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Ontario RMP secure for 2018

Press release

GUELPH, ON (September 20, 2017) – The risk management program (RMP) for Ontario farmers will remain intact for 2018.

In a letter from the Honourable Jeff Leal, Minister of Agriculture, Food and Rural Affairs, Grain Farmers of Ontario was notified that the ministry will not proceed with interim changes to RMP. For 2018, this program will remain unchanged as the federal suite of business risk management programs is under review.

“We support the decision by the Minister to leave Ontario’s existing risk management program in place for the next crop season,” says Mark Brock, Chair of Grain Farmers of Ontario. “An interim revision to RMP at this stage would create confusion for our farmer-members and we are pleased the Minister put this on hold.”

With the federal review of business risk management underway, it makes sense that the ministry delays the update to the provincial program at this time. Ontario’s RMP should complement the federal suite, ensuring both programs work together. The Minister, in his letter, confirmed that the ministry will maintain the funding of $100 million throughout the evaluation of the RMP program and any resulting changes.

“Grain Farmers of Ontario is a founding member of the AgGrowth Coalition and is committed to delivering both a federal and a provincial solution to risk management that works for farmers,” says Brock. “We are pleased that the Minister has acknowledged our active participation in this review process and are confident that appropriate risk management options will be available for farmers in the near future.”

The comprehensive review of the federal suite of programs was announced in July at the federal-provincial-territorial meeting with support from all provincial agriculture ministers. The first draft of the federal program revisions is expected in 2018.

Grain Farmers of Ontario

Grain Farmers of Ontario is the province’s largest commodity organization, representing Ontario’s 28,000 barley, corn, oat, 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:

Mark Brock, Chair - 519-274-3297; cropper01@hotmail.com

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

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Wednesday, February 21, 2018

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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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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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