Canadian farm product prices in July up 14.8% year-over-year; 19.4% increase in crop prices led by 34.3% rise in oilseeds, 30.1% upswing in grains; livestock and animal products up 10.4%: Statistics Canada
September 22, 2011
– Prices farmers received for their commodities in July rose 14.8% from July 2010, as product prices for livestock and animal products and most crops continued to advance. July marked the seventh consecutive double-digit increase that has ranged from 12.2% to 18.9%.
In the 12 months to July, both the total crops index (19.4%) and the livestock and animal product index (10.4%) recorded increases. The year-over-year upward trend started in September 2010 for the crops index and in May 2010 for the livestock and animal products index.
The largest contributors to the advance in crop prices were oilseeds (+34.3%) and grains (+30.1%). The year-over-year increase of the crops index was moderated by lower prices for potatoes (-4.5%) and vegetables (-2.5%).
Canola, Canada's largest oilseed crop, set record crush levels for the August 2010 to July 2011 crop year, with 6.3 million tonnes of canola crushed, up 31.8% from the previous year's record.
Compared with July 2010, increases were recorded in all livestock commodities, ranging from 1.8% for dairy to 16.7% for poultry. The cattle and calves index (+15.7%), the largest contributor to the livestock and animal products index, continued its strong advance, with double-digit growth since August 2010.
On a monthly basis, following an increase in June, the July index fell 0.1%, the second decrease since December 2010. Both the crops index and the livestock and animal products index edged down in July.