In terms of production, it was a bumper year for Alberta’s three largest crops. Wheat set an all-time record with both canola and barley output well-above their five-year averages.

The prices received by Alberta farmers, however, have been on a different track.

After reaching $521 per tonne in June 2022, wheat (excluding durum) prices have come down dramatically to $276 as of December 2025. December’s price was 7% lower than 12 months earlier, falling on a year-over-year (YOY) basis for the 34th month in a row. The average price received in 2025 was 6% lower than in 2024.

Near record global wheat production (all major global wheat producing nations had strong production leading to oversupply) and high stocks-to-use ratios have been behind the price slide and are expected to keep downward pressure on prices in 2026.

Also down from the dizzying heights seen in 2022, canola prices have fared a little better than wheat prices with the annual average 2% higher than in 2024 and effectively range-bound over the last two years. Despite Chinese tariffs and the subsequent drop in Canadian canola exports to China, increased canola processing capacity in Canada has provided some price support. The recent deal reached with China on canola tariffs is a welcome development, but strong global supplies make the case for potentially weaker prices in 2026.

It's essentially the same story for barley: prices are down from record highs a few years ago, the average price received in 2025 was off by 2% compared to 2024 and the outlook is soft due to strong supply.   

It remains a different story for cattle prices. Tight supply and strong demand saw prices for cattle break records in 2025. It will take time for herd size to increase, which will keep upward pressure on prices. However, as ATB’s beef expert Lee Irvine points out, “several commentators are starting to suggest that economic pressure could see consumers shifting purchasing habits to lower cost proteins,” highlighting the importance of monitoring how these supply and demand forces play out in the months ahead.

Answer to the previous trivia question: The world’s largest kielbasa statue can be found in Mundare, Alberta.

Today’s trivia question: Which country produces the most wheat?