Farm Credit Canada is urging increased exports and to more countries.
Its report says there are opportunities to increase exports in soy, canola, wheat and pulse crops, but says hurdles do exist, including growing protectionism and price sensitivity.
It says there’s also a risk in relying so heavily on exports to the United States and China.
Canada was the world’s fifth-largest exporter of agricultural commodities in 2018, behind the United States, Brazil, the Netherlands and China.
More than 35 per cent went to the U.S. and almost 23 per cent to China.
When nations ban trade or increase tariffs, the report says that having a broader range of export markets allows Canadian exports to be re-allocated, rather than simply reduced.