Commodity prices up, but drought fears linger for farmers

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May was another good month for commodities.

The Latest Commodities Report from Patricia Mohr at Scotiabank says prices were up for the second consecutive month, thanks to higher demand for energy.

Mohr expects oil prices will continue to rise slowly in the coming months, but it will be a while before that leads to increased activity in Canada or south of the border.

She also says people are closely tracking the weather because of its possible impact on agriculture, especially in our part of the country.

“Some agricultural experts say that if there isn’t significant rain in Saskatchewan and Alberta by July 10, that we may actually have drought in that part of Western Canada,” she said.

If drought conditions do develop, Mohr says consumers will be hit with higher cereal prices, adding it also doesn’t appear as if beef prices are coming down anytime soon.

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