Bucking the trend: Agriculture in Alberta doing well in 2020
Farm cash receipts in Alberta were up by 13 per cent in the third quarter of 2020 compared to the same period last year
By ATB Economics 26 November 2020 1 min read
Alberta’s agriculture sector is bucking the trend prevalent in most other parts of the economy and has posted strong results in 2020.
Farm cash receipts* in Alberta were up by 13 per cent ($454.8 million) in the third quarter of 2020 compared to the same period last year.
Adjusting for inflation, the third quarter of 2020 is the best on record since at least 1971 when the current data series begins.
On a year-to-date basis, receipts were up by 4 per cent compared to 2019.
Crop receipts were up by 29 per cent in the third quarter compared to last year and by 10 per cent on a year-to-date basis.
Year-to-date sales of wheat, canola, barely, oats, cannabis, lentils, beans, and peas were all higher than last year.
Livestock and livestock product receipts were not up as much as crop receipts, but still posted a 4 per cent increase compared to the third quarter last year. Year-to-date sales, however, were down by 4 per cent compared to the same period in 2019.
Nationally, farm cash receipts were up by a solid 8 per cent over the first three quarters of 2020 compared to the same period last year.
*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. Receipts are recorded when the money is paid to farmers. These do not represent their bottom line, as farmers have to pay their expenses and loans and cover depreciation.