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CWB Force Majeure Fallout

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    #1

    CWB Force Majeure Fallout

    I am hearing that there are guys out there who signed up some winter wheat tonnage for the upcoming year with the force majeure/ act of god clause who are in a real pickle because their crop didn't do so well through the winter and now the board won't let them use their act of god clause.

    Has this happened to anyone out there?
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    #2
    If you signed up 200 bpa then I think questions will be raised. If you signed up 60-80 bpa, or at least a reasonable average yield for your area the board lets you out.

    Two of my neighbors were let out as their forward contracts were slightly under their average expected yields. If the cwb's act of god policy was unlimited, I too would have signed up 1,000,000 bpa and later sold the $400/tonne fixed basis contracts at a "reasonable" premium.

    Who wouldn't?

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