Canadian farmers move away from canola due to surging fertilizer costs, fear of drought

Surging fertilizer costs and fear of drought are keeping Canadian farmers from planting more canola, despite record prices and growing demand. Acres of the oilseed, used in everything from salad dressings to deep frying, will probably decline 2.7 per cent from a year earlier to 21.9 million, according to a Bloomberg survey of eight analysts. The biggest drop since 2019 comes as canola futures are trading near all-time highs amid strong demand and disrupted trade flows from Russia’s invasion of Ukraine.-- More...