Industry Lens: Agriculture—June 2024

Industry Lens: Agriculture—June 2024

Industry Sector Economics
10 min read

Author: Jake Lenarduzzi


This report examines the short- and medium-term economic and profitability outlook for Canada’s agriculture industry.

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Two recent droughts have resulted in a challenging period for farmers. Volatility caused by extreme weather will likely persist, but the agricultural industry is expected to show resilience and output growth is expected to trend upward over the medium term.

Will oversupply concerns within the cannabis sector continue, and will these signal an end to cannabis’ role as the primary driver of agricultural growth? Will global demand, affected by inventory levels and harvest success, remain strong? Will livestock prices remain generally above their five-year averages? Technological advancements and farming practices have resulted in increased agricultural productivity, but how have these improvements affected employment and wages in the sector?

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