WINNIPEG – The board of governors of the Winnipeg Commodity Exchange was to meet April 26 to consider changes to its canola futures contract.
Last week, it heard recommendations on how to change the contract from a task force of 16 industry representatives.
“With the growing number of canola acres and changes in transportation, it was felt that we were going to modernize our canola contract,” said Larry Weber of the WCE.
The exchange did not want to comment on the recommendations until its board of governors met to look at the task force report. But according to one task force member who spoke on the condition of anonymity, the task force recommended moving the contract’s pricing point from Vancouver to an inland point, likely in Saskatchewan.
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Weber said the earliest any changes could be made to the contract would be March 1996.
The task force was chaired by Larry Martin of the University of Guelph. It included Ted Brand, Northern Lite Canola; Woody Galloway, CanAmera Foods; Brian Hayward, UGG; Len Penner, Cargill; Doug Sword, Saskatchewan Canola Growers Association; Paul Orsak, Manitoba Canola Growers Association; Don Roberts, Roberts Grain; Robert Fugle; Ron Wiebe, Richardson Greenshields; Blain Troup, UGG; Peter Lloyd, XCAN; Pat Rowan, UGG; Jim Harriman, Palliser Grain; and Kevin Chester, Benson-Quinn.
Fred Siemens, WCE president and John DePape of the exchange also sat on the task force.
