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Canada and Nova Scotia Launch $1M Program to Protect Farm Workers

Halifax, Nova Scotia – The governments of Canada and Nova Scotia have reached a new agreement that will see the Government of Canada invest $983,500, for a total of up to $1,229,375 available funding, under the Emergency On-Farm Support Fund to protect farm workers in Nova Scotia. The federal funding will be delivered by the Nova Scotia’s Department of Agriculture.
 
Many Nova Scotia farmers are making improvements to health and safety measures to help protect all their workers, domestic and temporary foreign workers, and prevent the spread of COVID-19 in their agricultural operations. They can now apply for funding to help cover some of these costs.
 
Applications are now open under the program for up to 75 per cent of eligible project costs, up to a maximum of $50,000. Eligible activities include direct infrastructure improvements to living quarters and work stations, temporary or emergency housing (on or off-farm), as well as personal protective equipment (PPE), sanitary stations, work stations and any other health and safety measures that safeguard the health and safety of Canadian and temporary foreign workers from COVID-19. Expenses can be retroactive to March 15, 2020 and must be completed by February 26, 2021.
 
Farmers seeking to apply for funding must do so before Dec 31 2020 by going to https://novascotia.ca/coronavirus/emergency-on-farm-support-fund-program/.
 
In addition to the Emergency On-Farm Support Fund, there are a range of other programs available to support famers and food producers through these challenging times:
  • The Emergency Processing Fund (EPF) is a one-time, federal investment of up to $77.5 million to help companies implement changes to safeguard the health and safety of workers and their families due to the impacts of the COVID-19 pandemic. The fund also aims to aid companies to invest to improve, automate and modernize facilities needed to increase Canada’s food supply capacity.
  • Mandatory Isolation Support for Temporary Foreign Workers Program to help cover the costs associated with the mandatory 14-day isolation period.
  • A COVID-19 Response and Mitigation Program to help food producers with the costs of meeting extra health requirements due to COVID-19; help producers get their crops to market; fund projects aimed at maintaining competitiveness, productivity, and profitability; and, support abattoir efficiency and development.
  • Increased the 2020 AgriStability interim benefit payment percentage from 50 to 75 per cent for producers.
  • Enhanced AgriInsurance coverage to include labour shortages due to COVID-19 during the 2020 growing season.
This added funding for enhanced worker and workplace safety builds on government actions taken this year to support Nova Scotia farms and other agri-food sector businesses.
Source : Government of Canada

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U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again


The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!