Farm incomes smashed records in 2015: Agriculture Canada

OTTAWA -- Agriculture Canada says 2015 could be a bumper year for farm incomes.

The department says in its annual farm outlook that farm incomes reached record levels in 2015 and will remain above average this year.

See Full Article

"Our analysis shows that 2015 and 2016 should be among the most successful years in the history of Canadian agriculture," Rodney Myer, director of the farm economic analysis division, said in a conference call Friday.

"We expect that net cash income in 2015 will reach $15 billion, which is about six per cent above the record set in 2014."

The report provides a forecast of farm income in the agricultural sector for the previous and current calendar years and looks ahead ten years to longer term trends that could impact the agriculture sector.

Myer said they're expecting a decline to $13.6 billion this year, but he says that's still historically high. It's 14 per cent higher than the 2010-2014 average.

The average net operating income in 2015 is forecast to be $77,287.

The average net worth per farm is expected to reach $2.7 million this year.

"Early in the 2015 growing season, there was significant concern that widespread dry conditions in Western Canada would result in a short crop and a sharp decline in farm cash receipts," said Myer.

But Myer says "late summer rainfall rejuvenated withered crops."

The outlook says a projected increase in both crop and livestock receipts contributed to strong income levels.

Livestock receipts are expected to increase two per cent to $26.2 billion in 2015, while crop receipts are expected to have also increased two per cent to reach $30.7 billion in 2015.

The outlook also says lower oil prices have significantly reduced on-farm fuel expenses, while the lower Canadian dollar has improved competitiveness of agricultural commodities in export markets.

"If that persists throughout 2016, Canadian producers could see further improvements in the prices they receive," Myer said.



Advertisements

Latest Economic News

  • Dakota Access pipeline builder, U.S. government want lake crossing upheld

    Economic CBC News
    The company building the $3.8 billion US Dakota Access oil pipeline and the Army Corps of Engineers want a judge to reject a request by American Indian tribes to revoke permission for the project to cross a Missouri River reservoir in North Dakota. Source
  • Ontario premier discusses trade issues with auto industry leaders

    Economic CTV News
    TORONTO -- U.S. political leaders are showing a better-than-expected understanding of how important trade with Canada is to the health of the American auto sector, Ontario Premier Kathleen Wynne said Friday. Wynne, who met with several auto industry leaders in Toronto, said her government has been lobbying U.S. Source
  • Wynne: Ontario auto sector concerned about U.S. trade

    Economic CBC News
    Ontario Premier Kathleen Wynne says leaders of the province's auto sector have told her trade with the U.S. is their top concern. Wynne, who met with several industry leaders in Toronto on Friday, says her government has been lobbying U.S. Source
  • It may be approved, but analysts skeptical Keystone XL will be built

    Economic CTV News
    CALGARY - U.S. President Donald Trump has given TransCanada Corp. (TSX:TRP) their long awaited presidential permit for the Keystone XL pipeline, but analysts still aren't counting on it getting built. The company still faces a long list of permits and approvals before it can start construction, especially in Nebraska where a state commission isn't expected to rule on the project until the end of the year. Source
  • Ski-Doo maker BRP posts stronger Q4 results

    Economic CBC News
    The company that makes Ski-Doos, Sea-Doos and Spyders is reporting a stronger-than-expected fourth quarter. BRP Inc. of Valcourt, Que., had $136.6 million or $1.22 per share of net income in its fourth-quarter ended Jan. 31. That compares with a year-earlier loss of $28.7 million or 25 cents per share in the comparable period last year. Source
  • Kraft Heinz lays off 200 workers in Canada, U.S.

    Economic Toronto Sun
    PITTSBURGH — Kraft Heinz Co. has laid off 200 white-collar workers in Canada and the United States. Michael Mullen, the company’s senior vice-president of corporate and government affairs,, says the company is realigning its administrative functions to be more efficient. Source
  • Kraft Heinz lays off 200 white-collar workers in Canada, U.S.

    Economic CTV News
    PITTSBURGH -- Kraft Heinz Co. has laid off 200 white-collar workers in Canada and the United States. Michael Mullen, the company's senior vice-president of corporate and government affairs,, says the company is realigning its administrative functions to be more efficient. Source
  • Twitter exploring subscription-based version for first time

    Economic CBC News
    Twitter Inc. is considering whether to build a premium version of its popular Tweetdeck interface aimed at professionals, the company said on Thursday, raising the possibility that it could collect subscription fees from some users for the first time. Source
  • Keystone XL: A chronological look at the controversial pipeline project

    Economic CTV News
    CALGARY - Since TransCanada Corp. (TSX:TRP) first proposed the 1,897-kilometre Keystone XL pipeline, the project has been studied, stalled, slammed and hyped -- all amid political pressure from interests on all sides of the debate. Source
  • Samsung shareholders welcome stock price gains, rue scandals

    Economic CTV News
    SEOUL, Korea, Republic Of -- Shareholders of Samsung Electronics praised the company Friday for big gains in its share price while lamenting its involvement in a massive corruption scandal that brought the arrest of the company's de facto leader. Source