The Rural Voice, 1999-03, Page 34WHITE EXTRUDED
PLASTIC SHEET
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30 THE RURAL VOICE
and externally for the benefit of
producers.
DiPietre gave two presentations at
the Kirkton meeting. In his morning
address on risk management, he
discussed various contracts used in
the U.S. He revealed that producers
using a cost-plus contract with
packers maintained higher prices
during the recent price crash, but
have accumulated a debt with the
packers that is so large it may never
be repaid.
These contracts are based on a
formula including corn and soymeal
prices plus a fixed payment, say $5
per hundredweight. This formula sets
a minimum value paid but if the
market price of hogs is above the
minimum price, the producer and the
packer split the difference with any
carcass quality premiums on top of
the base price.
However the contracts involve
a "ledger account". As the
cost-plus price exceeds the
market price, the difference is
accounted for and credited to the
producer. As the market price
exceeds the cost-plus price, the
difference is credited to the packer.
Over the length of a five -to -seven-
year contract those amounts are
expected to even out. In fact if you
look at the 13 -year period starting
1984, the difference between the cash
price and the contract price averaged
only 70 cents per hundredweight
higher for the cash price.
The problem begins with contracts
that came into effect recently and run
through the disastrous prices of late
1998 and early 1999. In the short run,
producers benefited, receiving about
$2 per hundredweight more than the
cash price. However, under the
ledger system, this is supposed to
balance out over the length of the
contract so the producer is really in
debt to the packer. To balance out,
the market price would have to be $2
per hundredweight above the contract
price for 193 weeks.
A producer who markets 100 head
a week could have a ledger -account
debt of $96,250, DiPietre said. In
some cases, this may never be repaid.
Meanwhile, in a written brief
included in the proceedings of t"e
Centralia meeting, Ken McEwan
from Ridgetown College reported on
the results of the Ontario Data