like a month or six weeks right now and predict what is going to happen is hard."
He notes looming over everything is the potential of another successful crop in South America with a large crop of soybeans and corn which could hit record levels.
Another key impact on the commodity markets is the ongoing war with Russia and Ukraine, and now the increasing tensions and war in the Middle East.
He says the loss of human life is of primary concern, but war also impacts commodity prices, demand, and delivery
Townsend says the Russia-Ukraine War is disruptive in the grains and oilseed sector.
"The war shows no signs of letting up. There's an occupation of key parts of, in particular, the wheat regions of Ukraine. So I mean, when you try to assess what Russian production was, what Russian exports were. You have to consider what proportion of Russian production or Russian exports are stolen grain from Ukraine, right. And we don't have a good glimpse of the data of course."
He notes the war in the Middle East is having more of an impact on macroeconomics like oil.
To hear Glenda-Lee's conversation with Neil Townsend click on the link below.