Supporting Maritime beef producers to manage risk and grow their sector

MONCTON, NB, March 17, 2018 /CNW/ - The Atlantic beef industry is a powerful economic driver for Canada with over $100 million in farm cash receipts and over $25 million in exports. As the sector continues to grow, the Government of Canada is committed to working with beef and cattle producers to provide them with the tools they need to manage risks and remain sustainable and profitable. 

Member of Parliament for Fundy Royal Alaina Lockhart, speaking on behalf of Agriculture and Agri-Food Minister Lawrence MacAulay at the 2018 Maritime Beef Conference, today announced an investment of over $90,000 to the Maritime Beef Council (MBC) to help them explore options to reduce the impact of price volatility on their bottom line.

The project activities include analyzing the base price difference between Alberta and the Maritimes cattle prices, and determining if a price insurance model, similar to the Western Livestock Price Insurance Program, can work for livestock producers in Maritime provinces.

Quotes

"The Government of Canada is proud to support beef producers in the Maritimes in developing the tools they need to manage risks and grow their industry. This investment will contribute to help protect the producers against unexpected price declines, while strengthening the sector and create well-paid jobs for middle-class families."
-       Alaina Lockhart, Member of Parliament for Fundy Royal

"The Maritimes is the only region of Canada currently operating without a livestock price insurance program. Leveling the playing field will allow all Canadian cattle producers to protect themselves from volatile market conditions. The success and growth of the Maritime beef industry is heavily weighted on the development and delivery of programs of this nature." 
-       Nathan Phinney, Chair, Maritime Beef Council

Quick Facts

• The Maritime Beef Council is comprised of the three provincial cattle organizations (New Brunswick, Nova scotia, and Prince Edward Island), regional industry personnel and local scientists who work together to develop and improve the maritime beef Industry.
• This investment was provided through the AgriRisk program under Growing Forward 2, a federal, provincial, territorial initiative.
• The Canadian Agricultural Partnership is a five-year, $3 billion investment by federal-provincial and territorial governments, which will strengthen the agriculture, agri-food and agri-based products sector, ensuring continued innovation, growth and prosperity. The Partnership will replace Growing Forward 2 in April 2018.
• Under the Canadian Agricultural Partnership, producers will continue to have access to a robust suite of Business Risk Management (BRM) programs to help manage significant risks that threaten the viability of their farm and are beyond their capacity to manage. Changes to the BRM programs agreed to in July 2017, will come into effect for the 2018 program year.

Additional Links

• AgriRisk Initiatives (Agriculture and Agri-Food Canada)
• News Release: Canadian Agricultural Partnership: Setting the foundation for our farmers and food processors - November 24, 2017 (Agriculture and Agri-Food Canada)
• Canadian Agricultural Partnership
• Maritime Beef Council

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SOURCE Agriculture and Agri-Food Canada

View original content: http://www.newswire.ca/en/releases/archive/March2018/17/c6589.html