By Chris Brown

Farm incomes on track for a record year

Feb 28, 2021 | 8:00 AM

MEDICINE HAT, Alta.- Canadian farmers appear to have weathered the challenges of the COVID-19 pandemic well.

An analysis of farm income for 2020 and 2021 by Agriculture and Agri-Food Canada and results show Canadian farm income and the value of farms is expected to be at an all-time high.

The results of the analysis were shared by Minister of Agriculture and Agri-Food Marie-Claude Bibeau at the annual meeting of the Canadian Federation of Agriculture.

Growth expectations 2019-2020

• Net cash income $13.5B – $16.5B, up 21.8 per cent
• Net operating income $76,000 – $95,000, up 25.4 per cent
• Average farm family income up 8.6 per cent

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There have been challenges for some parts of the crop sector, such as horticulture due to workforce disruptions, shifting international trade patterns, and fluctuating commodity prices.

Livestock receipts were forecast to have declined 1.9 per cent, largely due to negative impacts of COVID-19 on the red meats sector.

Despite COVID-19 uncertainty, net cash income is forecast to further grow in 2021 by 6.8 per cent to $17.6 billion. Average farm-level NOI is forecast to increase 8.5 per cent to approximately $103,000 per farm, and average farm family income is forecast to grow 7.2 per cent to just under $208,000.

Net worth is forecast to reach $3.5 million per farm, up 2.9 per cent from 2020 levels.

Quick Facts

• The Farm Income Forecast is a regular analysis that Agriculture and Agri-Food Canada undertakes in consultation with the provincial governments and Statistics Canada. The forecast provides important insights into the short-term outlook for primary agriculture in Canada.
• Farm Cash Receipts for all principal field crops are forecast to have reached $28.3 billion in 2020, up 17 per cent from 2019 levels.
• Overall crop receipts are forecast to have increased by 12 per cent in 2020, offsetting a 2 per cent decline in livestock receipts.
• Farm Cash Receipts for pulses and special crops are forecast to have reached $3.6 billion in 2020.
• The Government of Canada has made significant investments and taken important action to support the agriculture and agri-food sector, prevent the spread of the COVID-19 virus, and address outbreaks on farms when they do occur.