NAPANEE — The prices of corn and soybeans are soaring, which presents some opportunities for Ontario farmers. At the Chicago Board of Trade corn futures surged past $8 a bushel. Soybeans are enjoying the same wind in its sails.
Sure, prices are high but Napanee corn, soybean and wheat farmer Mark Davis said inputs this year were 250 % higher than last year. “We pre-bought as much as we could financially last year,” he said. Herbicide and insecticide tripled in price from last fall. “You get the warm and fuzzy feeling when you see the price, but it disappears when you factor in the costs.”
Drought in the U.S. and Brazil have pushed up prices in the past two years. This year Brazil’s corn farmers in the south are dealing with wet conditions and in the north they are seeing another drought. High prices are also being fu- elled by the war in Ukraine.
OMAFRA chief economist Steve Duff said there could be more appetite to book in a price than there has been. He added that getting future costs under control is another concern. “Farmers will try and book in their costs for the following planting season.”