I was at in Banff last week at the Prairie Cereals Summit and J.P Gervais of FCC was speaking on economic trends in Agriculture.
He felt that interest rates should not go up much more, and he was commenting how 5y $ was not as high as shorter term like spot or 1y $
He commented on how stocks to use ratio’s were tightening on a few crops and feels volatility is going to continue.
Farm receipts have gone up over the past few years but this years crop will be the most expensive ever put in. (58% higher for 2023 vs 2020)
Global economic slowdown could impact us but it depends how fast it happens and other factors like droughts and wars. The low CDN $ is helping us as well.
Land values have gone up 10% in irrigation in a year, Southern Alberta 6%, and in Alberta as a whole 3.6%.
One interesting statistic was that employment tied to agriculture (farms, transport, processing) was at about 3% unfilled jobs 2.5 years ago and now has doubled to 6% unfilled jobs now. My thought was how do we fill those gaps so we can remain competitive in Canadian agriculture and trade.
Greg Stamp CCA
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