July 2024 Agricultural Prices Report Released
Monthly provincial prices received by farmers in July 2024 for various agricultural products have been released. The data includes grains, oilseeds, specialty crops, cattle, hogs, poultry, eggs, and dairy products.
Key findings include:
- Durum Wheat: Prices fell for the 10th consecutive month in Alberta (-1.7%) and Saskatchewan (-9.5%). Year-over-year, Alberta's prices decreased by 17.4%, while Saskatchewan saw a decline of 15.1%. The drop is attributed to competition from exporting countries, such as Turkey.
- Barley: Monthly prices declined in several provinces, with Prince Edward Island experiencing the largest drop at -18.3%. Year-over-year, prices decreased in all provinces except Quebec, which saw a 6.4% increase. The decline is linked to reduced feed demand and competitive pricing from other grains, particularly corn.
- Soybeans: Prices decreased across all major producing provinces, with Manitoba reporting the largest decline at -6.1%. The pressure on soybean prices is due to strong global supply and favorable growing conditions in competing countries.
- Lentils and Dry Peas: Lentil prices fell by 6.3% in Alberta and 1.2% in Saskatchewan. Dry pea prices also saw declines across the Prairie provinces, with Saskatchewan reporting the largest drop at -11.0%.
- Cattle Prices: Monthly prices for slaughter cattle rose in all provinces except Alberta, which saw a decrease of 2.0%. Year-over-year, prices increased across provinces, with gains ranging from 9.6% to 21.6%. This increase is attributed to a shrinking cattle herd and strong demand from processors.
- Feeder Cattle Prices: Prices varied, with Alberta (-4.2%) and Quebec (-2.2%) reporting declines, while Ontario (+5.2%) and Manitoba (+3.9%) saw increases.
- Hog Prices: Monthly slaughter hog prices decreased across all provinces, with declines ranging from 0.6% in Manitoba to 3.0% in Ontario, attributed to increasing inventories leading to higher supply.
