Ilta Grain

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Ilta Grain

Jul 15, 2019 | 08:49 31
Quote Originally Posted by farmaholic View Post
Huh? No way. If that's the case the CGC should be covering all the Producers who never got paid.
It is up to producers to make sure they are covered. Producers shouldn't have signed agreements for payment later get paid on delivery. That is the way this Modern grain system was set up for self regulation. Reply With Quote
Jul 15, 2019 | 08:57 32 Why don’t farmers deal with local, reputable, tried and true companies, guys they have known to be honest forever? There are more than a hundred seed plants that started with the industry and grew the industry, often cleaning on their own farms, but salt of the earth. They aren’t flashy and they don’t smell every fart, but they are reputable, responsible and work hard. Maybe the reason that the tried and trues have stood the test of time is because they aren’t out to screw anybody, producers, buyers, banks, insurance companies RM’’s. Remember, the companies that pay high - sell low won’t be there for long as many have come and gone over the last 39 years and they have shafted creditors along the way, its never-ending. Reply With Quote
Jul 15, 2019 | 09:03 33
Quote Originally Posted by furrowtickler View Post
This is a glaring example of how unprotected farmers are......
Thanks to the conservatives on this one. Gutted all the monitoring which is all good until you get screwed as a producer like this. Reply With Quote
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  • Jul 15, 2019 | 09:15 34
    Quote Originally Posted by the big wheel View Post
    Thanks to the conservatives on this one. Gutted all the monitoring which is all good until you get screwed as a producer like this.
    Does anyone know the status of other companies like G3 that have been spending millions and we were told that 49.9% of their company had 0 value. Where are the assets to cover their bonds? What about the other companies that are investing in infrastructure are they well covered the investments are nice but not if farmers can't get paid for deliveries. Reply With Quote
    Jul 15, 2019 | 12:10 35 Seriously guys ??
    This was a very reputable company.
    Every pulse plant that ever exsisted here has had delayed payment after delivering.
    And some of you are blaming farmers .... WTF ?? Reply With Quote
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  • Jul 15, 2019 | 12:11 36
    Quote Originally Posted by walterm View Post
    It is up to producers to make sure they are covered. Producers shouldn't have signed agreements for payment later get paid on delivery. That is the way this Modern grain system was set up for self regulation.
    That’s complete b/S , the pulse industry has been run like this for 30 years Reply With Quote
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  • Jul 15, 2019 | 13:21 37 i see there is a couple on there from montreal, so this could possibly make the liberal news
    150 million , f#$ken mind boggling
    I'm sure there were no signs to the people that were supposed to be watching this shit
    just farmers owed to mostly, no big deal to a libard or even this bunch in regina Reply With Quote
    Jul 15, 2019 | 14:26 38 You guys have nothing like this https://www.ppsr.gov.au/ind-farming-and-agriculture

    or this https://www.graintrade.org.au/ Reply With Quote
    Jul 15, 2019 | 15:18 39
    Quote Originally Posted by furrowtickler View Post
    That’s complete b/S , the pulse industry has been run like this for 30 years
    Exactly it operated with the Office of Ass't Commissioners in place because they were on top of every issue as it arose and got it dealt with before anyone got hurt. As soon as those chairs weren't filled and office done away with we started having issues. Reply With Quote
    Jul 15, 2019 | 15:27 40 Where does one go to find the list of creditors Reply With Quote
    Jul 15, 2019 | 15:28 41 It really is too bad. I have never been burned but about 5 years ago I decided to only deal with the major line companies. I hate not supporting small plants that are trying to get going but I just can’t afford it. The fact of the matter is no matter how honest, well intentioned, and efficiently managed they are there can be things completely beyond their control that can break them. My response unfortunately is bad for competition and I supposed makes me part of the problem but I don’t know what else to do. Reply With Quote
    Jul 15, 2019 | 17:16 42
    Quote Originally Posted by highwayman View Post
    Where does one go to find the list of creditors
    PWC website Reply With Quote
    Jul 15, 2019 | 17:19 43
    Quote Originally Posted by walterm View Post
    Does anyone know the status of other companies like G3 that have been spending millions and we were told that 49.9% of their company had 0 value. Where are the assets to cover their bonds? What about the other companies that are investing in infrastructure are they well covered the investments are nice but not if farmers can't get paid for deliveries.
    G3 owned by the Saudis. Each elevator probably costs less than a 3/4 million barrels of oil. No problems there. Reply With Quote
    Jul 15, 2019 | 17:28 44
    Quote Originally Posted by MBgrower View Post
    G3 owned by the Saudis. Each elevator probably costs less than a 3/4 million barrels of oil. No problems there.
    That and they were left the 250 million dollar bank account....that was the purchase price.... Reply With Quote
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  • Jul 15, 2019 | 17:55 45 This is fully and completely the Canadian Grain Commission’s fault.
    Those ****ing incompetent donkeys not only shit the bed but they rolled around in it and rubbed all over themselves.
    The policy is grain buyers have to submit a monthly audit to the CGC. ****ing Naber seeds went bankrupt twice on the Canadian Grain Comissions’s watch, plus Newco. Ilta should NEVER have been allowed to operate this long.
    If there is 150 million owing the people on the list of creditors they should designate 10% to hire Tony Merchant and sue the ****ing Canadian Grain Commission.

