Ontario corn prices have been on a wild ride in 2022 – from $6.50 to over $9 and partway back again.
In Ontario, cash corn prices are around $8/bu at elevators. Fob farm and end-user prices may be a little higher but are in the same ballpark. That’s an incredible price considering it’s the tail end of harvest!
Of course, simply stating today’s price doesn’t do justice to the incredible ride prices in the province have been on since the start of the calendar year.
Back in January, the 2022 corn crop had not yet been planted. Prices for delivery at harvest (Oct/Nov) were just over $6.50/bu. At the time, that seemed like a decent price.
Then Russia invaded Ukraine. Prices for all crops exploded, including corn. Ontario prices rocketed higher for more of the spring, eventually topping $9/bu at elevators, as shown below.
Then came a summer swoon. Some grain started to move out of Ukraine, despite the ongoing war. The US corn crop started to develop nicely, soothing some fears about a global food shortage. Ontario got timely rain for its own corn crop. Prices fell back to around $7.25/bu at elevators.
More recently, Ontario prices made a sharp secondary rally that peaked around $8.75, just as the Ontario harvest got going.
Today, prices are lower – around $8/bu at elevators – but these prices still have appeal to some growers for sales.
“If you didn’t know how high prices were this spring, you’d say that current prices are amazing,” opined Ranulf Glanville of the Ag-Alert market advisory service.
He added, “I’m certainly not talking our clients out of selling a little at these prices, particularly if they are actively harvesting and don’t have storage for it all. Perspective is important. $8/bu is a very good price!”
Source: DePutter Publishing Ltd.
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