July 2024 Agricultural Product Price Report
Monthly provincial prices received by farmers in July for various agricultural products have been reported. The following details summarize the changes in prices:
- Durum Wheat: Prices fell for the 10th consecutive month in Alberta (-11.7%) and Saskatchewan (-9.5%). Year-over-year, Alberta saw a decrease of 17.4% and Saskatchewan 15.1%. This decline is attributed to competition from exporting countries such as Turkey.
- Barley: Prices declined in several provinces, led by Prince Edward Island (-18.3%). Year-over-year, barley prices decreased in all provinces except Quebec, which saw an increase of 6.4%. The reduction in feed demand and competitive pricing from other grains, particularly corn, contributed to this decline.
- Soybeans: All major producing provinces reported price declines, with Manitoba experiencing the largest drop at -6.1%. The pressures on Canadian soybean prices are linked to strong global supply and favorable growing conditions in other countries.
- Lentils: Prices decreased by 6.3% in Alberta and 1.2% in Saskatchewan. The decline in prices for dry peas was observed across the Prairie provinces, with Saskatchewan recording the largest drop at -11.0%.
- Slaughter Cattle: Prices rose in all provinces except Alberta (-2.0%). This marks the seventh consecutive month of price increases for the Atlantic provinces and the sixth month for Quebec, Manitoba, and Saskatchewan. Year-over-year, prices increased across provinces, ranging from 9.6% to 21.6%, driven by a shrinking cattle herd and strong processor demand.
- Feeder Cattle: Prices varied by province, with Alberta (-4.2%) and Quebec (-2.2%) reporting declines, while Ontario (+5.2%) and Manitoba (+3.9%) saw increases.
- Slaughter Hogs: Prices decreased across all provinces, ranging from 0.6% in Manitoba to 3.0% in Ontario, attributed to increasing inventories leading to higher supply.
This data is sourced from Statistics Canada and reflects the ongoing trends in agricultural pricing as of July 2024.