Farm product prices, January 2024

Monthly provincial prices received by farmers in January 2024 for grains, oilseeds, specialty crops, cattle, hogs, poultry, eggs and dairy products are now available.

Monthly prices for wheat (excluding durum) declined in all the Prairie provinces in January compared with December, with Manitoba (-4.8%) leading the decreases. Furthermore, the price of wheat (excluding durum) recorded year-over-year declines in all Prairie provinces in January, mainly due to the rise in global wheat stocks. Manitoba (-24.1%) posted the most notable year-over-year drop, followed by Saskatchewan (-22.8%) and Alberta (-22.1%).

Prices for canola fell month over month in all provinces in January, with Quebec posting the largest decline, down 11.2%. Despite strong domestic demand, canola prices were down due to lower Canadian canola exports. This was the fifth consecutive month-over-month decline for Alberta and the third for Saskatchewan.

In January, soybean prices were down compared with December in the major producing provinces of Manitoba (-2.0%), Quebec (-3.4%) and Ontario (-3.5%). Soybean prices fell due to the lower demand for soybeans and expected higher supplies from South America.

Dry peas recorded price increases across all the Prairie provinces in January compared with December, with Saskatchewan leading the increase (+6.6%), followed by Alberta (+6.1%) and Manitoba (+4.7%). This was the fifth consecutive month-over-month gain for both Saskatchewan and Alberta.

In January, slaughter cattle price movements varied across provinces compared with December. The monthly price declines ranged from 0.4% in Alberta to 8.1% in Quebec, while Ontario and the Atlantic provinces reported increases. Furthermore, the shrinking cattle herd supported year-over-year price gains in slaughter cattle, with each province posting growth of at least 16.3%.

Prices for feeder cattle also varied across provinces in January compared with December. Western provinces, led by Alberta (+3.3%), reported price increases, while the remaining provinces reported decreases. The declines ranged from 0.5% in Ontario to 8.3% in Prince Edward Island. In January, feeder cattle prices increased across all provinces year over year, with gains ranging from 8.4% in Prince Edward Island to 39.1% in Alberta. This marked at least three consecutive year-over-year price increases for feeder cattle in all provinces for the month of January.

Hog prices recorded mixed movements across provinces in January compared with December. Monthly price gains were recorded in four of the provinces, led by Ontario (+2.8%). These four provinces also posted their first month-over-month price increase after four consecutive monthly declines. Meanwhile, Nova Scotia (-6.2%) led the decreases in hog prices, recording its fifth consecutive month-over-month drop.