Farm income forecast for 2013 and 2014
By Top Crop Manager
Feb. 18, 2014 - Agriculture and Agri-Food Canada's (AAFC) Farm Income Forecast projects that Canadian farmers' net income in 2013 and 2014 will remain at the historically high levels seen in recent years. An excellent 2013 harvest in Canada for key grains and oilseeds will be a major contributor to strong sector performance in both years.
Record 2013 crop production and low crop prices at the end of the year have led to the retention of large crop inventories heading into 2014. While these stocks will be marketed and will contribute to farm income in 2014, incomes are forecast to drop modestly as low prices persist into the year and yields from the 2014 harvest are assumed to return to average.
In a nutshell:
- Average net worth per farm is projected to hit an all-time high of $2 million in 2014.
- The average total income of farm families is expected to continue rising, reaching $132,579 in 2014.
- Canadian farmers produced 96.5 million tonnes of grain in 2013, a significant increase over the previous year's crop of 76.7 million tonnes.
- Farm cash receipts for Livestock in 2013:
- Record $21.6 billion
- Farm cash receipts for Crops in 2013:
- Remain steady at $29.8 billion
The Farm Income Forecast (FIF) is prepared annually in consultation with provincial governments and Statistics Canada. Read the full report: Canada's Farm Income Forecast for 2013 and 2014.