Farm Credit Canada’s first crop outlook for 2025-26 suggests there may be more price upside for cereals rather than oilseeds. However, producer planting decisions are still not expected to be easy.
The outlook – which does not account for the impact of any potential US tariffs – shows prices for most crops stabilizing near their five-year averages in 2025-26 after falling year-over-year in 2023-24 (see chart below).
Looking ahead to the coming year, FCC said it expects soybean and canola prices will decrease relative to their cereal counterparts, specifically corn in eastern Canada and spring wheat in the Prairies. The relative price advantages do not necessarily indicate that one crop is more profitable than another; rather, they reflect the “current state of local and global supply and demand.”
Since the beginning of 2023, cash soybean prices in eastern Canada have been higher relative to corn, reaching levels not seen in over a decade. However, stocks-to-use ratios for the two global crops are trending in different directions according to data from the USDA.