Regarding the rise in interest rates, Mr. Caron mentioned in his opening statement that every 1% increase translates into a 20% to 25% impact on net farm income for the entire sector. Obviously, it depends on the term the farmer has chosen. An impact like that isn't felt at the time the hike is announced.
For our farmers, it's akin to the sword of Damocles hanging over their heads. When it comes time to renew their loans, the rates will be higher, and that's when the liquidity and profitability of our farms in Canada will be hit.