By Dori Modney

Farm cash receipts could break new records in 2022 – Farm Credit Canada

Jan 26, 2022 | 3:59 PM

LETHBRIDGE, AB. — In spite of floods in B.C., severe drought on the prairies, high input costs and the continuing repercussions of COVID, 2021 was still a good year for most Canadian farms, as they recorded increased farm revenue.

With that in mind, Farm Credit Canada (FCC) is predicting continued growth in 2022, although at a more moderate pace.

Total Farm Cash Receipts (FCR) for 2021 from Statistics Canada, won`t be available until later this year. However, FCR were up in all provinces last year and FCC is anticipating the final numbers will show a 10 per cent growth overall, while predicting 4.6 per cent growth for 2022.

In regards to cattle prices, there was growth in the second half of 2021, with receipts beating the FCC forecast. Unfortunately, the prairie drought made the procurement of low-cost feed very difficult and prompted some ranchers to downsize their operations. FCC indicates that fed cattle will be marketed at lower weights, but receipts should grow given the higher prices.

In terms of what to watch for this year, FCC underscores the word ‘caution’ when looking at any forecasts, as they reflect current conditions and no one has a crystal ball ready to provide information about the on-going pandemic and other disruptors that will crop up around the world.

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More details from the FCC forecast, can be found on the Farm Credit Canada website.