Mixed Picture for Farm Family Income in 2020

Jan 27, 2023

The total income of Canadian farm families increased in 2020, with grain and oilseed operations seeing a particularly healthy gain while cattle outfits experienced a decline.

A Statistics Canad report Friday showed the average total income of farm families operating a single farm in Canada was $179,724 in 2020, up 10.2% from 2019.

However, some farm types fared much better than others, with total income on grain and oilseed farms up 18.9% at $217,343. On the other hand, beef cattle ranching and farming (including feedlot) operations saw their average total income slide about 2.6% to $120,457. At $189,269, total income on hog farms was up 1.8% from 2019.

The increased income for grain and oilseed farms was largely attributable to strong export demand from China, after a reduction of tariffs, and favourable weather conditions in Western Canada in 2020, StatsCan said.

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Video: Cheapest States to Buy Farmland in America

The United States has more than 895 million acres of farmland, which includes all rural land tied to farming operations, from highly fertile Midwest cornfields to vast grazing ranges in the West, as well as the undeveloped rural land, which is often sold as ranches, homesteads, or uncultivated lots. Nowadays investing in rural land is very lucrative even billionaires like Bill Gates, Jeff Bezos, and Warren Buffett have bought up thousands of acres of farmland across America. In contrast to investors, agricultural companies, and business moguls, some buy farmland for their own requisites, like starting a small farmstead, creating a cottage, and becoming self-resilient. In this video we have ranked the top cheapest states to buy farmland according to the per-acre land value, which is accumulated from the United States Department of Agriculture. The USDA’s per-acre land values come from an annual survey, which is cross-checked with actual sales data, appraisals, and market trends to ensure accuracy. So here are The top Cheapest States to Buy Farmland.