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New program offers cattle farmers protection against unexpected market declines

(Stacey Hein / CTV News) (Stacey Hein / CTV News)
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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.

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