Barley

[GreenValley]

Bentley is small town and Newco is
around for years for buying grain till
partnership has end so they find Market
Place Commodity Ltd replace for buying
grain for livestock, poultry, horse, and
more. They has elevator and feed mill.
Most of around here selling oats to that
place. Even pea, heat canola too. I has
bought oat for creeping calves while
ago. Usually most of time Agricore
(Viterra now) better deal but now has
gone change, Bentley do better deal than
Viterra. What happen? No bigger deal, I
has only 500 bushel to sell to them
which is clean up from bin. I know them
for many years.

[sumdumguy]

My company would never ever take those guys
as partners. When you take a partner, you take
there liabilities. I suspect they are somehow
related. Who are the principals at Market?

[oneoff]

They owe tens of thousands to over a hundred thousand to some people I know. What do you think is the chance that they will straighten up with money they owe those people from nearly two months ago before they pay you a cent? Just maybe they will use you to pay me; just like they used me to pay others; or use my grain to cover their losses and costs. And maybe they will skip out on all of us.

As Dr Phil always says; past performance is a pretty good measure of future performance; so for what reasons would you expect to be paid before they straighten up with hundreds of other dealings they have had with your peers.

They should be shunned; like the con and fraud artists that they have behaved like.

[grainboy]

You might not have had trouble with marketplace
before but what kind of company wants to
associate themselves with a company that is
carrying as much baggage as newco? There is
enough other options out there that you don't
need to deal with that type of company. Line
companies, jgl, Wilbur Ellis......

[wd9]

Simple, Have payment put in trust at
lawyer with grade spec in writing and
delivery terms. You pay legal costs, which
would be minimal. If they are unwilling to
do this, you got a problem and would go
with Viterra.

[sawfly]

have sold barley to market place commodities , 8000
bu a year ago.
no problems, check was a week.

[oneoff]

And the CGC never had a complaint against Newco in all the years they were in busines. But some bad decisions on Newco's part and there is a big complete mess.
The point is the owners cut and run; and are aviding personal responsibility as though they have no obligation to make right their mess.
And just maybe they kept current with their tithings; repentence and religious and moral beliefs and those are the most important aspects of their time on earth.

I sure hope their Lord see though their shallow hides and gives them what they deserve. Some of their employees may well be relatively good people; but a don't even know the names of the ones whoown the company and scammed us all with their ponzi scheme.
After all; who has even got an "I'm sorry" from the owners. Is that coming; and just why isn't there a lot more public publicity about this sysmptom of the real problems of non-payment for delivered grains.

[GreenValley]

Oneoff, I got letter from Bentley and saying Newco intend to end partnership with Bentley, was it red flag? don't know . So I called them and explain why to end because Bentley more focus on livestock and Newco more focus on grain buying. And I know, why is heck they want partnership with new Market Place Commodity. But back in Jan and Feb I sold barley though Newco not Bentley because of Bonded. But Newco start problem rise is Apr/May issue so nothing to do with my delivery on Jan/Feb and also nothing to do with Bentley. Perhaps I should do more Due Diligence before selling more in coming fall. Like always sell small and to make sure I get check and again sell small. Just thought. Beside why is heck AWP (Alberta Wheat Pool) shut down elevator and moved to Lacombe, that pissed me off. So let free market choice is more option but under caution. Agreed.

[GreenValley]

sorry, got letter notice from Bentley was last Christmas.

[grassfarmer]

Not sure what the real ownership chain has been at
Bentley. First it was Healthy Herds, presumably an
independent company, then it was Newco
Commodities, then it seems like it was called
something else for a while and only recently it's been
Marketplace commodities. Through all this it's been
run by the same staff and the guy that presumably
owned the business originally. Nice people and I'd be
inclined to trust them but that's easy for me to say as
I only buy from them - they always cash the cheques
no problem lol.

[charliep]

It actually did impact the cattle industry (or at least those who signed contracts). Many of the buyers forward purchased feedgrains to lock in margins/breadevens only to find the grain not available/having to go to the more expensive cash market to replace. Needless to say, their feeding margins went south. A part of the process is to work through the issue of existing contracts with growers (likely at lower values) and feedlots who had forward priced (ralizing their is a company in the center. A big gray area so will do the civil servant soft shoe. CGC bonding only applies to grain that has been delivered and their is payment outstanding.

Some discussion about a clearing house in the past but where it really benefits the industry is the ability to cover forward sale transaction risk for both the producer and end user.

[cottonpicken]

CWB-canadian western brokerage house was the
discussion.