Initial payments for 2007-08 Prairie wheat will be raised by $22 per tonne, the Canadian Wheat Board announced Thursday.
For example, the increase would boost the initial payment for No. 1 Canada Western Red Spring wheat, 12.5, from $325.10 per tonne to $347.10 per tonne. The May 2007-08 PRO for No. 1 CWRS 12.5 sits at $370 per tonne.
Prairie farmers who delivered non-durum wheat to the CWB between Aug. 1, 2007 and July 15, 2008 will get an adjustment payment. Payments will be direct deposited July 29 or made by cheque dated July 29 and mailed by August 1.
Farmers who wish to defer payments have until July 23 to notify the CWB by calling 1-800-275-4292, the board said.
The CWB regularly reviews initial payments and recommends adjustments where market conditions and sales warrant. The federal government, which guarantees initial payments, must first approve the level at which they are set.