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Cash Purchase Tickets for deferred payments unchanged in the 2017 Budget

Press release

GUELPH, ON (November 7, 2017) – Grain Farmers of Ontario applauds the Government of Canada’s announcement to maintain the current tax treatment of cash purchase tickets for deliveries of grains. The deferral mechanism is a valuable risk management tool for grain farmers who rely on it.

"We were pleased to see the Minister of Finance respond favorably to our request to maintain the current system of cash purchase tickets and deferral payments." said Mark Brock, Chairman, Grain Farmers of Ontario. "Any adjustments to the current Cash Basis tax filing method and instruments that support the tools to defer income would be to the detriment of the agriculture industry and the rural economies it supports."

The federal government’s commitment to economic stability and growth for the middle class, the agricultural sector and the Canadian economy would not benefit from changing the current instruments for tax deferral afforded to grains and oilseed farmers. It is in the interest of Canadians for farmers to have a stable foundation to manage risk, optimize business opportunities and invest in productivity to meet the growing demand for Canadian grains and oilseed products.

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:

Barry Senft, CEO - 1-800-265-0550; bsenft@gfo.ca

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

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Weekly Commentary

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Grain Market Commentary for November 15, 2017

Thursday, November 16, 2017

Commodity Period Price Weekly Movement
Corn CBOT December 3.38  10 cents
Soybeans CBOT January 9.75  15 cents
Wheat CBOT December 4.20  02 cents
Wheat Minn. December 6.25  11 cents
Wheat Kansas December 4.18  02 cents
Chicago Oats December 2.69  02 cents
Canadian $ December 0.7835  0.60 points

Cash grain prices as of the close, November 15 are as follows: SWW @ $182.95/MT ($4.98/bu), HRW @ $192.33/MT ($5.23/bu), HRS @ $251.44/MT ($6.84/bu), SRW @ $187.64/MT ($5.11/bu).

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Market Trends Report for November-December 2017

Monday, November 13, 2017

US and World

Harvest time is in full swing across United States and Ontario. There have been delays, but as usual, farmers in 2017 like they have many times before are finding ways to get the crop in the bin. Yield monitors flickering on social media have been a harbinger of big yields in the United States as one of the biggest crops in American history gets closer to the finish line. How big that crop has become has been a great subject of debate over the last several months.

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On November 9th USDA chimed in with their latest crop production report. In a surprise move, which shocked the market the USDA raised 2017/2018-corn production to 14.58 billion bushels. This was on a projected yield of 175.4 bushels per acre, which was up from its October estimate of 171.8 bushels per acre. This was outside any pre-report estimates on the high side and the market responded accordingly by falling seven cents on the day. If this yield comes to fruition, it will be the largest US domestic corn yield in history. US domestic corn stocks are projected to increase to 2.49 billion bushels, a very onerous figure headed into next year.

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