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SW Saskatchewan | The Winnipeg Grain Exchange was the futures market for Flax and Canola.
The price you actually got paid out in the country was determined by the industry reps in closed door meetings after the close of trade. This "Street Price Committee" set the basis for these commodities and the cartel held tight, no one dared to vary except for local processors who had to meet commitments. the Grain Trade only varied the basis through agreement at the committee.
Essentially made the exchange meaningless. | |
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Who physically sets a basis?
