Canada’s agriculture industry is getting some major financial support from the federal government.
In an announcement on Wednesday evening at Reynolds Bros. Farms in Picton, Bay of Quinte MP Neil Ellis revealed over $350,000 in funding to assist in risk management studies and develop opportunities for the local and national grain and oilseed sector.
This investment includes $197,400 to Soy Canada to create a profile of the soybean industry and educate producers on current and potential risks they may face.
Also, Grain Farmers of Ontario (GFO) received over $158,000 to help farmers study the feasibility of implementing a private program to cover financial risk for the grain industry. In total, $355,710 went to the two sectors.
GFO’s impact on the agricultural industry includes $3.5 billion in farm gate receipts along with $2 billion in exports, and an estimated 40,000 jobs created, while Soy Canada’s mission is to unite all groups driving Canada’s soybean industry.
MP Ellis adds that this funding, in addition to a ratification of the new international free trade agreement (CPTPP), will help grow Canada’s agricultural exports by an estimated $1.4 billion and reach a target of $75 billion in agricultural trade by 2025.
“It’s estimated that one of every two bushels of grain grown in Canada goes beyond our shore, so it’s all about export,” Ellis said.
Ellis says this will have a big impact on the present and future agriculture industry.
In his speech to the large crowd on hand, Ellis said “Ontario’s grain industry drives our economy” and he explains more about how important it is.
That investment will be $3 billion over the next five years under the new Canadian Agricultural Partnership, with programs that will target priorities that matter for Canada’s grain industry, including trade science, the environment and public trust.
Grain Farmers of Ontario’s District 14 Director Markus Haerle says this funding will help with improving inadequate business management tools for farmers and strengthening agricultural programs.
The evening also includes speeches from Executive Director of Soy Canada Ron Davidson and Quinte West Mayor Jim Harrison, along with a barbecue.