Farm product prices, September 2024

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

In September, prices for durum wheat dropped compared with the previous month in both major producing provinces, down 4.1% in Saskatchewan and 2.4% in Alberta. Increased supply and lower exports put downward pressure on prices. This was the 12th consecutive month of decline, as prices returned to normal levels from the highs seen in 2022.

Canola prices fell across the Prairie provinces in September 2024 compared with August, marking a third consecutive decrease in Alberta (-2.3%) and a fourth consecutive decline in Manitoba (-1.9%) and Saskatchewan (-1.6%). Reduced international demand for canola likely put downward pressure on prices. In addition, canola prices posted double-digit declines across all provinces on a year-over-year basis, as prices continued to drop from the highs in 2022.

Compared with August 2024, wheat (excluding durum) prices declined across most provinces in September. In the Prairie provinces, decreases ranged from 0.8% in Alberta to 2.0% in Manitoba. The new harvest put downward pressure on prices.

The movements of monthly soybean prices in September were mixed across the three main producing provinces, with increases in Manitoba (+7.9%) and Quebec (+2.7%), while Ontario (-5.3%) posted its fourth consecutive month of decline. Lower anticipated global production of palm oil likely supported a rise in prices.

In September, monthly slaughter cattle prices decreased across all provinces, with drops ranging from 3.1% in Manitoba to 15.1% in Quebec. This marked the end of at least seven months of consecutive increases in Quebec, Saskatchewan, Manitoba and the Atlantic provinces. Year over year, prices were at least 7.3% higher across the provinces in September, supported by the shrinking cattle herd.

Feeder cattle price movements varied across the provinces in September compared with the previous month. There were gains in Alberta (+2.7%), Quebec (+0.2%) and the Atlantic provinces and decreases in the remaining provinces. As well, on a year-over-year basis, Alberta (+31.2%) reported the largest increase.

The monthly price of slaughter hogs recorded declines across all provinces in September, ranging from 5.6% in Manitoba to 8.0% in British Columbia. Year over year, hog prices were lower in every province, with decreases ranging from 1.0% in Quebec to 4.6% in Nova Scotia.