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Canadian agricultural optimism on the rise, according to FCC survey

REGINA - Farm Credit Canada (FCC) issued their latest annual survey that showed the agriculture industry in Canada is very optimistic about the future. 76% of those surveyed said their business or farm will be better off in five years, versus 70% in 2009.

"Challenges in agriculture are all around us. It's a complex industry. At the same time, when we ask about the future of agriculture in general, the survey results echo what we hear from the majority of our customers. They love their work and believe that agriculture is a sector with opportunities," said FCC President and CEO Greg Stewart.

Survey highlights:

67% believe they are better off now than five years ago (up from 60% in 2009).
55% of producers are planning to expand and/or diversify their farm or business in the next five years.
Producers are more likely to recommend a career in an agricultural related field to a friend or family member (80%) than a career in primary production (64%).
The majority don't plan changes to capital spending in 2011. Those who do are most likely to spend on equipment (42%), inputs (35%) and land (26%).
Respondents say commodity prices (15%), public demand for new products (13%) and increased demand for product (12%) are the top opportunities.
The two most significant challenges are making a profit (23%) and rising input costs (21%).
Other livestock (sheep, goats, llamas, bison, etc.) (81%), crop (78%) and dairy (78%) producers are more likely to believe their farm or business will be better off in the next five years, compared to hog producers (69%).

"Weekly, I hear reasons for optimism from our staff who talk directly with producers and agri-business owners and operators across Canada," said FCC Chief Operating Officer Rémi Lemoine. "This optimism is the result of stronger commodity prices in most sectors, farm business expansion and growth, and the interest of young farmers. This shows me that producers have optimism about success. If they didn't, they wouldn't be making plans for future projects and growth."

Complete survey results, including comparisons by sector and by province, are available at www.fccvision.ca.