Photo by Erika Rolling.

By Curtis Galbraith

Agriculture

AAFC predicting record Net Cash Income for farms in 2023

Feb 16, 2024 | 3:21 PM

Agriculture and Agri-Food Canada says its farm income forecasts shows that despite challenges like drought, it looks like overall farm income went up in 2023.

The federal ministry says Net Cash Income is forecast to have gone up 13 per cent to $24.8 billion, a new record.

The biggest jump came from the livestock sector, which is forecasted to see a 10 per cent increase in receipts to $37.3 billion.

The government says cattle prices saw what it refers to as “impressive price-driven growth.” That plus receipts growth for supply-managed commodities offset a decline in hog receipts.

Crop receipts are forecast to have grown four per cent to $56 billion. The government says a better market made up for drops in prices.

Meaningful Mementos

Remembering Someone You've Lost at Christmas

Dec 03, 2024

Seasonal Sorrow

How Do You Get Through The Holidays When You're Grieving?

Nov 01, 2024

Upcoming Events at Oliver's

Grief & Loss and Estate Planning Seminars

Oct 02, 2024

Operating expenses are forecast to grow two per cent to $74.9 billion. These expenses went up 20 per cent in 2022.

That release also says Net Operating Income per farm averaged $155,000 in 2023 compared to $132,000 in 2022.

“While every farm is unique and will have experienced the last year differently, this continued growth of overall farm income shows that despite the uncertainty and volatility of the past year, the sector remains resilient,” says the government in a news release.

For 2024, the forecast says receipts are expected to decline 14 per cent to $21.3 billion. That would still be 28 per cent above the 2018-2022 average.

This forecast is predicting a five per cent drop in crop receipts because of lower prices, but that is based on there being a normal production year.

Livestock prices are still expected to go up, but not by as much as in 2023.