Farm product prices, July 2024

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

In July, monthly prices for durum wheat fell for the 10th consecutive month in Alberta (-11.7%) and Saskatchewan (-9.5%), the two major durum-producing provinces. Both provinces also recorded a year-over-year decline, with Alberta decreasing 17.4% and Saskatchewan falling 15.1%. Competition from exporting countries, such as Turkey, put downward pressure on durum wheat prices.

Monthly barley prices declined in some provinces in July, led by Prince Edward Island (-18.3%). Year over year, barley prices decreased in all provinces, except Quebec (+6.4%). Reduction in feed demand and competitive prices for other feed grains, particularly corn, put downward pressure on barley prices.

Monthly soybean prices recorded declines in all major producing provinces in July, with Manitoba (-6.1%) posting the largest decrease. Canadian soybean prices were under pressure due to strong global supply and favourable crop growing conditions in other soybean-producing countries.

Compared with June, lentil prices fell 6.3% in Alberta and 1.2% in Saskatchewan in July. The prices for dry peas recorded monthly declines across the Prairie provinces, with the largest drop being in Saskatchewan (-11.0%), followed by Alberta (-8.1%) and Manitoba (-6.8%). Prices were down, as markets adjusted to higher production estimates for lentils and dry peas for the new crop year due to larger seeded areas.

Monthly prices for slaughter cattle rose in all provinces in July, except Alberta (-2.0%). This marked the seventh consecutive month of gains for the Atlantic provinces, and the sixth month of growth in a row for Quebec, Manitoba and Saskatchewan. Year over year, slaughter cattle prices were higher in July across the provinces, with increases ranging from 9.6% to 21.6%. Price gains were supported by the shrinking cattle herd, as well as strong demand from processors.

Monthly feeder cattle prices varied across provinces in July. Alberta (-4.2%) and Quebec (-2.2%) reported declines, while the remaining provinces reported increases, led by Ontario (+5.2%) and Manitoba (+3.9%). Manitoba, Saskatchewan and British Columbia reported their third monthly price gains in a row.

In July, monthly slaughter hog prices decreased across all provinces. The declines ranged from 0.6% in Manitoba to 3.0% in Ontario. Slaughter hog prices fell, as increasing inventories led to higher supply.