Milligian Bio Fuels in Foam Lake - Page 3 - The Combine Forum
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post #21 of 45 (permalink) Old 02-04-2018, 12:21 AM
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We had 15000 bushels of canola leave our yard and go to the states through a company i never heard before, got the cheque in the mail a month later. Sure had some sleepless nights for thos 20 cents premium i got,
If companies are bonded your guarenteed of money most times, im surprised actually that lots of retailers we deal with never ever checked our financial background, only cargill did so far i think or they have fcc backing their stuff. Bought over $200k of seed and chem in spring 3 years ago from private retailer and they never checked or nothing.
The border is a bit of a concern, hard enough to chase your money inside the country.

As far as retailers go it's nice that most are familiar with their customers and credit is no issue, I always pay my bills early and I think they notice that. The ones run out of Winnipeg are a royal pain though.

Did notice on Thorpy's list that one of the places I sell grain to isn't bonded. My pulse buyer is but it makes one nervous when 20 truckloads of peas roll out in a few days and you don't have your money. I guess this is something we will all have to be watchful of in the future with all the big dollars involved in farming.


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post #22 of 45 (permalink) Old 02-04-2018, 08:57 AM
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As far as the pulse industry goes, they should be forced to write us a cheque day of delivery just like a line company. Not that many of us do that when delivery multiple loads, but the option would be nice when dealing with lentils or chickpeas that are high value. They can take enough grain in, in a day to be over there bond !

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post #23 of 45 (permalink) Old 02-04-2018, 09:18 AM
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Try rolling out of your Deere dealership with a 300 000 tractor with the promise the cheque will be in the mail in a few weeks!!
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post #24 of 45 (permalink) Old 02-04-2018, 10:33 AM
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Try rolling out of your Deere dealership with a 300 000 tractor with the promise the cheque will be in the mail in a few weeks!!
If it got bad enough risk wise ( and probably has reached that level for some companies ) would it not be in all farmers best interest to make a deal on X amount of tonnes delivered but those tonnes already prepaid and the company send a rep out to the farm to confirm the volumes are there to fulfill the contract, then a certain type of delivery contract set up and prepaid for. So you hold the funds or at least its in a third party holding account so its guaranteed to you upon delivery. Yes a hassle and imagine some companies may say no to that but then if all farmers say they will not sell to them unless they make an iron clad guarantee in this way, so sad too bad ... you don't get my product. Why is it that we the farmer have to take most if not all the risk and sometimes these companies know full well they are on really shaky ground and could be teets up at any moment and are just waving in the trucks to deliver at the same time hoping somehow they will avoid an almost certain fate, but we are none the wiser until its way too late to do squat about it. We went through that with the canola crushing plant in Sexsmith only in that case somehow UGG had their finger into it and they locked up the bins and some tense months later we got paid but we would have been out a lot relatively speaking had things gone totally south.
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post #25 of 45 (permalink) Old 02-04-2018, 11:25 AM
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Is there any type of 3rd party insurance we can buy on these contracts to gaurantee payment? What kind of premium would guys be willing to pay? I know GARS has been discussed in a recent thread so maybe there's some relevance here (though I'm not a fan of theirs). It's pretty GD scary to think we can be out hundreds of thousands of $ if not more in a default circumstance.
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post #26 of 45 (permalink) Old 02-04-2018, 12:20 PM
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I bought an insurance for this about 10 years ago, they do creditor checks on the buyers you deal with than decide if they will insure them or not. After a year I decided not to continue since they only covered the bigger well know companies. Although, I believe the climate we are in now, makes some of the big guys a risk also.
I’m pretty sure FNA was trying to get an insurance like this going but don’t think it has happened yet.

Brent.
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post #27 of 45 (permalink) Old 02-04-2018, 02:51 PM
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Bjtjjl is there any pulse companies that you feel are quite shakey at the moment? Ilta grain layed of 16 of there 24 employees. Other pulse processors are laying off people. The more we share information on this the better we all will be protected. I had no clue Milligan was in bad financial shape.
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post #28 of 45 (permalink) Old 02-04-2018, 02:51 PM
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After a number of very close calls a few years ago, including Newco and another broker who went broke as a result of Newco( forget the name c***** grain, or something close to that, it was discussed here). Every since, I sell in small quantities, never more than a few truck loads to one broker or end user at a time.

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post #29 of 45 (permalink) Old 02-04-2018, 04:38 PM
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Bjtjjl is there any pulse companies that you feel are quite shakey at the moment? Ilta grain layed of 16 of there 24 employees. Other pulse processors are laying off people. The more we share information on this the better we all will be protected. I had no clue Milligan was in bad financial shape.
ILTA would definatly be one, they just finished building 2 massive plants and the one at Regina has hardly had any grain go through it.
Agro Corp would be another. And by looking at AGT’s share price over the last year or so I would be leary of them also.

Brent.
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post #30 of 45 (permalink) Old 02-04-2018, 05:05 PM
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I have had a couple close calls in the last two years so from now on I will only deal with the big grain companies. I might loose a couple cents but I get paid the day I haul it.

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