That drop followed a 50 percent gain in 2021 and a 79 percent gain in net income in 2020. It's no surprise what the number one factor was, higher fertilizer prices. It wasn't just that, but also higher fuel prices and the cost of feed remained high following the massive drought of 2021. Just to be clear, net income represents the difference between a farmer's cash receipts and their operating expenses.
The price of fertilizer last year, rose more than 61 percent to 11.9 billion dollars. It was impacted by several factors including high natural gas prices and the ongoing war in Ukraine which has now dragged on for more than 15 months. Farmers based in Saskatchewan had the highest realized net income in 2022 at 4.5 billion, followed by Alberta at 3.3 billion and Ontario at 2.3.
Click here to see more...