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Helping Alberta producers: 2021 AgriRecovery funding

Edmonton, Alberta – Agriculture and Agri-Food Canada - The 2021 growing season was difficult for Alberta producers, but the targeted AgriRecovery initiative was timely and successful.

In response to severe drought conditions last growing season, the governments of Canada and Alberta worked together to develop and deploy an AgriRecovery initiative, which helped thousands of livestock producers cover their extraordinary costs. The responses were administered through Agriculture Financial Services Corporation (AFSC).

Canada-Alberta Livestock Feed Assistance Initiative

The 2021 Canada-Alberta Livestock Feed Assistance Initiative provided support and cash flow for Alberta’s livestock producers and beekeepers to help them address the unexpected costs to feed livestock caused by prolonged dry weather and extreme high temperatures.

The initial response paid out more than $180 million on more than 14,000 applications for more than 2.1 million animals.

The second phase of this initiative provided continued assistance to eligible Alberta producers hit hard by the 2021 drought. As of April 19, the program had paid out nearly $172 million on more than 11,300 applications.

Together, the initial and secondary payments have already put more than $350 million into the hands of producers to help them address the extraordinary costs incurred feeding their livestock during the 2021 drought.

The Alberta government and AFSC worked closely with key industry stakeholders to develop a timely response that delivered the support producers needed, when they needed it. The 2021 drought had significant impacts on the province’s producers and the response ensured that Alberta farmers and ranchers were supported through these extreme conditions. The AgriRecovery response helped producers recover business costs that are beyond what is covered through other financial assistance or business risk management programs.

AgriRecovery

AgriRecovery is a federal-provincial-territorial disaster relief framework to help agricultural producers with the extraordinary costs associated with recovering from natural disasters. Eligible costs are supported on the 60-40 cost-shared federal-provincial basis outlined under the Canadian Agricultural Partnership.

The AgriRecovery framework is part of a suite of Business Risk Management tools under the Canadian Agricultural Partnership.

Source : canada.ca

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Agricultural Market Update: Grain Prices, Crop Conditions, and Weather Impacts

Welcome back to our channel where we provide comprehensive updates on the latest trends and changes in the agricultural sector. This week, we're looking at significant movements in grain prices, crop conditions, and the effects of weather patterns. Let's dive into the details:

Grain Price Decline Grain prices have fallen to their lowest levels since 2020, with December corn down 4.3% and November soybeans losing 3.1%. This decline is partly due to the beneficial moisture brought by Hurricane Beryl to the Midwest, which has improved crop conditions significantly. The USDA reported that corn and soybean crops are in their best condition in four years, contributing to the downward pressure on prices.

Record Short Positions and Market Sentiment Fund traders have increased their net short positions in the corn market to a record level, with a net short of 347,000 contracts of corn. This reflects a bearish sentiment in the market, further influencing grain price dynamics. Similar selling trends were observed in soybeans and SRW wheat, indicating broad market caution.

Weather Impact and Forecast Hurricane Beryl has brought significant rainfall across Arkansas, Missouri, western Tennessee, western Kentucky, and southern Illinois, with more expected over Missouri, Illinois, and Indiana in the coming days. Despite this, the market is currently more focused on the moisture benefits rather than potential heat risks forecasted in the 6-10 and 8-14 day periods.

US Crop Conditions Corn and soybean conditions have shown slight improvements last week, with corn rated 68% good to excellent and soybeans at 68%. These are among the best ratings for this time of year since 2020, suggesting robust crop health that could continue to influence grain prices.

Winter Wheat Harvest and Spring Wheat Conditions The US winter wheat harvest is progressing well, ahead of schedule with significant portions already harvested in Kansas and Texas. Spring wheat conditions are also favorable, with 75% rated good to excellent, although there have been some declines in states like Idaho, South Dakota, and Washington. Brazil's Corn Harvest and US Exports Brazil's second corn crop harvest is advancing rapidly due to favorable hot and dry conditions, with 63% of the crop already harvested. Meanwhile, US corn shipments saw a substantial increase last week, indicating strong export demand, which contrasts with the recent drop in domestic grain prices.

Ongoing Developments Lastly, the USDA reported a flash sale of corn, with significant quantities sold to unknown destinations, scheduled for delivery over the next two marketing years. This could signal ongoing international demand for US corn despite lower prices.

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