Farm product prices tick down, but still high
Canola, wheat and barley prices remain well above 2021 levels
By Siddhartha Bhattacharya, ATB Economics 12 October 2022 1 min read
Prices received by farmers declined across most provinces in August, largely due to stronger domestic production.
Wheat (excluding durum) prices fell 11.5% (on a monthly basis) in Alberta, but were still more expensive than most other wheat-producing regions in the country.
After peaking in June, the price of canola (including rapeseed) eased for the second straight month in August. On a year-to-date basis, however, the average price of canola over the first eight months of the year was 49.3% than over the same period in 2021.
Prices of lentils and dry peas also eased in August, but remained significantly above last year’s levels. Meanwhile, hogs, poultry and cattle prices moved higher across most regions in the country.
The Russian invasion of Ukraine has been a key factor keeping farm prices elevated this year relative to 2021. We expect this story to be largely unchanged in the next month’s report.
Answer to the previous trivia question: Per capita turkey consumption in Canada in 2021 was 3.5 kg.
Today’s trivia question: True or false: White shell eggs come from hens with white feathers while brown shell eggs come from hens with brown feathers.