According to Agriculture and Agri-Food Canada's 2018 Agriculture Outlook, Canada's producers are forecast to see record farm income levels in 2017 and near-record levels in 2018.
Crop and livestock receipts are both set to increase in 2017 and 2018.
Net cash income is forecast to reach a record level in 2017 and remain high in 2018. At the same time, continued growth in asset values is expected to raise average farm net worth to $3.16 million by 2018.
“Strong international demand for Canada’s safe, high-quality agricultural products has helped make the sector a key driver of the economy. The Government of Canada is working hard to ensure farmers and the agriculture and food system as a whole, are prepared to meet global needs, helping to strengthen the middle class and keep Canada on the path to prosperity,” said Federal Agriculture Minister Lawrence MacAulay.
Crop receipts are expected to grow by one per cent in 2017 to $34.5 billion and increase by a further two per cent in 2018 to $35 billion, which would be a record level for total crops.
Source : Steinbachonline