Canadian net farm revenue soars in 2011

Net income for Canadian farmers shot up 53.1 percent to $5.7 billion in 2011 on the heels of a 19 percent gain in 2010, Statistics Canada reported Monday. \"Farm cash receipts, which include market receipts from crop and livestock sales as well as program payments, rose 11.9 percent to $49.8 billion in 2011,\" the agency said. \"This was the first increase since 2008.\" Expenses after rebates rose 8.4 percent in 2011 to $38.3 billion, the second-largest percentage increase since 1981. The report said the bulk of the increases were due to higher prices for fertilizer, feed and machinery fuel. Among crop revenues, canola receipts increased 37.3 percent in 2011 on the strength of a 27.3 percent gain in prices. Among livestock receipts, hog revenue increased 15.5 percent to $3.9 billion on the strength of a 14.7 percent price increase and cattle prices rose 19.5 percent in 2011. By province, Newfoundland/Labrador, New Brunswick and Manitoba saw farm revenue declines. Large increases were seen in Saskatchewan, which was up $2.1 billion, Alberta revenues rose by $567 million and Ontario recorded $470 million in additional sales over 2010, StatsCan said.