Growers could use the data to determine port pricing and basis and futures prices when signing contracts
OLDS, Alta. — The price of export wheat relative to local cash prices is valuable information and should be available to the public, says a resolution from the Alberta Wheat Commission.
A farmer vote urged the commission to lobby government to re-quire that grain companies report international sales prices to Cereals Canada and the wheat commission in the name of price transparency.
Alberta Agriculture market analyst Neil Blue told a commission zone meeting in Olds Nov. 3 that this would provide farmers with useful information, but it might not happen anytime soon.
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“It would be great, even if it was disguised in the form of a blend from all the companies and was gathered by an organization or a government entity that would keep it confidential and pool those prices together,” he said.
Even three-month-old information would provide better price analysis, he added, because farmers trying to research contracts lack port pricing and face confusion over what is happening with basis, futures and currency changes.
“For the most part, local elevators are exporting that grain to Vancouver,” he said.
“Typically, that Vancouver port price is going to be quite a bit higher than Minneapolis, which is an inland price.”
Darrell Stokes, who farms near Hussar, Alta., and moved the resolution, said the information could be part of the commission’s Price and Data Quotes (PDQ) database, which went online in September.
“I can’t understand why people are not enthusiastic about getting that information,” he said.
The wheat commission will be presenting a report to the national grains round table about price reporting later this fall.
“Those issues are very high on the radar, including the lack of transparency on port pricing,” said commission manager Tom Steve.
“A nice thing to have is a functioning wheat futures contract in Canada, and then you wouldn’t have to have this debate about what the actual basis is.”
The Western Grain Elevator Association provides daily price information, including deferred prices. The website includes daily spot and forward bid prices for Canada Western Red Spring, Canada Prairie Spring Red, Canada Western Amber Durum, canola and yellow peas. Those bids are broken down into average prices across nine zones in Western Canada, which allows farmers to compare them to bids at their local elevators.
The database will be enhanced later this fall to include currency conversion.
It may be viewed at www.pdqinfo.ca.
