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RMP in the budget but caps a concern for grain farmers

GUELPH, ON (March 28, 2012) – Grain Farmers of Ontario is pleased with the inclusion of the Risk Management Program in the budget, indicating the government’s ongoing commitment to the program, but more work will need to be done to ensure a program cap does not affect bankability, predictability and sustainability over the long term.

For the 2012 program year, our organization has been assured that the existing guidelines will remain in place and RMP will not be capped.  The details of the 2013 program year will be part of an ongoing discussion between government and Grain Farmers of Ontario to ensure the program continues to meet the insurance needs of grain farmers.

“The top priority of Grain Farmers of Ontario is to make sure the goals of the program and the needs of our farmer members are kept at the forefront of the discussions as we move forward,” says Henry Van Ankum, Chair.  “We are encouraged that the government is willing to work with us to build the framework of the 2013 program.”

Grain Farmers of Ontario understands the importance of managing spending in challenging fiscal times but our organization is concerned with the message this cap sends to one of the largest sectors in Ontario that is making a positive contribution to the growth of the provincial GDP. 

“Our hard working farmers are making such a significant contribution to the growth of the Ontario economy to overcome our province’s fiscal challenges,” says Van Ankum.  “Our objective in any future RMP discussions is to ensure we continue to have an insurance program in place to fall back on when our farmer members face challenging times.”

Grain Farmers of Ontario looks forward to more detail on the 2013 Risk Management Program and future discussions with Minister McMeekin on program guidelines.

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.

Contact:

Barry Senft, CEO - 1-800-265-0550; bsenft@gfo.ca

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Grain Market Commentary for August 16, 2017

Wednesday, August 16, 2017

Commodity Period Price Weekly Movement
Corn CBOT September 3.52  20 cents
Soybeans CBOT November 9.25  53 cents
Wheat CBOT September 4.20  44 cents
Wheat Minn. September 6.73  60 cents
Wheat Kansas September 4.20  24 cents
Chicago Oats September 2.60  10 cents
Canadian $ September 0.7898  0.15 points

Harvest 2017 prices as of the close, August 16 are as follows:
SWW @ $182.43/MT ($4.96/bu), HRW @ $189.46/MT ($5.16/bu),
HRS @ $254.49/MT ($6.93/bu), SRW @ $187.11/MT ($5.09/bu).

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Market Trends Report for August-September 2017

Monday, August 14, 2017

US and World

It has been an uneven growing season in much of the American corn belt. The Western corn belt has been dry especially in the Dakotas, while the mid south and Eastern corn belt were inundated with heavy rains earlier in the spring. The forecast in late July turned cooler and wetter for all of the American corn belt. This new forecast essentially changed much of the outlook for the American crop, but still many analysts were expecting lower August USDA numbers reflecting some of the earlier tough conditions for US corn and soybeans. Anticipation of the August 10th USDA report was filled with expectations of lower yield projections.

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On August 10th, the USDA lowered their projected corn yield estimate to 169.5 bushels per acre down from their earlier projection of 170.7 bushels per acre and less than last year's 174.6 bushels per acre. At the same time the USDA raised soybean yield expectations to 49.4 bushels per acre up from their 48 bushels per acre earlier estimate. This pegged 2017/18-soybean production at 4.4 billion bushels. Both of these USDA estimates rocked the grain market August 10th, as it was a big surprise. With so much uneven weather affecting this crop in the field a US corn yield of 165-166 bushels per acre was a general trade estimate. Futures prices plummeted on this very bearish report.

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