New data from Statistics Canada shows Canadian farmers saw a healthy boost to their bottom lines in 2023, with average net operating income rising 8.2% to $142,466. Total average operating revenue hit $760,886, while expenses climbed nearly in lockstep, up 7.3% to $618,420.
But not all farm types shared equally in the gains. Grain and oilseed producers once again took the lead, buoyed by strong wheat, barley, and canola returns. Operating profit margins for these farms averaged 28.7 cents per dollar of revenue — the highest among all sectors — with Saskatchewan alone reporting a margin of 25.9 cents.
The spike in revenue was largely tied to a return to normal production levels after the 2021 drought. In the Prairie provinces, which make up over half of Canada’s total farm revenue, oilseed and grain farms brought in a staggering $36.7 billion in 2023.
Potato farmers also had a banner year. Net operating income surged 22.3% to $763,405 — second only to grain producers — thanks to improved contract prices and the resumption of U.S. exports. P.E.I. alone accounted for 20% of national potato revenues.
Click here to see more...