What Canadian interest rates could have an impact on Ontario the apple farmers

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Many Ontario apple farmers are getting towards the close of their season for harvest on an apple crop that’s slightly more than what they had hoped for. “We’re receiving reports of really great sizes and quality,” says Cathy McKay who is chair of the Ontario Apple Growers. “Honeycrisp, Empire, Cortland, McIntosh, and Gala are expected to be done by the end of this week but there’s Fuji to pick as well as Pink Lady.”

McKay claims that Honeycrisp, Empire, Cortland, McIntosh, and Gala (above) will be completed in the next few days, while there’s Fuji to be harvested as well as Pink Lady.

It’s a good thing as the summer in Ontario was a bit gloomy but then a hot and humid September. “We frequently lose days due in the rain. We can experience days when it’s raining throughout the throughout the day. And in September, the weather was gorgeous each day of the month. The color is really appealing this year.”

The overall estimate is that the harvest is growing 8.5 percent over the average five-year period although that’s just a few percentage points less than the previous year’s crop that was huge. “Some farmers were excited about planting densely over the past 10 years and, as a result, Ambrosia, Fuji, and Honeycrisp are all up above the five-year average due to these young trees are beginning to come into the picture,” says McKay.

Rate hikes at the interest rate

The kind of investment that goes into growing the plantations on more recent kinds of plants could be put in doubt for the younger farmers from Ontario that are facing increases in interest rates from the Bank of Canada. “Interest rates will play a major role in the near future, regardless of what happens to the sector in general,” says McKay. “Young farmers may reconsider the expansion of their farms because they’re finding that every acre of high-density orchards are now costing lots of cash.”

Ambrosia Fuji along with Honeycrisp (above) Are rising significantly over the five-year average, because the new trees are forming right now, according to McKay.

In the meantime, when it comes to movement, there is a steady flow of Ontario apples. “I would like to see demand stay that in the future, but it also will depend on the cost of freight as well as the U.S. dollar. Washington has had a big production this year.” says McKay.

For additional information, click here:

Cathy McKay

Ontario Apple Growers/Nature’s Blessings Farm

Tel. : +1 (905) 440-0966

naturesbounty@xplornet.com

https://www.naturesbountyfarm.com/

www.onapples.com

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Source: The Plantations International Agroforestry Group of Companies