Canada Markets

Statistics Canada reports farm cash receipts at $72.5 billion over the first three quarters of 2023, or the end of September, up 7.9% or $5.3 billion from the previous year. This is a record for this nine-month period although note that this measure considers the revenue side only.

Crop receipts are reported at $41.4 billion, up $4.5 billion from the previous year, also a record for this period, although receipts are likely to slow. As a percentage of total farm receipts, crop receipts account for 57% of the farm cash receipt total, up from 54.9% calculated for this period last year and compared to the highest percentage calculated of 57.8% for the first three quarters of 2020.

As seen on the attached chart, the year-over-year increase for canola receipts and wheat receipts (excluding durum) dwarf all other year-over-year changes shown. The year-over-year change in canola receipts is seen at $1.648 billion and the year-over-year change in wheat receipts is $1.272 billion, or $1.766 billion when combined with durum for a view of Canada's all-wheat receipts. These crops account for 76.5% of the total year-over-year crop receipt increase.

Cliff Jamieson can be reached at cliff.jamieson@dtn.com.

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