Durum has potential to make gains

Canadian durum prices have likely already peaked for the 2022-23 marketing year but there are plenty of factors that could drive durum markets higher in 2023-24, says a market analyst.

Locking in a portion of the 2023 harvest might not be a bad option for some Canadian producers, added Marlene Boersch, owner of Mercantile Consulting Venture Inc.

But growers probably shouldn’t be in a panic to lock in new crop prices just yet.

“I know some people who fixed this week at $11.50 a bushel and there were some $12 bids earlier,” Boersch said during a sideline interview at Durum Summit 2023, an industry event held Feb. 1 in Swift Current, Sask.

“Personally, I find it a bit premature for that simply because we don’t quite know the acreage levels yet and we still have some concerns about soil moisture….

“If somebody wants to fix some of their production now, then certainly that’s an option. But just looking at markets, I think I would wait a little bit.”