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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 October 18, 2017

Wednesday, October 18, 2017

Commodity Period Price Weekly Movement
Corn CBOT December 3.48  01 cents
Soybeans CBOT November 9.84  08 cents
Wheat CBOT December 4.30  01 cents
Wheat Minn. December 6.10  02 cents
Wheat Kansas December 4.28  02 cents
Chicago Oats December 2.68  06 cents
Canadian $ December 0.8025  0.10 points

Harvest 2017 prices as of the close, October 18 are as follows: SWW @ $183.15/MT ($4.98/bu), HRW @ $192.30/MT ($5.23/bu), HRS @ $238.09/MT ($6.48/bu), SRW @ $187.72/MT ($5.11/bu).

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Market Trends Report for October-November 2017

Monday, October 16, 2017

It is that time of year again when combines are rolling. However, uneven weather in parts of the American corn belt and Ontario has delayed harvest. There is nothing particularly unusual about this as we have it every year. US crops are huge coming off the fields and the market will certainly be making further adjustments. The final determinant on yield will come in the January USDA report. However, the October USDA report released October 12th helped to re-focus the trajectory of grain prices as we head into the end of the 2017.

In the October 12th report USDA increased US national corn yield to 171.8 bushels per acre, an increase of 1.9 bushels per acre over their September estimate. This put 2017/2018-corn production at 14.28 billion bushels on the high-end of pre-report estimates. The USDA also pegged corn-ending stocks at 2.34 billion bushels, which was up 5 million bushels from their September estimate. This number was a bit of a surprise especially with which dry weather throughout the American Midwest the summer.

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USDA estimated soybean production to be at 4.431 billion bushels, which was a decrease from their September estimate. This was based on a .4 bushel/acre cut in US national yield down to 49.5 bushels per acre. However, the US soybean harvested acreage is at a record high of 89.5 million acres, which was up 1% from the USDA September estimate. The US domestic soybean ending stocks were also pegged at 430 million bushels, which was down 45 million bushels from their September estimate. This was generally looked at as bullish on report day and soybeans responded by going up $.26 a bushel. US domestic wheat stocks were set at 960 million bushels, which was 27 million bushels higher than their September estimate.

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