Significant price drops for a number of crops are being forecast by the market analysis group of Agriculture and Agri-Food Canada in its August outlook for principal field crops.
Compared to its July price estimate, AAFC has dropped the average price of canola for the current crop year by $50 a tonne. The recent announcement of the Chinese duty on Canadian canola seed is the main reason. However, other more minor acreage crops are also down as compared to the July forecast.
The lentil price forecast for the year is down $30 a tonne, Canary seed is down $40 a tonne and chickpeas are down a whopping $90 a tonne. Rye is down $20 a tonne to the lowest point in 15 years.
The only crop with an improved price outlook is mustard, which is up by $55 a tonne as compared to the July estimate. Mustard acreage is down 40 per cent as compared to last year.
The price outlook is unchanged on wheat, durum, barley, oats, flaxseed and peas.
