Tuesday, April 12, 2022

Canadian farmers optimistic

Two-thirds of farmers surveyed by the Royal Bank of Canada are optimistic about their finances this year.

The bank said this is despite supply chain issues, soaring input costs, labour shortages and the challenges of the COVID-19 pandemic.

To realize the positive year they foresee, Canadian producers are aiming to proactively plant the seeds needed to ensure growth in the months ahead, RBC said.

When asked about priorities to pursue over the next year, those surveyed overwhelmingly agreed that owners and operators will look to:

Cultivate a strong agricultural network to tap into for advice (85 er cent).

Recruit skilled workers (81 per cent).

Build up the farm's leadership team (77 per cent).

Invest in technology and data-driven decisions (77 per cent).

Focus on risk management planning (73 per cent).

The survey found that most farmers are already using new technologies, are taking risk management measures and are making their farming more sustainable and diverse.