OTTAWA — The prices for most crop commodities declined in May compared with April, as higher production in the 2022/2023 crop year put downward pressure on prices.
Non-durum wheat prices decreased across most provinces in May compared with April. The declines were led by Ontario (-5.0%), followed by Manitoba (-3.3%). May marked the third consecutive month of price decreases in Ontario and the fifth consecutive month of price declines in Manitoba. Compared with May 2022, most provinces recorded decreases, led by Quebec (-27.1%) and Manitoba (-22.5%). Non-durum wheat prices peaked in the second quarter of 2022 because of tight supply and geopolitical uncertainty.
While the price of corn remained above the five-year average in May 2023, it declined across all corn-producing provinces, led by Quebec (-6.1%), followed by Ontario (-4.0%), with both reporting a three-month trend of consecutive monthly price decreases.
In May 2023, barley prices were mixed across the provinces, with increases led by Ontario (+6.0%) and decreases led by Quebec (-9.6%). Year over year, barley prices decreased in all provinces except Manitoba. Increased supply in the 2022/2023 crop year put downward pressure on prices compared with the same month one year earlier.
Canola monthly prices continued to decline across the Prairie provinces in May 2023, led by Alberta (-3.6%), which reported its fifth consecutive month of price decreases. Canola prices also declined in May compared with May 2022. Manitoba experienced a year-over-year decline of 29.8%, while Alberta and Saskatchewan both reported a 25.8% decrease.
Compared with April 2023, slaughter cattle prices increased in all provinces in May, ranging from 3.3% in Saskatchewan to 6.1% in Alberta. All provinces reported price increases for at least four consecutive months.
Feeder cattle prices increased across all provinces in May from April 2023. This marked five consecutive months of price increases for Alberta and Saskatchewan and six consecutive months of price increases for Manitoba and British Columbia. Feeder cattle prices were supported by the contracting cattle herd.
In May 2023, slaughter hog prices increased across all provinces except Prince Edward Island (-1.0%) and Quebec (-1.0%). Year over year, hog prices have declined across all provinces since February 2023, as the largest hog processor in Quebec announced plans to close several hog processing plants. This reduced the demand for slaughter hogs across Canada and put downward pressure on slaughter hog prices.