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Grain Farmers of Ontario supports Canada-Korea FTA

GUELPH, ON (February 24, 2014) – Grain Farmers of Ontario strongly supports the negotiation of a Free Trade Agreement (FTA) with South Korea and looks forward to its successful completion and ratification. Now in its final stages, this agreement will create market opportunities for Ontario’s corn, soybean, and wheat farmers that were previously unattainable.

“We look forward to building a stronger relationship with the grain industry in Korea and increasing our agricultural trade in that region,” says Henry Van Ankum, Chair of Grain Farmers of Ontario.

This FTA will allow duty free access for Ontario corn, commodity soybeans, and wheat and open new market opportunities for Identity Preserved soybeans. The Agreement also establishes increased market access across other sectors of Ontario agriculture, including livestock, which is a strong domestic user of grain.

“Grain Farmers of Ontario applauds the work of all involved to establish the Canada-Korea FTA and we support the ongoing efforts to finalize this important agreement,” continues Van Ankum.

One of the groups involved in the discussions leading up to this FTA has been the Canadian Soybean Exporters’ Association (CSEA). In 2013, Korea was the 16th largest market for soybean exports, with Canada exporting over 17,000 metric tonnes into the country.

“As an exporting organization, the CSEA is supportive of the new volumes achieved for food grade Identity Preserved soybeans within the Canada-Korean FTA, and feels it will be positive to the Canadian soybean sector, including both growers and exporters,” says Dave Buttenham, Secretary Manager of the CSEA.

Korea imports over 70% of its food, presenting excellent market potential for Canada. Establishing a strong trade relationship, through the Canada-Korea FTA, is a priority for the Ontario grain industry. 

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

Henry Van Ankum, Chair - 519-835-4200; henryvanankum@sympatico.ca

Meghan Burke, Communications – 519 767-2773; mburke@gfo.ca

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Grain Market Commentary for December 6, 2017

Wednesday, December 06, 2017

Commodity Period Price Weekly Movement
Corn CBOT March 3.52  01 cents
Soybeans CBOT January 10.03  10 cents
Wheat CBOT March 4.25  10 cents
Wheat Minn. March 6.14  09 cents
Wheat Kansas March 4.23  06 cents
Chicago Oats March 2.48  15 cents
Canadian $ December 0.7835  0.50 points

Cash Grain prices as of the close, December 6, are as follows: SWW @ $178.23/MT ($4.85/bu), HRW @ $187.61/MT ($5.11/bu), HRS @ $238.74/MT ($6.50/bu), SRW @ $182.92/MT ($4.98/bu).

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Market Trends Report for November-December 2017

Monday, November 13, 2017

US and World

Harvest time is in full swing across United States and Ontario. There have been delays, but as usual, farmers in 2017 like they have many times before are finding ways to get the crop in the bin. Yield monitors flickering on social media have been a harbinger of big yields in the United States as one of the biggest crops in American history gets closer to the finish line. How big that crop has become has been a great subject of debate over the last several months.

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On November 9th USDA chimed in with their latest crop production report. In a surprise move, which shocked the market the USDA raised 2017/2018-corn production to 14.58 billion bushels. This was on a projected yield of 175.4 bushels per acre, which was up from its October estimate of 171.8 bushels per acre. This was outside any pre-report estimates on the high side and the market responded accordingly by falling seven cents on the day. If this yield comes to fruition, it will be the largest US domestic corn yield in history. US domestic corn stocks are projected to increase to 2.49 billion bushels, a very onerous figure headed into next year.

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