New program offers cattle farmers protection against unexpected market declines
![Cattle (Stacey Hein / CTV News)](/content/dam/ctvnews/en/images/2024/1/4/cattle-1-6711793-1704404094476.jpeg)
The Canadian and Prince Edward Island governments are partnering on a pilot program with the goal of growing the Maritime beef sector.
The Maritime Livestock Price Insurance Pilot Program is designed to protect producers in P.E.I. and New Brunswick in the event of “unexpected market declines,” by allowing them to purchase a price protection insurance policy on beef cattle.
“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,” said the Canadian Minister of Agriculture and Agri-Food Lawrence MacAulay.
“This pilot program will provide protection 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.”
Farmers will pay 100 per cent of the premiums on their insurance policies, while the Canadian and P.E.I. governments have partnered to administer the program.
“The livestock industry on PEI is such an important part of our farming ecosystem. Supporting this sector will assist in its advancement, and ultimately growth for the greater agricultural community,” said P.E.I. Minister of Agriculture Bloyce Thompson.
The program is a two-year initiative which the province says is intended to “complement existing business risk management programs.”
“LPI provides an opportunity for producers to have security when it comes to marketing that has only been available in Western Canadian provinces. We are excited to see the launch of the program and the opportunities it will provide to Maritime cattle producers,” said Dean Manning, chair of the Maritime Beef Council.
The province says the Maritime Livestock Price Insurance Pilot program will be extended if it is considered successful
For more Prince Edward Island news visit our dedicated provincial page.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6942519.1719441123!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
More victims come forward in Ottawa rental scam
More people in Ottawa have come forward who say they've fallen victim to a real estate scam, with scammers posing as real estate agents trying to rent real properties.
Bill Cobbs, 'Air Bud' and 'The Sopranos' actor, dies at 90
Bill Cobbs, the veteran character actor who became a ubiquitous and sage screen presence as an older man, has died. He was 90.
'Worrying rumours' of planned 'non-consensual sexual acts' at after-prom party prompts Quebec police investigation
Police south of Montreal are investigating, and a school centre has asked parents not to allow their children to attend an after-prom party, after 'worrying rumours that unsavoury events were be planned by certain individuals related to drugs and non-consensual sexual acts.'
Canucks season ticket holder speaks out after membership revoked
Peter Wortman has been a Vancouver Canucks season ticket holder for 33 years, and was planning to sign on again for 2024/2025. But earlier this month, he got an email saying his full-season membership had been revoked, because the team believes he’s a ticket broker.
Military flees Bolivia government palace after coup attempt fails, general taken into custody
Armoured vehicles rammed the doors of Bolivia's government palace Wednesday in an apparent coup attempt, but President Luis Arce vowed to stand firm and named a new army commander who ordered troops to stand down.
Oilers stars McDavid, Draisaitl played through injuries in playoffs: coach
The head coach of the Edmonton Oilers says some of the team's top stars were playing through major injuries during their Stanley Cup playoff run.
Canadian businessman Frank Stronach facing new charges in connection with historical sexual assault investigation
Canadian businessman Frank Stronach is facing eight new charges after police say they've identified additional victims as part of an investigation into historical sexual assault allegations.
What you should know about the tick-borne disease anaplasmosis
Cases of a tick-borne illness called anaplasmosis are on the rise globally, and that includes across Canada. Biology professor Vett Lloyd says it is important to understand the risk factors for contracting anaplasmosis, and recognize symptoms of an infection, as the disease becomes more prevalent.
'I'm sorry, God': Accused at Coutts border blockade cried when protest abandoned
Anthony Olienick, sitting alone in an empty police interrogation room, breaks down in tears when he learns the COVID-19 protest blockade at Coutts, Alta., has disbanded in part because of his arrest.