FCC Forecasts Drop in 2024 Farm Cash Receipts

Farm Credit Canada is forecasting a decline in farm cash receipts in 2024, potentially the first such fall in 15 years. 

In an FCC webinar last month, chief economist JP Gervais forecast that national farm cash receipts - which include crop and livestock revenues, as well as program payments - will be down 4.8% this year. That would follow the FCC’s projection of a relatively modest 3.6% gain in 2023. 

If accurate, it would mark the first year-over-year decline since 2009. In that year, farm cash receipts fell 3%, a reduction that helped to pull national realized net farm income - the difference between a farmer's cash receipts and operating expenses minus depreciation, plus income in kind – down 11.2% to $3.3 billion.