Cash Advance Backlog

[helmsdale]

Used to get approved, and money in your account inside of 3-4 days. Personally know of a few individuals who are going on 3 weeks, who've been involved in the advance program for years!

Now I would imagine there are a few decent money managers who are looking at 0% money as a way to pay off other interest bearing debt...

But im guessing the vast majority of the "new" people applying are just beginning to get their feet wet in shit creek...

If canola doesn't pull off a magical comeback in both yields and prices, and next year is below average.... hoo boy, gonna be alot of insolvencies.

But then again, I'm more than likely wrong. We all know:
1) they're not making anymore farmland.
2) the growing global middle class likes to eat.
3) farming methods now eliminate the possibility of total disasters.
4) upward and onward!

[bucket]

Used to get approved, and money in your account inside of 3-4 days. Personally know of a few individuals who are going on 3 weeks, who've been involved in the advance program for years!

Now I would imagine there are a few decent money managers who are looking at 0% money as a way to pay off other interest bearing debt...

But im guessing the vast majority of the "new" people applying are just beginning to get their feet wet in shit creek...

If canola doesn't pull off a magical comeback in both yields and prices, and next year is below average.... hoo boy, gonna be alot of insolvencies.

But then again, I'm more than likely wrong. We all know:
1) they're not making anymore farmland.
2) the growing global middle class likes to eat.
3) farming methods now eliminate the possibility of total disasters.
4) upward and onward!

If the crop comes back ...what will prices do???????

[helmsdale]

If the crop comes back ...what will prices do???????

Plenty are not only hoping, but NEEDING it to go up!

[Oliver88]

Is the CCGA unionized?
How hard would it actually be to approve applications that are based off seeded acreage reports?.......hmmmmm.

Sounds like this group is inefficient at their job, likely doesn’t have a clue what working overtime is as well.

[SASKFARMER]

It’s the feds problem still nothing till end of July like boy wonder said.

We mean nothing to them

[helmsdale]

They claim to be finally processing applications from June 14...

[AlbertaFarmer5]

How else do you ration anything that is free? Just like "free" healthcare in Canada, rationmed by waiting lists.

[helmsdale]

Would be interesting to know what percentage of the 2019/20 advances are being secured against canola in the bin vs canola in the field?

If its stuff that's in the bin that guys are trying to hold for higher prices, that isn't going to help the carryover situation. It also makes me wonder if all the "stored" canola actually exists?

Would people be taking the advance on stored grain, without having it in the bin hoping to combine enough to cover the commitment? Especially guys without any form of crop insurance, it's the only way they'd be able to get any advance cash... now imagine your crop looks like SHIT? Would that infor on the tonnage of supposed canola in the bin be handed over to the trade who would have a vested interest in knowing the size of the carry?

If this is largely being secured by acres in the field, which would have to be insured, how are all the other creditors going to be covered if this crop goes to shit as many are thinking?

The fact they have so damned many applications that they are 4 weeks behind is stunning! Its indicative of a much deeper issue, I'm just not sure which one yet!

[WiltonRanch]

Would be interesting to know what percentage of the 2019/20 advances are being secured against canola in the bin vs canola in the field?

If its stuff that's in the bin that guys are trying to hold for higher prices, that isn't going to help the carryover situation. It also makes me wonder if all the "stored" canola actually exists?

Would people be taking the advance on stored grain, without having it in the bin hoping to combine enough to cover the commitment? Especially guys without any form of crop insurance, it's the only way they'd be able to get any advance cash... now imagine your crop looks like SHIT? Would that infor on the tonnage of supposed canola in the bin be handed over to the trade who would have a vested interest in knowing the size of the carry?

If this is largely being secured by acres in the field, which would have to be insured, how are all the other creditors going to be covered if this crop goes to shit as many are thinking?

The fact they have so damned many applications that they are 4 weeks behind is stunning! Its indicative of a much deeper issue, I'm just not sure which one yet!

The issue here is the ccga is inundated with a drastic increase in applications and not enough resources to handle it. I’ve had good results dealing with them but found last advance took longer than usual and that was before this mess.

In the cwb days the ccga handled the non cwb grains. It was slick and quick to get a cwb advance. That was about the only thing I liked about the cwb. Now with all this bs going on and everyone borrowed to the hilt it’s no surprise the ccga is swamped.

[AlbertaFarmer5]

Does anyone know if this larger cash advance on canola only can be repaid with any grains, or just canola? When I have taken the advance on stored grain in the past, I just pay it back with whatever gets sold first, not in any way proportionate to what was borrowed against. Could I borrow the increased amount against canola in the bin, then pay it back with wheat if the canola market still hasn't shown any signs of life by the repayment date?

[iceman]

It’s shocking that in this era of cheap and easy credit this is even a issue or needed.

Maybe we aren’t richer than we think?
But I bet the FCC frog will have a news release this month says things are just fine. Sunny ways

Iceman out

[WiltonRanch]

It’s shocking that in this era of cheap and easy credit this is even a issue or needed.

Maybe we aren’t richer than we think?
But I bet the FCC frog will have a news release this month says things are just fine. Sunny ways

Iceman out

That guy I swear is high on happy pills or is just plain out to lunch. Like stats Canada crop reports it’s all a bunch of bs meant to mislead long enough to fool the mindless masses

[farmaholic]

But I bet the FCC frog will have a news release this month says things are just fine. Sunny ways

Iceman out

In a word....propagandist.

[iceman]

That guy I swear is high on happy pills or is just plain out to lunch. Like stats Canada crop reports it’s all a bunch of bs meant to mislead long enough to fool the mindless masses

JP clearly talks his book to the media. They are in the business of selling debt and the business has been good. Not that scotia or TD is any different

Iceman

[farmaholic]

JP clearly talks his book to the media. They are in the business of selling debt and the business has been good. Not that scotia or TD is any different

Iceman

Remember I pointed out FCC put out the warning earlier this year.