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HomeMy WebLinkAboutThe Lucknow Sentinel, 1978-01-25, Page 17WEDNESDAY, JANUARY IS, 1978 TILELUCKNOW SENTINEL, LUCKNOW, ONTARIO Farmers can expect stabilizedcern prices Ontario grain corn producers can expect "substantial" stabili- zation payments for their 1977 corn crop, according to Morris Huff, secretary of the Ontario Grain Corn `Council. He told a third -day Farmers' Week audience at Ridgetown College of Agricultural„ Technol- ogy last week that the federal - provincial stabilization payment plans will set a prick for corn somewhere between $2.35 and $2.45 a bushel The stabilization— plans are aimed at° paying the farmer the difference. between what he receives for his corn and the average price from the previous five years. "Right now the price on the 10'7 crop is below $1.90 a bushel and I don't foresee any substant- ial gains," Huff said. He warned producers that before planning what to plant' this spring, they should take into consideration .present corn prices and potential stabilization pay- ments. Long -run corn production in Ontario should increase from this year's record 150 million bushel crop to about 175 million bushel's.' ;b'y 1985 and 200 million bushels before 1990, Huff forecast. "If corn sweetener production plans (announced last week by the St. Lawrence and Canada Starch companies) materialize , industrial purchases of corn in eastern, Canada will approach 40 million bushels in the 1980's, about, 10, : to' 15 million bushels above 1977," he. said. Traditionally, Ontario corn has been sold mainly as livestock feed, but as industrial ; use increases along with exports, Huffwarned that producers will have to. improve the quality of their corn through better harvest- ing/and drying procedures. Instead of processors and elevators paying 2 premiums on high grade corn as they do now, they will begin to discount inferior quality corn in the future Huff suggested.. " He also urged Ontario produc- ers to maintain a steadier flow of corn to the marketplace to. prevent periodic shortages 4.nd the resulting loss of sales to the U.S. �..: By forwalyd contracting and futures buying' and selling, farm- ers can better assure themselves a profit -margin than if..they. hold their corn off the market continu- ally for an unreasonably high price, Huff said. ' Iowa State University econom- ist Dr. Robert Wisner . said, corn r4 prices could • rise to the $2 a bushel level this spring, but soybean prices may drop slightly because of larger supplies. Wisner said corn prices could go .as high as $2.10 from the present ' level of about $1.90 but soybean .prices could drop from $5.60 a bushel to as low as $5.25. He was analysing the 1978 corn and soybean outlook for the United States. However, Canadi- an prices are set by the American market situation. "With increased Soviet (corn) import needs, the price outlook is more encouraging, than expected three or four months ago," said Wisner. "But a. major rise to present ` price levels would require either an unexpectedly large increase in U.S. corn feeding (for livestock) . or serious crop problems in major world grain -producing areas." World . feed grain. use is expected' to decline 1.2 percent from a year ago, he said, but Russian imports are expected to be double those of last year because of Sdviet, droughts. However, increased Soviet im- , ports of North American corn will be partially offset by a sharp rise, in 1977, West European grain prbduction. This will likely result in Europeans importing less American corn, he said. By the. late 1978, corn prices will be influenced by an expected decline in U.S. corn acreage, Wisner forecast. Other influences would be expected larger world corn yield' and a continued levelling. or drop in livestock feeding: The 1978 soybean price outlook is based mainly on a 34 percent increase in 1977 from the previous year, he said. About half the increase will be offset • by lower price corn competition, said Wisner. • • - With increased soybean oil, exports from Canada, Europe, India and the Mediterranean, U.S. soybean oil exports are expected to drop, he said. . ' • A continuation of relatively attractive price ,levels, should result in increased planting 'in 1978, with land being shifted: from corn and cotton into soybean production, said Wisner. THE MARCH is ON! 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