As the price of wheat spikes, Canadian farmers are seeing an opportunity to make money, Somogyi explained. However, that increase is offsetting other price hikes for things like fuel and fertilizer — key for farm production.
This time of year, many products see a price increase because they are imported to Canada, he said. Once the growing season arrives, local product becomes available and prices tend to drop slightly. “I think there is some hope on the horizon.”
Somogyi is the Arrell Chair in the Business of Food and professor in the School of Hospitality, Food and Tourism Management.