Today, Agriculture and Agri-Food Canada released the 2017 Canadian Agricultural Outlook. The report provides a forecast of farm income in the agricultural sector for the previous and current calendar years (2016 and 2017), and looks ahead to longer term trends that could impact the agriculture sector.
In 2016 and 2017, Net Cash Income is forecast to see slight declines, but will remain above the 2011-2015 average. The primary driver of declining income is weakness in North American livestock markets as cattle and calf prices descend from record high levels observed in 2015. Crop receipts are expected to increase in both 2016 and 2017 due to strong marketings, or volumes marketed, of canola in 2016, and an overall increase in grain marketings in 2017 as the large crop harvested last fall works its way through the grain marketing system.
Most indicators suggest a continuing positive economic situation for the sector. A growing world population, increasing disposable incomes in developing nations and increasing trade in farm products present opportunities to further grow the Canadian agriculture sector.
"Canada''s agriculture and agri-food industry is a key driver of the Canadian economy. The Government of Canada will support the continued growth of the sector by investing in research and innovation, working to open new markets around the world and collaborating with our provincial and territorial partners."
Canadian Agricultural Outlook Highlights:
Contacts: Guy Gallant Director of Communications Office of the Honourable Lawrence MacAulay 613-773-1059
Media Relations Agriculture and Agri Food Canada Ottawa, Ontario 613-773-7972 1-866-345-7972
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