SASKATOON – The federal government’s agricultural forecast for 2016 has some optimistic findings for Canadian producers. Macroeconomic factors like the low price of oil have reduced on-farm fuel expenses across the country, according to Agriculture and Agri-Food Canada.
Weakness in the Canadian dollar compared to the U.S. greenback made Canadian commodities more attractive to international buyers, the report said.
Get breaking National news
READ MORE: As prices climb, low-income families struggle to buy healthy foods
Earnings for Canadian farmers in 2015 rose six per cent to a record-setting $15 billion in net cash income.
However, continued weakness in the worldwide commodity is expected to continue in 2016, putting downward pressure on prices.
Global stocks of crops remain high because of record-setting production.
Comments