A group called Farmers of North America made up of 3,000 Canadian agriculture and farmer-investors valued the CWB between $250 and $300 million, but their bid was rejected.
The 49.9% of the organization that was not purchased will be kept in trust for the farmers who supply the board with their grains.
The federal government sees this as an opportunity for nation-wide grain processing and shipping, as well as expanded exports, job creation and growth in the economy.
Agriculture Minister Gerry Ritz said it’s good news for farmers and Manitoba’s economy because the headquarters will remain in the province.
According to the government, Farmers will now have another bidder for their grain and that will create competition within the markets as opposed to the monopoly that existed.
The journey for the Canadian Wheat Board to get to this point was years in the making.
On October 28, 2011, the Marketing Freedom for Grain Farmers Act was introduced and passed on December 11, 2011 before the sale was made official on April 15, 2015.
On April 9, 2015 a farmer-led group looking for $17 billion in damages from the federal government had their appeal declined by the Supreme Court of Canada.
Join the conversation and tell us your thoughts on the sale of the Canadian Wheat Board. As a grain farmer do you really think this makes the market more competitive?
Wheat field