OTTAWA
,
June 9, 2023
(press release)
–
The prices for most crop commodities declined in April compared with March 2023, as higher production in the 2022/2023 crop year put downward pressure on prices. The April prices for non-durum wheat declined from March 2023 across all provinces, except the Maritime provinces, with the decreases led by Quebec (-10.2%). Year over year, the declines in non-durum wheat prices were larger, with Quebec (-25.8%) also leading the decreases and breaking its four-year trend of year-over-year price increases. In April, prices for durum wheat posted a third consecutive month-over-month decline in Saskatchewan (-1.5%) and Alberta (-1.3%), the two main durum-wheat-producing provinces. Alberta (-30.2%) and Saskatchewan (-26.8%) also reported double-digit decreases on a year-over-year basis. Oats prices continued to decline across the Prairie provinces in April; Manitoba recorded its 10th consecutive month-over-month price decrease, and Saskatchewan recorded its 11th. Most provinces, particularly those in the west, reported double-digit declines in oats prices in April compared with April 2022; Manitoba (-52.8%) and Saskatchewan (-51.3%) led the declines, but were followed closely by Quebec (-48.9%). In April 2023, canola prices decreased across all provinces compared with the previous month. The declines were led by Manitoba (-3.8%), which marked its fourth consecutive monthly price decrease. A larger domestic and global supply of canola continued to push prices down from the highs experienced in April 2022. Quebec (-27.6%) had the largest decline on a year-over-year basis, followed by Manitoba (-25.4%). Dry peas prices decreased across the Prairie provinces in April compared with the previous month and April 2022. Manitoba reported the largest price decrease on a month-over-month basis (-5.5%) and a year-over-year basis (-30.2%). Meanwhile, in April 2023, slaughter cattle prices increased across all provinces compared with the previous month, led by Alberta (+8.5%). All provinces reported a trend of increasing prices. Each of the Atlantic provinces reported at least five months of consecutive price increases, and the remaining provinces reported at least three consecutive months of price increases, as a smaller cattle herd supported prices. Feeder cattle prices in April 2023 increased across all provinces, except Ontario (-1.4%), with the increases ranging from 1.5% in Nova Scotia to 5.2% in Manitoba. This marked a four-month trend of increased prices for Saskatchewan and Alberta, and a five-month trend of increased prices for Manitoba and British Columbia. Feeder cattle prices were supported by the smaller cattle herd and expectations of higher prices for slaughter cattle in the future. In April, slaughter hog prices declined from March 2023, led by Prince Edward Island (-10.6%) and Quebec (-10.3%). A large hog processor in Quebec announced plans to close one of its hog processing plants by December 2023. Reduced global demand and uncertainty in Quebec's hog processing capacity put downward pressure on slaughter hog prices in April.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.
