The deadline to purchase Western Livestock Price Insurance (WLPIP) calf price insurance from Agriculture Financial Services Corporation has been extended to June 18 in response to the ever-changing circumstances surrounding the COVID-19 pandemic.
The extension gives producers an additional three weeks to monitor premiums and purchase calf price insurance policies.
The original deadline to purchase calf price insurance policies was May 28. However, initial reaction to COVID-19 negatively impacted beef sales caused by its direct link to the food services industry.
Cattle prices, like other stocks, investments and currency, fluctuate, and have a financial impact on the Canadian economy. COVID-19 has caused increased volatility in cattle prices, due to fear of the unknown.
The extension gives producers nine additional purchasing days, as coverage options are published every Tuesday, Wednesday and Thursday. All calf price insurance fall settlement dates remain the same.
“AFSC recognizes the value WLPIP brings to the livestock industry. This deadline extension will allow cattle producers more time to evaluate and make decisions based on their risk tolerance and their operation. The market is moving in the right direction and should offer the affordability that producers depend on, and give them the opportunity to participate in the calf insurance program,” said Jerry Bouma, AFSC interim CEO.
Producers can call 1-877-899-2372 or email info@wlpip.ca for more information or to enrol in WLPIP.
-Submitted by AFSC