Farm product prices, March 2024

Released: 2024-05-08

Monthly provincial prices received by farmers in March for grains, oilseeds, specialty crops, cattle, hogs, poultry, eggs and dairy products are now available.

In March, monthly prices for wheat (excluding durum) fell for the eighth consecutive month in the Prairie provinces, where Alberta (-3.2%) posted the largest decline compared with February. Wheat prices were down due to continued pressure from cheaper Russian wheat exports to global markets. On a year-over-year basis in March, prices for wheat (excluding durum) also declined in the Prairies, with Manitoba (-25.5%) posting the largest decrease, followed by Alberta (-24.6%) and Saskatchewan (-24.5%).

Corn prices were down in most Canadian provinces in March compared with February. Increased global corn supplies and larger crops expected from Argentina in 2024 put downward pressure on Canadian prices. On a year-over-year basis, corn prices fell across all provinces by at least 27.6% in March.

In March, barley prices continued their downward trend in the Prairie provinces, posting the fifth consecutive monthly decrease in Saskatchewan and the fourth in Manitoba and Alberta. Manitoba recorded the largest month-over-month decrease, down 6.2%. Furthermore, barley prices fell year over year in all Prairie provinces by at least 23.8% in March. Weak Canadian barley exports and lower American corn export prices put downward pressure on barley prices.

Soybean prices declined across Canada in March compared with February. Decreases ranged from 1.4% in Ontario to 4.8% in Manitoba. On a year-over-year basis, soybean prices fell in every province in March, led by Manitoba (-27.6%). Ample global oilseed supply put downward pressure on prices.

Slaughter cattle prices rose in all provinces in March compared with February. Increases ranged from 2.0% in Ontario to 6.9% in Quebec. Prices were at least 15.1% higher on a year-over-year basis in March across Canada. The shrinking cattle herd continued to support slaughter cattle prices.

In March, monthly movements for feeder cattle prices varied across Canada, with the Atlantic provinces (-3.5%) posting declines and the remaining provinces recording gains, led by Saskatchewan (+5.4%). In addition, prices were up for at least three consecutive months in the western provinces. Softening feed prices, particularly for barley and corn, increased the profitability of livestock producers and contributed to the feeder cattle price increase.

Slaughter hog prices rose in every province in March compared with the previous month. Nova Scotia and British Columbia led the gains, each posting an 11.1% increase. Furthermore, slaughter hog prices marked their third consecutive month of increase in Prince Edward Island, Quebec, Ontario and Manitoba.

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