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Canada-Korea FTA opens new opportunities for Ontario grain

GUELPH, ON (March 11, 2014) – Grain Farmers of Ontario is pleased with the announcement that Canada and the Republic of Korea have concluded negotiations for a bilateral free trade agreement. We encourage the government to ratify this agreement as quickly as possible so that Ontario farmers may begin to see the benefits of this agreement.   

The Canada-Korea Free Trade Agreement (FTA) will create market opportunities for Ontario's corn, soybean, and wheat farmers that were previously unattainable. 

"The Canada-Korea FTA provides increased market access for Ontario grains, as well as other agricultural commodities," says Henry Van Ankum, Chair of Grain Farmers of Ontario. "This Agreement specifically opens new market opportunities for our Identity Preserved soybeans, and removes trade barriers currently limiting our corn, soybean, and wheat exports.”

One of the groups involved in the discussions leading up to the Canada-Korea FTA has been the Canadian Soybean Exporters' Association (CSEA). Canada exported more than 17,000 metric tonnes to Korea in 2013; but as this only accounted for four percent of their total imports, there is the potential for significant market share increase within this new FTA. 

"As an exporting organization, the CSEA is supportive of the new volumes achieved for food grade Identity Preserved soybeans within the Canada-Korea 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. 

Grain Farmers of Ontario is encouraged by the conclusion of these negotiations and strongly supports the work of all involved towards the ratification of the Canada-Korea FTA.

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 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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