Canadian farm net income hit record $24.8 billion in 2023

Canadian farmers had record net cash income last year, says Agri-Food and Agriculture Canada.

The federal agency estimates net cash income for farmers increased 13 per cent in 2023 to $24.8 billion.

Biggest driver to record profits was the livestock sector where higher cattle prices increased revenues by almost 10 per cent to $37.3 billion.

Crop revenues increased four per cent to $56 billion while supply managed sectors — dairy, hogs and poultry — saw more modest increases in income.

A more modest increase in farm inputs of two per cent boosted profitability. Farm input costs increased by 20 per cent in 2023.

Average net farm income last year was up 17 per cent to $155,000 from $132,000.

Average farm net worth increased four per cent to $3.9 million. 

For this year Agri-Food and Agriculture Canada forecasts a drop of 14 per cent in net farm income as lower grain prices offset slightly higher cattle revenues.

Average farm net income will be down 13 per cent to $134,000.