Soybean prices high amid harvest following great growing season on P.E.I.
'It's quite unusual for us to have a decent crop at the same time as prices are high'
The P.E.I. Grain Elevator Corporation's general manager says soybean prices have been "up and down like a yo-yo" this year, but have remained relatively high compared to last year.
Neil Campbell says soybean prices currently sit around $12 per bushel after having reached an all-time high of $14.21 in June.
Despite the price drop, the numbers are significantly above those seen last year. Campbell said during the previous June, prices were at around $9.65 per bushel.
Yields in the meantime have been above average this growing season. Campbell estimates that the province will grow 20,000 to 35,000 acres (around 10,000-12,000 hectares) this year.
"We've had perfect weather the first couple of weeks of October and a bunch of soybeans are ready," Campbell said. "It's quite unusual for us to have a decent crop at the same time as prices are high at harvest time, and a lot of that has to do with the large amount of soybeans that, you know, kind of left the U.S. last year into China.
Campbell said it's been one of the best years for P.E.I. soybean growers in over a decade. He said some producers are saying this is the best harvest they've ever had.
Campbell said about 30 per cent of the crop still remains to be harvested.
"The last 10 days we've had every third day we get a shower and just keeps [farmers] out of the fields, but I'd say today there'll be a lot of guys starting to cut," he said.
"That wind last night was cool and there was no dew this morning. I've already got a couple of phone calls from producers who said they're in the fields cutting already."
With files from Angela Walker