Alberta is the second Canadian province with the largest increase.
For Saskatchewan, this means a $2.6 billion increase in farm income from 2020.
Several factors contributed to this rise, including rising prices for agricultural commodities such as grains, oilseeds and pigs, according to the federal agency.
Overall, the province’s agricultural sector recorded a net profit of about $5.5 billion.
The price of agricultural land and buildings in Saskatchewan also rose from $1,601 to $1,656 per acre between 2020 and 2021.
Not exempt from expenses
However, farmers in Saskatchewan were not spared high production costs and expenses.
With rising prices for fertilizer, fuel for machinery and feed for livestock, those costs for a Saskatchewan farm in 2021 totaled $11.5 billion.
Saskatchewan Farmers Association chief executive Duane Haave said farmers had to draw on stocks to keep up with demand.
” Everyone is trying to sell everything as soon as the price drops, and farmers are trying to manage their rent by selling their goods in reserve. »
Crop insurance payments also hit a new high in 2021, according to Statistics Canada. Saskatchewan received $926.4 million from this program due to a drought in Western Canada last year.
According to Ernst Judy