News

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

Stay in touch

Subscribe to the Bottom Line

Subscribe to The Bottom Line, the weekly newsletter that helps our members stay on top of all the news that affects their bottom line.

Read the latest issue (July 21, 2017)

Subscribe


Inside Grain Farmers of Ontario

New episodes every week.

Episode 52: Communications – Honda Indy


Follow us

twitter   linkedin   youtube

Weekly Commentary

Get Aggregated RSS

Grain Market Commentary for July 19, 2017

Wednesday, July 19, 2017

Commodity Period Price Weekly Movement
Corn CBOT September 3.82  03 cents
Soybeans CBOT November 10.12  25 cents
Wheat CBOT September 5.03  32 cents
Wheat Minn. September 7.75  06 cents
Wheat Kansas September 5.00  44 cents
Chicago Oats September 2.93  11 cents
Canadian $ September 0.7950  1.00 points

Harvest 2017 prices as of the close, July 19 are as follows:
SWW @ $218.72/MT ($5.95/bu), HRW @ $218.72/MT ($5.95/bu),
HRS @ $289.01/MT ($7.87/bu), SRW @ $217.90/MT ($5.93/bu).

Read more

Market Trends

Get Aggregated RSS

Special Post June 30 USDA Market Trends Report

Tuesday, July 04, 2017

US and the World

It can be an explosive time in the grain markets. Across the greater US corn belt corn, soybeans and wheat are showing great variability as we head into July. Historically, the July 4th weekend has always served as a market flashpoint as crops start to develop quickly and summer weather makes its impact. The June 30th USDA planted acreage estimates and quarterly stocks report also impact the market at this critical time. In 2017, we are here again and once again the USDA did provide some surprises for market action.

Listen to the podcast

In their June 30th USDA report many market observers were musing that US soybean acres may overtake US corn acres planted. However, that was not the case as USDA predicted US corn planting at 90.89 million acres and US soybean planting coming in at 89.51 million acres. US corn acreage is down 3.11 million acres from last year. The US soybean acreage was approximately 440,000 acres below pre report estimates, but still 7% higher than last year. All wheat acreage came in at approximately 45.66 million acres, which was the lowest since the USDA began keeping records in 1919.

Read more

sustainability
mobile apps