The deadline to purchase Western Livestock Price Insurance (WLPIP) calf price insurance has been extended to June 18, 2020 in response to the ever-changing circumstances surrounding the COVID-19 pandemic. The extension gives producers an additional three weeks to monitor premiums and purchase calf price insurance policies.
The original deadline to purchase calf price insurance policies was May 28, however initial reaction to COVID-19 negatively impacted beef sales caused by its direct link to the food services industry. Cattle prices, like other stocks, investments and currency, fluctuate, and have a financial impact on the Canadian economy. COVID-19 has caused increased volatility in cattle prices, due to fear of the unknown.
Livestock producers now have until June 18, 2020, to purchase calf price insurance policies. The extension gives producers nine additional purchasing days, as coverage options are published every Tuesday, Wednesday and Thursday.The extension only applies to this spring’s purchasing period; all calf price insurance fall settlement dates remain the same.
“AFSC recognizes the value WLPIP brings to the livestock industry. This deadline extension will allow cattle producers more time to evaluate and make decisions based on their risk tolerance and their operation. The market is moving in the right direction and should offer the affordability that producers depend on, and give them the opportunity to participate in the calf insurance program,” said Jerry Bouma, interim CEO, Agriculture Financial Services Corporation.
AFSC Relationship Managers are available to help producers manage the situations they’re facing during these challenging times. Producers can call 1.877.899.2372 or email at email@example.com for more information or to enrol in WLPIP. In addition, producers are encouraged to take advantage of WLPIP’s online portal or convenient options like Payment on Account.