Last Friday, the Market Analysis Group of Agriculture and Agri-Food Canada (AAFC) issued its September Outlook for Principal Field Crops.
The price outlook for many crops is down dramatically as compared to the August report.
First, the good news. The soybean price outlook for the year is up by $15 a tonne and a number of crops including barley, oats, canola and mustard are unchanged from the August forecast. The projected canola price is only slightly lower than last year, but it is 17 per cent below the five-year average.
Other crops saw significant price outlook declines in the AAFC analysis.
The durum price outlook is down $35 a tonne, while spring wheat is off by $20 as compared to last month. Flax is one of the few crops with a stronger price outlook this year than last year, but the outlook dropped by $50 a tonne. Canary seed prices have softened with the price outlook down by $70 a tonne.
Pulse crops are also showing major weakness. The chickpea price outlook is down $50 a tonne, field peas are down $65 a tonne and the biggest drop is on lentils. Their projected price has plummeted by $190 a tonne compared to the August forecast.
