Farm Credit Canada has released its 2023 outlook for beef and pork, with both being heavily affected by the current conditions.
Senior Economist Leigh Anderson points out that a rise in both cattle and hog prices is an outcome of recent weather events.
"We're basically saying that feed costs and demand strength lead to profit uncertainty. So right now we have very strong cattle prices, which is good news for the cattle sector, but the biggest uncertainty is a lot of producers, especially in Western Canada are going through a significant drought, which is weighing on their decisions to actually invest in their herds or replenish them. High feed costs and lack of pasture conditions have led to them actually, in many instances, culling or significantly reducing their herd sizes or reaching out to find feed availability for them."
Click here to see more...