The 2017 Canadian Agricultural Outlook provides a forecast of farm income in the agricultural sector for the previous and current calendar years (2016 and 2017), and looks ahead to longer term trends that could impact the agriculture sector.
The report provides a number of Agriculture and Agri-Food Canada's key indicators of the strength of the agriculture sector and its contribution to Canada's economy. This forecast represents a federal-provincial consensus on the outlook for farm cash receipts, expenses and net farm incomes.
The report is prepared in consultation with provincial governments and Statistics Canada and can be used as a benchmark for governments and industry as they plan for the years to come.
Highlights
- Net cash income in 2016 is estimated to experience a modest 2% annual decline to $14.8 billion. A decline of 7% to $13.8 billion is expected in 2017, however 2016 and 2017 are still expected to be the second and fourth best years on record, respectively.
- Livestock receipts in Canada are expected to decrease by 7% in 2016 to $23.9 billion as a result of downward pressure on North American red meat prices from growing meat supplies in the United States, with a further decline of 4% for 2017.
- Crop receipts are expected to increase 2% to $32.6 billion in 2016, and increase by a further 1% to $32.9 billion in 2017.
- With lower market receipts anticipated in both forecast years, program payments are expected to make up some of the shortfall, increasing by 24% in 2016 to $2.6 billion, and by a further 22% in 2017 to reach $3.2 billion.
- Farm operating expenses are forecast to decline by about 1% in 2016, to $44.2 billion, and increase by 2% in 2017 to $45.1 billion.
- The net worth of the average farm is expected to reach $2.8 million in 2017.
Source : Agriculture and Agri-Food Canada