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Ontario RMP secure for 2018

Press release

GUELPH, ON (September 20, 2017) – The risk management program (RMP) for Ontario farmers will remain intact for 2018.

In a letter from the Honourable Jeff Leal, Minister of Agriculture, Food and Rural Affairs, Grain Farmers of Ontario was notified that the ministry will not proceed with interim changes to RMP. For 2018, this program will remain unchanged as the federal suite of business risk management programs is under review.

“We support the decision by the Minister to leave Ontario’s existing risk management program in place for the next crop season,” says Mark Brock, Chair of Grain Farmers of Ontario. “An interim revision to RMP at this stage would create confusion for our farmer-members and we are pleased the Minister put this on hold.”

With the federal review of business risk management underway, it makes sense that the ministry delays the update to the provincial program at this time. Ontario’s RMP should complement the federal suite, ensuring both programs work together. The Minister, in his letter, confirmed that the ministry will maintain the funding of $100 million throughout the evaluation of the RMP program and any resulting changes.

“Grain Farmers of Ontario is a founding member of the AgGrowth Coalition and is committed to delivering both a federal and a provincial solution to risk management that works for farmers,” says Brock. “We are pleased that the Minister has acknowledged our active participation in this review process and are confident that appropriate risk management options will be available for farmers in the near future.”

The comprehensive review of the federal suite of programs was announced in July at the federal-provincial-territorial meeting with support from all provincial agriculture ministers. The first draft of the federal program revisions is expected in 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

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

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Grain Market Commentary for January 17, 2018

Wednesday, January 17, 2018

Grain Farmers of Ontario farmer-members are invited to attend two full-day marketing seminars on grain marketing: Intro to Futures & Options, as well as the more advanced Options & Technical Analysis.

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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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Market Trends Report for January-February 2018

Monday, January 15, 2018

US and World

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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