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Wheat Growers Say Federal Budget Not Based On Reality

Western Canadian Wheat Growers released the following statement in regards to the 2021 Federal Budget:
 
In analyzing the 2021 Federal budget, the Western Canadian Wheat Growers see little that will benefit grain farmers. Agriculture has been a strong contributor to Canada’s economy during COVID-19 and should be supported accordingly. Grain farmers have been early adopters of the latest technology that maximizes production and minimizes costs, but the 2021 budget recognizes none of this.
 
“I have trouble downloading software for my equipment now and cannot wait for Earth Observation Satellites to be designed and sent into space. The federal government has stated it wants a 30% reduction in GHG by limiting nitrogen fertilizer use but has never consulted industry or farmers if this is even achievable,” said Cherilyn Jolly-Nagel, SK Director and Past President.
 
Prairie grain farmers adopted low-till farming techniques decades ago and yet have no recognition for the great work that they have done. According to Canadian data, grain farmers are already a net-zero industry.
 
“It is staggering to think that the federal government wants grain farmers to adopt commercially available clean technology by moving off diesel and assist with the purchase of more efficient grain dryers – this is an odd proposal and suggests that the farmers don’t already adopt the newest innovations that have proven benefits… which couldn’t be further from the truth,” said Margaret Hansen, SK Director.
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U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again


The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!