OTTAWA — Weaker hog and crop revenues in 2023 will mean an overall drop in farm cash receipts in Ontario and Quebec this year, according to Farm Credit Canada’s latest forecast. FCC forecasts that all other regions in Canada except B.C. will see some growth in farm cash receipts — contributing to a national average increase of 4.5 % in 2023.
Ontario and Quebec are expected to see respective decreases of 1.7 % and 0.7 % in their farm cash receipts this year — way down from last year’s increases of about 15 % in both provinces.
FCC forecasts that Saskatchewan farmers will get the biggest bump in cash receipts this year, at 12.9 %. The agricultural lending entity uses Statistics Canada projections and other data to come up with its forecasts.
Higher farm cash receipts do not necessarily translate into higher farm profits because expenses aren’t taken into account.