This year’s Canadian crop will be the most in expensive in history, with input sales expected to move higher yet, Farm Credit Canada (FCC) is forecasting.
In a website post Tuesday, FCC senior economist Leigh Anderson pegged 2023 total crop input sales (fertilizer, chemicals, seed, and fuel) at $23.1 billion, a nearly 6% increase over last year.
“Overall, demand for crop inputs remains robust, supported by strong farm cash receipts, even if commodity prices soften from peak levels,” Anderson wrote. “The 2023 crop will be the most expensive ever planted.”
For this past year, the Canadian crop input market (fertilizer, chemical, seed, and fuel) is projected to have grown 26.1% in 2022, reaching an estimated record $21.8B in sales. Most of the growth was driven by increases in fertilizer and fuel prices, stemming from global supply chain disruptions and the war in Ukraine. Click here to see more...