Farm cash receipts on the rise, StatCan shows

MarketsFarm — Farm cash receipts improved 13.7 per cent during the first three quarters of 2022, Statistics Canada reported Monday.

From January to September, those receipts reached $66.7 billion. That increase of more than $8 billion was due to higher receipts for crops, livestock and program payments.

The report noted crop receipts rose 7.3 per cent at $36.6 billion; canola and wheat excluding durum accounted for 41.7 per cent of the increase. Wheat excluding durum tacked on $892.6 million at $6.5 billion. Canola increased $102.9 million, rising to $8.8 billion.

Other gains came from corn, which added $585.3 million at $2.2 billion, largely due to a far better crop in Eastern Canada than on the Prairies. Soybeans were up $317.3 million at $1.6 billion. Among the declines were durum, which lost $386.2 million at $1.1 billion, and barley falling $143.4 million at $864.9 million.

StatCan said livestock receipts were up 11.8 per cent at $24.7 billion, with cattle accounting for 40 per cent of the increase by contributing $1.1 billion. Dairy and chickens for meat fetched $564.6 million and $343.7 million respectively.

Meanwhile program payments, such as crop insurance, jumped 125 per cent at $5.4 billion.

Alberta led all of the provinces by accounting for nearly 40 per cent of the increase. Farm cash receipts in the province were up 23.5 per cent at $16.3 billion during the first nine months of this year.

StatCan is scheduled to release its next quarterly report on Feb. 28, which will account for all of 2022.