By Alice McFarlane

Agriculture Roundup for Monday June 27, 2022

Jun 27, 2022 | 11:07 AM

MELFORT, Sask. – Canada’s agriculture minister said Canadian farmers are stepping up to provide wheat for the developing world after Russia’s invasion of Ukraine cut off much of their staple food supply.

Marie-Claude Bibeau said Canada hopes to have 44 per cent more wheat production compared to last year.

Ukraine’s silos are full because Russia’s blockade of ports means it cannot export its last harvest.

Russia has also destroyed many Ukrainian wheat stores.

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The federal government has responded to a request from Ukraine to beef up grain storage.

Prime Minister Justin Trudeau said the $50 million will help prevent grain in Ukraine from going to waste.

Ukraine is facing a shortage of storage facilities for the 2022 grain crop due to the Russian invasion.

Ukraine’s agriculture minister told Reuters in the fall when the corn harvest is over, the shortage of storage capacity could reach up to 15 million tonnes.

It did not specify which storage facilities Ukraine would receive.

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Canadian Canola Growers Association (CCGA) said a recent change to the Advance Payments Program (APP) could save farmers who use the program up to $5,500 in interest costs over the next two years.

The interest-free portion for a cash advance will increase from $100,000 to $250,000 for the 2022 and 2023 programs.

CCGA Director of Finance & Operations Dave Gallant said the change took effect on June 20.

“We’re eager to sort out the program details with the APP staff as quickly as possible so that farmers, both those who already have their 2022 cash advance along with those who will apply in 2022, can benefit from these changes,” Gallant said. “With higher input costs, rising interest rates, and continued pressure from weather impacts and supply chain challenges, many farmers will be keen to access the increased benefit soon.”

Through CCGA, farmers can access advances on over 50 commodities including crops, livestock, and honey. The interest-bearing portion is charged an interest rate of prime less 0.75 per cent.

The Advance Payments Program is a federal loan program administered by CCGA. It offers Canadian farmers marketing flexibility through interest-free and low-interest cash advances.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW