Farm product prices, August 2024

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

In August, durum wheat prices posted their 11th consecutive monthly decline in both major producing provinces, down 10.6% in Saskatchewan and 7.0% in Alberta. The anticipated increase in production put downward pressure on the prices of durum wheat. Year over year, the declines in durum wheat prices were more marked across the provinces, with Alberta (-37.0%) leading the decreases.

Compared with July, monthly canola prices fell for the third consecutive month in August in Saskatchewan (-4.5%) and Manitoba (-1.3%) and for the second consecutive month in Alberta (-5.5%). Year over year, the price of canola declined in all provinces, with Saskatchewan (-22.3%) posting the largest drop. Increased domestic supply of canola in the 2023/2024 crop year and a rise in global soybean stocks, which were destined for vegetable oil and biodiesel markets, put downward pressure on canola prices.

Lentil prices fell in August compared with July, with Alberta (-9.9%) leading the declines, followed by Saskatchewan (-5.5%). Lentil prices were also down in Alberta (-9.8%) and Saskatchewan (-5.2%) in August compared with the same month one year earlier, ending their year-over-year upward trend for the month of August observed over the previous five years.

Barley price movements varied across the provinces in August compared with July. New Brunswick (+12.2%) led the increases, while Prince Edward Island (-31.5%) recorded the largest decline. Year over year in August, barley prices decreased in all provinces, with Saskatchewan (-31.0%) reporting the largest drop, followed by Alberta (-30.5%).

In August, monthly slaughter cattle prices increased across all provinces, except Alberta (-2.0%). This marked the seventh consecutive month of gains for Quebec, Manitoba and Saskatchewan, and the eighth consecutive month of growth for the Atlantic provinces. Year over year, slaughter cattle prices were higher in every province, with rises ranging from 9.9% in Alberta to 33.7% in Quebec. Strong demand from processors and a decreasing cattle herd supported the higher slaughter cattle prices.

Monthly feeder cattle price movements varied across the provinces in August, with prices being up in Quebec (+5.4%), Ontario (+3.4%) and Alberta (+2.2%), while they were down in the remaining provinces. This marked the end of three months of consecutive price increases for Manitoba, Saskatchewan and British Columbia.

Monthly slaughter hog prices increased in most provinces in August, with gains ranging from 0.9% in Alberta to 5.1% in Quebec. Manitoba was the sole province to report a monthly price decline, down 1.0%. Year over year, slaughter hog prices posted declines in August, with decreases ranging from 5.4% in Prince Edward Island to 9.2% in Nova Scotia.