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 (August 18, 2017)

Subscribe


Inside Grain Farmers of Ontario

New episodes every week.

Episode 55: Market Development


Follow us

twitter   linkedin   youtube

Weekly Commentary

Get Aggregated RSS

Grain Market Commentary for August 16, 2017

Wednesday, August 16, 2017

Commodity Period Price Weekly Movement
Corn CBOT September 3.52  20 cents
Soybeans CBOT November 9.25  53 cents
Wheat CBOT September 4.20  44 cents
Wheat Minn. September 6.73  60 cents
Wheat Kansas September 4.20  24 cents
Chicago Oats September 2.60  10 cents
Canadian $ September 0.7898  0.15 points

Harvest 2017 prices as of the close, August 16 are as follows:
SWW @ $182.43/MT ($4.96/bu), HRW @ $189.46/MT ($5.16/bu),
HRS @ $254.49/MT ($6.93/bu), SRW @ $187.11/MT ($5.09/bu).

Read more

Market Trends

Get Aggregated RSS

Market Trends Report for August-September 2017

Monday, August 14, 2017

US and World

It has been an uneven growing season in much of the American corn belt. The Western corn belt has been dry especially in the Dakotas, while the mid south and Eastern corn belt were inundated with heavy rains earlier in the spring. The forecast in late July turned cooler and wetter for all of the American corn belt. This new forecast essentially changed much of the outlook for the American crop, but still many analysts were expecting lower August USDA numbers reflecting some of the earlier tough conditions for US corn and soybeans. Anticipation of the August 10th USDA report was filled with expectations of lower yield projections.

Listen to the podcast

On August 10th, the USDA lowered their projected corn yield estimate to 169.5 bushels per acre down from their earlier projection of 170.7 bushels per acre and less than last year's 174.6 bushels per acre. At the same time the USDA raised soybean yield expectations to 49.4 bushels per acre up from their 48 bushels per acre earlier estimate. This pegged 2017/18-soybean production at 4.4 billion bushels. Both of these USDA estimates rocked the grain market August 10th, as it was a big surprise. With so much uneven weather affecting this crop in the field a US corn yield of 165-166 bushels per acre was a general trade estimate. Futures prices plummeted on this very bearish report.

Read more

sustainability
mobile apps