Farm gate receipts for canola deliveries in 2011 reached $7.3 billion in Canada, up 30.6% from 2010, according to Statistics Canada’s report from February 23.
“Canola provided Canadian growers a strong revenue outlook for 2011, which is why we saw over 18 million canola acres last year,” says Pat Van Osch, chair of the Canola Council of Canada Board of Directors. “Record canola acres combined with strong prices and good average yields led to the 30% increase in farm gate receipts.”
On average, canola prices were 26.8% higher in 2011 than in 2010, Stats Canada reports.
Revenue results from 2011 should bolster canola’s overall contribution to the Canadian economy. A report released by the CCC in July 2011 put canola’s contribution to the Canadian economy at $15.4 billion annually. The canola industry is responsible for 228,000 jobs in Canada, including 43,000 canola growers as well as jobs in research, grain handling, transportation, marketing and processing.
“When Canadian canola growers do well, as they did in 2011, it has a ripple effect through the whole Canadian economy,” Van Osch says.
Farm gate receipts for wheat, the next biggest crop by revenue, were $5.1 billion, up 31.5% from 2010.
Source: Canola Council of Canada.