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Grain Farmers of Ontario supports Canada-Korea FTA

GUELPH, ON (February 24, 2014) – Grain Farmers of Ontario strongly supports the negotiation of a Free Trade Agreement (FTA) with South Korea and looks forward to its successful completion and ratification. Now in its final stages, this agreement will create market opportunities for Ontario’s corn, soybean, and wheat farmers that were previously unattainable.

“We look forward to building a stronger relationship with the grain industry in Korea and increasing our agricultural trade in that region,” says Henry Van Ankum, Chair of Grain Farmers of Ontario.

This FTA will allow duty free access for Ontario corn, commodity soybeans, and wheat and open new market opportunities for Identity Preserved soybeans. The Agreement also establishes increased market access across other sectors of Ontario agriculture, including livestock, which is a strong domestic user of grain.

“Grain Farmers of Ontario applauds the work of all involved to establish the Canada-Korea FTA and we support the ongoing efforts to finalize this important agreement,” continues Van Ankum.

One of the groups involved in the discussions leading up to this FTA has been the Canadian Soybean Exporters’ Association (CSEA). In 2013, Korea was the 16th largest market for soybean exports, with Canada exporting over 17,000 metric tonnes into the country.

“As an exporting organization, the CSEA is supportive of the new volumes achieved for food grade Identity Preserved soybeans within the Canada-Korean FTA, and feels it will be positive to the Canadian soybean sector, including both growers and exporters,” says Dave Buttenham, Secretary Manager of the CSEA.

Korea imports over 70% of its food, presenting excellent market potential for Canada. Establishing a strong trade relationship, through the Canada-Korea FTA, is a priority for the Ontario grain industry. 

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

Henry Van Ankum, Chair - 519-835-4200; henryvanankum@sympatico.ca

Meghan Burke, Communications – 519 767-2773; mburke@gfo.ca

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Grain Market Commentary for February 21, 2018

Wednesday, February 21, 2018

Grain Farmers of Ontario farmer-members are invited to attend two full-day marketing seminars on grain marketing: Intro to Futures & Options, as well as the more advanced Options & Technical Analysis.

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Commodity Period Price Weekly Movement
Corn CBOT March 3.65 ↑ 01 cents
Soybeans CBOT March 10.33 ↑ 14 cents
Wheat CBOT March 4.48 ↓ 06 cents
Wheat Minn. March 6.01 ↑ 01 cents
Wheat Kansas March 4.66 ↓ 09 cents
Chicago Oats March 2.59 ↓ 08 cents
Canadian $ March 0.7890 ↓ 1.03 points

Cash Grain prices as of the close, February 21, are as follows: SWW @ $205.96 ($5.61/bu), HRW @ $203.63/MT ($5.54/bu), HRS @ $231.13/MT ($6.29/bu), SRW @ $201.30/MT ($5.48/bu).

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Market Trends Report for February-March 2018

Monday, February 12, 2018

The winter season in North America is often one of hopes and dreams. With the January 2018 USDA report a month old the scope of the 2017 crop is now becoming a memory. Farmers have turned the page and will soon be planting corn in places like Texas. However, in the southern hemisphere corn and soybean crops are growing in the field and affecting prices every day. While the northern hemisphere freezes under the snow, weather in Argentina and Brazil has been defining the initial grain fundamentals for 2018.

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On February 8th, the USDA released its latest World Supply and Demand Estimates. (WASDE) The USDA lowered US corn ending stocks to 2.352 billion bushels down 125 million bushels from last month. This was totally related to an increase in US corn exports by the same amount. This was attributed to a weakened US dollar and reduction in both Argentinian and Ukrainian corn exports. Hot weather in Argentina had USDA lowering their corn production 2.8 MMT to 39 MMT. USDA maintained Brazil corn production of 95 MMT.

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