Farm Credit Canada is forecasting “another year of excellent crop prices,” albeit with big declines for some crops.
The ag lender predicts canola will average $870 a tonne this crop year, which is $100 below the 2021-22 average but well above the five-year average of $490. FCC forecasts spring wheat prices to average $430 a tonne (versus $460 in the last crop year and $240 over the past five years). Feed barley prices will split the difference between last crop year ($440) and the five-year average ($240) and come in at $340 a tonne. The biggest drop being forecast is for red lentils, down $200 to $710 per tonne but still historically high ($490 is the five-year average).
The invasion of Ukraine, high inflation and low global stocks are all bullish factors for crop prices, FCC said in its mid-October outlook.
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