Manitoba livestock producers can now apply for the Western Livestock Price Insurance Program (WLPIP), a new tool to manage risk and withstand market volatility. This announcement was made by Agriculture, Food and Rural Development Minister Ron Kostyshyn.
“Price protection is a new tool for the livestock sector and I encourage producers to start the application process today,” said Minister Kostyshyn. “This is an important milestone for the province and for Manitoba’s livestock producers, which resulted from industry and governments working together.”
Producers can now purchase price insurance options for their calves, feeder cattle, fed cattle and hogs, and will receive a payment if the market price falls below the coverage price they’ve selected. Premiums are fully funded by producers.
“We encourage beef producers to investigate this new program and consider it as a risk-management tool for their use,” said Heinz Reimer, president, Manitoba Beef Producers. “The combination of livestock price insurance and forage insurance will give beef producers a strong and bankable risk management package.”
To purchase market price protection on cattle and hogs, Manitoba’s producers will need to contact a Manitoba Agricultural Services Corporation insurance office and complete an initial application. Once this process is complete, the producer will receive information on creating an online account, purchasing policies, monitoring premiums and coverage levels, paying premiums and filing claims.
Administration costs are covered by the federal and provincial governments through AgriRisk Initiatives – Administrative Capacity Building, under the Growing Forward 2 program. The federal government will also provide deficit financing for WLPIP, if required.
More information is available online at www.wlpip.ca or by calling 1-844-782-5747 (toll-free in Manitoba). WLPIP is available-year round for feeder cattle, fed cattle and hogs. Calf price insurance must be purchased by May 29.
