Farm cash receipts in the first quarter of the year hit a new record of $15.4 billion, says Statistics Canada.
It was 7.5 percent higher than last year’s record level, driven mainly by higher crop receipts and in particular wheat prices and sales.
Program payments were stable at $810 million with crop insurance payouts offsetting declines in AgriStability and AgriInvest payments.
Statistics Canada suggested in a May 23 report that the end of CWB’s sales monopoly last year was part of the story as farmers took advantage of new sales opportunities to sell stored grain on the open market at current high prices.
Read Also
Canadian trade data delayed by U.S. government shutdown
Canadian international trade data for September will be delayed indefinitely due to the ongoing partial shutdown of the United States government, Statistics Canada said Friday, Oct. 24.
“The $1.1 billion increase in crop receipts was mainly the result of a rise in wheat receipts and an increase in the liquidation of deferred grain receipts,” it said.
Wheat sales revenue was 52 percent higher and durum receipts were 65 percent higher than 2012 levels.
The increases were “primarily the result of higher prices and the timing of funds received by producers,” said Statistics Canada.
“As of Aug. 1, 2012, western producers have the option to market their wheat and barley on the open market.”
On the livestock side, receipts were up just 0.5 percent from last year to $1.7 billion.
Statistics Canada said a 3.6 percent decline in average cattle prices and falling domestic slaughter levels were offset by a 40 percent increase in livestock exports.
Hog sector receipts declined below the $1 billion level because of lower prices and sales.
Dairy income fell almost three percent during the first three months of the year because prices and sales fell, said Statistics Canada.
However, strong poultry and egg prices increased sales by almost two percent to $2.4 billion.
The farm receipt report does not reflect farm income because production costs are not included.
Meanwhile, Statistics Canada reported that last year’s farm operating expenses increased almost six percent to $40.5 billion.
