Feed grain prices took a sharp drop across most of the Canadian Prairies during the week of June 24, as a broker pointed to the potential for good crops this year as the reason why.
Susanne Leclerc, owner of Market Master Ltd. in Edmonton, said moisture levels in Alberta are not distributed evenly with the north seeing plenty of rain and the south becoming drier. A recent cold snap between Calgary and Edmonton plunged lows to around the freezing mark earlier this week, while snow fell over parts of the Foothills.
While seeding progress has been varied across Alberta and Saskatchewan this spring, healthy growing conditions are pressuring prices according to Erin Harakal, trade manager for Agfinity Inc. in Stony Plain, Alta.
Sufficient supplies of domestic barley and wheat along with the ongoing influx of corn from United States, have continued to keep a lid on feed grain prices on the Canadian Prairies. That’s especially so in southern Alberta, according to Darcy Haley, vice-president of Ag Value Brokers in Lethbridge.
Early expectations point to increased Canadian grain production in 2024/25, which should cut into corn imports from the United States, according to a report from the U.S. Department of Agriculture’s attaché in Ottawa.
With farmers across Western Canada getting ready to plant their crops or they have already made a few rounds in the field, feed grain prices across the Prairies remained in a holding pattern, according to Jerry Klassen of Resilient Capital in Winnipeg, Man.
As growers prepare to seed in parts of Alberta, the lack of moisture during the winter continues to be a concern. However, a major snowstorm which brought various amounts of precipitation to the central part of the province has relieved some stress.