British Columbia ranchers and hog producers are a tough bunch. They are no stranger to the risks of rapid price changes of their livestock, and through the years have found ways to keep the lights and heat on in the house, and food on the kitchen table for their family.
However, it has become more and more difficult dealing with the swings in commodity prices in recent years, as the unpredictable global economy recovers from the 2008 financial crisis. Producers throughout Western Canada now have a new pilot program that will provide new risk management tools for cattle and hog producers through the Western Livestock Price Insurance Program (WLPIP).
Over the next four years, producers can manage their risk through the purchase of insurance coverage in the case of declines in livestock prices, yet still take advantage of favourable market conditions should prices rise. Premiums are paid by producers, and co-operation between BC, Alberta, Saskatchewan, Manitoba, and the Federal Government will help create efficiencies and find the best practices in delivering this new program.
I was happy to attend the unveiling of this program in Camrose, Alberta as Parliamentary Secretary for Rural Development and on behalf of my colleague, Minister of Agriculture Pat Pimm. While a similar program has existed in Alberta since 2009, this expansion to Western Canadian producers will ensure they can focus on the long-term management of their operations, rather than dealing short-term price shocks.
Livestock producers throughout B.C. will be receiving a WLPIP package this spring, however if you have any questions regarding the program please visit their website at wlpip.ca.
Donna Barnett is the Liberal MLA for Cariboo-Chilcotin.