CWB answers misleading public statements with their own misleading statements

[parsley]

Access to Information should provide motions passed and their recorded votes, by the B of D, for approving shifting around moneies. Pars

[charliep]

What I find interesting is how quiet the single desk
side is on their transfer of payment to the
contingency fund. The $29 mln is pulling close to
$3/tonne out of the pockets of anyone who
delivered to the 2007/08 wheat ex durum pools
(look at the wheat ex durum table annual report). If
you include the $18 mln which (I think) has been
written by the CWB board of directors.

I would feel some sympathy for anyone
complaining about the above but will note that
anyone who uses the PPO products will endure an
extra $10 to $20/tonne of extra pain in basis (read
wider) for 3 to 5 years as the CWB learns to deal
with risk and repays the contingency fund back to
$60 mln plus (with a risk the money could be
pulled out into a bigger CWB contingency fund
down the road). Neither of the above are winners
in the final analysis.

[charliep]

Last sentence first paragraph should be

"closer to $5/tonne if you include the $18 mln transferred from the
pools to cover the contingency deficit".

[TOM4CWB]

Charlie,

This is all a shell game. The books on PPO contracts and pool hedges are not here to actually tell the story of what the CWB actually did.

Until the CWB accounts for all PPO hedges on an accountable basis... both positive and negative hedge reconciliations transparently forthcomming... with true basis charges that reflect the market that the individual grower sold the PPO grain into (ie. West Coast basis margin for west coast shipped produce)

There are so many ways for the CWB to fudge/distort the books... in favour of the pool sales... it staggers that imagination.

Give us a complete transparent, properly weighted PPO sales records... with seperate fair west coast and eastern basis levels... and then perhaps we will be able to actually START to fix this system!