OTTAWA - High grain and oilseed prices means net incomes for 2012 for Canadian farmers are expected to reach record levels.
The final numbers are not in yet, but the farm income forecast says the average net operating income for Canadian farms might hit $74,190.
That's 17 per cent greater than the 2011 level and 50 per cent above the 2007-to-2011 average.
The report says the net worth of an average farm grew by eight per cent in 2012 to reach $1.8 million.
It cites a sharp rise in crop prices because of the worst drought in the United States in 60 years and says a moderate recovery continues in the livestock sector.
The report also predicts that farm income will stay strong this year.