Saskatchewan experienced the most substantial decline of $1.3 billion due to a drop in crop prices and a slight rise in expenses.
Farm cash receipts across Canada fell by $1.6 billion, totalling $97.9 billion. Crop receipts were especially hit, falling 6.2% to $52.1 billion — the largest decline since 2003. The Prairies, particularly Saskatchewan, Alberta, and Manitoba, saw the biggest drops due to lower grain and oilseed prices.
Direct payments to farmers also fell by 10.8% to $5.9 billion. Crop insurance payments, which form a large part of these payments, declined, especially in Alberta and Saskatchewan. However, AgriStability payments and private hail insurance saw sharp increases, helping ease some losses.
On the other hand, livestock receipts increased by 6.9% to $39.9 billion. Cattle and calves saw an 11.6% rise in receipts due to strong prices and demand. However, poultry receipts declined due to lower prices caused by higher production and lower feed costs.
Canada’s total net income fell by $5.2 billion to $7.7 billion in 2024, marking a year of financial difficulty for farmers despite strong livestock markets.
As expenses continue to grow and crop prices decline, farmers are facing a challenging economic environment across Canada.