While plenty of Albertans were unhappy about the recent spring snowfall, the sight was a welcome one for many of our province’s farmers. Moisture can improve growing conditions and bring better yields—a good outcome for canola farmers—who are also seeing better pricing.
The latest canola price data shows that prices have had a strong start over the first two and a half months of this year. Last week’s end to canola prices showed that price for canola crusher (the main input to canola oil) was $487.47 per metric tonne. That is about four per cent higher than last year’s average.
It’s important to remember that we are only moving into April and there is still a long way to go between now and harvest. Let’s not forget that more snow could fall and too much could set back spring’s busy period and even stall the development of crops.
If we experience an average growing season (or even slightly above average) and assume current pricing of canola, farmers could see a decent boost to their revenue stream this year.