2022 farm cash receipts forecast to break new records

Jan 18, 2022

2021 was eventful for the Canadian ag sector, with a severe drought in the West, floods in British Columbia, COVID lasting impacts and input costs rising. Even so, it was overall a good year for Canadian farms with a significant increase in farm revenues. Looking forward, we expect Farm Cash Receipts (FCR) to continue growing in 2022, although at a more moderate pace.

FCR are only half of the equation for measuring profitability. We must keep in mind that observing FCR growth does not necessarily mean that farm profits are increasing - especially this year with the rapid rise of farm input costs.

A look back at 2021 and forward to 2022

Statistics Canada is set to release complete FCR data for 2021 later this year. Our forecasts for 2021 incorporate StatCan FCR estimates for the first three-quarters of 2021 and data from various other sources. Table 1 compares FCR data for 2020 to FCC forecasts for 2021 and 2022. FCR were resilient to the numerous disruptions, grew in all provinces in 2021, and we forecast that they grew by 10.0% overall in Canada. We expect growth to continue in 2022, but at a lower rate (4.6%). We expand on the largest agricultural sectors below.

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Video: Farm Health Guardian | Digital Biosecurity in Real Time

Disease risk, biosecurity, and real-time monitoring continue to be major topics across the pork industry. In this episode of Swine Web Industry Perspectives, presented by Farm Health Guardian, we discuss how digital biosecurity and real-time data are changing the way producers think about herd protection, people movement, and operational decision-making.

The conversation explores:

disease risk in modern pork production,

the impact of people movement on biosecurity,

the importance of real-time monitoring,

digital biosecurity technology,

and how Farm Health Guardian developed tools designed to support modern swine operations.

As the industry continues focusing on prevention, preparedness, and operational efficiency, connected technologies and actionable data are becoming increasingly important parts of modern herd health management.