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FCC field crop outlook update notes weather as important factor
June 2, 2021 By Top Crop Manager
In early May, Farm Credit Canada (FCC) released the first quarterly update to the 2021 grains oilseeds and pulses outlook. Forecasted prices have risen since February’s report, with new crop prices for all crops expected to remain above five-year averages.
Chart courtesy of Farm Credit Canada.
As FCC predicted, prices for pulses, wheat, corn, canola and soy in 2021 are being significantly affected by low crop supplies and uncertainty caused by shifting demand. Currently, demand for soy oil is driving soy prices, while soymeal drops off as a casualty in the continuing story about China and African Swine Fever.
In the next few months, FCC predicts weather to be the most important factor to monitor. Drought conditions or excessive dryness are creating trouble on the Prairies, and this trend is expected to continue. |READ MORE
