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GRAIN FARMERS OF ONTARIO ANNOUNCES INITIAL PRICES AND POOL RETURN OUTLOOK FOR WHEAT POOL

GUELPH, ON (June 9, 2016) – Grain Farmers of Ontario is pleased to announce the initial payments and pool return outlook (PRO) for the six wheat pools managed by the Wheat Marketing team.

To assess options this year, producers should consider initial prices as an advanced payment on the PRO, estimated at 65 per cent of total value. The PRO is an estimation based on current market conditions of how various classes of wheat should be expected to perform in the marketplace. Grain Farmers of Ontario’s initial payments for the 2016 wheat marketing year are:

Wheat Class                       Initial Prices ($/tonne)

SWW (Pool A)                    $130

HWR (Pool B)                     $140

HRS (Pool C)                       $140

SRW (Pool E)                      $130

RW (Pool F)                        $130

FEED (Pool G)                    $110

“The Pool allows growers to move grain at harvest while taking advantage of post-harvest markets, which spreads out cash flow,” says Todd Austin, Manager of Wheat Marketing, Grain Farmers of Ontario. “Historically it hits market average or better, so it can be a good insurance policy.”

Grain Farmers of Ontario issues and regularly updates the PRO for all wheat classes at www.gfo.ca/WheatMarketing.

Grain Farmers of Ontario also has pre-pool contracts and post-pool contracts. Pre-pool contracts offer an advance above the initial price to bring the value closer to 70 per cent to the current cash price. Pre-pool contracts have to be established with Grain Farmers of Ontario no later than August 31. Post-pool contracts allow for delivery into the pool after September and into the spring. For more information, call 1-800-265-0550 or visit www.gfo.ca/wheatmarketing.

Grain Farmers of Ontario

Grain Farmers of Ontario is the province’s largest commodity organization, representing Ontario’s 28,000 barley, corn, oat, soybean, and wheat farmers. The crops they grow cover over 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

Todd Austin, Manager, Marketing – 519-767-4118; taustin@gfo.ca 

Maegan MacKimmie, Communications – 519-767-4137; mmackimmie@gfo.ca 

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Commodity Period Price Weekly Movement
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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Winter weather blows across North American farm country as another year has gone and we greet 2018. The 2017 growing season was very uneven across North America, but memories of that are fading. Grain prices have suffered under the specter of big crop numbers that have been projected by both the USDA and private analysts throughout 2017. The January USDA report is always the final report on the crop year that past. On January 12th the USDA released a plethora of crop numbers, which will define the grain marketplace for the coming year.

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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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