Excess moisture insurance coverage levels in Manitoba increasing for 2023 crop year

Oct 06, 2022

Manitoba producers will receive higher Excess Moisture Insurance (EMI) coverage levels as part of the AgriInsurance program for the 2023 crop year, federal Agriculture and Agri-Food Minister Marie-Claude Bibeau and Manitoba Agriculture Minister Derek Johnson announced today.

Basic EMI coverage is a standard feature of the AgriInsurance program that provides protection against the inability to seed due to wet conditions. Producers can choose increased coverage options at higher premiums. Since 2000, basic EMI coverage has been $50 per acre, while higher coverage options increased in 2014 to $75, and $100 per acre. For 2023, basic coverage will increase to $75 with higher coverage options increasing to $100 and $125.

These changes were made in consultation with producer groups that have expressed interest in higher coverage levels due to rising costs of farming. The province’s share of premiums for the 2023 EMI program is estimated to be $8.6 million.

MASC will send EMI confirmation letters to all existing AgriInsurance clients later this month to reflect the new coverage levels and premiums. Producers have until November 30 to make changes to their EMI coverage for 2023 by contacting a MASC Service Centre.

Click here to see more...

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!