Feed Cost Commentary

Understanding feed cost trends is critical for managing margins. Each month, we review current market conditions and key drivers influencing ingredient pricing across Western Canada.

February 2026

Feed ingredient prices remain under pressure, largely driven by abundant global grain and oilseed supplies and higher carry-out stocks. Broadly speaking, the market structure continues to lean neutral-to-bearish, with ample supply limiting sustained price rallies.

That said, short-term price strength can still emerge. Elevators may bid more aggressively at times to fill export commitments, creating temporary upward movement within an otherwise well-supplied market.

Prairie Crop Prices

Cash prices across the Prairies for major crops — including wheat, peas and canola — remain generally weak compared to recent years. At this stage, limited near-term upside is expected unless global demand shifts materially or production concerns emerge.

Imported U.S. corn continues to act as a ceiling across the feed complex, reinforcing competitive pricing pressure on domestic grains.

Protein Market Update

Protein costs are steady overall, supported by ample global supplies. Canola basis levels have strengthened modestly in the past week; however, vigilance is warranted as export dynamics evolve.

With the 100% tariff on canola oil and meal exports to China scheduled to be removed in March, increased export movement could tighten domestic availability and influence basis levels in the coming months.

Key Takeaway

At present, feed markets are being driven more by global supply abundance than by local tightness. While short-term volatility is always possible, the broader environment continues to favour stable-to-soft pricing.

This commentary is updated monthly to provide timely insight as market conditions evolve.