Farm Credit Canada (FCC) says livestock is the hottest sector in Canadian agriculture based on projected cash receipts over the next 12 months.
"I think one of the underlying drivers behind all of the livestock sectors is really the strength of both the foreign demand for Canadian animal proteins as well as our own domestic demand here in Canada," said J.P. Gervais, chief agricultural economist with FCC. "I think demand is really driving production growth."
Within the livestock sector, hog cash receipts are forecast to climb by 12 per cent over the next 12 months, cattle by eight per cent and poultry by seven per cent. The dairy sector places a close second with cash receipts projected to grow by 11 per cent.
FCC’s agriculture sector snapshots consider various factors that will influence cash receipts for various agriculture commodities over the next year. These factors include prices, production, demand and export opportunities.
The report notes that Canadian agriculture employs 2.1 million workers and accounts for 6.7 per cent of the country’s gross national product (GDP).
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