June 2024 Farm Product Prices Show Varied Trends Depending where you are in Canada
In June 2024, Canadian farmers experienced fluctuating prices for a range of farm products, including grains, oilseeds, specialty crops, and livestock says a Statistics Canada Report. These changes reflect the complex dynamics of domestic and international agricultural markets.
Durum wheat prices in Saskatchewan and Alberta continued to drop for the ninth consecutive month, declining by 4.0% and 2.4%, respectively. This ongoing decrease, influenced by competitive export markets, also marked a year-over-year price fall of at least 5.9% in these provinces.
Canola prices varied across the prairies. Manitoba and Saskatchewan witnessed declines of 1.6% and 1.2% due to reduced domestic crushing activities. In contrast, Alberta saw a slight increase of 0.6%. Overall, year-over-year prices were down by over 12.5%, stabilizing from the record highs of June 2022.
The Prairie provinces also saw reductions in dry peas prices with Alberta recording the sharpest drop of 17.0%. This decrease brought an end to nine months of consecutive price increases in Saskatchewan.
In the grains sector, oat prices were inconsistent. Quebec saw a 6.0% increase, leading the gains, while Alberta faced the largest decline of 3.0%. However, year over year, most provinces, including Saskatchewan and Alberta, reported significant increases in oat prices.
The livestock sector showed positive trends in slaughter cattle prices with rises in all provinces except Ontario, which saw a 4.0% decrease. Quebec led the increases with a rise of 6.6%. This growth is attributed to a smaller cattle herd and sustained demand, with the Atlantic provinces marking their sixth consecutive monthly gain.
Feeder cattle prices were more mixed. Gains were noted in Quebec, Manitoba, British Columbia, and Saskatchewan, while declines occurred in the Atlantic provinces, Ontario, and Alberta.
Slaughter hog prices remained stable month-over-month but increased year-over-year in every province. Quebec and Prince Edward Island saw the most significant rises, supported by a shrinking hog herd and robust demand for pork products.