Yes, it could be.... I think that 2023 was likely the most expensive crop year ever planted for Canadian farmers. The cost of inputs—whether fertilizer, seed or crop protection products—has never been higher, so we're certainly seeing farmers pinched in a way that they haven't been. A recent report suggested that the largest fallout on farm was the gap between on-farm income and on-farm costs was the biggest decline. We've seen about 21%, which is the biggest since 1974.
Farmers are resilient. The resilience of Ukrainian farmers is actually incredible—they're still getting a crop off the ground—because we've heard of land mines in fields. Again, with the deterioration and Russia pulling out of the agreement, it's incredible that they've still managed to get a crop in and a crop off the ground.
We're all feeling the global pinch on commodity prices. Also, the ability for farmers to change what they're growing is difficult. Farmers in Canada, for example, typically have to have decided this month what they're growing next year, so if something catastrophic happens next year, they've already made all their input purchases.