The current volatility on the Chicago Mercantile Exchange is a strong indicator of uncertain calf prices this fall, says Saskatchewan Crop Insurance Corp., which administers the Western Livestock Price Insurance pilot program in the province.
May 31 was the last day to buy calf policies for the coming fall in all four western provinces. Policies for feeder and finished cattle and hogs can be bought year-round.
Last year many who participated saw the benefits of the program.
In Saskatchewan, 64 percent of calf price insurance policies paid out more than $4.4 million to producers.
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About 120,000 calves, or 15 percent of the calf crop, were insured through 1,018 policies, the corporation said.
In Alberta, producers bought 1,255 calf policies and saw payments of $3.984 million.
In Manitoba, 126 calf policy claims paid out almost $585,000. A total of 208 policies were purchased on 16,366 head.
WLPIP is less popular in British Columbia, where 112 policies on 15,215 cattle were issued last spring.
There have been calls for WLPIP to become a permanent part of the federal-provincial business risk management insurance program.
The four-year pilot was an-nounced in January 2014. It is based on the program Alberta implemented in 2009.
