The Agricultural Producers Association of Saskatchewan says this week’s announcement of a Stay of Default for the 2018-19 cash advance program is good news for farmers.
President Todd Lewis says producers have been given an additional six months to repay their 2018 cash advances.
“It’s been a difficult marketing year really and you know lots of uncertainty about pricing and if you should be holding product back. There was some shipping issues as well, you know with that combination I think this is a good thing. Just give guys a few more months and hopefully, the markets will smarten up.”
The Stay of Default gives eligible producers until March 31, 2020, to cover advances on grains, oilseeds, and pulses.
Dave Gallant with the Canadian Canola Growers Association says they had just over 10,000 farmers apply for $1.4 billion in cash advances for the 2018-19 program year:
“The stay affects all producers and their nine administrators who are part of this stay. All producers with grains, oilseeds or pulses who have their advance account outstanding today and in good standing (so they’re not in default); the Minister has granted them an extra six months to pay their advance."
He notes the advance was due September 30 of this year but they now have until March 31, 2020, to repay that advance.
More details on the Stay of Default can be found on the Canadian Canola Growers Association website.