Farm cash receipts, January to March 2024
Released: 2024-05-29
$24.9 billion
January to March 2024
8.7% 
(year-over-year change)
Farm cash receipts for Canadian farmers totalled $24.9 billion in the first quarter, down $2.4 billion (-8.7%) from the same quarter in 2023. Total crop receipts fell $3.3 billion in the first quarter of 2024 to $13.2 billion, as prices returned to normal for most major crops. Meanwhile, livestock receipts (+$721.3 million) increased to $9.6 billion, while program payments (+$226.4 million) rose to $2.2 billion.
Chart 1
Total crop, livestock and direct payment receipts as a proportion of total farm cash receipts, January to March, Canada, 2014 to 2024
Saskatchewan (-$1.2 billion) accounted for roughly half of the decline in farm cash receipts in the first quarter. An additional six provinces also posted drops, ranging from $7.2 million to $378.7 million. In contrast, Prince Edward Island, British Columbia and Newfoundland and Labrador recorded modest increases.
Chart 2
Farm cash receipts by category, by province or region, January to March 2024
Lower crop prices push total crop receipts down
In the first quarter, total crop receipts decreased 20.1% compared with the same quarter one year earlier to $13.2 billion, due to a decline in the price of most crops.
Receipts for canola (-$1.4 billion), wheat (excluding durum) (-$815.6 million) and corn (-$390.4 million) decreased in the first quarter. This stemmed from a fall in prices for canola (-25.1%), wheat (excluding durum) (-24.0%) and corn (-29.9%), which levelled out after highs brought on by droughts and the COVID-19 pandemic. At the same time, increased competition in global markets put downward pressure on prices.
Gain in cattle receipts more than offsets decline in hog receipts
Total livestock receipts rose 8.1% to $9.6 billion in the first quarter. Cattle receipts (+$618.2 million) led the increase, offsetting the decline in hog receipts (-$22.7 million).
Higher cattle prices (+19.0%) led to a 20.4% increase in receipts to $3.6 billion in the first quarter, despite fewer cattle being slaughtered compared with the same period one year earlier. The Canadian cattle herd on January 1, 2024, was the smallest it has been since January 1, 1989, and this, combined with continued strong demand, supported higher prices.
Fewer slaughtered hogs and lower domestic demand led to a 1.5% decline in hog receipts to $1.5 billion in the first quarter of 2024. Although the number of hogs that went to the international market increased, competitive global prices moderated the gain in receipts from international exports (+3.5%).
Supply-managed receipts, which account for almost 40% of total livestock receipts, were flat, at $3.7 billion, in the first quarter. Dairy receipts rose 1.0% (+$21.9 million) due to marketing increases from allocation adjustments. Similarly, receipts for eggs for consumption grew 5.1% (+$21.6 million) as a result of higher marketings from strong demand and promotional campaigns. Receipts for both chickens for meat (-$10.4 million) and turkeys for meat (-$4.6 million) decreased, as prices levelled out after record highs in the previous year due to lower supply from avian influenza.
Crop insurance and AgriRecovery contribute to increase in program payments
In the first quarter, program payments rose 11.7% compared with the same quarter in 2023 to $2.2 billion. The increases in payments of crop insurance and AgriRecovery offset the drop in the Dairy Direct Payment Program.
The increases in crop insurance payments and AgriRecovery in the first quarter mostly affected Alberta and Saskatchewan, whereas the drop in the Dairy Direct Payment Program was observed across all provinces.
Did you know we have a mobile app?
Download our mobile app and get timely access to data at your fingertips! The StatsCAN app is available for free on the App Store and on Google Play.
Note to readers
The next quarterly release of Farm Cash Receipts will occur on August 30, 2024, and will include data for January to June 2024.
Revised estimates of net farm income for 2023 will be available on November 26, 2024.
All data in this release are in current dollars. Farm cash receipts measure the gross revenue of farm businesses. They include sales of crops and livestock products (except sales between farms in the same province) and program payments. Receipts are recorded when the money is paid to farmers. These do not represent their bottom line, as farmers have to pay their expenses and loans and cover depreciation.
Farm cash receipts are, for the most part, based on monthly marketings and the monthly prices of various commodities. Marketings are quantities sold, using various units of measure.
Data are extracted from administrative files and derived from other Statistics Canada surveys and/or other sources. These data are subject to revision.
For details on farm cash receipts and net farm income for 2023, see the "Farm income" release in today's Daily.
For the latest information on the Census of Agriculture, visit the Census of Agriculture portal.
For more information on agriculture and food, visit the Agriculture and food statistics portal.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
- Date modified: