Canola retains its spot as the top revenue-producing crop for Canadian farmers
Farm gate receipts for canola deliveries in 2012 were $8.1 billion in Canada, according to estimates in Agriculture and Agri-Food Canada’s recently released Farm Income Forecast. That is 5.4% higher than the final Statistics Canada tally of $7.7 billion for canola in 2011.
Wheat generated $6.3 billion in farm gate receipts in 2012. AAFC forecast total farm cash receipts for all crops at a record $29.0 billion for 2012, a 12% increase over 2011. Total farm cash receipts for all livestock are estimated at $21.1 billion, a 4% increase over 2011.
“Canola continues to lead all crops in Canada when it comes to farm gate revenue,” says Patti Miller, president of the Canola Council of Canada. “Generating $8.1 billion for growers in 2012 reflects on the power of the whole value chain. Canola’s success in the field and on the farm ripples through the Canadian economy, supporting thousands of other jobs in research, crop inputs, grain handling, exporting and processing.”
The revenue increase is based on increased acres but also strong prices, which reflect strong global demand for canola products. “The world wants the healthy oil and productive animal feed that canola provides, and that means continued strong demand for Canadian canola,” Miller says.