CANADIAN FARMERS REAP RECORD PROFITS AS CROP PRICES SOAR
Canadian farmers reaped record profits last year and are on track to do the same this year, the agriculture department said Thursday, as prices for top crops soared. Canola hit record highs this month, rallying with oilseed rival soybeans, on brisk Chinese buying to produce feed for that country’s rebuilding hog herd. Farm exports in general were stronger last year, the department said. The record profits come despite disruptions to beef and pork production, as COVID-19 infections forced plants to suspend processing. Farmers’ net cash income jumped 21.8 per cent in 2020 from the previous year to $16.5 billion, driven by increased sales value of the main field crops, Agriculture Canada said. Net cash income looks to climb another 6.8 per cent this year to $17.6 billion.