What happened to the final payment?

[LEP]

November 23, 2012 was the last day that the CWB
gives the PRO for the 2011-12 durum pool. It
estimated the final payment for 1 CWAD 13.0 was
going to be $21.60/mt.

I called the CWB in January to ask when we were to
expect a final payment announcement and they
made great pains to explain that a memo
recommending the final payment went to cabinet in
late November and that they were still waiting for a
decision, just like us farmers.

Then in February the final payment comes and it is
$14.60/mt or nearly $7 less. Why??? Did the board
screw up the numbers that bad in the last week of
November or is this seed money for the future plans
of the CWB??

That is big bucks on our farm. Over $23,000. I
think this one warrants a couple phone calls.

[bucket]

Did they tell you they had to pay for some boats they didn't need?

Or the severance packages that had to be paid out since according to Ian White they are down to 125 employees from 420?

The request didn't go until January.

It will be the best 23 grand your farm never made!

Always keep thinking outside the box.

[Hopperbin]

Maybe they made a stress payment to the employees. Joking really.

[mcfarms]

not defending the board but I think wasn't there an interim after that?

[mcfarms]

looks like the last interim was effective Nov 20th so not sure how it would have affected the pro.

[LEP]

Just checked again estimated total price for

1 CWAD 13.0 Nov 20/12 PRO - $355.00

Actual total received $348.05.

I was told that they have to finance the ships on their
own. They don't take delivery until next year.

[hobbyfrmr]

I agree with bucket. That is an insurance premium making damn sure you will not go to jail if you choose to export wheat and barley production from your farm.

[Goodtime]

Gee where are the pro CWBers that always defend these crooks.

[sumdumguy]

Is this anything new?

[bucket]

Well Kyle Kornychuck is still writing letters to the WP.

And I think Stewie is pouting on his farm.

Funny how quiet everyone becomes when they have to use their own dime. They were really committed to the cause as long as they had expense accounts from the cwb. What a bunch of fakes.

I would suspect Oberg is in a rubber room, nope, he he probably enjoying some great prices through his Battle River Railway producer car set up.

[bucket]

LEP

If you figure you are 7 bucks short on this year's final and the boats were to be funded by a buck a tonne checkoff for the next few years.

Don't you think they just took the money upfront?

[TOM4CWB]

Farmers

Exiting a contract

Buyouts

2011-12 buyout fees

Effective: Jul 31, 2012 3:00 p.m. CT
The below per-tonne fees will be applied as damages
on any wheat or durum contracted for the 2011-12
pool year and not delivered.
All deadlines are listed as Central time (CT). Winnipeg
is in the Central time zone.

Wheat Per-tonne fee
Canada Western Red Spring (including Warburton GDC
contracts) $73.00
Canada Prairie Spring Red $103.00
Canada Prairie Spring White $0.00
Canada Western Red Winter $97.00
Canada Western Hard White Spring $73.00
Canada Western Soft White Spring $52.53
Canada Western Extra Strong $73.00
No.4 Canada Western Red Spring
and Canada Feed Wheat $35.00
Durum
Canada Western Amber Durum
Nos. 1, 2 and 3 $27.00
Canada Western Amber Durum
No. 4 $18.27
Canada Western Amber Durum
No. 5

I would say that the writing was on the wall Aug 1/12.

CEO Ian White told us at Farmtech that the Federal
Gov. financed the boats... so where did you hear
farmers paid?

[Choice2U]

The 3 numbers below are the final prices I received after all deductions on approx 190Mt. with varying protein levels based on a Fixed Price Contract in 2011/12. I got approx. $4/bu upfront $2.35/bu within 10 days. I was mad because the discount was well over $1/bu. but I did it anyway.

$6.35/bu
$6.30/bu
$6.38/bu

$6.08/bu This is the end result on the final 32 Mt that I hauled in and left in the pool. The $6.08 is $5.07 initial (hauled late in season which explains why initial is so high) 64 cent interim 37 cent final.

Gotta love the - 25 cent premium the pool account got me without even considering the discount that I gave up doing the FPC initially and the time value of money. I guess CWB supporters figure a premium can be a negative number as well.

[bucket]

So if LEP is correct that they are 7 bucks short from the last PRO - where did the money go?

Remember the wheat market was a rising tide, if anything the final should have averaged up, not down?

Ian White can say whatever he wants, but until there is a final accounting and transaction shown for the asset base - no one knows!

Besides it was irresponsible of the cwb board of directors to make that purchase without telling farmers during the BofD elections and also knwing the political climate.

The assets being moved from the old cwb to the new cwb have to be shown as a transaction. The money paid on the transfer should go to farmers.

For example, if the cwb sells its building in Winnipeg for 100 million dollars that money should be sent back to farmers. Instead it will vanish.

If the new cwb aquires the building with debt, great, but the money for the sale is farmers.

Those decisions should have been done by now and paid out to farmers, and like I said it will just vanish.

I am not saying those assets are worth 17 billion like the other nut cases out there, but I do believe that farmers that used the cwb whether they liked it or not, are owed some asset money.

[tmyrfield]

Court costs fighting the decision all the
way to the supreme court. Lawyers love
money!