High prices for farm products
Canola prices in Alberta jumped to their highest level on record in February
By Siddhartha Bhattacharya, ATB Economics 12 April 2022 1 min read
Drought, supply chain challenges and war have helped send farm product prices soaring.
In February, canola (including rapeseed) prices jumped to $850 per metric tonne in Alberta, the highest on record. Averaging over the first two months of the year, this was up 53% from 2021 levels, but still a bit modest compared to Manitoba where canola prices shot up 69% during the same timeframe.
Prices of wheat (excluding durum) received by Alberta farmers have appreciated consistently since September 2020 and were up 55% year-to-date in February.
Similarly, prices of barley, lentils and dry peas stood significantly higher than levels seen last year across most regions in the country.
With increased demand and production costs, prices of both feeder and slaughter cattle grew over 6% relative to January and February of 2021. Meanwhile, despite posting a 20% gain, hog prices in Alberta remained the cheapest in Canada.
Answer to the previous trivia question: The wholesale and retail sector of the economy employs the most people in both Canada (15% of total employment) and Alberta (16% of total employment).
Today’s trivia question: Which poet describes April as “the cruellest month”?