{"id":31644,"date":"2017-11-08T16:30:12","date_gmt":"2017-11-08T21:30:12","guid":{"rendered":"https:\/\/bonnefield.wpengine.com\/?p=31644"},"modified":"2026-07-07T11:38:38","modified_gmt":"2026-07-07T15:38:38","slug":"how-financially-sound-are-canadian-farmers","status":"publish","type":"post","link":"https:\/\/bonnefield.com\/fr\/news\/how-financially-sound-are-canadian-farmers\/","title":{"rendered":"Dans quelle mesure les agriculteurs canadiens sont-ils financi\u00e8rement solides?"},"content":{"rendered":"

Les terres agricoles canadiennes ont depuis longtemps d\u00e9montr\u00e9 leur capacit\u00e9 \u00e0 g\u00e9n\u00e9rer des rendements stables, comparables \u00e0 ceux des actions, non corr\u00e9l\u00e9s aux fluctuations des autres actifs financiers. Les recherches de Bonnefield ont montr\u00e9 que les rendements \u00e0 long terme des terres agricoles sont fortement corr\u00e9l\u00e9s \u00e0 l'am\u00e9lioration continue de leur productivit\u00e9 et en d\u00e9pendent principalement. En d'autres termes, l'augmentation des rendements agricoles et l'am\u00e9lioration de l'efficacit\u00e9 des exploitations gr\u00e2ce \u00e0 la consolidation et aux progr\u00e8s techniques ont accru le potentiel de gain des terres agricoles elles-m\u00eames, entra\u00eenant une hausse de leur valeur et de leurs loyers.<\/p>\n

On peut comparer les terres agricoles aux actions d'une soci\u00e9t\u00e9 cot\u00e9e en bourse. Si la productivit\u00e9 d'une entreprise s'am\u00e9liore, on s'attend \u00e0 ce que ses b\u00e9n\u00e9fices augmentent et que le cours de ses actions suive la m\u00eame tendance. Mais si, dans leur volont\u00e9 d'accro\u00eetre la productivit\u00e9 et la rentabilit\u00e9 de l'entreprise, les dirigeants contractent une dette excessive ou fragilisent sa tr\u00e9sorerie, alors sa rentabilit\u00e9 (et donc le cours de ses actions) est menac\u00e9e.<\/p>\n

Il en va de m\u00eame pour les terres agricoles. Si l'endettement du secteur agricole augmentait au point de d\u00e9t\u00e9riorer sensiblement la tr\u00e9sorerie des agriculteurs, les prix et les loyers des terres agricoles seraient potentiellement menac\u00e9s. Ce fut le cas au d\u00e9but des ann\u00e9es 1980, lorsqu'une explosion de la dette co\u00efncida avec la baisse des prix des r\u00e9coltes et la flamb\u00e9e des taux d'int\u00e9r\u00eat, entra\u00eenant une p\u00e9riode exceptionnelle de chute g\u00e9n\u00e9ralis\u00e9e des prix des terres agricoles.<\/p>\n

La question \u00e9vidente est donc : Dans quelle mesure les agriculteurs canadiens sont-ils financi\u00e8rement solides?<\/em><\/strong>?<\/em>\u00a0 La plupart des agriculteurs ont recours \u00e0 l'endettement pour financer leurs exploitations. Disposent-ils de suffisamment de liquidit\u00e9s pour faire face \u00e0 une p\u00e9riode de stagnation des prix des r\u00e9coltes et\/ou \u00e0 des hausses des taux d'int\u00e9r\u00eat\u00a0? Risquons-nous de conna\u00eetre une crise agricole comparable \u00e0 celle des ann\u00e9es\u00a01980\u00a0?<\/p>\n

La plus r\u00e9cente enqu\u00eate financi\u00e8re de Statistique Canada indique que la grande majorit\u00e9 des agriculteurs canadiens sont en bonne sant\u00e9 financi\u00e8re.<\/p>\n

Analyse r\u00e9cente de Financement agricole Canada<\/a> Il a \u00e9t\u00e9 conclu qu'en 2015, 82 % des producteurs canadiens de c\u00e9r\u00e9ales et d'ol\u00e9agineux affichaient un ratio dette\/fonds propres inf\u00e9rieur \u00e0 0,3. 77 % des producteurs de l\u00e9gumes et 63 % des producteurs de pommes de terre pr\u00e9sentaient des niveaux d'endettement tout aussi faibles. Plus important encore, les agriculteurs canadiens semblent bien positionn\u00e9s pour continuer \u00e0 assurer le service de leur dette, comme l'indiquent leurs ratios de service de la dette sains (revenu net divis\u00e9 par les paiements annuels du service de la dette). Plus des deux tiers des producteurs canadiens de c\u00e9r\u00e9ales, d'ol\u00e9agineux, de l\u00e9gumes et de pommes de terre avaient ratios du service de la dette<\/a> sup\u00e9rieur \u00e0 2,5, r\u00e9sultat de plusieurs ann\u00e9es de fortes rentr\u00e9es de fonds et de faibles taux d\u2019int\u00e9r\u00eat.<\/p>\n

