Ian White

[bucket]

Was on the cwb website today looking for spin on the sensitive info crap and there is a letter from Ian White to the us wheat associates.

This australian maybe ought to get his head out of his ass if he thinks a letter is going to solve the problem. The fact is he approved a sale to the saudis at the harvest low. No excuse - he has lived in Canada long enough to know when harvest takes place in this country. The cwb can't undercut the americans forever and keep western canadian farmers in business. Besides maybe he should make sure durum is getting sold inside of starting a pissing match with the americans again.

He can gloat all he wants about winning trade challenges a decade ago. It don't count for much now as he sinks durum growers with no delivery and a shitty price to boot. Even if the americans have a poor price at least they can make the decision to sell and haul it in.

[cchurch]

Who said anything about undercutting?

Oh yeah you guys...

Figures.

[bucket]

They sold at below minneapolis which is the benchmark. Well really we don't know its none of my business right?

But then, maybe, the cwb was too busy reporting my personal data to every tom dick and harry instead of selling my grain at a premium.

There is a good chance that the americans know the price and its not to much of a stretch that an american firm handled the sale because the cwb, by their admission, allows others (AE) to do there work for them. Over 50% of their business is done by accreditted exporters and a sale of this size was probably done by an AE. So someone knows what the price was. They don't just make this shit up.

Bunch of lazy asses.

[cityguy]

one question is whether or not the US is really the competition right now in the world wheat market. Their year to date sales are close to, or at, the lowest they've been in 20 years. (the one exception being durum. In fact, the amount of durum sold between the beginning of September and today is by far the most durum that's been sold in that period in at least 10 years). It's fair to say that the Saudi sale was cheap but the competition probably wasn't US. It was probably German,Russian or Kazak. US hasn't been close on most tenders this year save for the "usual suspects" like Japan/Taiwan. No question Saudi was cheap, but the US isn't the competition unless we're prepared to watch the Canadian wheat carry out climb to close to 10 year highs as well.

[mbratrud]

Re: Saudi Sale how do you know they did not buy back Minniapolis Wheat Locking Basis? Just to be the Devils Advocate..

[bucket]

Has the cwb ever mentioned they follow that practice?

[cityguy]

or KC wheat (the sale was 14 protein basis Dry so Mpls 13 protein basis 12.5 moisture would be too high in protein) or even Chicago, which while the lowest "quality" has been the strongest of the three futures. Or maybe they bought MATIF EU wheat as it maybe best represents equivalent quality. Suspect they did none of the above because they're "buying" wheat every day they are getting deliveries.

[chaffmeister]

The CWB sells wheat at a prescribed pricing pace:

"Pricing within the Wheat Pool Pricing Model is a combination of actual cash sales activity and derivative trades. Pricing more or less than the daily "target" amount is regarded as discretionary trading activity."

Since the CWB had limits on its "discretionary trading activity", I assume that if they sell and price more wheat than the model allows, they would buy in futures to stay within their limits.

[Choice2U]

Bottom line boys....you have to TRUST the CWB. Maybe they did this, maybe they did that, maybe they did nothing. I only have 100% trust in myself, my wife and a few close friends.

[mbratrud]

Ya you guys are right what the hell was I thinking....