Canadian Farm Prices Report - March 2024

May 14, 2024

By Jean-Paul McDonald

In March 2024, Canadian farm prices experienced notable shifts across various agricultural sectors according to Statistics Canada.  

Wheat prices in the Prairie provinces continued a downward trend, largely influenced by increased Russian wheat exports leading to global market pressures.  

Manitoba saw the largest year-over-year decrease at 25.5%, followed by Alberta (-24.6%) and Saskatchewan (-24.5%). 

Corn prices also declined due to global supply increases, particularly from Argentina. Year-over-year, corn prices fell by over 27.6% across all Canadian provinces. 

Barley prices continued their decline for the fifth consecutive month in the Prairie provinces, with Manitoba experiencing the largest month-over-month decrease at 6.2%. Year-over-year, barley prices dropped by at least 23.8% in all Prairie provinces due to weak Canadian exports and competitive American corn prices. 

Soybean prices decreased across Canada in March, with Manitoba seeing the largest decline at 4.8%. Year-over-year declines were significant, especially in Manitoba (-27.6%), influenced by ample global oilseed supply. 

On a positive note, slaughter cattle prices rose across all provinces in March, with Quebec experiencing the highest increase at 6.9%. Year-over-year, cattle prices were at least 15.1% higher nationwide, driven by a shrinking cattle herd. 

Feeder cattle prices varied by region, with the western provinces recording gains, particularly in Saskatchewan (+5.4%), attributed to lower feed prices increasing profitability for livestock producers. 

Slaughter hog prices increased in every province, with Nova Scotia and British Columbia leading at an 11.1% rise. Prince Edward Island, Quebec, Ontario, and Manitoba saw their third consecutive month of price increases for slaughter hogs. 

These trends reflect the dynamic nature of agricultural markets, influenced by global supply, export competition, and domestic herd sizes.  

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