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Home My WebLink AboutTimes Advocate, 1984-09-12, Page 17TOP FAIR SHOWMEN — Mike Conlin and Wade Bickell'were the top showmen in the senior division in Saturday's 4-H calf judging at the Kirkton Fall Fair. Producers get 76 payment Wheat lawsuit is settled Wheat producers who sold their product in 1976 through the Ontario Wheat Producers Marketing Board will soon be receiving an additional two cents a bushel for the crop as result of the resolution of and eight-year lawsuit by the board against the Royal Bank of Canada. The suit, upheld recently by the Ontario court of appeal, awards more than $412,000 in damages, interest and costs to the marketing board. Board chairman Robert Holmes. said the suit stemm- ed from a 1976 incident in which the Wellandport Feed Mill went into receivership but did not inform the board. The mill then made an unauthorized sale of board - owned wheat and the $249,000 payment was deposited in a collateral account at the Royal Bank of Canada. The bank later seized the money, which Holmes said should have gone to the board, as a loan repayment. The wheat board sued the bank for the money and in November 1982, the Ontario supreme court awarded the money, plus interest and costs, to the board. The bank appealed last May but the decision was upheld in June by the Ontario court of appeal. Holmes said the board received $412,000 from the bank last month. It will also receive an additional pay- ment for court costs, which have yet to be determined. Holmes said payments should be going out to the pro- ducers later this month. The 1976 crop involved 22,695,000 bushels (crops were not reported in metric tonnes un- til 1977) and there are 16,500 known producers who will be receiving payments. Holmes said the board members are pleased the case is closed and "while it has taken time to resolve, justice has been served." Commodity trading house opens Livestock • prices, interest rates, the strength of the Canadian dollar, world weather, world crop and yield forecasts, feed ingredient prices, grain embargos, cur- rency values, the gold index and a myriad of other factors affecting agricultural com- modity prices flow out in a steady stream of computer print-outs in the recently opened office of Ag -Com Trading Inc. on Exeter's main street. Wes Petch and Bill Strong are the two principals in a newly formed commodity trading house located in the heart of one of Ontario's largest grain and edible bean producing ares. (Sandra Brock is the office secretary 1. The two brokers keep their fingers on the world's finan- cial pulse with the aid of a satellite commodity news system that flashes current market information on display terminals in the of- fice. The two are in continual touch with major market cen- tres such as Chicago, New York and Winnipeg in order to give local producers a greater knowledge of international events having a beneficial or detrimental effect on grain prices. Together, Petch and Strong represent 37 years experience and expertise in agricultural management. Strong, who specialized in customer rela- tions, field crops and buying feed grain ingredients, says marketing is all-important. A farmer spends one month planting, another harvesting, and Strong maintains the re- maining ten months should be used to learn how to grow bet- ter crops, and bow to sell them. More and more storage and dryer capacity is being built in this area, and !$re and more farmers are in- vestigating the intricacies of dealing commodities on the Chicago or Winnipeg grain exchange. They can talk knowledgeably about hedg- ing, futures and basis. Ag -Corn's intentions are to provide up-to-date market in- formation and the various op- tions available in the marketing of cash crops. Nor- mally, forward contracting of crops prior to the harvest rush will provide a greater return to the producer. Petch, whose parents still farm at Kerwood, has 11 years experience as a marketing manager selling white beans and grains. He said reaching outlying markets enhances the pro- ducer's position, as he is not then limited to the local market. Petch believes supply and demand in corn and soybeans are now in