Statistics Canada is reporting last year’s 45.1 per cent decrease in realized net farm income (to $3.9 billion) as the largest since 2006. Realized net income is the difference between a farmer’s cash receipts and operating expenses, minus depreciation, plus income in kind. The attribution for the steep decline includes rising feed, interest and labour… Read More
Frustration is brewing among farmers as changes to the Advanced Payment Program (APP) have yet to happen. The increase to $1 million cap from the previous $400,000 was announced more than three weeks ago. Scott Keller, farmer from New Norway, Alta., took to Twitter on Wednesday calling on the federal government to do something about… Read More
Time is running out for prairie producers to sign up for this year’s calf price insurance program. The sign up period began in early February and closes May 30, 2019. Bill Hoar, product owner with Western LPIP (livestock price insurance program), says that livestock producers can sign up over the phone, at a financial services… Read More
The federal government has increased the Advanced Payment Program cap from $400,000 to $1,000,0000 for all producers in an effort to help farmers in the face of current trade issues with China. Marie-Claude Bibeau, Minister of Agriculture and Agri-Food, announced several changes to the Advanced Payments Program at a press conference Wednesday morning. “Canada’s farmers… Read More
The Saskatchewan government is calling on the federal government to stick to their word when it comes to the Advanced Payment Program (APP) for farmers. On Tuesday, Premier Scott Moe wrote a letter to Prime Minister Justin Trudeau outlining a letter he sent last month and the need for changes to the APP, especially during… Read More
There are some stubborn myths in agriculture — rain falls 90 days after fog, wheat should be seeded in bushels per acre, and there’s a tax advantage to leasing versus buying equipment. In reality though, each of these statements is at least somewhat false. Fog and rain are not correlated, wheat should be planted in… Read More
Some risks are out of our control, and as we know all too well, weather is a big one in the agricultural industry. However, there are some risks that are actually in our control. Consider the risks that Boeing has dealt with this week. With the crash of the Boeing 737 Max in Ethiopia, Boeing… Read More
Taking the risk out of grain storage Deciding to store grain and waiting for the markets to pick up can be a stressful decision. Farming sometimes feels like risk after risk, with nothing helping farmers work towards a really great crop and an excellent profit. Storage is one of the risks that traditional crop insurance… Read More
If you talk about big picture stuff at the very face-to-face kitchen table, your family is far more likely to successfully navigate the farm transition from one generation to the next. Dr. Tom Deans, author and intergenerational wealth expert, says that when business owners (looking at you, farmers!) visit the topic early and often with… Read More
Revenue minus Expenses equals Profit…right? Mike Michalowicz, author and this year’s opening keynote speaker of TechTourLIVE, says putting profit last is setting yourself up for failure — because putting it last means that profit can wait, that it’s optional, that it’s less important now and more important in some distance future. But that leads to… Read More
As we see more autonomy and robots on the farm in the future, will that minimize or reduce the impact of the benefits of being a farm kid? Does it change it? There’s an element of the physical aspect of doing some of the work, which creates some of the long-term character, like picking rocks,… Read More
Ontario beef producers looking to use the Feeder Cattle Loan Guarantee Program will notice some changes the next time they apply. Changes announced include: Reduced need for credit checks within the program Steps to streamline the transfer of ownership of livestock once a loan is paid off The Feeder Cattle Loan Guarantee Program supports feeder… Read More
Farmers, as a rule, like to farm. They like to put seed in the ground, watch it grow, and harvest it, or raise livestock and put up feed. Some farmers like to do other things: work in the shop, attend conferences, or maybe serve on boards. Somewhat more rare, though, are farmers that like to… Read More
Selling a crop doesn’t have to be a full time job, nor does it have to be fraught with risk. Having a solid crop marketing plan requires some learning, a little work, and some time, but putting together the following five key tips could translate into tidy profits or reduced losses as you market what… Read More
An independent financial advisor who keeps a particularly close eye on big banks and agriculture is urging farmers to consider delaying plans to borrow money, with so much uncertainty in world trade and bank rates destined to inch up. Rob Hall, of Bankspeak Inc., an Ontario-based consultancy that helps farmers and other businesses negotiate with… Read More