(ATB Economics)

By Troy Gillard

second quarter snapshot

Farm cash receipts in Alberta down slightly from last year: ATB Financial

Sep 2, 2020 | 2:16 PM

Farm cash receipts in Alberta were down by two per cent ($61 million) in the second quarter compared to the same period last year, according to ATB Financial.

Farm cash receipts measure the gross revenue of farm businesses. They include sales of crops and livestock products (except sales between farms in the same province) and program payments. Receipts are recorded when the money is paid to farmers. These do not represent their bottom line, ATB Financial explains, as farmers have to pay their expenses and loans and cover depreciation.

ATB says reduced meat-packing capacity due to pandemic-related closures explains the two per cent drop, the financial institution says, with cattle receipts down by 24 per cent ($318 million) and hog receipts down by 22 per cent ($26 million).

Crop receipts, meanwhile, were up by 12 per cent ($197 million).

Cannabis receipts led the way, up $73 million (96 per cent) compared to the year before. Canola also had a good second quarter with receipts up by $45 million (8 per cent).

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Lentils jumped by $25 million (140 per cent) while oats increased by $15 million (107 per cent). The rise in oat sales has been attributed to more people eating oatmeal at home during the pandemic.

On a year-to-date basis, total farm receipts were up one per cent compared to last year with crop receipts higher by four per cent but livestock and livestock product receipts lower by nine per cent.

Nationally, total farm receipts improved by five per cent ($832 million) in the second quarter with higher crop receipts more than compensating for lower livestock receipts.

(With file from ATB Financial)