Saskatchewan to spend less on crop insurance in 2014 due to lower crop prices

YORKTON, Sask. – The Saskatchewan government will spend $165.5 million on its crop insurance program in the coming fiscal year.

That is down from $198 million this year, due in part to lower forecasted crop prices.

The program in 2014 will include some changes, including a bee mortality program and yield loss coverage for corn in east central and southeast areas of the province.

Durum and barley will also be eligible for yield trending, which improves coverage.

Other changes include increasing the base grade for flax, adding field peas to the contract price option and expanding the number of crops eligible for vegetable insurance.

Crop insurance premiums for producers are forecast to average $7.47 per acre, down about 25 per cent from this year.

The federal government also contributes to the program, but the amount for the coming year was not immediately available.

“The 2014 Crop Insurance Program includes improvements to assist Saskatchewan’s farmers and ranchers as they look forward to the new growing season,” Agriculture Minister Lyle Stewart said in a release Monday.