![]() ![]() Crop production was at its lowest since 2007, which resulted in higher crop insurance payments. The previous crop year was one of the driest on record in Western Canada and resulted in crop insurance payments of $2.5 billion in the first quarter as producers made their claims before the March 31 deadline. Most of this increase was a result of increases in crop insurance. Program payments rose by $2.3 billion to $3.4 billion in the first quarter of 2022, which was five times larger than the previous ten year average for the same quarter. Record crop insurance payments in Western Canada push up farm cash receipts Production was adversely affected by the drought and dropped by 60% from the previous crop year, and reported inventories are at the lowest in almost two decades. Soybeans increased by 30.4% to $639.8 million on both strong marketings and price.ĭurum receipts dropped by 42.1% from $559.9 million to $324.3 million. Similarly, canola sales increased to $3.1 billion despite marketings dropping by 38.0% because of a price increase of 63.6%.Ĭannabis receipts increased by $328.1 million to $986.9 million from the same quarter a year ago. This increase in global demand coupled with the effects of lower production translated into higher prices for many grains and oilseeds and drawn down inventories.ĭespite the drop in marketings ( -27.4%), receipts for wheat (excluding durum) increased by 17.5% to $2.0 billion as a result of a 61.7% increase in price. Although production was down for many of the major crops as a result of the drought in 2021, geopolitical conflict combined with uncertainty regarding the world supply pushed many prices to record levels. Higher prices are contributing to an increase in crop receipts despite a decline in productionĭuring the first quarter of 2022, total crop receipts increased by $193.9 million to $11.9 billion. Dairy receipts were up because of a 9.2% increase in price, while chickens for meat receipts were up on both price (+8.6%) and marketings (+4.7%). Receipts for dairy (+$122.8 million) and chickens for meat (+$103.7 million) accounted for almost 80% of the supply-managed receipts increase. Supply-managed receipts were up by $286.5 million to $3.3 billion since all of the supply managed commodities had higher receipts in the first quarter of 2022. Reduced Canadian processing capacity and higher international export prices (+22.1%) led to an increase of 13.3% in international hog exports receipts. Slaughter hog receipts accounted for just over 87% of total hog receipts. The strong demand for pork continued to push the live hog prices higher (+14.8%), leading to a 13.8% rise in hog receipts to $1.6 billion. International demand for beef was also up and export prices for live cattle were 21.2% higher than in the same quarter of the previous year. Extreme weather in 2021 in some parts of the country led to feed shortages and resulted in a higher number of cattle being slaughtered. All provinces reported higher livestock receipts compared with the same quarter in 2021, led by Alberta (+$309.0 million) and Ontario (+$208.0 million).Ĭattle receipts rose by $382.3 million to $2.5 billion on higher marketings and price as demand for cattle continued to trend upwards. Higher prices helped push cattle and hog receipts up by 18.1% and 13.8%, respectively. ![]() ![]() Livestock receipts rose by 13.9% to $8.0 billion in the first quarter of 2022 since most of the commodities brought in higher receipts. Livestock receipts are increasing in all provinces ![]()
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