Analyse de la FCC<\/a> L\u2019\u00e9tude a \u00e9galement conclu que la situation financi\u00e8re globale du secteur agricole canadien est solide. Le ratio de liquidit\u00e9 g\u00e9n\u00e9rale moyen (actif circulant divis\u00e9 par passif circulant) de tous les agriculteurs canadiens \u00e9tait de 3,0 en 2015, le secteur des c\u00e9r\u00e9ales et des ol\u00e9agineux affichant un ratio particuli\u00e8rement \u00e9lev\u00e9 de 3,6. \u00c0 titre de comparaison, FCC consid\u00e8re que la liquidit\u00e9 financi\u00e8re d\u2019un agriculteur est ad\u00e9quate si son ratio de liquidit\u00e9 g\u00e9n\u00e9rale est de 1,5, et la plupart des agriculteurs canadiens pr\u00e9sentent des ratios bien sup\u00e9rieurs \u00e0 ce seuil.<\/p>\n

La bonne liquidit\u00e9 financi\u00e8re du secteur agricole canadien contraste avec celle des agriculteurs am\u00e9ricains qui, selon FCC<\/a>, ont connu une baisse de leur ratio de liquidit\u00e9 g\u00e9n\u00e9rale, passant de 2,87 en 2012 \u00e0 1,55 en 2016. Contrairement \u00e0 leurs homologues am\u00e9ricains, les agriculteurs canadiens ont \u00e9t\u00e9 dans une certaine mesure prot\u00e9g\u00e9s de la baisse des prix du ma\u00efs et du soja par un taux de change USD\/CAD favorable et une combinaison plus diversifi\u00e9e. des cultures (en particulier le canola et les l\u00e9gumineuses, dont les prix restent \u00e9lev\u00e9s).<\/p>\n

En effet, Statistique Canada a publi\u00e9 fin novembre des chiffres montrant que les revenus agricoles canadiens (\u00ab recettes mon\u00e9taires agricoles \u00bb) pour les 9 premiers mois de 2017 \u00e9taient en hausse de 3,31 TP3T par rapport \u00e0 la m\u00eame p\u00e9riode en 2016.\u00a0 <\/span>Il s'agit de la septi\u00e8me ann\u00e9e cons\u00e9cutive au cours de laquelle les agriculteurs canadiens connaissent une augmentation de leurs revenus d'une ann\u00e9e \u00e0 l'autre. De plus, les b\u00e9n\u00e9fices agricoles canadiens, tels que mesur\u00e9s par le revenu agricole net r\u00e9alis\u00e9, ont augment\u00e9 de 4,21 TP3T en 2016, la 6e augmentation de ce type au cours des sept derni\u00e8res ann\u00e9es.<\/p>\n

En r\u00e9sum\u00e9, nous sommes rassur\u00e9s par la plus r\u00e9cente enqu\u00eate financi\u00e8re agricole de Statistique Canada qui d\u00e9montre que la grande majorit\u00e9 des agriculteurs canadiens, en particulier les producteurs de c\u00e9r\u00e9ales, d'ol\u00e9agineux, de pommes de terre et de l\u00e9gumes (les secteurs sur lesquels Bonnefield se concentre), sont en bonne sant\u00e9 financi\u00e8re.<\/p>","protected":false},"excerpt":{"rendered":"

Canadian farmland has a long track record of producing steady, equity-like returns that are uncorrelated with the ups and downs of other financial assets.\u00a0 Bonnefield’s research has shown that long-term farmland returns are highly correlated with, and are primarily a function of, the long-term improvement in the productive capacity of farmland.\u00a0<\/p>","protected":false},"author":252,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[],"class_list":["post-31644","post","type-post","status-publish","format-standard","hentry","category-quarterly-newsletters-insights"],"yoast_head":"\nHow financially sound are Canadian farmers? - Bonnefield<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bonnefield.com\/fr\/news\/how-financially-sound-are-canadian-farmers\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How financially sound are Canadian farmers? 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