Decade in review

December 27, 2019

Numbers give glimpse of how far agriculture has come

As the decade comes to a close, it’s a good time to look back and see how far customers have come. Average yields, market prices and the value of what Agricorp covers (liability) are all telling the same story – agriculture in Ontario has come a long way in the last ten years!

2019 was a challenging year for farmers, but the agricultural industry has been around for a long time. The strength of the industry over the past 10 years is reflected in the increased value customers receive from programs, despite the challenges they may currently be facing.

The snapshot to the right shows increases over the past 10 years and paints a picture of an industry that is adapting, innovating and growing. Farmers are producing more, reaching more markets, and gaining efficiencies all while managing their individual risks.

Cost-shared government programs are one way farmers manage risk, and these programs have adapted over the decade to meet industry needs with things like RMP coverage extended to livestock producers and enhanced coverage for DON, excess rainfall, and trees and vines. Despite increased liability, the average premium for Production Insurance has gone down. The program takes claim history into account, and because claims have been manageable over the last decade, so have premiums.

Over the past 10 years, Agricorp has issued $2.2 billion in program payments to Ontario farmers. Agricorp works hard to provide caring service and helpful program information along the way and hopes to continue working with Ontario farmers for the next 10 years as well.

A decade of growth: a snapshot of progress over the past decade

Average market prices

  • Soybeans: up 52 per cent
  • Corn: up 47 per cent
  • Beef: up 46 per cent
  • Winter wheat: up 45 per cent
  • Hog: up 14 per cent

Average farm yield (AFY)

  • Corn: up 23 per cent
  • Soybeans: up 10 per cent
  • Winter wheat: up 10 per cent

Average reference margin

  • AgriStability: up 76 per cent

Value of coverage (liability)

  • Production Insurance: up 98 per cent

Premium rates as a percentage of liability

  • Corn: down 47 per cent
  • Soybeans: down 41 per cent
  • Winter wheat: down 25 per cent