The federal government has announced an investment of up to $355,710 for two projects aimed at helping grain farmers manage financial risk.

The investment included $197,400 to Soy Canada to develop a profile of the soybean industry, including the current and potential risks producers face, both short and long term.

In another project, $158,310 was provided to the Grain Farmers of Ontario (GFO) for a feasibility study concerning revenue declines not currently covered under the current suite of business risk management programs.

Markus Haerle, GFO Chair, noted that the current risk management suite of programs is due for an update.

“There is a need to improve agriculture policy and programs to enhance the economic, environmental, and social contributions of farming in Canada,” said Haerle in a news release. “The revenue risk management project funded by Agriculture and Agri-Food Canada is an important step to help define, not only the issues of modern farming, but to start to explore updated and new programs that will work for today’s grain and oilseeds farmers in the same way Crop Insurance works.”

The funding was announced on July 4 in Picton by Bay of Quinte MP Neil Ellis, on behalf of Agriculture and Agri-Food Minister, Lawrence MacAulay.