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New agreement for marketing Ontario soybeans

GUELPH, ON (August 23, 2013) – A change has been made to the way soybean drying charges will be calculated under the Agreement for Marketing the Ontario Soybean Crop made under the Farm Products Marketing Act (O. Reg 485/09).

Grain Farmers of Ontario, in collaboration with the Ontario Agri Business Association and soybean processors, has successfully negotiated new terms of the agreement. Soybean drying charges will no longer be tied to the price of soybeans as outlined in the previous agreement in effect since 2005.

As of September 1, 2013, the new agreement will state: "Cleaning and handling charges, as well as soybean drying charges/moisture discounts, will be agreed upon by the dealer and the producer through competitive market forces, similar to the corn and wheat markets."

“This change is a direct response to concerns raised by our farmer-members about the high costs associated with soybean drying,” says Henry Van Ankum, Chair of Grain Farmers of Ontario. “It better reflects the competitive environment that exists within the Ontario grain industry.”

With this new ability to review the posted rates offered by different dealers and processors and the ability to negotiate their soybean drying charges, producers should confirm all terms and conditions before making their deliveries. Grain Farmers of Ontario believes this new agreement will be a significant marketing tool for our farmer-members that will help them achieve better returns. 

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 September 20, 2017

Wednesday, September 20, 2017

Commodity Period Price Weekly Movement
Corn CBOT December 3.50  01 cents
Soybeans CBOT November 9.70  11 cents
Wheat CBOT December 4.50  07 cents
Wheat Minn. December 6.22  12 cents
Wheat Kansas December 4.48  05 cents
Chicago Oats December 2.46  08 cents
Canadian $ December 0.8115  0.75 points

Harvest 2017 prices as of the close, September 20 are as follows:
SWW @ $190.53/MT ($5.19/bu), HRW @ $199.60/MT ($5.43/bu),
HRS @ $241.11/MT ($6.56/bu), SRW @ $195.06/MT ($5.31/bu).

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Market Trends Report for September-October 2017

Monday, September 18, 2017

US and World

Across the US corn belt American farmers are starting to harvest another huge crop. The growing season was uneven with widespread drought in the Northwest plains and quite a wet start in the Eastern corn belt. This was accentuated by somewhat dry conditions in mid-summer, but it looks like good genetics and modern farming methods have won out. As we careen into October, US farmers are set to harvest their third-largest corn crop and the largest soybean crop ever.

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On September 12th the USDA released their latest estimates of US crops. USDA estimated US corn production would come in at 14.184 billion bushels, with an average yield of 169.9 bushels per acre. This was seen as a bit of a shock to the market as traders were expecting lower yield estimates. The USDA also increased 2017/18 ending stocks to 2.335 billion bushels, up 62 million from their August report. This US crop is approximately 6% less than last year with the yield 4.7 bushels per acre lower.

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