Cattle producers are running out of time to purchase calf insurance

Cattle producers across the Prairies still have time to purchase calf insurance under the Livestock Price Insurance program. 

The program allows producers to manage their risk by providing protection against unexpected drops in prices over a defined period of time.

Saskatchewan's program coordinator, Jodie Griffin, says the calf price insurance deadline is Thursday, June 13th for producers in Manitoba, Saskatchewan and Alberta.

She notes they've seen a lot of interest in the calf program and strong interest in the feeder program as well.

"Why would we insure on a rising market? Well, it's not all sunshine and roses. In the sense that on the feeder program into the end of 2023 and into 2024, we sold record volumes of feeder insurance."

Griffin notes that under the feeder program, they've been paying out every week during the month of May.

On Wednesday, it was announced that producers in Atlantic Canada would now finally be able to purchase livestock price insurance.

The Canadian Cattle Association have been calling on the Federal Government to expand the program for years.

The new two-year pilot project means producers in PEI and New Brunswick will now be able to purchase livestock price insurance for the first time, while producers in Western Canada have had access to the program for about ten years.

The Maritime Livestock Price Insurance Pilot Program is designed to protect producers in the event of unexpected market declines.

Federal Agriculture Minister Lawrence MacAulay says our livestock producers are an integral part of our agriculture sector in the Maritimes, and like other commodities, they can face ever-changing market prices.

“This pilot program will protect from sudden, unexpected price drops so producers can better manage risks, grow their business, and continue to supply top-quality products to Canadians and folks around the world.”