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CWB setting up canola pool to market the lucrative Prairie oilseed
The Canadian Wheat Board headquarters in downtown Winnipeg. (WINNIPEG FREE PRESS ARCHIVES) Photo Store
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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