By Alice McFarlane

Agriculture Roundup for Thursday March 9, 2023

Mar 9, 2023 | 9:41 AM

MELFORT, Sask. – Agriculture Financial Services Corporation said crop insurance premiums are not going up by 60 per cent— as was claimed by the Alberta Opposition NDP.

AFSC said premiums will go up this year because of higher crop prices, more producers joining the program and impacts from the 2021 drought.

In a statement posted to its website, AFSC said the 60 per cent number comes from what was budgeted in 2022 compared to what is budgeted in 2023, not actual premiums. There are caps on premiums and increases are related to crop prices.

Agriculture and Irrigation Minister Nate Horner said in a social media post that, “The NDP is so desperate to find bad news in Budget 2023 they’ve resorted to spreading misinformation.”

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Maple Leaf Foods raised its dividend as it reported a loss of $41.5 million in its latest quarter due in part to weaker pork markets and a cyberattack.

The food processing company said it will now pay a quarterly dividend of 21 cents per share, up from 20 cents per share.

The increased payment to shareholders came as Maple Leaf said its loss for the quarter ended Dec. 31 amounted to 34 cents per share compared with a profit of $1.9 million or two cents per share in the last three months of 2021.

Sales totalled $1.19 billion, up from $1.12 billion a year earlier.

Maple Leaf said it lost 28 cents per share in its fourth quarter, compared with an adjusted profit of nine cents per share a year earlier.

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British Columbia is dedicating $200 million toward boosting both the province’s food bank system and overall agricultural production and resiliency.

Premier David Eby said the funding will go toward two branches of spending: adding infrastructure to food banks, such as commercial coolers, and to improve overall food production and access throughout B.C.

Part of the money will be used to enhance programs to strengthen the food supply chain; expand food production from processors, packers, and retailers; and fund climate preparedness measures.

Eby said the “historic” investment in B.C.’s food security comes as a direct response to events that occurred in the past few years, when flooding, wildfires and COVID supply-chain bottlenecks cut crucial supply lines in the province.

Eby said the spending also gives agricultural producers an opportunity to grow their businesses while improving climate preparedness and allowing more B.C.-produced food to be consumed by residents.

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alice.mcfarlane@pattisonmedia.com

On Twitter: @farmnewsNOW