Agrifood coming closer to the $75 billion annual export target, Bibeau says.   Ottawa—An Agriculture Canada analysis of farm income shows that Canadian farm income and the value of farms are expected to be at an all time high for 2020 and 2021 putting many farmers on a stronger footing and positioned to contribute to Canada's economic recovery. Agriculture Minister Marie-Claude Bibeau told the annual meeting of the Canadian Federation of Agriculture that the sector is expected to see significant growth for both years despite the pandemic and other challenges. “The growth in farm income shows that the sector is weathering these disruptions well and adjusting farming decisions accordingly.” The agrifood sector reached nearly $74 billion in exports last year up from $67 billion in 2019, she said. This brings it close to achieving the Barton report target of $75 billion worth of farm and food exports by 2025. “The sector has shown resilience in posting a record performance for agriculture and agri-food exports, despite COVID-19 and its challenges,” the minister said. “The agricultural sector is an engine of growth, helping to restart the Canadian economy.” The results “are welcome signs that Canadian farmers are finding success during these unprecedented times.” Net cash income (NCI) is forecast to have grown by 21.8 per cent in 2020, from $13.5 billion in 2019 to $16.5 billion in 2020, she said. Individual farm income is also forecast to have increased in 2020, with average net operating income (NOI) per farm increasing by 25.4 per cent, from just under $76,000 in 2019 to approximately $95,000 in 2020. Average farm family income is forecast to have increased by 8.6 per cent to just over $194,000 in 2020, driven by increases in NOI from farming. The grains sector had a very strong year with an 11.9 per cent increase in overall crop receipts despite shifting international trade patterns and fluctuating commodity prices, she said. The horticulture sector was hit with workforce disruptions while livestock receipts were forecast to have declined 1.9 per cent, largely due to negative impacts of COVID-19 on the red meats sector. Looking ahead to 2021, there continues to be uncertainty surrounding COVID-19. However, based on the expectation that the current situation continues to return to normal market conditions, NCI is forecast to further grow in 2021 by 6.8 per cent to $17.6 billion. Average farm-level NOI is forecast to increase 8.5 per cent to approximately $103,000 per farm, and average farm family income is forecast to grow 7.2 per cent to just under $208,000. Net worth is forecast to reach $3.5 million per farm, up 2.9 per cent from 2020 levels. Farm cash receipts for all principal field crops are forecast to have reached $28.3 billion in 2020, up 17 per cent from 2019 levels. Overall crop receipts are forecast to have increased by 12 per cent in 2020, offsetting a 2 per cent decline in livestock receipts. Farm cash receipts for pulses and special crops are forecast to have reached $3.6 billion in 2020. Alex Binkley is a freelance journalist and writes for domestic and international publications about agriculture, food and transportation issues. He's also the author of two science fiction novels with more in the works.