    No, I did not get stung by Itla, but I despise ****ing chronically useless bureaucrats. This NEVER NEVER NEVER should have happened.

    You cannot keep telling the farmes the CGC is under funded. That is more bullshit. How hard is it to collect audits from grain companies and processors? How hard is it to suspend their license before they owe 150 million dollars?

    Send a proper message sue those useless ****s maybe they will get fired instead of a bonus for fogging a mirror in the office of the CGC.
    Last edited by hobbyfrmr; Jul 15, 2019 at 18:07.
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  • farmaholic's Avatar Jul 15, 2019 | 18:07 46 But there is no risk in farming.....remember. INSURANCE for everything. Even A/R insurance. A/R insurance is the icing on the production insurance cake.....you know the one.....the insurance cake that guarantees farming success....regardless.

    What if some money is owed to someone who can't afford to forfeit the income?

    A guy on that list lives about 3 miles from me....owed over 100k...."thinks" he will get his money. I feel sorry for him(and his niavety).

    More guys on that list 25 miles south of me.....and the brokerage firm who could have "brokered" the deals. Wow, would hate to be that guy and his employees. Reply With Quote
    Jul 15, 2019 | 18:18 47
    Quote Originally Posted by farmaholic View Post
    But there is no risk in farming.....remember. INSURANCE for everything. Even A/R insurance. A/R insurance is the icing on the production insurance cake.....you know the one.....the insurance cake that guarantees farming success....regardless.

    What if some money is owed to someone who can't afford to forfeit the income?

    A guy on that list lives about 3 miles from me....owed over 100k...."thinks" he will get his money. I feel sorry for him(and his niavety).

    More guys on that list 25 miles south of me.....and the brokerage firm who could have "brokered" the deals. Wow, would hate to be that guy and his employees.
    I use A/R insurance when exporting out of province. Any exporting company/farmer can use it and they should.
    I saved myself this exact headache when the credit check revealed the buyers were only good for $50,000 for 30 days. The grain contract is worth $135,000. They wanted me to deliver. I told them to pay the difference up front. They did not have the funds. The grain stays in my bin, not in a bin 2 provinces and a mountain range away. **** them.
    I know these guys, we meet at conferences, they are on the executive committee for the industry, we shake hands, talk nice etc.
    Everybody is a millionaire but nobody has any ****ing money. Reply With Quote

  • Jul 15, 2019 | 19:17 48
    Quote Originally Posted by hobbyfrmr View Post
    I use A/R insurance when exporting out of province. Any exporting company/farmer can use it and they should.
    I saved myself this exact headache when the credit check revealed the buyers were only good for $50,000 for 30 days. The grain contract is worth $135,000. They wanted me to deliver. I told them to pay the difference up front. They did not have the funds. The grain stays in my bin, not in a bin 2 provinces and a mountain range away. **** them.
    I know these guys, we meet at conferences, they are on the executive committee for the industry, we shake hands, talk nice etc.
    Everybody is a millionaire but nobody has any ****ing money.
    Exactly hobby both your posts are spot on
    I think one very big name on that list is from your neighborhood Reply With Quote
    Jul 15, 2019 | 19:19 49 There are quite a few in our neighbourhood that are on that list
    This is brutal Reply With Quote
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  • Jul 15, 2019 | 19:20 50 That last sentence that hobbyfrmr just said is more accurate than most realize, "Everybody is a millionaire, but nobody has any money", well put. Reply With Quote
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  • Jul 15, 2019 | 19:24 51 What pisses me off is guys looking for that extra penny a pound. ....then losing dollars....big dollars ...that get made up with money that has been checked off my grain cheques from reputable and solid companies. ...


    How the **** can saskpulse be out 50000 dollars .....that's 50000 tonnes....does ILTA do that in a month? If they do what's the problem? Reply With Quote
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  • Jul 15, 2019 | 20:21 52
    Quote Originally Posted by furrowtickler View Post
    Exactly hobby both your posts are spot on
    I think one very big name on that list is from your neighborhood
    Agreed. They grew the crop, delivered the grain and I think they had no insight of what was to come. Nobody needs this headache when the GOVERNMENT REGULATED body is supposed to process monthly audits on grain processors and line companies. You have to be licensed and bonded with the CGC if you commercially buy grain.
    They get paid to provide this service. They have proven themselves incompetent multiple times.

