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Farm cash receipts
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Market cash receipts for farmers hit a record high in the first quarter of 2008, boosted primarily by a surge in grain and oilseed prices.
At the same time, cattle and hog farmers were squeezed by a combination of lower prices, higher feed costs, and the higher Canadian dollar.
Cash receipts from crop sales reached $5.4 billion, up 38.5% over the first quarter of 2007 and 59.1% higher than the previous five-year average between 2003 and 2007. The driving force behind this increase was higher grain and oilseed prices fired by strong demand, tight supplies and uncertainty over new crop production.
Livestock receipts decreased 6.4% to $4.4 billion, largely the result of lower prices for hogs, cattle and calves. Prices received by hog producers fell close to 30% compared with the first quarter of 2007, partly due to high supplies in the United States.
In contrast, dairy and poultry receipts increased, cushioning the decline in overall livestock receipts. Overall livestock revenues were 1.9% below the previous five-year average for a first quarter.
Program payments amounted to $1.3 billion in the first quarter of 2008, down 2.7% from the same quarter last year, and 8.5% below the previous five-year average for a first quarter. This decline was due in part to improved prices in the grains and oilseeds sector.
Total farm cash receipts, which include crop and livestock revenues plus program payments, reached $11.1 billion during the January to March period of 2008.
Farm cash receipts increased in all provinces, except Prince Edward Island, Nova Scotia, and Quebec, where they declined, and New Brunswick, where they remained stable.
Gains ranged from 4.4% in British Columbia to 31.0% in Saskatchewan, where grains and oilseeds account for a significant portion of the total receipts.
Farm cash receipts measure gross revenue for farm businesses only. They do not represent their bottom line, as farmers have to pay their expenses and loans and cover depreciation. Information on net farm income for 2007 is available in the accompanying release in today's Daily.
Note: Farm cash receipts include sales of crops and livestock products (except sales between farms in the same province), and program payments. They are recorded when the money is paid to farmers. With the release of data from the 2006 Census of Agriculture in May 2007, estimates of farm cash receipts, operating expenses, net income, capital value and other data in the Agriculture Economic Statistics series are being revised where necessary. The complete set of revisions is scheduled for release in November 2008.
Available on CANSIM: tables 002-0001 and 002-0002.
Definitions, data sources and methods: survey numbers, including related surveys, 3437 and 3473.
Data tables are available from the Summary tables module of our website.
The publications Farm Cash Receipts: Agriculture Economic Statistics, Vol. 7, no. 1 (21-011-XWE, free), Net Farm Income: Agriculture Economic Statistics, Vol. 7, no. 1 (21-010-XWE, free), Farm Operating Expenses and Depreciation Charges: Agriculture Economic Statistics, Vol. 7, no. 1 (21-012-XWE, free), Value of Farm Capital: Agriculture Economic Statistics, Vol. 7, no. 1 (21-013-XWE, free) and Farm Debt Outstanding: Agriculture Economic Statistics, Vol. 7, no. 1 (21-014-XWE, free) and Agriculture Value Added Account: Agriculture Economic Statistics, Vol. 7, no. 1 (21-017-XWE, free) are now available online. From the Publications module of our website, under Free Internet publications, choose Agriculture.
To order data, contact Client Services (toll-free 1-800-465-1991; fax: 613-951-3868; agriculture@statcan.gc.ca). For more information, or to enquire about the concepts, methods or data quality of this release, contact Lisa Reddy (613-951-3168; lisa.reddy@statcan.gc.ca) or Estelle Perrault (613-951-2448; estelle.perrault@statcan.gc.ca), Agriculture Division.
