Farm cash receipts in the first half of the year were up 3.3 per cent over the same period last year, buoyed by livestock receipts.
Overall receipts between January and June totalled $49.6 billion, up $1.6 billion from the same period last year, Statistics Canada reported on Friday.
Lower crop insurance payments drove a decline in direct payments. Total direct payments dropped by $584.5 million (20 per cent), led by declines in payouts in Saskatchewan and Alberta.
Prices drive livestock receipts surge
Receipts for livestock rose by $2.1 billion to $21.3 billion in the first two quarters — a 10.8 per cent gain. Higher prices for all livestock except poultry drove the surge.
Read Also
Australian crops to surpass 10-year averages
Australian farmers are forecast to grow slightly more canola and barley this year, while wheat production may dip, according to the latest estimates from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
Cattle receipts were up by $1.2 billion (20.3 per cent) despite a 3.1 per cent decline in marketings, on high cattle prices. Hog receipts rose $436.4 million (10.5 per cent) compared to the same period in 2024 due to strong international demand for pork products, StatCan said.
Supply-managed receipts grew 2.7 per cent to $7.7 billion largely due to a $184.8 million increase in dairy receipts. Turkey receipts fell by $39.6 million due to a reduction in national quota.
Crop receipts steady
Crop receipts were relatively similar to last year at $25.9 billion — a 0.3 per cent rise. For most crops, receipts rose but these were offset by reduced receipts for barley and lower liquidations of deferred crop sales in the West, StatCan said.
Soybean receipts rose by $103.2 million and canola receipts gained $76.4 per cent on higher marketings.
Cereal and grain receipts rose on higher durum receipts — up 197.2 million. Wheat, excluding durum, rose by $122.9 million.
“For most grain crops, higher marketings drove the rise in receipts while lower prices moderated gains,” StatCan said.
Barley receipts fell by $110.1 million as prices and marketings declined.
