Net income of Canadian farmers rose 31.7 percent in 2012 following increases in grain and oilseed prices, Statistics Canada said today.
Net income rose to C$7.27 billion ($6.90 billion) last year, up from C$5.52 billion a year earlier, the government agency said. Net income climbed in all provinces, with the increase following gains of 56.3 percent in 2011 and 16.9 percent in 2010.
Farm cash receipts, which include cash received from crop and livestock sales, gained 9.2 percent in 2012 to C$54.2 billion after an 11.9 percent rise in the previous year. Receipts for wheat excluding durum gained 18.4 percent in 2012 while canola receipts rose 7.3 percent, Statistics Canada said.
Wheat, Canada’s biggest crop, rose 19 percent in 2012 on the Chicago Board of Trade, and canola traded in Winnipeg increased 13 percent.
Farm-operating expenses rose 6.7 percent to C$40.8 billion, due in part to higher spending on feed and fertilizer, the government agency said.