Farm product prices, April 2024

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

In April, prices for durum wheat posted their seventh consecutive month-over-month decline in both major producing provinces, down 3.0% in Alberta and 1.9% in Saskatchewan. Both provinces also recorded a year-over-year decrease, with prices falling at least 10.5% in April. International competition put downward pressure on durum wheat prices.

Meanwhile, prices for wheat (excluding durum) varied across the provinces in April compared with March. Quebec (+6.6%) led the increase, while Prince Edward Island (-3.0%) experienced the largest decrease. On a year-over-year basis, prices for wheat (excluding durum) dropped in all provinces, with Manitoba (-23.2%) and Saskatchewan (-23.2%) leading the declines in April.

Canola monthly prices increased in all provinces except Quebec (-3.1%) in April. Alberta (+7.7%) reported the largest increase after posting seven consecutive monthly price declines. The increase in canola prices was supported by strong domestic crushing and higher prices for vegetable oils in April. On a year-over-year basis, however, canola prices declined in all provinces in April, with Ontario (-23.3%) posting the largest drop.

In April, oat prices varied across the provinces, with increases led by Quebec (+13.1%) and decreases led by Prince Edward Island (-3.7%). Year over year, oat prices rose in most provinces, with Manitoba (+12.8%) reporting the largest growth, followed by Saskatchewan (+12.3%). Stocks of oats fell by 50.9% year over year in March. This decrease was largely caused by low production during the 2023 growing season, resulting in lower supply, which exerted an upward pressure on prices.

In April, monthly price movements for feeder cattle varied across the provinces with increases led by the Atlantic provinces, followed by Quebec (+7.3%) and Alberta (+3.2%). The declines were led by Saskatchewan (-2.1%). Year over year, feeder cattle prices were at least 20.0% higher in April.

Slaughter cattle monthly prices rose across all provinces in April, except in British Columbia (-6.0%). The gains ranged from 0.7% in Saskatchewan to 5.6% in Alberta. Slaughter cattle prices were at least 11.1% higher in April compared with the same month in 2023. The declining cattle herd was the primary contributor to the price increases.

Monthly slaughter hog prices grew across all provinces in April 2024. The gains ranged from 7.4% in British Columbia to 9.9% in New Brunswick. This marked at least three consecutive months of price increases for all provinces. Softening feed prices have improved profitability for hog producers.