MOOSE JAW — Saskatchewan farmers had on average $39,000 less net income in 2024 than the year before.
Statistics Canada income data shows this province's farmers lost $1.3 billion in income last year from lower crop prices and slightly higher operating expenses.
That 25 per cent drop in realized net income is on par with the national average of lost income and is the biggest reduction since 2018.
Canadian farmers as a whole made $5.3 billion less last year.
All provinces except Prince Edward Island and Nova Scotia had income losses.
On average, Saskatchewan's 34,000 farmers made $116,400 in 2024 compared with $155,900 in the previous year.
Saskatchewan's loss would have been $300 million higher but for brisk receipts from the livestock industry.
Alberta farmers cleared $2.67 billion last year, with $3.18 billion the previous year.
In Manitoba, farmers earned $1.22 billion compared with $1.59 billion in 2023.
Farmers ran down inventory of product to make up for loss of income.
Across Canada, inventory gained $267 million in 2023 but was down by $1.7 billion last year.
Saskatchewan farmers drew down inventory from a gain of $309 million in 2023 to a reduction of $894 million last year.
Crop insurance payments fell 10 per cent to $5.9 billion, with a $227 million decline in Saskatchewan.
The need for crop insurance payouts was reduced by good growing conditions and higher yields.
