Global shortage drives up grain prices
Last Updated: Saturday, November 16, 2002 | 2:20 PM ET
CBC News
The Canadian Wheat Board says while grain prices can be volatile, the supply of wheat worldwide is expected to remain short, keeping current prices steady right into spring.
The price of Canadian Western Red Spring wheat is $8.49 a bushel, the highest it's ever been and up 62 per cent from two years ago.
The figure also surpasses the previous high set in 1995 because of what's happening around the world, says Mike Cey of the Canadian Wheat Board.
- BACKGROUNDER: The Canadian Wheat Board
"It's the Americans, the Australians with their drought, the Europeans with their flooding. Argentina's got financial difficulties, and so on and so forth," he says. "It's a combination of the entire world of coming up short all at the same time."
Mike Kozushka, a mixed grain farmer near Yorkton, Saskatchewan, is one of the lucky ones this year. He's been able to harvest most of his crop and is now taking advantage of higher prices.
"Well, let's put it this way. I guess we can pay our taxes," he says.
