class action suit

[coppertop]

SWP dropped cash price for barley 70 cents yesterday, say on a section of land that produces a 75 bushel barley crop, that producer lost $33,600.00 !! in just one day!! Now multiply that by how many barley farmers that are out there?
WCE limit down two days in a row, rumors of some grain companies not even entertaining a price for barley or taking it in just yet.
Suggestion here, how about a class action suit against those who challenged the government who, in my mind, had the best interest for producers when they tired to remove barley from the CWB monopoly.
The class action suit would be for losses suffered by actual barley produces against the so called barley farmers (Friends of the CWB), the Government of Saskatchewan, the Government of Manitoba and the board of directors of the Canadian Wheat Board. One can take estimate of 12 mmt of barley, multiply that by limit down loss of $7.50 = $ 90 million now multiply that by how many days barley drops.
Any one know a hungry lawyer interested in taking this on and getting a cut of the award?

Some one's responsible for this mess and must be taken to task !
Erik

[wedino]

[URL="http://www.merchantlaw.com/"][/URL]

Great idea, Erik

[terralex]

I was thinking the exact same thing yesterday.

Great to know that I am not the only one feeling the same way.

[terralex]

I think it's a great idea!! This is just ridiculous what the CWB costed me in the last 2 days.

[BennyHin]

If Anderson and Strahl would not have created this confusion, the CWB would have been selling into these very same export markets for the last 3 months at perhaps even higher values since they were the only ones with new crop barley export supplies available until the Aussies harvest their crop in November.

I think you need to take the government to court.

Good job "mr" Anderson.

[kamichel]

Benny, why would the CWB exit the marketing of barley when the prices are at near highs? I just got done reading June July Grain Matters. They state they sell when they feel prices are good. Well prices were good so where the hell were they? Guess they had their faces in their asses. LOL.

[padron]

If you will recall Bennyhin, that's what Chuck Strahl was instructing the CWB Directors to do - "Get focused on marketing farmers' grain". But instead they spent all their time and farmers money fighting the government and opposing the majority of farmers who want choice.

Make no mistake - these results are solely on the shoulders of the CWB. The markets have spoken in response to Judge Hansen's decision and turmoil reigns. No one wanted these results but don't for one second try and lay them at the feet of federal ministers responding to the will of their constituents or open minded farmers who merely want the freedom to control their own destinies.

Blame your faultless CWB who are more interested in preserving their precious jobs and "spinning" rhetoric and nonsense. This is no "psychological change in the market". This real world - real bids - real life. It over rules any assumptions by esteemed professors and market analysts.

[Lifer]

I didn't realize the CWB was not allowed to sell Barley over the last three monthes.

If the CWB had offered better contracts then the ones offered up by the grain co's I'm thinking there would be farmers willing to commit.

Maybe I missed something.

[parsley]

If there is a motion by elected Directors at the CWB table, to support the Friends of the Board, the ones who disagreed would have been wise to have recorded their vote.

The ones who supported the Friends of the CWB should be sued.

Parsley

[parsley]

Bennyhill
What stopped the CWB from making barley sales during the four months that they with drew from the market? Yes they got pissy about losing the plebiscite and took their ball home - refusing to play with any one in the playground.
Yet if they actually provide value to barley produces as they now claim, what stopped them from being in the market. Selling our barley when the market was hot and having honest to God, actual inforceable, bankable contracts availiable to producers?
Thus showing that they are a marketing player, just like our grain companies did, then offering the tenders to those grain co's to handle the barley. That is what competition is, they wouldn't play. Yet the grain co's would have eagarly big on the handle of that grain, and move it just as they will the barley they bought.
Due to pure politics they withdrew from the market, now they claim thru pooling they will recapture the losses suffered. Thank God I have large feeders close, might still take a shit kicking with the price but at least I get my money now.
Pooling does not work with barley never has never will. They could have played the game yet egos and politics said no. Now how can you rebuild credibility after that.
Give it up CWB, give it up before you crash and burn.
Erik

[charliep]

Erik

Would the CWB have sold in the last 4 months? They were already short the market to the tune of 700,000 tonnes (their number) out of a total malt barley pool size of 1.4 to 2.1 MMT. As a farmer, would you have pushed your pricing beyond a third (optimistic about the crop) to a half (realistic about malt supplies) of the expected size of the 2007/08 pooling year. From a risk management stand, why would the CWB operate the pool any different than you would on your farm?

Bennyhin - What risk management strategies did the CWB do to look after the price risk they took on in forward pricing 700,000 tonnes of 2007 crop? Should this be a part of the class action law suit?

[chaffmeister]

The export sales the CWB is saying they've missed are feed barley sales. Charlie, you're right - they would not have sold any malt barley in the last for months because they don't pre-sell export malt barley - just domestic. So they've missed out on nothing in terms of malt barley sales.

As for feed barley and losing out on potential sales, I would hope that they would have sold something by now, with or without a single desk. I think the reason they didn't was simple positioning based on political strategies. In other words, it had nothing to do with real marketing.