New numbers from Statistics Canada show a tough year for Canadian farmers in 2024.
Realized net farm income fell 26 percent, dropping $3.3 billion to $9.4 billion—the largest percentage decline since 2018.
The drop came as farm cash receipts fell for the first time since 2010, down $1.4 billion, mainly due to lower crop prices.
Crop receipts slid 6.1 percent, with the biggest declines in Saskatchewan, Alberta and Manitoba.
Livestock told a different story—receipts rose 7.2 percent, driven by historically high cattle prices. But operating costs continued to climb, up 2.7 percent to $78.5 billion, led by soaring interest expenses and higher livestock purchases.
Overall, total net income fell to $9.2 billion, down more than $4 billion from 2023.
