The AgriStability enrollment deadline for the 2020 program year has been extended without penalty, from April 30th to July 3, 2020. This extension will allow farmers more time to sign up and benefit from the program.
This exceptional step, agreed to by federal, provincial, and territorial governments, will enable the program to help more farmers manage the impact of current market disruptions, increased expenses, and production challenges facing many farm operations. Farmers experiencing losses are encouraged to apply for interim payments under AgriStability for more rapid support.
Due to less demand from the hospitality industry in North America, it is estimated that a 30% reduction in beef demand may be possible. A slow down or complete temporary closure of some meat processing plants is also a reality.
Due to the slowdown in production, Stark & Marsh is strongly encouraging all cattle producers to consider enrolling in the Agri-Stability program.
Most recently, the federal & provincial government have agreed to increase the 2020 AgriStability interim benefit payment percentage from 50% to 75%. This mean Saskatchewan producers can apply for an interim benefit to receive 75% of their estimated final 2020 benefit before completing their program year.
Further enhancements to the AgriStability program have been speculated, presumably before July 3rd, which could provide additional benefit for producers. We will continue to monitor this and provide additional information if this occurs. Even without enhancements, the AgriStability program is the best available solution for producers today.
Enrolment is easy and relatively inexpensive and does not commit you to applying. The program fee is $4.50 for every $1,000 of covered Contribution Reference Margin, multiplied by 70%. This works out to be $315 for every $100,000.00 of reference margin. You can make the financial decision later, as 2020 applications need to be filed by September 30, 2021.
Contact your Stark & Marsh advisor today to get more information or reach out to the Saskatchewan Crop Insurance Corporation (SCIC) for AgriStability enrolment information directly at 1-866-270-8450 or e-mail them at firstname.lastname@example.org.
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