The November Outlook for Principal Field Crops from Agriculture and Agri-Food Canada has an improved price projection for canola, but that’s where the good news ends.
AAFC has increased its price expectation for canola by $25 a tonne as compared to its projection from October.
This year’s price projection on canola is now very close to last year’s price. However, many analysts feel the official estimate of canola production is too low at 20 million tonnes and believe that number will increase when Statistics Canada publishes its final estimates on December 4.
In the other crops, most price estimates didn’t change from October to November, but there are a few notable price declines.
The mustard price expectation for the year is down $45 a tonne as compared to October. Mustard is the only crop with a somewhat better price estimate than last crop year.
Canary seed saw a major drop in November – down $80 a tonne. The price expectation for flax has been heading downhill for several months. It dropped $50 a tonne in September, $25 a tonne in October and another $35 a tonne in November.
The AAFC report notes that oat prices are the lowest in five years and rye is the lowest in 15 years.
