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Farm Product Price Index
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The prices that farmers received for their commodities rose 5.0% in August from August 2006, in the wake of a sharp rise in grain, oilseed and special crop prices. Prices for the supply-managed commodities of poultry, dairy and eggs also recorded increases.
Prices for crops were up 8.3% in August compared with August 2006, according to the Farm Product Price Index (FPPI), continuing the upward trend in year-over-year price changes that began in September 2006. Farmers received higher prices for grains, oilseeds and special crops.
Overall, prices for livestock and animal products were 2.6% above the year-earlier level. Following five consecutive declines, the livestock and animal products index has increased in the last seven consecutive months. Stronger supply-managed commodity (poultry, eggs and milk) prices supported August's increase.
The prices that farmers received for their commodities slipped 0.4% in August from July, as declines in the overall crops index slightly outpaced increases in the livestock and animal products index.
The FPPI (1997=100) stood at 104.6 in August, down marginally from a revised July index of 105.0.
Generally, grain and oilseed prices remained strong as Canadian producers began their harvest of spring-seeded crops. Concerns continued over tight world stocks and weather-related production issues affecting many major producing countries.
Potato prices increased as higher-priced, new-crop table stock came to market in August. The seeded area for potatoes this spring remained virtually unchanged as greater seeded area in Western Canada compensated for the decrease in the East.
Prices for livestock and animal products were up slightly in August from the revised July index, as higher prices for hogs, eggs and dairy more than offset lower cattle, calf and poultry prices.
Hog prices were up in August, marking the fourth increase this year. The hog index stood at 77.9 in August, struggling to make gains from the recent low of 66.0 in the spring of 2006. Despite record exports in the first half of 2007, producers have been plagued by rapidly rising feed grain prices and a strong Canadian dollar.
After increasing in the first four months of 2007, cattle and calf prices have continued to slip, down slightly (-1.5%) from July to August. As of July 1, 2007, Canada's cattle herd had declined for the second consecutive year, as exports of live cattle continued to grow and producers were faced with rising feed grain costs.
Available on CANSIM: tables 002-0021 and 002-0022.
Definitions, data sources and methods: survey number 5040.
The August 2007 issue of the Farm Product Price Index, Vol. 7, no. 8 (21-007-XWE, free), is now available. From the Publications module of our website, under Free Internet publications, choose Agriculture.
For general information or to order data, contact Client Services (toll-free 1-800-465-1991). To enquire about the concepts, methods or data quality of this release, contact Gail-Ann Breese (204-983-3445; fax: 204-983-7543; gail-ann.breese@statcan.gc.ca), Agriculture Division.
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