Research Findings: Objective 4
Objective 4: Compare the Future Crop Yields to Current Crop Yields and Economic Impact in Order to Determine Economic Impact of Future Crop Yields
In 2017, 76,409,00 bushels of winter wheat were created out of the 1,985,117 tones harvested (OMAFRA Econ, 2017). These bushels sold at an average price of $5.60/bushel (OMAFRA Econ, 2017). This created a total value of $427,785,000 for winter wheat at market in Ontario (OMAFRA Econ, 2017). Based on our above findings, there is a less than 1% change in future crop yield for winter wheat. As a result, if all other variables for pricing remain consistent, the economic impact is expected to be within 1% of the current $427,785,000. The fluctuations in climate change factors such as temperature and precipitation for future crop yield impacts in Ontario will ultimately equate to having similar influence on crop outputs as current Winter Wheat agriculture scenerios.
Table 3 - Economic Impact of Winter Wheat in 2017