Farm Credit Canada is forecasting that crop prices will continue to remain strong for the rest of the marketing year.
“Some prices will ease off their recent highs, while canola, corn and soybean prices should increase,” the lender said in a market update earlier this month.
The FCC forecast for canola is $990 a tonne for this crop year and $920 for the 2022-23 crop year — a huge jump up from the five-year average of $490 a tonne.
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It also put spring wheat at $430 this crop year and $385 next year (versus a five-year average of $240); barley at $420 this year and $355 next year (versus $240), peas at $590 a tonne this year, $435 next year (versus $280), and red lentils at $910 this year and $725 next year (compared to a five-year average of $490).
