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RMP in the budget but caps a concern for grain farmers

GUELPH, ON (March 28, 2012) – Grain Farmers of Ontario is pleased with the inclusion of the Risk Management Program in the budget, indicating the government’s ongoing commitment to the program, but more work will need to be done to ensure a program cap does not affect bankability, predictability and sustainability over the long term.

For the 2012 program year, our organization has been assured that the existing guidelines will remain in place and RMP will not be capped.  The details of the 2013 program year will be part of an ongoing discussion between government and Grain Farmers of Ontario to ensure the program continues to meet the insurance needs of grain farmers.

“The top priority of Grain Farmers of Ontario is to make sure the goals of the program and the needs of our farmer members are kept at the forefront of the discussions as we move forward,” says Henry Van Ankum, Chair.  “We are encouraged that the government is willing to work with us to build the framework of the 2013 program.”

Grain Farmers of Ontario understands the importance of managing spending in challenging fiscal times but our organization is concerned with the message this cap sends to one of the largest sectors in Ontario that is making a positive contribution to the growth of the provincial GDP. 

“Our hard working farmers are making such a significant contribution to the growth of the Ontario economy to overcome our province’s fiscal challenges,” says Van Ankum.  “Our objective in any future RMP discussions is to ensure we continue to have an insurance program in place to fall back on when our farmer members face challenging times.”

Grain Farmers of Ontario looks forward to more detail on the 2013 Risk Management Program and future discussions with Minister McMeekin on program guidelines.

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 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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