Canada: 2009-10 brings the CWB one of the highest revenues in its history

The CWB released on February, 18 its annual report for the 2009-10 crop year, showing gross revenues of C$5.2 billion. The earnings were among the highest in CWB history, attributable to strategic marketing of a large and high-quality crop during relatively strong international commodity prices. Only four other years saw higher total revenues.

CWB exports of wheat and barley during the year, at 18.7 million tonnes, were the highest in a decade. Overall CWB administrative costs in 2009-10 increased by 2.4 per cent from the previous year, to C$70.5 million or nine cents per bushel.

The net per-tonne price spread realized by the CWB compared to competitors' values for wheat, durum and barley sales was C$4.90 for wheat, C$11.16 for durum and C$13.71 for designated barley, the Board said.

"In retrospect, 2009-10 was a good year for western Canadian farmers and their marketing organization," Oberg said. "Not only did unexpected fall weather save our crops, but prices started improving again and CWB staff worked hard to make the most of those factors. It was a year that once again demonstrated how strong we can be when we work together as farmers."

Controlled by western Canadian farmers, the CWB is the largest wheat and barley marketer in the world. One of Canada's biggest exporters, the Winnipeg-based organization sells grain to more than 70 countries and returns all revenue, less marketing costs, to farmers.

23 February, 2011