STATCAN: Net income for Canadian farmers fell 9.5% in 2022

May 26, 2023

OTTAWA — Realized net income for Canadian farmers fell 9.5% to $12.5 billion in 2022 as growth in expenses outpaced the rise in farm cash receipts, according to data recently released by Statistics Canada. The decrease in 2022 followed a 50.8% gain in 2021 and a 79.1% increase in 2020. Excluding cannabis, realized net income in 2022 was down 8.3% to $12.7 billion.

In 2022, total farm cash receipts increased by 14.8% compared with 2021. Higher prices resulted in Canadian farmers receiving higher revenue for both crops (+$7.2 billion) and livestock (+$3.6 billion) in 2022. However, a 21.2% increase in total expenses ultimately pushed realized net income lower. Farmers faced higher costs for key agricultural inputs, including fertilizer, feed and fuel.

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Video: What Is Remote Sensing In Precision Agriculture? - The World of Agriculture

What Is Remote Sensing In Precision Agriculture? In this informative video, we will dive into the fascinating world of remote sensing and its role in precision agriculture. Remote sensing technology allows farmers to gather critical information about their fields without the need for physical presence. By utilizing satellites, drones, and aircraft equipped with advanced sensors, farmers can monitor various aspects of their crops, from temperature and moisture levels to overall plant health.

We will explore how the data collected through remote sensing can empower farmers to make strategic decisions for their crops. With the ability to identify specific areas that require more water or nutrients, farmers can optimize resource usage, leading to healthier plants and improved yields.

Moreover, remote sensing plays a vital role in tracking crop growth over time. By comparing images taken at different growth stages, farmers can evaluate their crops’ development and adjust their management practices accordingly.