Markets

Update PEI Grain Elevator Corporation
April 6, 2020
PEI Grain Elevators Corporation, (GEC) is pleased to advise that it has been designated by the Province of P.E.I. as an “essential service” given its’ strategic role as a provincially licensed facility operating three sites across the Province that provide procurement & assembly, drying, conditioning, custom storage grain buying and, value added services such as trucking, roasting, extruding and importation of specialty products such as protein supplements for livestock. Equally important is grain pooling programs, risk management of inventory and, sourcing/selling of grain and oilseed products to end uses customers.
Soybeans, milling and feed wheats, feed barley, feed oats and grain corn are marketed in domestic, regional and international feed and food markets depending on factors related to supply and demand. Recently, global markets; from the standpoint of stability, supply and demand have been ravaged by the impact of the COVID -19 Virus. GEC wants to emphasize that we are here for you!
Despite this, and all the uncertainty that goes with it, Prince Edward Island farmers will continue to farm, the right inputs; such as feed, seed, fertilizer and, crop protectant products will need to be imported as required, crops will be planted and harvested and GEC expects to be there to assist as required. As an example, GEC will offer market trend information to the extent that it can and, its crop advance lending program has been approved again this year. Up to $50,000 is available for approved applicants and repayment is deducted from first products delivered during next year’s harvest season.
Currently our facilities have implemented a series of hygiene focussed measures & procedures to ensure our customers and staff remain safe and, do not encounter any health issues when delivering or accepting delivery of products. We have made staffing decisions to ensure that GEC facilities are fully operational in these troubled times. Rest assured, GEC is doing everything it can to ensure that supply chains remain open and serviceable. Our administrative office is closed to the general public until further notice but administrative staff; although working from home in several instances, are manning the phones and contact with them is encouraged.
Recently grain and oilseed product interim payments were processed for current GEC pool participants. Growers can expect to receive these payments by mail in the very near future.
As well GEC is continually assessing and, looking for appropriate market opportunities and would appreciate the opportunity to bid on product that may be currently stored on farms. GEC strives to ensure that it offers competitive pricing and payment terms. Approved buyer credit is also available subject to a suitable credit check.
Livestock and aquaculture markets for feed wheat, barley, oats and soybeans are doing well this year due to the shortage of high quality corn and need for energy supplementation, so readers are encouraged to contact an elevator facility near you for a competitive price quote. GEC can arrange trucking or drying services to facilitate orderly marketing from your farm to the end use customer. GEC is also examining an importation of high quality corn for those sectors that need it so the reader is requested to reach out to General Manager Neil Campbell or your respective commodity sector representative if interested. GEC is a member of the Atlantic Grain Council (AGC). As such, we support the continuation of research programming for 2020/21 as an essential service. We are also working with the PEI Federation of Agriculture and all major P.E.I commodity associations in making application by the Province; on behalf of crop producers to Agriculture and Agri–food Canada for agri – recovery funding to mitigate the impacts of a devastating 2019 corn harvest as one of several adversely impacted P.E.I. crops last year. AGC also supports the requests of the National Industry Coalition; made up of several national organizations to administer emergency COVID -19 producer funds, by way of Agri – Invest and restore the agri – stability margin support level to 85% with no margin limits. These challenges in terms of steps taken to ensure that society and the livestock sectors remain healthy and well fed. Risks taken by farmers require innovative solutions in these troubled times where there is no prior experience to learn from. PEI Grain Elevators Corporation appreciates the opportunity to be part of the solution.