The tables have turned in Canadian agriculture with farm cash receipts for crops reporting a significant decline, while the returns in the livestock sector have improved.
Statistics Canada reports farm cash receipts totalled $47.4 billion in the first two quarters of the year—down $1.6 billion from the same period one year ago.
Crop receipts declined $3.3 billion, while livestock receipts increased by $1.5 billion. Lower crop prices are responsible from an 11.4 per cent drop in cash receipts, while improved cattle markets have resulted in an 8.5 per cent rise in livestock cash receipts.
A similar story is playing out in the United States with cash receipts from crops down 10 per cent from a year ago, while livestock is up seven per cent.