Canola futures are down 3% year over year in the world’s biggest canola-growing country despite severe harvest problems that normally would lift prices, adding further pressure to declining farm incomes.
This year will be remembered as the “harvest from hell,” said farmer John Guelly, chairman of the Alberta Canola industry group. Canola’s problems may even frustrate some from sowing it next year, he said.
“I think there will be a pullback in acres for sure.”
In Alberta, 17% of canola was unharvested as of Nov. 5, according to the provincial government, along with 12% of Saskatchewan’s canola and 9% of Manitoba’s output measured around the same time. Based on Canadian government planting estimates, that unharvested canola represents some 2.7 million acres, or 13% of national plantings.