Canola prices down around 25% from the end of 2022
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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 as prices per bushel of canola are down from 2022.
The price for canola at the end of 2022 was $19 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 said 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.”
