Statistics Canada Reports August 2024 Farm Product Price Changes

In August 2024, Statistics Canada reported changes in farm product prices across various provinces. Prices for grains, oilseeds, specialty crops, cattle, hogs, poultry, eggs, and dairy products were released.

Durum wheat prices experienced their 11th consecutive monthly decline, with a 10.6% drop in Saskatchewan and a 7.0% decrease in Alberta. The anticipated increase in production contributed to this downward trend. Year over year, Alberta saw a 37.0% decline in durum wheat prices.

Canola prices fell for the third consecutive month in Saskatchewan (-4.5%) and Manitoba (-1.3%), and for the second month in Alberta (-5.5%). Year over year, Saskatchewan reported a 22.3% decrease in canola prices, influenced by increased domestic supply and higher global soybean stocks.

Lentil prices also declined in August, with Alberta experiencing a 9.9% drop and Saskatchewan a 5.5% decrease. Barley prices varied, with New Brunswick seeing a 12.2% increase, while Prince Edward Island recorded a 31.5% decline. Year over year, barley prices decreased in all provinces, with Saskatchewan and Alberta reporting the largest drops.

Slaughter cattle prices increased in most provinces, except Alberta, marking several consecutive months of gains in Quebec, Manitoba, and the Atlantic provinces. Year over year, slaughter cattle prices rose across all provinces, driven by strong demand and a shrinking cattle herd.

Feeder cattle prices varied, with increases in Quebec, Ontario, and Alberta, while other provinces saw declines. Slaughter hog prices rose in most provinces, except Manitoba, which reported a decline. Year over year, slaughter hog prices decreased across provinces, with the largest declines in Prince Edward Island and Nova Scotia.