The McGuinty government is demonstrating its commitment to maintaining a competitive Ontario agri-food industry by establishing a financial protection program for wheat producers. "This program ensures that Ontario wheat producers receive the payments they are rightfully owed," Steve Peters, Agriculture and Food Minister said. "I’d like to thank the wheat board for working with the government to provide a program that will benefit the entire sector and strengthen the agri-food community."
Under the program, wheat producers contribute to a fund out of existing fees paid to the marketing board. If a buyer defaults on payments, the seller is reimbursed for the loss. The Ontario Wheat Producers’ Marketing Board is providing $1 million in seed money to the fund. "We've been working on getting this kind of protection for wheat producers for a long time, and we are pleased the Minister recognized the importance of this program for them," said Board Chair Peter Tuinema.
There are similar programs in place within the grain and oilseed sector and the beef cattle sector.
The Minister also committed to working with the industry to review how all the financial protection programs are functioning.
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