Business Briefs: Ag prices strong but softened compared to recent records
By MEDICINE HAT NEWS on November 17, 2023.
https://www.medicinehatnews.com@MedicineHatNews Crop and livestock prices softened in September, according to analysis by Alberta Treasury Branch. Average barley, canola and non-durum wheat prices remain 10 to 15 per cent above five-year averages, but were between 22 and 30 per cent lower than all-time highs reached in June 2022. Cattle prices hit record highs in early 2023, though slaughter cattle backed off five per cent in September and feeders were off 18 per cent. According to Canfax report, dated Nov. 10, Alberta sales averaged $231 per hundred-weight for fed steers, D2 cows at $134, and slaughter cows at $118. That’s still one-third or more above the five-year average, according to the ATB daily report, known as the Owl. Big wind project underway Construction has begun on what is being called the largest on-shore wind farm proposed in Canada. The Buffalo Plains Wind farm would consist of 83 turbine towers in Vulcan County, capable of producing 495 megawatts of power in peak production, according to owner Copenhagen Infrastructure Partners. It announced Thursday that construction had began toward a completion date in late 2024. As well, Amazon has contracted about 80 per cent of the production to offset the technology firm’s emissions. Borea Construction is handling the work that will require 250 workers over the next 12 months. Tim Evans, head of CIP North America, said the project – located near the CIP-owned Travers Solar field – expands “our portfolio of best-in-class renewable energy projects in North America” and “demonstrates CIP’s unique ability to execute on large and complex infrastructure projects.” CF expands A planned purchase of a Louisiana ammonia plant by CF Industries has passed U.S. anti-trust regulations, the company announced Thursday. It now expects the US$1.68-billion acquisition of the Waggaman, L.A. plant, now owned by Incitec Pivot, Ltd., to close Dec. 1 as expected. CF had previously announced the transaction, stating it will use US$1.25 billion in cash on hand and provide a further US$425 million in ammonia at cost to an IPL subsidiary on a long-term contract. 17-16
