Hog Producers Get Loan Support Program

AGRICULTURE/FISHERIES -Hog Producers Get Loan Support Program

Nova Scotia pork producers will get provincial government loan support to help them during the current decline in market price, Agriculture and Fisheries Minister Chris d'Entremont said today, Dec. 5. The program will be administered through Pork Nova Scotia.

"The loan program shows government's continued commitment to the hog industry, particularly during this difficult time," said Mr. d'Entremont. "We anticipate this loan program will provide pork producers with an opportunity to restructure their industry."

The industry has identified more than $3.5 million in potential losses due to declining market prices this year. Pork prices recovered temporarily during the summer months but have since declined to levels below the cost of production. Prices are expected to recover in spring 2004. Business Risk Management programs have been established to assist the industry with low- income years and producers have begun to receive that funding.

"Pork producers are experiencing stress and financial hardship as a result of low commodity pork prices," said Mr. d'Entremont. "Other Maritime provinces have indicated that their pork industry is also being hurt by this decline in prices."

"We are pleased that the minister has acknowledged the plight of the pork situation in Nova Scotia and we look forward to developing a program that will work for our industry," said Henry Vissers, executive manager, Pork Nova Scotia.

The program, available to Nova Scotia pork producers, will be based on market prices until those prices exceed $145 per hog or until the $3.5 million dollar loan capital has been utilized. Details are expected to be worked out with Pork Nova Scotia and the pork industry next week.