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Grain Farmers of Ontario Acknowledges First Step in Business Risk Management Reform

Press release

GUELPH, ON (July 21, 2017) – Grain Farmers of Ontario commends federal, provincial and territorial agricultural leaders across Canada for supporting business risk management reform.

Today’s announcement of a comprehensive review of the current suite of business risk management programs is welcomed by Ontario’s grain farmers. The initiative was supported by Agricultural Ministers across the country at this week’s Federal-Provincial-Territorial meetings, held in Newfoundland.

“We thank Minister Leal for championing this issue,” says Mark Brock, Chair of Grain Farmers of Ontario. “Reliable risk management programs are not just about disaster relief – having appropriate tools to manage risk enables farmers, like myself, to invest in innovations on the farm benefiting the economy, environment, and our province as a whole.”

With today’s announcement also came unexpected news of reductions to AgriInvest. The changes made to AgriInvest were a unilateral decision made by the federal government.

“The cuts to AgriInvest underline the critical need for ongoing collaboration between policy-makers and agricultural organizations,” continues Brock. “With the exception of Crop Insurance, AgriInvest is the only program, within the suite of risk management programs, that works well for our farmer-members and we hope for much more appropriate and effective steps forward through this review process.”

Grain Farmers of Ontario is disappointed that the federal government has adjusted this important program, ahead of the comprehensive review of the whole suite of programs. As the review process moves forward, it is critical that effective programs, like AgriInvest, do not suffer. Options coming out of the review are scheduled to be presented July 2018.

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

Deb Conlon, Manager, Government Relations - 416-805-4490; dconlon@gfo.ca

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Weekly Commentary

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Grain Market Commentary for September 20, 2017

Wednesday, September 20, 2017

Commodity Period Price Weekly Movement
Corn CBOT December 3.50  01 cents
Soybeans CBOT November 9.70  11 cents
Wheat CBOT December 4.50  07 cents
Wheat Minn. December 6.22  12 cents
Wheat Kansas December 4.48  05 cents
Chicago Oats December 2.46  08 cents
Canadian $ December 0.8115  0.75 points

Harvest 2017 prices as of the close, September 20 are as follows:
SWW @ $190.53/MT ($5.19/bu), HRW @ $199.60/MT ($5.43/bu),
HRS @ $241.11/MT ($6.56/bu), SRW @ $195.06/MT ($5.31/bu).

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Market Trends Report for September-October 2017

Monday, September 18, 2017

US and World

Across the US corn belt American farmers are starting to harvest another huge crop. The growing season was uneven with widespread drought in the Northwest plains and quite a wet start in the Eastern corn belt. This was accentuated by somewhat dry conditions in mid-summer, but it looks like good genetics and modern farming methods have won out. As we careen into October, US farmers are set to harvest their third-largest corn crop and the largest soybean crop ever.

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On September 12th the USDA released their latest estimates of US crops. USDA estimated US corn production would come in at 14.184 billion bushels, with an average yield of 169.9 bushels per acre. This was seen as a bit of a shock to the market as traders were expecting lower yield estimates. The USDA also increased 2017/18 ending stocks to 2.335 billion bushels, up 62 million from their August report. This US crop is approximately 6% less than last year with the yield 4.7 bushels per acre lower.

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