A new insurance program aims to protect New Brunswick beef producers and help grow the sector.
The Maritime Livestock Price Insurance Pilot Program, a two-year regional initiative, was announced on Wednesday.
Producers can buy price protection on beef cattle in the event of unexpected market declines.
Dean Manning, chair of the Maritime Beef Council, said the program is the result of a years-long effort.
“Livestock price insurance provides an opportunity for producers to have security when it comes to marketing that has only been available in western Canadian provinces,” Manning said in a news release.
“We are excited to see the launch of the program and the opportunities it will provide to Maritime cattle producers.”
Individual producers will pay 100 per cent of the premiums while the provincial and federal governments share the cost of administering the program.
New Brunswick Agriculture Minister Margaret Johnson said the province’s beef sector has significant potential, but farmers need support.
“This is an important step that will facilitate farm growth in communities across New Brunswick and attract new farmers,” said Johnson.
The initiative is meant to complement existing business risk management programs available to the livestock industry. It will be evaluated and could be extended if it is deemed successful, said the province.
