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Biofuels regulations great news for Ontario's grain farmers

GUELPH, ON (February 11, 2011)  – The commitment from the government to move forward with the regulations for two percent renewable fuel content in diesel fuel is great news for Ontario’s grain farmers.

This two percent mandate will mean a demand for 500 million litres per year of bio-diesel across Canada that will boost local demand and strengthen prices for soybean and canola farmers.  This will mean more marketing options for our farmers and more jobs for Canadians – a true win-win.

“A conservative estimate of the ethanol industry’s impact on local corn prices is an increase of $0.10 to $0.25 per bushel, depending on the year and location of the farm,” said Don Kenny, chair of Grain Farmers of Ontario at the announcement in Hamilton.  “It will be a similar story for soybeans as a result of bio-diesel production.”

Farmers are not the only ones who will benefit from higher grain values as a result of the growth of the biofuels industry.  Income stability for Ontario’s grain farmers becomes money spent in our rural communities.  It also means a stronger, more sustainable provincial economy where 40,000 jobs in the supply chain depend on our production of grain.

A national investment in biodiesel production is not just an economic win for the country, but also has a significantly positive impact on the environment.  The production of crops for biodiesel can reduce our greenhouse gas emissions by 99 percent compared to fossil fuels.

“Thank you to the Canadian government for the implementation of a Renewable Fuels Strategy that will truly benefit our farmers, our rural communities and all Canadians,” summarized Kenny.

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.

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Weekly Commentary

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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).

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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.

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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.

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