News

New agreement for marketing Ontario soybeans

GUELPH, ON (August 23, 2013) – A change has been made to the way soybean drying charges will be calculated under the Agreement for Marketing the Ontario Soybean Crop made under the Farm Products Marketing Act (O. Reg 485/09).

Grain Farmers of Ontario, in collaboration with the Ontario Agri Business Association and soybean processors, has successfully negotiated new terms of the agreement. Soybean drying charges will no longer be tied to the price of soybeans as outlined in the previous agreement in effect since 2005.

As of September 1, 2013, the new agreement will state: "Cleaning and handling charges, as well as soybean drying charges/moisture discounts, will be agreed upon by the dealer and the producer through competitive market forces, similar to the corn and wheat markets."

“This change is a direct response to concerns raised by our farmer-members about the high costs associated with soybean drying,” says Henry Van Ankum, Chair of Grain Farmers of Ontario. “It better reflects the competitive environment that exists within the Ontario grain industry.”

With this new ability to review the posted rates offered by different dealers and processors and the ability to negotiate their soybean drying charges, producers should confirm all terms and conditions before making their deliveries. Grain Farmers of Ontario believes this new agreement will be a significant marketing tool for our farmer-members that will help them achieve better returns. 

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

Stay in touch

Subscribe to the Bottom Line

Subscribe to The Bottom Line, the weekly newsletter that helps our members stay on top of all the news that affects their bottom line.

Read the latest issue (August 18, 2017)

Subscribe


Inside Grain Farmers of Ontario

New episodes every week.

Episode 55: Market Development


Follow us

twitter   linkedin   youtube

Weekly Commentary

Get Aggregated RSS

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).

Read more

Market Trends

Get Aggregated RSS

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.

Listen to the podcast

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.

Read more

sustainability
mobile apps