Price prospects for canola, durum, soybeans, corn and flax declined in the just-released August Outlook for Principal Field Crops published by the Market Analysis Group of Agriculture and Agri-Food Canada.
Between the July report and this August report of crop prices for 2024-25, the biggest price decline is for canola. The forecasted average price for the crop year was $$680 a tonne last month. That has been reduced to $630 a tonne – a $50 a tonne drop, more than a dollar per bushel.
The next biggest month over month price drop is on durum, which is down $25 a tonne. The Ag Canada analysis acknowledges that hot, dry weather has reduced durum yield expectations. However, North American production is still expected to increase and that’s one of the main reasons why the forecast has been lowered.
The wheat price forecast did not change from last month, so rather than the normal premium for durum over spring wheat, durum is now expected to have a small discount to CWRS wheat.
The soybean price forecast is down $20 a tonne, flax is down $15 a tonne and corn is down $10 a tonne. On all the other crops, the price forecast has not changed.
