Analysis

Market receipts—revenues from the sale of crops and livestock—increased 13.7% to $41.6 billion in 2008. Crop receipts increased 24.2%, mainly as a result of higher prices, while livestock receipts rose 3.1%.

Grain and oilseed prices began to climb in the fall of 2006 and peaked in mid-2008, the result of strong global demand and tight supplies. Since then, prices have fallen in the wake of rising stocks and the impact of the financial crisis and the economic downturn on the global demand for commodities.

In the livestock sector, revenue from hogs declined 2.8%, the fourth consecutive annual decrease. Both prices and marketings fell in 2008. Market receipts for cattle and calves increased 3.8% in 2008 as more cattle were exported into the United States; exports were up 13.2% over 2007.

Supply-managed commodities (dairy, poultry and eggs) showed a 5.7% increase in receipts as rises in production costs pushed prices higher.

Total farm cash receipts, which include both market receipts and program payments, rose in all provinces in 2008. The largest increases occurred in Saskatchewan (+21.4%) and Alberta (+17.2%).