AAFC improves outlook for canola

The price outlook for canola continues to improve, according to the Outlook for Principal Field Crops report from Agriculture and Agri-Food Canada, released Wednesday.

The average price expected for canola in this current crop year was raised by $20 a tonne, while the price projection on canola for the upcoming crop year was raised by $30 a tonne.

This is on top of a $60 per tonne increase in April’s new crop price projection.

The average new crop price is now expected to be $25 a tonne higher than the average price for the current crop year.

The other big price changes this month were on mustard and Canary seed. Ag Canada believes mustard acreage is down by half as compared to last year and the expected drop in production has resulted in a $55 a tonne increase in the projected new crop price as compared to April.

Meanwhile, the new crop price projection on Canary seed has been reduced by $45 a tonne.