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Grain Farmers of Ontario announces advance to initial payments in 2012

GUELPH, ON (July 3, 2012) – Grain Farmers of Ontario is pleased to announce an advance to the initial payments for pool participants in the 2012 marketing year.

All farmers willing to pre-commit to the marketing department’s pooling program prior to July 31, 2012, are entitled to $20 per tonne paid in addition to the initial payment upon delivery of pool wheat at harvest.  This offer is available for a limited time and is open to all pools with the exception of Pool G – Feed.

“The decision to make an advance on the pool initial payment this year through a pre-commitment offer was made to provide our members additional cash flow at harvest and provide an extended marketing window to our sales staff,” says Grain Farmers of Ontario vice president Ryan Brown.

The initial payments for the 2012 Grain Farmers of Ontario pool are:

Soft White Winter (Pool A) - $140.00

Hard Red Winter (Pool B) - $145.00

Hard Red Spring (Pool C) - $158.00

Soft Red Wheat (Pool E) -  $135.00

Hard Red (Pool F) - $135.00

Feed (Pool G) - $108.00

For additional flexibility at harvest, any farmer with a pre-commitment to the pool can choose to roll their contract into a forward or cash contract at any time prior to the September 30 pool deadline to take advantage of favourable market prices for a low administrative fee of $4 per tonne.

“We are working to make the pool an attractive marketing option to our members because fundamentally it is a great, consistent program,” says marketing manager Todd Austin.  “Given the reality of today’s volatile markets, the pool is a great risk management tool that allows members to participate in the market throughout the year.”

Farmers can pre-commit to the pool before July 31 by calling the Grain Farmers of Ontario office to speak with a marketing representative.  Grain Farmers of Ontario marketing staff are also available to answer any questions on the program or provide additional marketing services at 1-800-265-0550.

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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Corn CBOT March 3.52  01 cents
Soybeans CBOT January 10.03  10 cents
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Wheat Minn. March 6.14  09 cents
Wheat Kansas March 4.23  06 cents
Chicago Oats March 2.48  15 cents
Canadian $ December 0.7835  0.50 points

Cash Grain prices as of the close, December 6, are as follows: SWW @ $178.23/MT ($4.85/bu), HRW @ $187.61/MT ($5.11/bu), HRS @ $238.74/MT ($6.50/bu), SRW @ $182.92/MT ($4.98/bu).

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