StatsCan Farm Income Reports a Mixed Bag

Dec 01, 2023

Farm income reports released earlier this week by Statistics Canada offer a mixed bag of results for the national agricultural sector. While initial figures for the first three quarters of 2023 appear positive, underlying financial strains remain.

Highlighting the positive, Statistics Canada reported a notable 7.9% year-over-year increase in January-September farm cash receipts to $72.5 billion, as gains in crop and livestock returns – up 12.1% and 8.9% to $41.4 billion and $27.2 billion, respectively – offset a decline in government payments.

However, the other side of the ledger paints a less optimistic picture. While 2023's total farm operating costs will not be released until later, the situation in 2022 casts a long shadow.

In its report on 2022 farm income, StatsCan estimated last year’s total farm expenses - operating expenses and depreciation – at $83.4 billion, an annual increase of 18.6% as farmers paid more for fertilizer, feed, and fuel. It was that increase in operating expenses that was responsible for a 7.6% drop in 2022 realized net farm income - even as full year total farm cash receipts climbed 14.6% to $95.1 billion.

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