June 27, 2024
The Ontario government is taking steps to support cattle farmers affected by market challenges, which is causing increased costs for things like additional feed and alternate shipping arrangements.
To make potential cash flow available sooner, the government is making adjustments to RMP: Cattle, and together with the federal government, increasing AgriStability interim payments for farmers with cattle feedlots the 2024 program years.
RMP: Cattle
Agricorp will expedite
RMP: Cattle payments for the first and second quarters. To expedite payments, the deadline to report cattle sales is being moved to
July 15 from July 31*.
By moving this deadline, Agricorp will be able to get money in farmers’ hands in late August, up to 3 weeks earlier than usual.
In addition, the 30-months or less age requirement for cattle is being temporarily waived. This temporary adjustment to the age requirement will keep market-ready cattle eligible under RMP. Cull cows remain ineligible for RMP.
RMP for livestock helps Ontario farmers manage risks beyond their control, like fluctuating market prices and production costs.
Program payments are made if the market prices for sold livestock fall below a farmer’s chosen support level, which is based on the industry average cost of producing livestock (target price) and the level of coverage chosen.
Agricorp is here to help. Staff are working with farmers on a case-by-case basis, prioritizing those experiencing cash flow issues.
*Agricorp will accept sales reports from cattle farmers up to July 31, for those unable to report earlier. This update will not affect timelines for sheep, veal, and hog customers. Farmers may choose to report sheep, veal, and hog sales at the same time, but any payments for these commodities will not be made until September.
AgriStability
Ontario farmers with cattle feedlots in
AgriStability can apply for a 2024
interim payment to get up to 75% of their estimated final payment.
An interim payment is an advance on the estimated AgriStability payment and can provide cash flow sooner, when it's needed most. Previously, farmers with cattle feedlots could get up to 50% of their estimated final payment.
AgriStability covers large margin declines caused by production loss, increased costs or market conditions. If a farmer’s income falls below 70% of their recent average income, AgriStability helps to offset the difference.
For a reminder on how specific elements of the program work, watch the
AgriStability Video Shorts.
Agricorp is here to help. Staff are working with farmers on a case-by-case basis, discussing coverage options.
