Western Canadian farmers have less than three weeks to commit their grain to CWB’s Harvest Pool, which closes October 31. There are no longer any subsequent “Series” contracts running through the winter, due to market changes.
“Farmers need to be aware that pool sign-up deadlines are much different this year,” CWB president and CEO Ian White said. “In the new grain-marketing environment, sign-up to CWB pool contracts must be completed by the end of October.”
High farmer demand anticipated for the Harvest Pool means available space must be filled on a first-come, first-served basis. White said farmers should ensure their access to the pool by signing up as soon as possible, given that 80 per cent of producers have indicated a desire to contract at least part of their 2012 production to a CWB pool. The CWB’s shorter Early Delivery Pool closed October 2 with higher-than-expected farmer participation for wheat contracts.
Participating in the pool gives farmers guaranteed delivery access within the pool period, without the uncertainty of waiting for an acceptable cash bid for the grain they want to market.
“Pooling is a simple and effective risk-management tool for farmers,” White said. “We know how to market their grain. We have relationships with customers around the world. We monitor prices, futures markets and basis values every day, searching for the best possible opportunities to sell for the highest overall returns. With pooling, farmers keep all the additional revenue we earn throughout the year – it doesn’t end at the elevator.”
White also announced that he will host a telephone meeting on October 17 at 9 a.m. CT to answer farmers’ questions and further explain the new CWB business model. To participate, farmers will be called automatically and need only answer and stay on the line. Farmers who do not receive a call should contact CWB at 1-800-275-4292 for details on how to join the meeting. Past calls have been very popular, with more than 2,500 farmers participating in one held in early September.
More information on CWB programs is available at www.cwb.ca/newera.
