Magnifying Glass

AB Direct - Steers

Live: ---
Rail: 415.00-420.00 del

AB Direct - Heifers

Live: ---
Rail: 415.00-420.00 del

US Trade- Steers

Live: 182.00 (KN, TX) 185.00 (NE)
Rail: 293.00-295.00 (NE, IA)

US Trade - Heifers

Live: 182.00 (KN, TX) 185.00 (NE)
Rail: 293.00-295.00 (NE, IA)

Canadian Dollar

$72.82
0.32
March 26, 2024 Business Tools

Interest-free limit of Advance Payments Program set to $250K for 2024

Agriculture and Agri-Food Canada has announced that the interest-free limit of the Advance Payments Program has been set at $250,000 for the 2024 program year.

This is the portion of advances on which the Government of Canada pays the interest on behalf of producers.

Under the program, producers would normally receive the first $100,000 interest-free, but due to farm operating costs remaining uncertain heading into the 2024 season, the first $250,000 will be interest free.

According to AAFC, this change will save approximately 11,950 participating producers an additional $4,916 in interest costs on average, for a total savings of up to $58.7million.

The Advance Payments Program gives producers access to low-cost cash advances of up to $1 million, based on the expected value of their agricultural product. Under the program, producers normally receive the first $100,000 interest-free.

According to Minister of AAFC, Lawrence MacAulay, the higher limit announced will give producers access to additional cash flow and interest savings to help cover costs until they sell their products.

“In the face of so many challenges, our hardworking producers continue to show their resilience and produce top-quality products for Canadians, and the world. Increasing the interest-free portion of the Advance Payments Program means improved cash flow and savings for farmers as we head into the 2024 season,” says Minister MacAulay.

Advances are available on over 500 crop and livestock products across Canada.

About the Author

Kara grew up on a grain farm near Bow Island, Alberta. After attending SAIT and the University of Calgary — where she obtained a degree in communication and media studies, and a diploma in broadcast news — Kara began her professional career working in agricultural communications and agricultural journalism. Kara now resides near her family’s farm, raising a mix of livestock, consisting mostly of goats (because something has to eat all that kochia). Kara has a passion for storytelling, but even more so, asking the questions that matter. You can find her surrounded by farmers/ranchers and a cup of coffee — or at an upcoming ABP event!

Author

Cattle Report

Updated: 12/04/2024

Steers

Live: ---
Rail: 415.00-420.00 del

Heifers

Live: ---
Rail: 415.00-420.00 del

Choice Steers

Live: 182.00 (KN, TX) 185.00 (NE)
Rail: 293.00-295.00 (NE, IA)

Choice Heifers

Live: 182.00 (KN, TX) 185.00 (NE)
Rail: 293.00-295.00 (NE, IA)

Boner Cows

Over 500 lbs: 250.84

Canadian Dollar

$72.82   0.32

Livestock Price Insurance Index

Expiry Fed Feeder Calf
8-Jul-24 226 -- --
5-Aug-24 222 318 --
2-Sep-24 220 324 --
30-Sep-24 220 324 366
28-Oct-24 218 324 366
25-Nov-24 216 320 364
23-Dec-24 222 312 360
Last Updated on April 11, 2024

Add abpdaily.com to your home screen

Tap the menu button next to the address bar or at the bottom of your browser.

Select ‘Install’ or ‘Add to Homescreen’ to stay connected.