Monthly prices for Canadian wheat decline in the Prairie provinces in October, Statistics Canada says; corn prices down in most provinces compared with September, while barley prices rise

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OTTAWA , December 11, 2023 (press release) –

Monthly provincial prices received by farmers in October 2023 for grains, oilseeds, specialty crops, cattle, hogs, poultry, eggs and dairy products are now available.

Monthly prices for wheat (excluding durum) declined in the Prairie provinces in October, with decreases ranging from 2.7% in Saskatchewan to 2.1% in Manitoba. A better-than-expected harvest in Turkey and continued exports from Ukraine contributed to the growth in world reserves. The competition from exporting countries exerted downward pressure on prices of wheat (excluding durum).

In October, the price of corn was down in most provinces compared with September, except in Ontario, where the price was almost unchanged (-0.2%). Manitoba posted the largest decline (-16.0%), followed by Quebec (-9.2%) and Prince Edward Island (-6.4%). Domestic production of corn is strong during the 2023/2024 crop year and thus continue to exert a notable impact on prices. In addition, corn harvest in the United States is forecast to be the largest since 2020, impacting expectations for the global corn supply and putting downward pressure on corn prices.

In October 2023, canola monthly prices fell for the second consecutive month in Alberta (-3.2%) and Manitoba (-2.1%), while Ontario posted a 5.0% increase compared with the previous month. However, year over year, the price of canola declined in all provinces, mainly due to the high prices reported in October 2022, with Alberta (-14.6%) posting the largest year-over-year drop, followed by Manitoba (-12.9%) and Saskatchewan (-12.2%).

The monthly barley price rose across Canada in October 2023 compared with September, except in Manitoba (-0.1%), where it was essentially unchanged. Prince Edward Island (+43.6%) reported the strongest increase, followed by Ontario (+12.8%).

In October, slaughter cattle prices decreased across all provinces compared with September, and declines ranged from 0.3% in Nova Scotia to 6.9% in Quebec. This marked at least three months in a row of decreasing prices for Manitoba, Saskatchewan, British Columbia, and Alberta.

In October, feeder cattle price movements varied across the provinces, with Alberta (+22.3%) posting the sharpest increase and Quebec (-6.3%) the largest drop. This marked the seventh month of continuous price gains in the Atlantic provinces and the end of at least nine consecutive months of rising prices for Manitoba, Saskatchewan, and British Columbia.

Meanwhile, all provinces recorded decreases in slaughter hog monthly prices in October over September. The declines ranged from 1.6% in Nova Scotia to 6.2% in New Brunswick.

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