It takes guts but being the contrarian can pay dividends.
There are some adages about making money in the world of business. One of them goes something like this: when everyone is headed one way go the other.
Basically it says to go against the flow to find opportunities. Such is the case for canola growers this year.
A new report from the economics unit at TD Canada Trust says one of the few industries that handled the COVID pandemic well was agriculture. In general, crops were good in the country this year and demand is holding up well. For livestock, the story is bit tougher on lower restaurant demand but, overall, agriculture is an economic bright spot.
They note that exports and prices for canola have gone up this year, despite fears before seeding over import restrictions imposed by China. It turns out the world needed more canola and are paying for it.
Saskatchewan is expected to see overall output fall by about 3-percent this year on lower yields but higher prices and better quality will be an offset as agriculture’s contribution to GDP will grow while other industries pull back.
