Photo courtesy of CHAT News

By Jayson Taylor

$19/bushel

Canola prices down around 25 per cent from the end of 2022

Jun 16, 2023 | 12:07 PM

MEDICINE HAT, AB – Canola fields are recognizable to most Canadians. The bright yellow color of the crop is a sign that summer is here. This year, canola is having a bit of a rough year. Prices per bushel of canola are down from 2022.

The price for canola at the end of 2022 was $19 dollars per bushel. As of the end of May 2023, the price was down to $14 per bushel, a decrease of more than 25 percent.

Alan Hampton is the regional director of the Alberta Canola Producers Commission for the Medicine Hat region. He says that the market is currently weather-driven and with the currently dry spring that much of Alberta has been experiencing, upcoming yields are not looking too promising.

“Alberta weather conditions all of a sudden looked like drought was going to take place,” Hampton said on Thursday, “and with drought, dryness, crop production issues, at this time of year it is pretty much a weather-driven market.”

Canola is one of the largest produced crops in Canada, so farmers are always keeping an eye on the prices of crops to make sure they can get the most out of their crops.

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Hampton says that if farmers can get more rain over the course of the summer, than the impact of the lower prices will be minimized. Despite that, how the summer turns out in terms of precipitation will be determined over the next few weeks.