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CWB setting up canola pool to market the lucrative Prairie oilseed

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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.

 

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