CWB Sets 2002-03 Initial Payments

WINNIPEG - Jul 31/02 - SNS -- Initial payments for the various classes of wheat and barley to be marketed by the Canadian Wheat Board during its 2002-03 sales campaign were announced today.

These initial payment recommendations were forwarded to the Government of Canada for analysis and approval prior to the severe crop deterioration in North America and therefore do not take into account the corresponding rise in prices. As such, the CWB will be requesting an adjustment payment for wheat, barley and designated barley based on higher anticipated pool returns. The Government of Canada has committed to handling the request quickly.

The initial payments, in dollars per metric ton (MT), for base grades in each pool account are CDN $149 MT for No 1 Canada Western Red Spring 12.5, down from the opening initial payment of $160 last year; the initial for No. 1 Canada Western Amber Durum 12.5 is $175, up from $169 last year; the initial for No. 1 Canada Western feed barley is $105, down $5 from the opening season initial payment last year; the initial for Special Select Canada Western Two-Row barley is down $17 at $147; and the initial payment for Special Select Canada Western Six-Row is $4 lower at $132 MT.

Initial payments represent the first portion of the returns farmers can expect from the sale of their grain over the entire pool year. The Government of Canada guarantees initial payments.

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