Monthly crop prices in Canada continue to decline in June as higher production during the 2022-2023 crop year and lower input costs put downward pressure on prices, Statistics Canada says

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OTTAWA , August 14, 2023 (press release) –

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

In June, monthly crop prices continued to decline as higher production during the 2022/2023 crop year and lower input costs put downward pressure on prices.

Non-durum wheat prices went down across all provinces in June compared with May, with decreases ranging from 1.6% in Quebec to 6.9% in New Brunswick. Non-durum wheat prices also posted declines across Canada on a year-over-year basis, with Quebec (-25.4%) and Saskatchewan (-25.0%) posting the largest decreases after recording four consecutive year-over-year gains for the month of June.

Barley prices declined month over month in most provinces, led by Quebec (-25.9%), where a reduction in feed demand put downward pressure on prices. Barley prices decreased in all provinces in June compared with June 2022, except New Brunswick (+7.1%), ending their year-over-year upward trend for the month of June, observed in the previous four years.

In June 2023, canola prices in the Prairie provinces fell for at least the fifth consecutive month. Saskatchewan (-6.2%) led the monthly decline, followed by Manitoba (-4.8%) and Alberta (-4.4%). In addition, canola prices were down year over year across all provinces, with decreases ranging from 19.8% in Quebec to 32.2% in Manitoba, as prices came down from highs in June 2022.

The prices of dry peas also recorded monthly declines across all producing provinces in June 2023, with the largest drop in Saskatchewan (-6.6%). Dry pea prices were also lower in June compared with the record highs posted in June 2022. Manitoba (-37.0%) led the overall year-over-year decrease.

In June 2023, monthly prices for feeder cattle varied across the provinces, with Alberta and the Atlantic provinces reporting decreases, while the remaining provinces recorded gains. The price decline in Alberta (-7.0%) came after five consecutive monthly increases. Quebec (+6.0%), on the other hand, led the provincial monthly price gains for this commodity.

Meanwhile, slaughter cattle prices increased month over month in all Canadian provinces, with growth ranging from 3.5% in Alberta to 16.1% in Quebec in June 2023. Slaughter cattle prices have been supported by the contracting cattle herd and strong consumer demand, leading to monthly gains in each of the provinces. Prices have risen in every province for at least five months in a row.

Slaughter hog prices also increased monthly across Canada in June, with New Brunswick (+12.6%) and Alberta (+12.3%) posting the largest gains. On the other hand, year over year, slaughter hog prices recorded decreases overall, with Prince Edward Island (-24.5%) reporting the largest decline and Manitoba (-12.0%) the smallest.

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