    What do we need now? A watchdog for the watchdog? Its so ****ing absurd, sue that useless piece of shit CGC. Send a message. Do an audit, physically prove their incompetence.
    If Ilta failed, thats their problem, the CGC should have easily seen this coming. THAT IS THEIR JOB for **** sakes.
    Last edited by hobbyfrmr; Jul 15, 2019 at 20:40.
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  • farmaholic's Avatar Jul 15, 2019 | 21:30 53 The CGC is too busy counting its "prudent" reserve to monitor the Companies it bonds. Reply With Quote
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  • Jul 15, 2019 | 21:47 54 DEJA VU: any interest in the short term risk insurance program instead of a bond?

    The Special crop industry floated the idea of short term insurance many years ago, when Ma & Pa shops were only game in town and most of us were neophytes with insufficient capital to finance cash flow and the bond.

    The program was to be based on model used in the USA: temporary insurance available to be purchase on commodity receivables. Short term insurance would be purchased to cover the gap between delivery and cheque clearances at a % of the total. At a % of the net, it would have been bankable.

    There were issues, would it be mandatory, who would cover the short fall in event a claim was made before the fund built up risk capital (government) and indeed the program needed to have a buy in from the mainline elevators which as I understand was not in their scope of concern, alas without a true champion (other than producers off side to the bond) the bill died on the order table.

    Instead, the industry developed a simpler bond process, which is what we have today.
    CGC requires regularly reporting and monitors the bond necessary to cover the receivables. If all is kosher, with more regulated reporting the program should work. However items like canary seed were never included and indeed that is a flaw worth a relook, as is feed grains.

    Ag is risky business, always has been always will be. One could argue even more so today with trade wars and increasing global competition destabilizing both margins and volumes.

    Old timers remember the discussion but can we find cohesive vision in the Canadian ag associations to promote, be inclusive of commodities, like canary and feed grains, hope springs eternal.

    The criteria of the ideal risk management system should be bankable, and simple, and applicable to the diverse commodity profile of production for the future. God willing of course. Reply With Quote
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    LEP

  • LEP
    Jul 15, 2019 | 22:52 55 Bucket your math is off. If lentils are .19 a pound that only levy on alittle under 18,000 mt. The rules are that you submit the levy by the 20th of the month for the previous month.

    Very likely 18,000 is a light month. With their infrastructure they should have handled 4 to 500,000 mt a yr.

    I had a bad feeling when they built the two monstrosities. Simply have to bid away too much margin to be able to procure the tonnes needed to pay for them.

    Maybe if lentil production was 10 million tonnes... but its not. Reply With Quote
    Jul 15, 2019 | 23:15 56 Risky or not ... you get paid the same day you deliver to a line company..... not up to 6 months..... the pulse industry has been absurd for years Reply With Quote
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  • Jul 15, 2019 | 23:38 57 Hobby anything involving any government agency is a cluster****. Those people just don’t care how they do their job as long as they get theirs. We the farmers always pick up the tab for the incompetence that continues in all industries. Reply With Quote
    Jul 15, 2019 | 23:53 58
    Quote Originally Posted by furrowtickler View Post
    Risky or not ... you get paid the same day you deliver to a line company..... not up to 6 months..... the pulse industry has been absurd for years
    Yes there needs to be a huge change there truck emptied cheque is issued. Period. We ve carried enough risk to get it grown and hauled in that’s where our risk needs to end. Reply With Quote
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  • Jul 15, 2019 | 23:59 59
    Quote Originally Posted by FarmJunkie View Post
    Hobby anything involving any government agency is a cluster****. Those people just don’t care how they do their job as long as they get theirs. We the farmers always pick up the tab for the incompetence that continues in all industries.
    Yes very true. There needs to be a system where these companies or their buyer put money in an account and they only can buy up to the money in the account in a holding type of situation. And that money should be free of any other obligation than paying the producer. They don’t have rhe money they don’t buy. Plain and simple. Reply With Quote
    farmaholic's Avatar Jul 16, 2019 | 00:00 60
    Quote Originally Posted by the big wheel View Post
    Yes there needs to be a huge change there truck emptied cheque is issued. Period. We ve carried enough risk to get it grown and hauled in that’s where our risk needs to end.
    Some people could still end up getting a rubber cheque. But at least the A/P account wouldn't get so big before the red flag goes up. Reply With Quote