Given the downward trend in major crop prices, it is not surprising that farm revenue in Alberta is down so far in 2024 according to new data from Statistics Canada.

Farm cash receipts* in Alberta over the first three quarters of the year were 2% lower than over the same period in 2023.

Crop revenue was the culprit, down 15% ($1.3 billion) on a year-to-date (YTD) basis. Of Alberta’s three largest crops, YTD wheat revenue was down the most in both percentage terms (-31%) and in dollar value (-$800M).

Over the same period, the average prices received by Alberta farmers for wheat (-22%), canola (-21%), and barley (-29%) all fell.

Livestock revenue, meanwhile, increased by 11% with the YTD price of cattle for slaughter 13% higher and the price of cattle for feeding up by 23%.

As such, the YTD results point to a more financially challenging year for Alberta’s crop producers due to weaker commodity prices (preliminary production estimates point to relatively stable production levels). The lower revenue will have a negative impact on the bottom line of crop producers, but until we have data on the expense side of the equation (which is not available until next year), we won’t know the full impact.

It was a similar story nationally, with YTD farm cash receipts down 3% (-$2.2 billion) from the same period in 2023 with lower crop receipts partly offset by higher livestock sales.

*Farm cash receipts measure the gross revenue of farm businesses. They include sales of crops and livestock products (except sales between farms in the same province) and program payments.

Answer to the previous trivia question: The New York Stock Exchange is the largest stock exchange in the world by market capitalization.

Today’s trivia question: How many farms are there in Alberta?