The softening of crop prices continued in Alberta in December with the price of wheat (-3%), barley (-4%) and canola (-1%) all falling.

Price levels, however, remain elevated. The average price of wheat in Alberta last year was 21% higher than the five-year average. Barley was 26% higher and canola was 17%.

Cattle prices in the province have also been coming down from their recent peaks. The price of cattle for slaughter fell in December by 3% for a sixth consecutive monthly pullback. The price of cattle for feeding has been bouncing around lately, up by 22% in October, down by 9% in November, and up by 4% in December.

As with Alberta’s three largest crops, cattle prices continue to trend significantly higher than the five-year average. The price of cattle for slaughter in 2023 was 33% higher than the five-year average while the price of cattle for feeding was 38% higher.

It is a similar story for hog prices which have been falling in recent months, but remain (a more modest) 6% higher than the five-year baseline.

It is hard to predict where primary agricultural prices will go in 2024 with drought likely a key factor in many parts of the world (including here in Alberta) and the ongoing uncertainty regarding transportation through the Red Sea and Panama Canal and the on going impact of the Russian invasion of Ukraine.

Answer to the previous trivia question: The 2024 NFL Super Bowl was held in Las Vegas, Nevada.

Today’s trivia question: When did the Suez Canal officially open?