Canada Grains Council receives funding to develop grain exporter insurance

Canada Grains Council receives funding to develop grain exporter insurance | Insurance Business

Canada Grains Council receives funding to develop grain exporter insurance

The Canada Grains Council will receive public funding in order to establish an insurance plan for grain exporters.

Federal Agriculture Minister Marie-Claude Bibeau revealed during the recent CropConnect conference in Winnipeg that more than $430,000 has been earmarked for the organization. The money will flow through AgriRisk Initiatives, a program that supports the development of risk management tools.

The Canada Grains Council will develop a pilot insurance product that would “address the risks [grain exporters] face of having their shipments rejected at the border of the importing country,” the federal government said.

In a release, the federal government explained that it wants to ensure that grain farmers are protected against an unpredictable international market, as well as the risks of regulatory trade – especially around the input residues on seeds.

“Despite Canada’s solid reputation worldwide as a high-quality and trustworthy provider of grain and oilseed products, we cannot take this for granted,” said Canada Grains Council president Tyler Bjornson in a release.

On top of the $430,000, the Canada Grains Council will also receive another $789,558, which will go toward developing a voluntary code of practice for farm production of Canadian grains. Country Guide reported that these guidelines will help farmers recognize best practices for the industry that are sustainable for both the market and public trust. The guidelines themselves will cover a broad range of topics, such as fertilizer management, pesticide use, soil management, farm workers, protection of wildlife habitat, food safety, and work safety.