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2012 Farm Net Income Up Over 30% – StatsCan

on December 4 | in Ag News | by | with No Comments

From Statistics Canada-The Daily

The realized net income of Canadian farmers totalled $7.3 billion in 2012, up 31.7% from 2011, as farm cash receipts rose more than operating costs. This follows gains of 56.3% in 2011 and 16.9% in 2010.

Realized net income increased in Newfoundland and Labrador, Nova Scotia, Quebec, Ontario, Saskatchewan, Alberta and British Columbia.

Farm cash receipts, which include market receipts from crop and livestock sales as well as program payments, rose 9.2% to $54.2 billion in 2012, following an 11.9% gain in 2011.

Market receipts increased 10.0% to $50.7 billion in 2012. Crop receipts, which rose 15.6% to $29.9 billion, were the largest contributor to the gain. Receipts from livestock products increased 2.8% to $20.9 billion. Livestock receipts accounted for 41.1% of market receipts in 2012, compared with 55.7% 10 years earlier.

Stronger prices for grains and oilseeds played a major role in boosting crop receipts. For example, wheat receipts, excluding durum, rose 18.4% in 2012, mostly because of a 19.4% gain in prices. Canola receipts were up 7.3% to $8.2 billion, on the strength of a 6.3% price increase. The 56.2% rise in soybean receipts and the 28.0% gain in corn receipts were both the result of increased marketings and prices.

World grain prices began rising during the second half of 2012, as drought in the United States and other countries reduced world grain stocks.

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