Economic analyst explores the 2024 market outlook for prairie farmers in Canada

Dried Lentil

Wheat

Published Feb 3, 2024

Tridge summary

Brad Magnusson, a principal market analyst at Magnusson Consulting Group, has advised prairie farmers to consider growing lentils, durum wheat, canola, and chickpeas in 2024 due to their profitability and high demand. However, he warned about potential mould risks in chickpeas. Magnusson also discussed the current commodity cycle, which is two-thirds of the way down and largely dependent on global GDP, particularly China's buying power. He suggested that Canadian producers could benefit once China's housing crisis is resolved, but cautioned about the potential impact of grain overproduction.

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Original content

One of the keynote speakers at this year’s Ag Outlook presentation was Brad Magnusson, the principal market analyst for key agricultural markets in North America and overseas at the Magnusson Consulting Group. The Jan. 23 presentation was held in person and streamed online at the Living Sky Casino in Swift Current. There, Magnusson spoke about the economic outlook prairie farmers can expect to face in 2024. The presentation covered four key areas affecting Saskatchewan’s agricultural industry. These areas included the impact of global economics considering recent international developments, the commodity cycle, the commodity outlook for 2024, and lastly, he addressed the cattle industry. The outlook for 2024 In the presentation, Magnusson advised farmers in dryland areas to consider growing lentils in 2024, followed by durum, canola, and then peas. Lentils: Magnusson said that lentils should be the most profitable crop in the 2024 growing season. “If you haven’t grown (lentils), ...

Source: Moosejawtoday