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Crop prices relatively stable

Crop prices relatively stable

Posted on: 8/20/2018 | Author: ATB Financial's Economics + Research Team

​​It hasn’t always been the case, but prices for Alberta’s two major cash crops — wheat and canola — have been relatively stable over the last few years. Given the number of other challenges that our farming friends contend with, that stability is helpful.

In June, wheat (excluding durum) was selling on average for $ 255 per metric tonne, a bit better than the five-year average price of $ 230 per metric tonne. There’s been little change in price this year, despite the fact that both Japan and South Korea imposed an import ban on Canadian wheat in June. (The ban was due to the discovery of genetically modified wheat in Alberta; the ban was lifted a few weeks later.)

Canola prices reached their highest level in nearly five years in June, topping $520 per metric tonne (however, prices have dipped a bit in July and August.)

Prices on other commodity exchanges, such as the Chicago Board of Trade and the Minneapolis Grain Exchange, have seen more volatility. There are still always dynamics of supply and demand that toss prices higher and lower.

As we move into the harvest season, farmers across our province will be watching the weather closely. Currently, growing conditions are mixed. Some parts of the south are facing drought conditions while other areas are seeing better results. Prices may be stable, but any number of things could still go wrong — hail, frost, heat or dampness.

Crop prices, graph​​​​​​​​

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