By paNOW Staff

Canadian Wheat Board increases initial payments for 2010-11 crop year

Mar 29, 2011 | 7:32 AM

By Samantha Maciag
Posted March 28, 2011 – 9:16pm

The Canadian Wheat Board has announced an adjustment payment on initial payments for farmers that will come in April for some kinds of wheat, durum and barley.

Spokesperson Maureen Fitzhenry says it's officially in effect April 1 and effects deliveries made between Aug. 1, 2010 and the end of this month.

“This year, I think this is our third adjustment payment. The markets have been rallying this year, so certainly we have had several adjustments and we'll just have to see how the rest of the crop year progresses,” she said.

The CWB takes the grain from Canadian farmers and sells it around the world.

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“instead of making farmers wait until the end of that whole process to get their money, we sort of give them a percentage of what we guess the returns will be and as things become more certain we top it up. So this adjustment payment is one of those top ups,” Fitzhenry said.

The increase will range from $23.30 to $49.80 dollars per tonne for wheat, depending on the grade and class. Durum increases range from $16 to $30 and Pool B feed barley will increase $75 per tonne.

The CWB says cheques will be delivered for mailing to Canada Post by April 15 or received by direct deposit on April 12. The 2010-2011 crop season ends July 31.

A complete listing of payments for all grades in dollars per tonne and dollars per bushel can be found by clicking here.