Canada Markets

Statistics Canada released their Farm Cash Receipts data for the first quarter of 2013 on Thursday. Perhaps no surprise, yet another record was generated. This was led by the grain sector as higher prices due to the 2012 U.S. Midwest drought, combined with marketing freedom that gave prairie producers the ability to control the timing of their deliveries, has helped pushed cash receipts higher.

Overall Canadian farm cash receipts for the January to March period were $15.412 billion, up 7.5% from 2012. Canadian crop receipts are up 13.2%, while the livestock industry remains steady at a .2% increase.

By province, western provinces saw the largest move higher in total farm cast receipts in the quarter, with Manitoba the highest with a 13.4% gain over 2012, Saskatchewan second with an 11.6% gain and Alberta fourth with a 9.3% gain.

By commodity, wheat receipts (not including durum) were 40.5% higher than 2012, while durum receipts were up 30.9%. Barley receipts were also 22.9% higher than 2012. The cereals stole the show in terms of year-over-year increases, with the week 35 Grain Statistics Weekly indicating that year-to-date wheat deliveries were 1.3% higher to the end of March than the previous year, while durum deliveries were 9% higher. Grain receipts are also inflated in the first quarter due to 2012 deliveries where payment is deferred to 2013 for tax reasons.

Along with the quarterly 2013 report, farm cash receipts were also released for 2012. Receipts totaled $53.7 billion, up 7.5% from 2011.

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

(AG)

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