Bumper crop could increase demand for small-scale farm equipment and crop inputs.
With the year coming to a close farmers have much to be thankful for as shown by a recent Statistics Canada release showing some great results from this year’s harvest.
Statistics Canada reported an increase of farm cash receipts over operating costs brought the realized net income of Canadian farmers to $7.3 billion in 2012, up 31.7% from 2011.
Crop receipts rose in all provinces, except PEI and New Brunswick with an increase of 24.9% in Alberta alone in 2012.
Stats Can also reported that although there was a 6.7% increase of farm operating expenses, total net income still saw a gain of $1.1 billion over 2011 reaching $7.1 billion.
Farm cash receipts for Canadian farmers totalled $39.9 billion between January and February 2013, up 1.9% from the same period in 2012, which was 8.5% above 2011.
The Statistics Canada Crop Report Summary also reported that for 2013, Western Canada production estimates for the 6 major grains (wheat, barley, canola, oats, flax, and peas) is 34% above 2012 and 40% higher than the 10-year average.