Canadian farm income expected to break records for 2012

Canadian farm incomes are set to smash records for 2012, as grain and oilseed farmers reap the benefits of a crop price boom not experienced since the heady days of the 1970s.

The annual Farm Income Forecast prepared by Agriculture and Agri-Food Canada predicts net cash income for Canadian farmers will increase 14 per cent in 2012, to reach a record of $13.1 billion. When adjusted for inflation, it’s the highest level in nearly 40 years. In Alberta, the projected 2012 net cash income figure is $2.6 billion — also a record, and a significant 47 per cent increase from 2011.