Statistics Canada's Farm income, 2017 report was released on Monday, providing a glimpse of trends in farm financial data. Total farm cash receipts was reported at $61.6 billion, the seventh consecutive annual increase. The year-over-year increase is calculated at 1.8%, the second-smallest year-over-year increase seen in seven years, next to the 1.2% annual increase seen in 2016. Over the past five years, the year-over-year increase in total cash receipts averaged 4.1%, while over 10 years, has averaged a 5.2% annual increase.
Crop receipts were unchanged at $34.1 billion in 2017, the weakest year-over-year change shown in three years after increasing 6.6% in 2016, averaging 5.9% higher during the past five years and 9.2% higher over the past 10 years. Crop receipts accounted for 55.4% of total farm receipts in 2017, a dip from the 56.4% reached in 2016, which was the highest percentage reported in Statistics Canada data going back to 1971. Over the past five years, crop receipts have averaged 54.6% of total receipts, while averaging 52.3% over the past 10 years. This trend is shown by the yellow line on the attached graphic. In Statistics Canada data going back to 1971, crop receipts reached 50% of total receipts for the first time in 2008.
Looking at individual crops, cash receipts from wheat are reported at $5.067 billion in 2017, the largest value sold in four years. Wheat receipts accounted for 14.9% of total crop receipts in 2017. Over the past five years, wheat receipts have averaged 15.3% of total crop receipts.
Canola receipts in 2017 totaled $9.918 billion, a record high, while accounting for 29.1% of total crop receipts. This is up 2 points from 2016, increasing for the fourth straight year, while over the past five years, canola sales have accounted for 25.6% of total crop receipts.
Soybean receipts are reported at $2.7 billion in 2017, down from the record set in the previous year, while accounting for 8% of total crop receipts in 2017. On average over the past five years, soybean receipts have averaged 7.9% of total crop receipts in the country.
Corn receipts totaled $2 billion in 2017, down slightly from 2016. This dollar value totals 5.9% of total cash receipts, which compares to the five-year average of 6.8% and the 10-year average of 6.7%.
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