Sask. wheat prices 'highest ever in history of farming'
The Russian invasion of Ukraine is creating a spike in wheat prices around the world, but it could be a good sign for some Saskatchewan farmers who have leftover wheat to sell.
Benchmark prices for wheat have risen 106 per cent since March 2021.
Cameron Goff is a farmer near Hanley, Sask. and describes the fluctuating prices of wheat as “extremely volatile” over the last one to two weeks.
“I chose to sell almost all my remaining wheat when those prices had gone up to a good level but they certainly rose a dollar a bushel or more than that over the last 10 days,” Goff told CTV News.
While he didn’t capture the high prices, he says he did well. With crop insurance, Goff made 10 per cent more income this year compared to 2021.
In the 50 years he’s been in the farming industry, Goff says the price of wheat is reaching record highs.
“All prices this year at some point basically have been the highest ever in the history of farming,” he said.
“High prices are always good for farmers, maybe not so good for consumers.”
Earth Bound Bakery & Kitchen in Saskatoon is already feeling the high cost of wheat.
Owner Drew Elder says the price of a bag of flour has risen $10 per bag in the last week.
Last month, Statistics Canada reported bakery product prices rose 7.4 per cent in January, compared to 6.5 per cent the year before.
Statistics Canada says higher costs are also due to unfavourable growing conditions and supply chain disruptions.
“We’ve had to make adjustments, we try to do those adjustments so they’re not too crazy for the customer and we’re absorbing a lot,” Elder said.
The cost of a loaf of bread at his bakery has gone up 25 cents.
“It’s very much a stock market when it comes to flour, when it comes to dairy … all that adds to uncertainty so we’re always trying to find the right target price that is acceptable to the customer,” Elder said.
While some businesses are eating the cost of rising prices, Statistics Canada says it could be months before consumers feel those effects in the grocery aisle.
CTVNews.ca Top Stories
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Pilot reported fire onboard plane carrying fuel, attempted to return to Fairbanks just before crash
One of the two pilots aboard an airplane carrying fuel reported there was a fire on the airplane shortly before it crashed and burned outside Fairbanks, killing both people on board, a federal aviation official said Wednesday.
Police tangle with students in Texas and California as wave of campus protest against Gaza war grows
Police tangled with student demonstrators in Texas and California while new encampments sprouted Wednesday at Harvard and other colleges as school leaders sought ways to defuse a growing wave of pro-Palestinian protests.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
7 surveillance videos linked to extortions of South Asian home builders in Edmonton released
The Edmonton Police Service has released a number of surveillance videos related to a series of extortion cases in the city now dubbed 'Project Gaslight.'