OTTAWA — National farm cash receipts reached a record high $94.5 billion in 2022, an increase of 14.1 % over 2021, according to the latest Farm Credit Canada estimate.
The federal farm-lending agency forecasts that farm cash receipts will rise at a more moderate 4.6 % in 2023.
Ontario, Alberta and the Atlantic provinces recorded the largest year-over-year gains in 2022, according to FCC, which also projects that Saskatchewan, British Columbia, and Manitoba will see the largest gains in 2023.
Statistics Canada has not yet released its own farm cash receipts numbers for the final quarter of 2022.
While farm cash receipts are “only part of the profitability outlook for Canadian farms,” FCC observes that robust receipts “would be a positive development in 2023 to offset input costs that are anticipated to stay elevated throughout the year.”