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Grain Farmers of Ontario deferred payment regulations

GUELPH, ON (November 21, 2011) – As the 2011 crop year comes to a conclusion and many grain farmers are considering whether to defer crop payments, Grain Farmers of Ontario has produced an information sheet on the changes to the Grains Act made in December 2010.

In summary, there are several things to keep in mind when entering into deferred payment agreements:

  • The deferred payment must be voluntary, and agreed to by both the grain dealer/elevator operator and the farmer/owner.
  • The deferred payment must be in writing and clearly set out when the dealer/elevator must pay the farmer/owner.
  • All deferred payments must be paid in full on or before July 1, 2012.

“The current amendments to the Grains Act are in place until July 1, 2012,” says Don Kenny, Chair of Grain Farmers of Ontario. “Our organization is working alongside the Ontario Agri-Business Association and with government and Agricorp to ensure a permanent decision on deferred payments is in place on or before July 1, 2012.”

To see complete details on the Deferred Payment Regulations or to view the Grains Act please visit www.gfo.ca/governmentrelations and follow the links provided.  Grain Farmers of Ontario will continue to update members on our website as information becomes available.

Grain Farmers of Ontario

Grain Farmers of Ontario is the province’s largest commodity organization, representing Ontario’s 28,000 corn, soybean and wheat farmers. The crops they grow cover 6 million acres of farm land across the province, generate over $2.5 billion in farm gate receipts, result in over $9 billion in economic output and are responsible for over 40,000 jobs in the province.

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Corn CBOT March 3.53  04 cents
Soybeans CBOT March 9.69  15 cents
Wheat CBOT March 4.21  13 cents
Wheat Minn. March 6.12  22 cents
Wheat Kansas March 4.27  13 cents
Chicago Oats March 2.54  09 cents
Canadian $ March 0.8060  0.80 points

Cash Grain prices as of the close, January 17, are as follows: SWW @ $176.58/MT ($4.81/bu), HRW @ $181.14/MT ($4.93/bu), HRS @ $231.22/MT ($6.29/bu), SRW @ $176.58/MT ($4.81/bu).

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On January 12th, the USDA increased 2017 US corn production to 14.6 billion bushels, on a harvested acreage of 82.7 million acres. The average yield was increased to 176.6 bushels per acre, which was 2 bushels above the 2016/17 crop. 2017/18 corn ending stocks were raised to 2.48 billion bushels. Total corn usage was actually reduced to 14.470 billion bushels, down from 14.485 last month. US exports are down and US ethanol corn usage was down from December. Corn stored on December 1 was 12.516 billion bushels, which was above trade expectations.

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