Farm cash receipts, January to December 2024
Released: 2025-02-28
$97.3 billion
January to December 2024
-2.1% 
(year-over-year change)
Farm cash receipts totalled $97.3 billion in 2024, down 2.1% (-$2.1 billion) compared with 2023. This was the first decline in annual farm cash receipts since 2010.
Crop receipts and program payments both fell in 2024 because of lower crop prices and a drop in crop insurance payments. At the same time, livestock receipts increased, primarily driven by a rise in cattle prices.
Chart 1
Total crop, livestock and direct payment receipts as a proportion of total farm cash receipts, January to December, Canada, 2014 to 2024
Most provinces posted declines in farm cash receipts in 2024. Saskatchewan (-$1.4 billion) accounted for almost two-thirds of the national decrease.
Chart 2
Farm cash receipts by category, by province or region, January to December 2024
Crop receipts down on lower prices
Total crop receipts were down 7.1% to $51.5 billion in 2024 because of declines in prices for most crops. Receipts for wheat (excluding durum) accounted for nearly half of the decrease in total crop receipts.
Receipts for wheat (excluding durum) (-$1.9 billion), canola (-$736.5 million) and soybeans (-$702.3 million) led the decrease, accounting for roughly 85% of the decline in total crop receipts. Lower prices for wheat (excluding durum) (-20.4%), canola (-20.1%) and soybeans (-19.8%) led to the drop in receipts, despite a moderate increase in marketings. Strong domestic and international supply contributed to the fall in prices for most major crops in 2024.
Livestock receipts up on higher cattle prices
Livestock receipts rose 6.8% to $39.9 billion in 2024 because of increases in all sectors except poultry.
Cattle receipts rose by $1.5 billion to $15.2 billion, representing almost 60% of the total increase in livestock receipts. Despite a decrease in the number of cattle slaughtered, total cattle receipts were up, driven by a 13.2% rise in prices. Lower herd numbers and high international demand contributed to higher cattle prices in 2024.
Hog receipts (+$475.2 million) increased to $6.3 billion in 2024 because of a rise in prices after a drop in 2023. Strong demand for pork products enhanced by higher prices for other livestock led to a 7.7% increase in hog prices.
Supply-managed receipts grew 2.0% to $15.2 billion in 2024, accounting for nearly 40% of total livestock receipts. Dairy (+$332.7 million) and eggs for consumption (+$74.8 million) led the increases in supply-managed receipts, primarily as a result of a rise in prices for dairy (+2.7%) and higher marketings of eggs for consumption (+4.1%). Receipts for chickens for meat (-$86.0 million) and turkeys for meat (-$21.5 million) fell because of a decline in prices. Turkey prices levelled out after the record highs seen in recent years.
Crop insurance falls from previous years' record highs
Total direct payments dropped by $700.4 million (-10.6%) to $5.9 billion in 2024, compared with 2023. Crop insurance payments (-$395.3 million) accounted for just over half of the decrease in direct payments in 2024, falling for the second year in a row after a record high in 2022.
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Note to readers
The next quarterly release of Farm Cash Receipts will occur on May 28, 2025, and will include data from January to March 2025.
Preliminary estimates of net farm income for 2024 will be available on May 28, 2025.
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 must 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 other sources. These data are subject to revision.
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).
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