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News, Other

Interest rate relief on the horizon: FCC

Latest U.S. Federal Reserve pronouncement heightens consensus that the worst of inflation and interest rate shocks is over

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[UPDATED: Dec. 29, 2023] Canada’s largest agricultural lender says Canadian farmers can expect to see interest rate relief in the coming year. In a macroeconomic snapshot released in December, Farm Credit Canada said it expects to see rate cuts totalling 75 basis points (three quarters of a per cent) in the latter half of 2024.
(Screengrab from Merit Functional Foods video via YouTube)
Crops, Markets

Merit Foods pays off operating lender, no deal yet for plant

Plant-based protein processor in receivership since March

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A Winnipeg pea and canola protein processor in receivership since this spring remains mothballed for now with no firm buyer — but has paid off one of its three secured creditors. Merit Functional Foods, which entered receivership March 1 after just two years’ operation, has sold all its remaining finished and raw inventory and directed
"What is the number one issue affecting families right now? Food prices. Inflation..." – Sylvain Charlebois.
News

Manitoba lags national foodservice recovery

Keystone province sees provincial sales decrease, says FCC

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Food service sales in 2023 have been steady compared to 2022 in all provinces except Manitoba, which saw a drop of one percent, says a report from Farm Credit Canada. The report says sales in 2023 are back to pre-pandemic levels but below the pre-pandemic trend in most cases. Alberta leads all Canadian provinces with
Farmland is still getting more expensive in Manitoba, but not as much as the national average.
News

Farmland values still rising, but slower

High interest rates and already high prices are contributing to the slowdown

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Average Manitoba farmland prices were up 6.4 per cent in the first half of 2023, slightly below the Canadian average increase of 7.7 per cent. The data, released in an Oct. 3 Farm Credit Canada (FCC) report, shows the province following the national trend. Analysts say the rate of increase is starting to ease. “When
(Dave Bedard photo)
Beef cattle, Livestock

FCC to offer beef heifer replacement loans

Loan program for those wanting to build, maintain herds

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Cattle producers wanting to expand or maintain herds — in a time of nationwide herd contraction — are the expected beneficiaries for a new loan program from Farm Credit Canada. FCC on Tuesday announced what it calls the Replacement Heifer Program, consisting of a loan with a maximum loan life of seven years and a
“The overall economy to me is going to be slowing down. It’s just a matter of when and the extent of it.” – J.P. Gervais.
News

With crop in the ground, keep an eagle eye on cost of production: management specialist

With crop in the ground, keep an eagle eye on cost of production: management specialist

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Canadian farmers may have received more for what they sold last year, but they paid a pretty penny to get it to market. It showed in their profit margins. Overall farm income fell by nearly 10 per cent in 2022, according to a recent report from Statistics Canada. Canadian farmers’ realized net income — the difference between cash
(Dave Bedard photo)
Crops, Markets, Weather

FCC offers new credit line against ‘current economic environment’

Ag lender to waive loan processing fees

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Farm Credit Canada’s recent outreach to specific agrifood sectors hit by unusual environmental conditions has now extended to those hit by the broader “economic environment.” The federal ag lender on Tuesday said it will offer an unsecured credit line of up to $500,000 with loan processing fees waived, “to help producers, agribusinesses and agri-food operations
(Shotbydave/iStock/Getty Images)
Markets, Other

Buy or rent? Land rent-to-price ratio can help farmers decide

FCC sees current ratios on farmland as (roughly) stable

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Higher interest rates don’t seem to be affecting the ratio between land values and land rental costs — at least, not yet. Farm Credit Canada’s latest analysis of farmland rental prices says they’re roughly maintaining their traditional linkage, says J.P Gervais, the organization’s chief economist. “We were curious to see whether that would bring up
(Dave Bedard photo)
Markets

Food sales grew but margins tightened in 2022, FCC says

Modest further growth expected this year

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Food and beverages sales increased in Canada last year, even as margins hit an historic low and consumers chose Canadian less. According to the latest FCC Food and Beverage Report, released Tuesday, sales increased 11 per cent to $156 billion in 2022. These gains came largely from higher export values and strength in the grain
photo: dave bedard
News

Manitoba farmland values up 11.2 per cent

Prairie provinces all show double-digit increases in farmland values

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Average Manitoba farmland prices were up 11.2 per cent in 2022 — slightly below the Canadian average increase of 12.8 per cent. The data was released in a Farm Credit Canada report March 13 and represents the largest increase the province has seen since 2015, when prices rose 12.4 per cent. This year’s increase follows jumps of

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