CWB announced Thursday that for the first time in 63 years, it will add canola to its marketing program, a release from the organization said.
The farmer sign-up for the new CWB canola pool is now open, the release said. CWB added the program to its marketing mix because farmers were interested in using the pool programs to hedge their risk.
"Farmers have been telling us they want CWB to run canola pools to help manage their price risk and provide them with reliable returns through a system they can trust," said CWB president and CEO Ian White.
The pools for canola will work the same way as those for wheat and will be just as beneficial, White said.
"The farmer benefits of pooling apply just as successfully to canola as to wheat. Farmers retain all the profits generated from their grain sales, instead of simply taking a flat price at the elevator. It also means they can spend more time on their crops instead of chasing the commodity futures markets," White said.
Initial payments for canola pools are expected to be announced in early September. The Pool Return Outlook, that will be issued later in the day on Thursday, is $640 per tonne (basis in-store Vancouver or Thunder Bay).
Farmers will also benefit from being able to choose from one of 42 delivery points across the country, with additional delivery points expected to be added as the program progresses, the release said.
CWB was formerly known as the Canadian Wheat Board, and rebranded its company on August 1, 2012 when it lost its single-desk monopoly over the marketing of wheat in western Canada.
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