2023 farm cash receipts continue to trend upward – again

While 2022 brought its fair share of challenges for Canadian agriculture, one bright spot has been the healthy trend in farm cash receipts (FCR). We estimate they reached a record high of $94.5B in 2022, an increase of 14.1% over 2021. Looking forward, we expect FCR to continue growing in 2023, although at a more moderate pace of 4.6%. FCR are only part of the profitability outlook for Canadian farms. Yet, robust FCR would be a positive development in 2023 to offset input costs that are anticipated to stay elevated throughout the year.

Looking back – looking forward

Statistics Canada is set to release complete FCR data for 2022 later this year. Our 2022 estimates and projections of year-over-year (YoY) changes in FCR (Table 1) incorporate StatCan FCR estimates for the first three quarters and data from various other sources. The largest YoY gains in 2022 FCR (measured in %) were recorded in the Atlantic provinces, Alberta and Ontario. The largest projected increases in 2023 FCR are in Saskatchewan, British Columbia, and Manitoba... Read More