LÉVIS, QC, May 31, 2018 – In the coming days, La Financière agricole du Québec will proceed with paying pork producers the first compensation advance for the 2018 insurance year as part of the Farm Income Stabilization Insurance (ASRA) program. This first advance totals nearly $72 million: $77.12 per sow and $7.56 per boar. Net of their program contribution payments, producers will receive nearly $33 million: $40.62 per sow and $4.24 per boar.
The uncertainty of the current market means that pork producers are in a difficult economic situation. In order to give pork producers access to liquidity, the first compensation advance for the year 2018 will be paid in June rather than July.
Agriculture is an important economic engine for all regions of Québec. Risk management tools must intervene at the right moment and address farmers’ needs. This measure will support pork producers in their current context.
– Laurent Lessard, Québec Minister of Agriculture, Fisheries and Food
La Financière agricole plays a leading role in Québec agriculture. Our tools demonstrate that we can adapt to any situation. They allow local producers to continue bringing their products to market despite the inherent risks of the trade. To this end, the ASRA program will pay nearly $33 million net to compensate pig farmers for market fluctuations.
– Ernest Desrosiers, CEO of La Financière agricole du Québec
La Financière agricole du Québec
- Offers high-quality financing, insurance and income protection products and services
- Encourages the development and stability of over 24,000 Québec agricultural and forestry businesses
- Prioritizes the next generation of farmers by offering direct financial aid adapted to their reality
- Actively participates in the economic progress of Québec and its regions, with insured values of up to $3.6 billion and a loan guarantee portfolio of $5 billion
Farm Income Stabilization Insurance Program
- Group insurance type plan that protects against market and production cost fluctuations
- Compensation paid when the average selling price of a product is lower than the stabilized income, which is based on the production cost of specialized farm businesses
- Two-thirds funded by La Financière agricole and one-third funded by members
- Products covered: lambs, feeder cattle and slaughter cattle, grain (oats, wheat, barley) and canola, apples, piglets, hogs, cow calves and grain-fed calves
- FADQ website: https://www.fadq.qc.ca/accueil/