Farms.com Home   News

Farm Cash Receipts Up 3.6% in 2023

Canadian farm cash receipts inched higher in 2023 as strong cattle returns offset just a mixed performance from crops and lower program payments. 

A Statistics Canada report Thursday pegged last year’s total farm cash receipts – which include returns for crops, livestock, and program payments – at $98.6 billion. That is up $3.4 billion or 3.6% on the year and represents a significant softening from the 14.6% increase in farm cash receipts recorded in 2022.  

Total livestock receipts were up 9.8% to $37.3 billion in 2023, led by increases in the cattle and supply managed sectors. Meanwhile, nationwide crop receipts were 2% higher on the year to $54.9 billion, while total direct payments fell 13.4% to $6.4 billion, mainly due to lower crop insurance payments.  

In terms of crops, returns were higher for wheat and durum in 2023, but weaker for corn and soybeans. 

Receipts for wheat (excl durum) increased nearly 10% or $922.4 million to $10.3 billion, while durum wheat receipts were up 10% or $194.8 million to $2.1 billion. The increase in wheat and durum receipts was driven by larger production, which more than offset weaker prices, StatsCan said. Canola receipts were basically unchanged from a year earlier at $13.6 billion, while flax and oats saw sharp drops of 31.1% and 20.1%, respectively. Barley receipts were up 8%. 

At $3.4 billion, national corn receipts in 2023 were down more than 12% from the previous year, while soybean returns fell 7.3% to $3.9 billion. StatsCan blamed the fall in corn and soybean returns on both lower prices and marketings. 

As for livestock, receipts for cattle and calves were up a hefty 25.8% to $14.9 billion, representing the lion’s share of the total increase in livestock receipts. On the other hand, hog receipts declined 10.3% to $5.9 billion in 2023.  

Total supply managed receipts grew 5.7% to $14.9 billion. Dairy receipts rose 3.9% to $8.6 billion and were the main driver of the increase in supply managed receipts. 

All provinces posted increases in farm cash receipts in 2023, except Ontario, where receipts were flat at $21.7 billion, likely due to weaker corn and soybean returns.  

Saskatchewan farm cash receipts were up 7% to $22.6 billion, while Alberta receipts climbed 4.6% to $23.3 billion. Manitoba cash receipts were up 3.8% at $10.2 billion. 

Click here to see more...

Trending Video

Relay Cropping Diversifies Conservation Efforts

Video: Relay Cropping Diversifies Conservation Efforts

Adopting new cropping systems and conservation methods such as relay cropping can improve your bottom line and environmental health.