The CWB will operate two pools, futures and basis contracts as well as deferred delivery contracts for the 2012-13 crop year.
It is explaining the new offerings to farmers at 21 producer meetings scheduled across Western Canada in the next couple of weeks.
The first meeting was yesterday in Lethbridge.
The CWB will offer two pools: The harvest pool covers the marketing year that closes July 31, 2013 while the early delivery pool will cover grain delivered by Jan. 31 with a final payment to soon follow.
Both pools will cover 12 grades of red spring wheat, five grades of durum, one grade of prairie spring red, two grades of red winter and two-row malting barley.
Sign-up for the harvest pool runs from March to the end of October.
Farmers can sign up for the early delivery pool from March to the end of September.
The futures first and basis first cash contracts cover will cover red spring, red winter and prairie spring red wheat. Sign-up begins this month.
With the futures and basis contracts, the farmer chooses the futures exchange, reference grade and delivery period. There will be no brokerage fee or margin call.
The deferred delivery contract covers the same three types of wheat plus durum and two row malting barley. There will be a 30-day window for delivery.
The malting barley production contract covers only two-row. Sign-up begins this month and lasts until harvest. Delivery will be laid out in the contract.
The CWB will handle feed barley and other smaller volume product through deferred delivery.
Local CWB farm business representatives can explain the contracts.
The two new pools will be first come, first served. There will be no series sign-ups and no contract calls.
With the pooling programs there are payment options.
The farmer can choose to receive a guaranteed initial payment at delivery, followed by adjustment and final payments.
There is also an early payment option that pays 80, 90 or 100 percent (or more) of the anticipated final return, soon after delivery.
With CWB cash contracts, the farmer receives the initial payment upon delivery, and the balance soon after.
The CWB announced last week it has signed a handling agreement with Cargill Ltd. and continues to negotiate with other grain handlers.
