Toronto, Ontario,– Grain Farmers of Ontario, the province’s largest commodity organization, representing Ontario’s 28,000 barley, corn, oat, soybean and wheat farmers, extended their appreciation for the provincial government’s support of grain and oilseed farmers across the province with the Risk Management Program (RMP) by awarding Ontario Ministry of Agriculture, Food and Rural Affairs Minister Lisa Thompson and the Ontario government with the Grain Farmers of Ontario Gloves of Gratitude today at Queen’s Park. The award features a set of work gloves representing the hard work and dedication of Ontario farmers and the government to ensure that Ontario has a thriving grain and oilseed sector.
The 2023 growing season was the first time that the enhanced design of the Ontario RMP, put in place by the Ontario government in 2020, was put to the test for Ontario grain and oilseed farmers. Results show that the program worked well to respond to market conditions faced by farmers, which saw market prices fall below the cost of production.
“We wanted to thank Minister Lisa Thompson and Premier Doug Ford for designing the RMP so that it can work for grains and oilseed farmers in Ontario,” says Jeff Harrison, Chair, Grain Farmers of Ontario. “The program’s improved design responded to the market conditions of the 2023 growing season, allowing grain farmers to focus on growing crops that people in Ontario, Canada and around the world rely on.”
“Grain Farmers of Ontario is pleased to see the new RMP work for Ontario grain and oilseed farmers when they need support. Managing market volatility risks covered by the Ontario RMP is vital for Ontario’s grain farming sector,” says Crosby Devitt, CEO, Grain Farmers of Ontario. “We were at Queen’s Park today to show grain and oilseed farmers’ appreciation for the government’s commitment to the RMP program.”
“For the RMP to continue to be a successful risk mitigation tool for farmers in the future, the program must keep up with the growing needs of the sector. The Grain Farmers of Ontario remains committed to working with the Government to ensure viable funding so that farmers have the support they need when they need it,” adds Devitt.
The Ontario RMP is co-funded by farmers and the Ontario government. Its unique design can help offset losses grain farmers experience during a growing season when international events beyond a farmer’s control create volatility, resulting in low commodity prices and high production costs. Farmers only receive an RMP payment when the crop’s cost of production exceeds the price they expect the market to pay at harvest. Depending on the coverage level selected, they can receive up to 40 per cent of the difference between the target and market price.
Source : GFO