2022 was a record year for Alberta farmers and ranchers: report
A new report from ATB Economics suggest that Alberta farmers came out ahead last year despite skyrocketing operating costs, supply chain issues and growing conditions that were less than ideal.
According to the report, released on Wednesday, the realized net income of Alberta farmers was up 2.6 per cent in 2022, reaching an all-time high of $3.3 billion.
This, while operating costs and depreciation charges increased by 24.7 per cent and 9.5 per cent respectively.
"For the most part, prices were fairly good, not quite as high as the year before, they'd slipped some," Alberta Federation of Agriculture (AFREA) president Lynn Jacobson said. "But there was opportunity to lock in some pretty attractive prices."
Crop insurance played a big part in that, as it helped turn what could have been a disastrous year for many into a profitable one.
For many farmers, like Fort Macleod’s Stephen Vandervalk, it’s a program they can no longer live without.
"Crop insurance was a big thing for southern Alberta, so you'd think with crop insurance you wouldn't have very high incomes, but the crop insurance coverage was pretty good with prices being so high, and we had decent averages built up from the previous 10 years," he said.
Nationally, It was a different story, with the realized net income in Canada dropping 9.5 per cent.
Saskatchewan had the highest realized net income at $4.5 billion, but that represented a 19.7 per cent drop from the previous year’s record-setting total.
Across the board, realized net income was either down or negative in six of ten Canadian provinces.
"I think we had more consistent supplies of our inputs, when you talk about Ontario and some of the areas there they were hit with that fertilizer shortage and that excise tax," Jacobson said.
While many are coming off a strong year, expectations for the upcoming harvest aren't as positive; falling crop prices and concerns over lack of rainfall have some farmers worried.
"I think I can speak for a fair majority, this year is setting up for being a really, really bad year," Vandervalk said.
"Commodity prices are absolutely collapsing. Canola, we're almost there but let's just call it, we're at half price."
CTVNews.ca Top Stories
BREAKING New York appeals court overturns Harvey Weinstein's 2020 rape conviction from landmark #MeToo trial
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
BREAKING Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
Metro Vancouver mayors call for serial killer Robert Pickton to be denied parole
A dozen mayors from around Metro Vancouver say federal Attorney General and Justice Minister Arif Virani should deny parole for notorious B.C. serial killer Robert Pickton, and reassess the parole and sentencing system for 'prolific offenders and mass murderers.'
What do weight loss drugs mean for a diet industry built on eating less and exercising more?
Recent injected drugs like Wegovy and its predecessor, the diabetes medication Ozempic, are reshaping the health and fitness industries.
2 military horses that broke free and ran loose across London are in serious condition
Two military horses that bolted and ran miles through the streets of London after being spooked by construction noise and tossing their riders were in a serious condition and required operations, a British government official said Thursday.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.