Farm prices ticked down again in June
Crop prices in Alberta continued to ease but remained above historical levels
By Siddhartha Bhattacharya, ATB Economics 21 August 2023 1 min read
According to the latest data from Statistics Canada, prices for crops received by Alberta farmers* retreated further in June. The decline occurred alongside strong production volumes from the 2022/2023 crop year and easing input cost pressures. Despite the downward trend, prices remain above historical levels.
For farmers in Alberta, wheat prices over the first half of 2023 stood 9.5% lower than the same period in 2022.
The price of canola eased for the sixth consecutive month. Averaging $809.87 per metric tonne, prices were 17.3% lower year-to-date (YTD) in Alberta.
Meanwhile, barley prices received by Alberta farmers held steady from their May level, but were 3.3% higher YTD.
Smaller herds of cattle and growing consumer demand continued to put upward pressure on slaughter cattle prices. They ticked up for the sixth straight month in June and posted an increase of 30.3% YTD from 2022 levels. Feeder cattle prices eased for the first time since December 2022 but remained 39.4% higher YTD.
Parts of the province in the south and east are experiencing very dry conditions, which will weigh on crop yields this year. While input costs have eased, the combination of lower prices and yields will create challenges for many farmers in the province.
*Price data are extracted from administrative files and derived from Statistics Canada surveys.
Answer to the previous trivia question: Canadian economist Robert Mundell was awarded the Nobel Prize in Economic Sciences in 1999.
Today’s trivia question: Don Crews of Lloydminster, Alberta, holds the Canadian record for growing the largest pumpkin. How much did the gourd weigh?