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Business risk management reform proposed at FPT meeting

Press release

GUELPH, ON (May 11, 2017) – Grain Farmers of Ontario commends Minister Leal for shining a spotlight on the need for comprehensive reform of business risk management programs for farmers.

A Federal-Provincial-Territorial meeting of Ministers responsible for agriculture was held yesterday in Ottawa to discuss the next agricultural policy framework. At this meeting, Minister Leal proposed a review of business risk management programs. He also noted that Ministers have asked officials to continue to work on a path forward that would address business risk management and other aspects of the agricultural policy framework as part of an overall package that will be presented at their July Annual Conference.

"We commend Minister Leal for his leadership in addressing the need for a rebuild of business risk management programming," says Mark Brock, Chair of Grain Farmers of Ontario. "Our members appreciate the effort and collaboration involved to bring this important issue to the forefront of national discussions. Not only did Minister Leal represent Ontario farmers, but he spoke for all Canadian farmers today and we urge other provincial Ministers to join and support him."

Grain Farmers of Ontario is pleased to see continued momentum towards reforming these programs. Good risk management programming ensures farmers have the confidence and security to continue producing high quality crops for our country, investing back into their farms and their land, and innovating to improve farming practices for the future.

"Managing risk is an ongoing and critical aspect of farming," notes Brock. "Yesterday's discussion was timely as the recent flooding events across Ontario are a strong reminder of the unpredictability that farmers work with each year."

Grain Farmers of Ontario, along with Canada's AgGrowth Coalition, will continue to drive the importance of this issue at both the provincial and national levels.

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 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:

Mark Brock, Chair - 519-274-3297; cropper01@hotmail.com

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