Bfo Statement: Government Taking Steps To Mitigate Current Market Challenges

The Beef Farmers of Ontario (BFO) is pleased that the Government of Ontario, in cooperation with the Government of Canada, are taking steps to assist beef farmers with cashflow given the current market challenges: The Ontario government is moving up the 2024 Q1/Q2 Risk Management Program (RMP) payment for beef farmers to the end of August to provide cashflow earlier. To enable earlier payments, the deadline for sales reports will be brought forward to July 15th from July 31st. There will be a temporary exemption to allow market-ready animals that are over 30 months to be eligible for RMP. This temporary adjustment to the age requirement will keep market-ready cattle eligible under RMP. Cull cows remain ineligible for RMP. The governments of Canada and Ontario have increased the AgriStability interim payments for beef farmers from 50 per cent to 75 per cent. The Ontario government and BFO are closely monitoring loans under the Feeder Cattle Loan Guarantee Program. If needed, the Minist