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06-07 CWB annual report

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    06-07 CWB annual report

    Annual report is out today. You can download the whole thing here.

    http://www.cwb.ca/public/en/about/investor/annual/pdf/06-07/2006-07_annual-report.pdf

    #2
    On page 45 of the pdf, page 43 of the report it has a sales price comparison claiming that the board got the following more per tonne than Competitors.

    Wheat – $6.00
    Durum – $7.77
    Designated barley – $13.45

    Anybody know how they came up with this?

    Charlie?
    Rod? or Vader?

    Comment


      #3
      It's always fun to see what everyone is getting paid out of my pocket to trample on my rights.

      Page 29 of the PDF, 27 of the report nicely details what the Board of Directors make.

      Here are the top three.

      Ritter, Ken $ 101,525
      Flaman, Rod $ 52,500
      Toews, William $ 51,625

      The grand total $ 704,375

      It's probably a good thing that I don't follow the leftie logic that people only say what they say or take the positions they take because someone is paying them to.

      And its always puzzling that the folks who make those kind of arguments never look at those on their own side of the debate when it comes to money.

      Cause if someone wanted to make the argument, well, like Ken Ritter has got to be the best paid one out of everybody in the whole argument.

      I'm just saying.

      Comment


        #4
        Do those numbers include their expense accounts or are they over and above?

        Comment


          #5
          Oh way over and above!
          And yes I am glad someone else brought up the cwb's claim of better than the competion b/s. I know my average net return on cwb grains is way below people I know is the northern states. Maybe they are comparing the net returns of the other communist nations such as china?

          Comment


            #6
            did anyone see 2007 professional fees under
            Administrative Expenses 2006 12.2 million
            2007 14.9 million It would nice to see how much of
            the close to 3 million was spent on every law firm they
            hired across canada preserve this so called national
            treasure. newmanhttp://www.agri-ville.com/images/
            forum/icon8.gif

            Comment


              #7
              Just home/haven't had a chance to go through in detail.

              Accounting on producer pricing options is interesting. Have to spend more time but would appear the CWB took a $40 mln loss on the program with the current contingency fund closer to $10 mln. May explain the basis levels in the current year (2007/08)

              Comment


                #8
                It also has me wondering what basis levels are going to look like in a couple of weeks. I'm guessing they are going to look even worse than last year.

                Comment


                  #9
                  First thing I went to is the two Feed barley pools.

                  Seems Pool B benefited from some extraordinary revenues: "Other income" of $50.17/tonne, explained this way:

                  "During the year, a prior claim was settled in our favour." (HUH?)

                  You have to dig a bit but you can find out it totaled $994,000.

                  Also, "Net interest earnings" of $55.61/tonne ($1.1 million)

                  And $50.28/tonne ($996,000) was transferred to the Contingency Fund.

                  Keep these "net revenues from operations" in mind when you read below:
                  Pool A......$187.08
                  Pool B......$157.63

                  (also remember...)
                  Lowest AB domestic feed price during that period......$150.00

                  CWB comments about the market scenario during Pool B:

                  "For most of the duration of the barley B pool, farmer interest in marketing feed barley supplies through the CWB was limited, as returns in the domestic market were more attractive relative to the offshore market. However, during the summer months, global feed barley values strengthened due to supply constraints in key exporting regions, including Australia and Europe.

                  Although pool volume was limited, the CWB's feed barley marketing strategy was to take advantage of niche marketing opportunities as they arose."

                  They make it sound like prices were going up, but alas, domestic prices were keeping the pool small, so they had to focus on niche markets (assuming these niche markets were giving good returns.)

                  Those niche markets were Japan (10,000t) and the US (10,000t).

                  Since when are these two considered "niche" markets?!

                  They make it sound like the prices were really good. But Pool B was $30/tonne BELOW Pool A (before extraordinary items not related to marketing)!

                  Net return from operations in Pool B was reported to be $157.63/t. That works back to central Alberta at about $104/t.

                  The LOWEST price in Montana during this period was $149.25/tonne and the lowest price in Alberta was $150/tonne.

                  So, during Pool B, taking advantage of strong offshore niche markets, the CWB, flexing its Single Desk powers, was able to sell only limited tonnage at about $45/tonne (a buck a bushel) below the lowest price in Montana.

                  The only way Pool B looks as good as it did (higher than the malt pool) was due to outside income and interest.

                  How's that wool feel covering your eyes right about now?

                  Comment


                    #10
                    You mean (gasp) its not from the "marketing".

                    Comment

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