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By Curtis Galbraith

Farm Income

Farm incomes rising says Ag. Canada

Feb 26, 2021 | 6:06 PM

Agriculture and Agri-Food Canada says its analysis for 2020 and 2021 is predicting all-time highs for both farm income and farm values.

The forecast says net cash income is expected to grow by 21.8 per cent for 2020 to a total of $16.5 billion compared to the 2019 total of $13.5 billion.

Net operating income per farm is expected to go to an average of $95,000 for 2020 compared to $76,000 in 2019. The government is also predicting an 8.6 per cent increase in net family farm incomes to an average of $194,000 for last year.

Ag. Canada says the grain sector saw crop receipts go up 11.9 per cent, despite workforce disruptions, price fluctuations, and changes in international trade patterns.

COVID-19 impacts on the red meat sector meant a 1.9 per cent decrease in livestock receipts.

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Agriculture exports reached $74 billion in 2020, a $ 7 billion increase from 2019. The federal government had stated its goal was to grow agri-food and seafood exports to $75 billion per year by 2025.

The federal ministry is predicting another 6.8 percent increase in net farm cash income for 2021, along with an 8.5 per cent increase in net operating income per farm and 7.2 per cent growth in average farm family income.

Ag. Canada concludes its news release announcing these numbers by saying that agriculture “is an engine of growth, helping to restart the Canadian economy.”