October 2024 Farm Product Prices Show Mixed Trends Across Canada

The latest data on farm product prices for October 2024 reveals varied trends across different agricultural commodities and provinces in Canada. Statistics Canada released the monthly provincial prices for grains, oilseeds, specialty crops, cattle, hogs, poultry, eggs, and dairy products.

• Canola Prices: Canola prices experienced mixed movements, with a 0.5% decline in Saskatchewan and a 0.8% increase in both Alberta and Manitoba. Year-over-year, canola prices saw double-digit decreases in all provinces, with Ontario experiencing a 24.1% drop.

• Dry Peas: Prices for dry peas increased in October compared to September, led by an 8.9% rise in Saskatchewan. The extension of the suspension of the tariff on yellow peas by India contributed to this upward trend.

• Barley: Barley prices showed mixed movements, with Ontario reporting the largest increase at 11.2%, while Prince Edward Island saw a decrease of 4.9%.

• Wheat: Prices for wheat, excluding durum, increased in most provinces, with Ontario leading at a 3.3% rise. This was supported by strong global and domestic demand.

• Slaughter Cattle: Monthly prices for slaughter cattle decreased in all provinces except Quebec, which saw a 0.4% increase. Alberta experienced its fourth consecutive month of price decreases. Year-over-year, slaughter cattle prices were at least 6.8% higher across all provinces.

• Feeder Cattle: Quebec and the Atlantic provinces recorded declines in feeder cattle prices, while other provinces saw gains, ranging from 0.4% in Ontario to 5.8% in Alberta.

• Slaughter Hogs: Price movements for slaughter hogs varied, with decreases in Nova Scotia, British Columbia, Saskatchewan, and Ontario, while other provinces recorded increases, with Alberta seeing the highest gain at 2.5%.