While canola prices have been affected by the 75.8 per cent Chinese tariff, other crops are not doing well either.
As harvest has ramped up across Western Canada, grain prices have dropped.
The week heading into the Labour Day long weekend was particular bad. Reports point to larger production than earlier anticipated. In addition, China has not been buying much grain from Canada or the U.S.
Based on publicly posted prices, yellow peas dropped about 75 cents a bushel in August with green peas down a dollar. Large green lentils are down a whopping 10 cents a pound or $6 a bushel. Red lentils dropped by about four cents a pound in August. Feed barley was off about 75 cents a bushel, with spring wheat down more than a dollar. Flax dropped about $1.50 a bushel through the month.
Harvest pressure on prices is not unusual, but the scope and the magnitude of the decreases is startling.
The price drops may not be over. The downward trend seems intact.
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