At the Saskatchewan Stock Growers Association (SSGA) conference on June 10 in Swift Current, Sask., Canadian Cattle Association (CCA) vice president Tyler Fulton highlighted the expansion of Livestock Price Insurance, which will be available to producers in Eastern Canada. Initially announced in February, the expansion will finally come into effect sometime this week.
“It’s something we probably take for granted here in the prairies. But it’s one thing that has been a long time coming for our eastern counterparts,” Fulton said while presenting at the conference.
Previously, Livestock Price Insurance has been available to producers all over Canada, except for in the maritime provinces, leaving them without a risk management program. Fulton says expanding this program has been something CCA has been working on for a long time.
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Jodie Griffin, a program coordinator for the Livestock Price Insurance program, says producers should be aware of the official announcement coming on June 12.
“They will be able to buy for sure on Wednesday, maybe even Thursday,” she said in a quick interview.
Griffin presented at the SSGA conference as well, speaking about the importance of Livestock Price Insurance, because it establishes a floor price for cattle producers in a volatile market. While presenting, Griffin says producers should always consider price insurance because volatility remains even in a rising market, and that when potentially catastrophic event occur, like the avian influenza in March 2024 or highly talked about Foot-and-Mouth Disease, price insurance is producers only defence.
“I really think it’s super important for our cow-calf sector,” she said.
