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(Screengrab from Merit Functional Foods video via YouTube)
Crops

Plant protein processor Merit Foods in receivership

Company owes $95 million to EDC, FCC

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The company behind a new Prairie processing plant extracting plant-based proteins from peas and canola has landed in receivership, in the high eight figures’ debt to its secured lenders. PricewaterhouseCoopers (PwC) on Wednesday announced it’s the receiver for both Merit Functional Foods Corp. and the numbered company that owns Merit’s processing plant and property in
Justine Hendricks, shown here in a 2019 video, is the new CEO of Farm Credit Canada. (Elevate International video screengrab video via YouTube)
Markets

EDC executive to lead Farm Credit Canada

Justine Hendricks to replace retiring Michael Hoffort

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Canada’s federal farm lender is importing its next chief executive from Export Development Canada. Federal Agriculture Minister Marie-Claude Bibeau on Wednesday announced the appointment of Justine Hendricks, EDC’s senior vice-president and chief corporate sustainability officer since 2019, as FCC’s new CEO effective Jan. 30, 2023. As CEO, Hendricks replaces Michael Hoffort, an FCC staffer since
‘Rooted in Resilience’ is available as a free download at the Farm Credit Canada website.
News, Other

FCC releases mental resilience resource

Rooted in Resilience being mailed to thousands of rural households

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Farm Credit Canada’s new mental health resource focuses on strategies for dealing with uncertainty and isolation in an increasingly complex world. It launched mental health magazine Rooted in Resilience on Dec. 1, and is mailing it to rural addresses across Canada, said Shannon Weatherall, FCC’s senior vice-president of operations. The focus on resilience was, in
(Luca Piccini Basile/iStock/Getty Images)
Markets

Farm equipment demand to remain high, FCC says

Low inventories, high commodity prices and a good crop place pressure on demand

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Demand for farm equipment should remain high through 2023 despite higher interest rates and projected price increases, according to Farm Credit Canada. The federal ag lender has released an outlook on the farm equipment market that analyzed data and trends that affect the market. While the outlook attributes much of the current demand to relatively
Farmers face a number of uncontrollable factors that can lead to high rates of depression, anxiety, even suicide. (Eclipse_images/E+/Getty Images)

Free mental health training, workshops offered for farmers

Do More Ag Foundation expands programming available

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Farmers seeking mental health support will have access to free training and community workshops for the fourth year in a row via the Do More Agriculture Foundation (DMAF) and Farm Credit Canada (FCC). Factors such as financial insecurity, uncontrollable weather and isolating working conditions contribute to high depression, anxiety and suicide rates among farmers, according
Farm Credit Canada looks to engage young farmers
News, Other

Farm Credit Canada looks to engage young farmers

Young Farmer Summit marks FCC’s return to in-person events, Nov. 22 in Winnipeg

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Farm Credit Canada’s Young Farmer Summit aims to connect with the next generation of farmers face to face, says Jason Fiske, FCC’s manager of content, marketing and events. The Winnipeg leg of the Young Farmer Summit is being held at the Metropolitan Entertainment Centre in downtown Winnipeg, and Fiske said he’s looking forward to in-person
Teresa Fawns and Nicole McDonald of FCC, present a cheque to Sue Stirling, volunteer president of the Grandview Drop-In Centre.
News, Other

FCC contributions bolster Parkland projects

Ag lender provides $3,000 for three community building efforts

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Farm Credit Canada (FCC) has contributed $3,000 to three projects in the Parkland region. All projects will benefit rural communities. Goose Lake High School in Roblin received $1,000 for its reconciliation park project. The Grandview Drop-In Centre was awarded $1,000 for a landscaping project to beautify its grounds. The Roblin Playground Revitalization Project got $1,000
photo: canada beef
Beef cattle, News

FCC launches sustainable beef incentive

Producers with a loan from FCC and certification from the Canadian Roundtable for Sustainable Beef can apply for an extra payday

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Farm Credit Canada (FCC) wants to pay its beef sector clients for joining up with the Canadian Roundtable for Sustainable Beef (CRSB). On May 24, the company announced its FCC Sustainability Incentive Program. The program promises a yearly payment to producers who are certified through the CRSB, up to maximum of $2,000. Producers can reapply for the payment
“It’s still debt, at the end of the day. It’s certainly not from a grant money standpoint. But it gave access to short-term cash.” – Wilco van Meiji, Farm Credit Canada
News

Producers look for credit bridge

High feed needs, plus low feed supply, plus less than optimal cash flow means producers are looking for a financial boost to get them through to spring

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Winter pressure on already strained feed supplies has some producers searching for credit, as they look to tide themselves over until spring. Cash flow has been tight in a sector racked by drought last year — including a depressed cattle market as a glut of producers were forced to downsize herds. Cattle producers have since

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