Saskatchewan cattle producers may want to consider price insurance for their calves as uncertainty about the future direction of livestock market continues. With a number of uncontrollable factors at play, the Saskatchewan Crop Insurance Corporation (SCIC) would like to remind producers they can reduce the risk of market uncertainty and protect the value of their calves with the Western Livestock Price Insurance Program (WLPIP).
There are many unknowns right now and the market has the potential to move either up or down in the coming months. The impacts of trade negotiations, the growing size of the U.S. cattle herd, improving demand from export markets and the potential for a dry growing season are all factors that could play a large role in the direction the cattle market heads before the traditional fall marketing period. There is an opportunity to manage the risk of this market uncertainty through WLPIP.
Producers who want to purchase calf price insurance for 2018 calves have until May 31, 2018, to purchase a policy. Last year, over 22 per cent of the Saskatchewan calf crop (approximately 178,000 head) was insured through WLPIP, the highest amount insured since the program was introduced in 2014.
Price insurance is purchased through an online process. If a producer does not have an online account and is interested in purchasing calf price insurance before the May 31 deadline, he/she need to contact their local Crop Insurance office to start the application process. SCIC can also provide more information on how livestock price insurance works, the sign-up process and how to purchase policies. For producers who do not have access to a computer, they can still participate in WLPIP by contacting their local Crop Insurance office and staff will help them sign-up and purchase a price insurance policy.
For more information about WLPIP please contact a local Crop Insurance office, callSource : Sasktchewan Crop Insurance Corporation
1-888-935-0000 or visit saskcropinsurance.com/wlpip.