OTTAWA - Agriculture Canada predicts that farm income will drop slightly this year, while remaining at historically high levels.
The department forecasts that aggregate net cash income will slip five per cent this year to $12.6 billion, but will still be 23 per cent above the average for the period of 2008-2012.
It says farm-level average net operating income will similarly decline by five per cent to $65,243.
Crop receipts are forecast to total $29.1 billion in 2014, three per cent below the projection for 2013, but 17 per cent higher than the 2008-2012 average.
Aggregate farm cash receipts for livestock are forecast at $21.5 billion in 2014, just below the record level of 2013.
In 2014, program payments are forecast to rise by eight per cent, or $199 million, to a total of $2.8 billion.