Spring 2023 Update
Seeding is slowly starting in west central and south west Saskatchewan. We are really just on the cusp of things getting started so there is no crop report to share at this time. Be sure to stay tuned as we will be sending crop reports out regularly throughout the seeding season.
Extra snowfall on the west side of the province has farmers in dry areas starting with better starting moisture levels than they have seen in a few years, which is creating optimism. The amazing weather this week is speeding things up around the province and should get seeding 2023 off to a quick start!
The outlook for this year looks positive for most. Projected profitability is much lower than 2022, due to lower grain prices and higher interest rates. That being said crop insurance premiums are still very good and most grain farms should be profitable if they are able to produce a crop in 2023.
Although I do not follow cattle futures myself, I have spoken to a couple of ranchers who are feeling optimistic with futures prices of cattle being stronger than they have seen in a while.
Inventory of farm land is still extremely tight with 196 farms for sale in the province today. Many of these are recreational quarters, acreages, development land and parcels that do not have farming as their main use. There are only 80 grain listings on MLS in all of Saskatchewan today!
This past winter we saw farmland values rise at a rate we had not seen in many years. Multiple offers were common and new record setting prices in most areas were common. I would expect this trend to slow down as interest rates and lower grain prices start to have an impact over the next few months, that being said only time will tell. If you are thinking of selling land in the next year two now may be the time to do so.
I was on CTV morning news today. It was a short conversation but a fun one. Click the link below to see the interview.
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