The pandemic will “test the resilience of farms in 2020,” according to Farm Credit Canada.
The federal agricultural bank says last year’s farm cash receipts increase of 5.7 per cent suggests a strong year in 2020.
The $3.6 billion increase was the best since 2003. Stripping out the increase from newly added cannabis farming leaves the increase at 2.9 per cent.
In Saskatchewan a .3 per cent decline in farm cash receipts last year was caused by lower grain prices, offset by good livestock prices.
For 2020, FCC predicts a 1.9 per cent drop in Saskatchewan farm cash receipts from lower livestock and grain prices. This includes direct payments by farm safety net programs.
The ag bank says spring wheat is the only commodity with a bright price outlook.
Prices will stay average for canola, durum, yellow peas and red lentils with declines forecast for barley, corn and soybeans.
Ron Walter can be reached at ronjoy@sasktel.net