balance. North America has been known to produce as much as eight billion bushels of corn, but last year's drought and the American PIK program have cleaned out the big carry-over built up over previous years. Petch and Strong will be keeping a close eye on the printouts for the next two weeks giving average temperatures and daily harvest progress across the US. Any commodity can be charted for the day, swings tracked, and changes registered every five minutes. Commodity prices are transmitted instan- taneously with no lag time. Ag-Com's computer is fit- ted with a market minder. If someone has asked to buy or sell corn at a certain price, for example, a warning buzzer sounds when that figure is available and the transaction is completed. Most of those who have already dropped into the of- fice are already familiar with forward contracting. The two men extend an invitation to anyone interested in the operation to phone or visit the Ag -Com office. Besides get- ting the price on corn or beans, they may also use the company's news service to check out the current value of gold, sterling or the Japanese yen. Ag -Com can also tell them what is happening in cotton and orange juice, or daily feed ingredient prices in Kansas City, if they really want to know. Since the office opened August 17, response has been "wonderful", according to the partners. An official opening is planned at a later date. COMMODITY BROKERS — Partners Wes Petch and Bill Strong keep in touch with world-wide events affecting commodity prices. Times -Advocate, September 12,1984 Page 5A MS EVERY DAY FARM SAFETY The Revolutionary tl The Paterson Iron Remover - Removes iron from water Virtually maintenance free Eliminates the need for expensive salt or chemicals k l.nd Rust Status on Laundry - and Porcelain Fixtures GUARANTEE Ne arc so confident you will he satisfied by 5 he Paterson Iron Re maser that we will install it to your home for .10 days fret of charge If you arc not )00% satisfied with the performance of The Paterson Iron Remoscr we will remove ,t el no cost to suis. Fora free water test and estimate without obligation call PEDLAR'S CLEARWATER 243-2724 r1:Yi1►� We'll see you at the FOREST FAIR - SEPT•21 A 22 You're welcome to attend our OPEN HOUSE SEPT • 29th and 30th on WEST IPPERWASH BEACH ROAD The Inventor Dr.L.O. Paterson will be there from 2-5 p.m. at our new location 22 Main St., Zurich Fri., September 14, 1984 9 a.m. - 5 p.m. Door prizes Refreshments Special 15% Discount on Parts Cash sales only FREE hat with every purchase over $10.00 1st prize: 12 speed drill press 2nd prize: bench grinder 3rd prize: 3/4 drive socket set We ore dealers for: Case - Hesston - New Idea - Kongskllde - Eastern Allied - Turnco - Stariine - Market - Mitsubishi Company representatives will be on hand at the opening. r FARM SUPPLY LIMITED Sales and Service - Repair Phone 236-4934 236-4321 Now at 22 Main St., Zurich These fine businesses welcome C.G. Farm Supply Ltd. to the Village of Zurich. We are happy to have you as a business neighbour Tor TENSER SPOT We extend a warm welcome to our new neighbour Main St., Zurich 236-4387 Best Wishes from The Staff at Zurich Dental Clinic Main St., Zurich 236-4341 Welcome Neighbour A. B. PRINTING 46 MAIN STREET WEST ZURICH. ONTARIO NOM 2T0 PHONE 238-4180 Comp/menii South Huron Veterinary Clinic Large and Small Animal Practice Dr. G.L. Leitch Dr. D.G. Thiel Dr. S.H. Wilson 236-4301 Congratulations to C.G. Farm Supply Ltd. on the Grand Opening of ytuu nett lac:lilws to Lunt h You hdvc t ttnm ,t long way sin(t' 1962- We wr.h },(1u ( <lnftnue(I ur( ( ('SS Hay Municipal Telephone System Providing telecommunication services to Zurich, Dashwood and Grand Bend area since 1911 l�001 ("Itch to our new neighbour Look Better Feel Better go to Earl's Barbershop Zurich 236-4368 A5206e To Zurich Dairy Store MAIN ST - ZURICH PHONE 236-4930 Pei/ The manager and staff at itThe First Canadian Bank Bank of Montreal ZURICH 236-4384 Welcome neighhour Erb Bros. Garage Ltd. Jim Parkins - Charlie Erb - Phil Erb 16 Main St., Zurich, Ont. 236-4812 Con1rafufa1ioni on the /> ll (,rand ()retained of your new facilities Zurich District Co -Op A farmer owned business Zurich 236-4393 1