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Deferred payments now permitted under the grains act

GUELPH, ON (December 17, 2010) – The Ontario Agri Business Association (OABA) and Grain Farmers of Ontario (GFO) are pleased with the recent changes that OMAFRA has made to the deferred payment regulations that are effective immediately.  As a result of this regulatory change, it is “business as usual” in producer/elevator arrangements regarding deferred payments. This change in regulations provides relief from the “non compliance” status of deferred payment arrangements between elevators and producers through until July 1, 2012.

Elevators and producers entering into deferred payment arrangements will not be subject to compliance or enforcement activities by Agricorp.  However, other provisions of the Grains Act will continue to be enforced.  It is important to note that any deferred payment arrangements entered into going forward between a producer and elevator should not have a settlement date that extends beyond July 1, 2012.

OABA and GFO would like to thank the Minister of Agriculture, Food and Rural Affairs, Carol Mitchell, for her swift action in making the necessary regulatory change to facilitate deferred payments until a permanent solution is reached.

This regulatory change is a result of OABA’s and GFO’s shared success in raising the importance of this issue within OMAFRA and Agricorp, resulting in productive meetings and this short term resolution.  Early in 2011, representatives from OABA and GFO will meet with Agricorp and OMAFRA again to develop a strategy for addressing this important business practice within the Grains Act with the intent to have this situation permanently resolved well in advance of the July 1, 2012 deadline. 

For more information, farmers are encouraged to contact Member Relations at GFO, Valerie Gilvesy (226-979-5581).  Elevator operators/dealers should contact OABA (519-822-3004) for more information.

Grain Farmers of Ontario

Grain Farmers of Ontario is the province’s largest commodity organization, representing Ontario’s 28,000 corn, 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

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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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