Canada: Canary seed prices look attractive for new crop year

Published 2022년 1월 27일

Tridge summary

A severe drought in 2021 resulted in record low canaryseed production in Saskatchewan, with yields being 42% below the five-year average. This has led to a significant increase in prices, causing farmers to use all of their stored canaryseed and resulting in a decrease in export volumes compared to the previous year. Despite high prices for other commodities and potential rotational preferences, canaryseed is performing well due to its high gross margins, making it a competitive choice among other crops. The article discusses the potential for further price increases, the impact of drought conditions on seed planting and growth, and the importance of maintaining supply to meet customer demand.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Low production from last year’s drought and record high prices virtually ensure any farmers with canaryseed in the bin will be vacuuming up every last pound, said Chuck Penner, a commodity markets analyst from Winnipeg. “I would expect that the record high prices that we’ve had this year will have drained most of that unreported canaryseed out of the system,” said Penner of Leftfield Commodity Research. Penner was speaking to the virtual annual general meeting of the Canary Seed Development Commission of Saskatchewan on Jan.10, part of the Saskatchewan Crop Organizations 2022 conference held online and in Saskatoon. Saskatchewan canaryseed growers began 2021 with optimism, sowing 315,000 acres of the crop, Penner said. This was up 40,000 acres more than 2020, according to Statistics Canada. The acres were spread across the province, but plantings were concentrated in the west-central region and southeast of Regina. Blistering heat and extreme drought affected the whole province, ...

Source: The Western Producer