As expected the new Canadian Wheat Board announced this morning that it is setting up a canola pool to market the lucrative Prairie oilseed.
It is the first time in 63 years the CWB has added a new crop to its portfolio joining wheat, durum and barley as products marketed around the world through CWB’s farmer pools.
Initial payments for canola, the second-largest crop grown in Canada, are expected to be announced by early September. CWB’s first Pool Return Outlook for canola, issued today, is $625 per tonne (basis in-store Vancouver or Thunder Bay).
This year’s western Canadian canola crop is expected to the largest in history.
In 2011, the Marketing Freedom for Farmers Act removed CWB’s single-desk and gave it the authority to market any crops, from Canada or abroad.