Many pork producers are taking a welcome breather and enjoying reasonable returns after the string of crises that has hit the industry in the last decade. Most are carrying more debt than before and, for some, it is a millstone that will be hard to slough off. Debt is certainly a looming issue for the 400 hog producers who haven’t paid back their nearly four-year-old ACC loans.
Don LeDrew, chief operating officer of ACC Farmers Financial in Guelph, says that in 2008 the Emergency Livestock Advanced Payment Program lent about $96 million to roughly 650 Ontario hog producers at a reduced interest rate. Of that, $32 million, or about one third, has been paid back. About 400 hog producers owe ACC $64 million.