The Canadian Canola Growers Association (CCGA) says they're seeing lots of farmers sign up for the Advance Payments Program.
Dave Gallant is the CCGA's Director of Finance & Operations.
"I think it's largely because, one, we've dropped our interest rate. Right now, on a million dollars, your blended rate is 1.53%. If you're borrowing, even at prime, that's going to save you almost $10,000 per year. If you're borrowing at prime plus a half, that almost 15,000 of savings per year. The other factor is that the Minister increased the program size from $400,000 in 2019 to a million, so we're seeing a number of farmers take out advances over the previous limit."
Gallant says they are over $200 million ahead of the pace of a normal year.