Stuff I've done
Market manipulation investigation
I successfully led the investigation of an unprecedented market manipulation case involving the June 1994 Canola contract.
This led to my involvement in the design and development of new futures contracts. Factors investigated and studied included the car allocation policy and practices and their impacts on grain inventories, various expiry mechanisms (physical delivery, cash settlement, indices) value and pricing.
Studies
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For Transport Canada, I executed a port competitiveness study addressing the issue of Canadian vs US port competitiveness for grain exports.
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For Alberta Agriculture, a detailed assessment of the Western Canadian barley industry including a critical assessment of the role of the CWB in the barley industry.
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For Alberta Agriculture, a detailed analysis of primary elevator (inland terminal) margins and profitability.
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For Alberta Agriculture, Food and Rural Development (AAFRD), I analyzed in detail the Canadian domestic wheat processing industry in an effort to better understand the implications of the CWB Single Desk and implications under a dual market scenario.
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For Agriculture and Agri-Food Canada (AAFC), I assessed the US market for Canadian oats in a market environment without EU subsidies supporting imports to the US from Scandinavian countries.
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For Western Barley Growers Association, I led a team reviewing the barley sector in Canada in search of the optimal market structure in light of the changes to the Canadian Wheat Board. Key issues were price discovery, market information and risk management – including an assessment of current and proposed risk management tools.
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With funding from AAFC’s Private Sector Risk Management Partnership (PSRMP), I worked for the Canadian canola grower groups (led by the Saskatchewan Canola Growers Association) to identify and ultimately recommend solutions to the issue of the perception of poor convergence between cash and futures in canola.
Subject Matter Expert - Competition
Acted on behalf of the Competition Bureau as a grain industry expert on grain-related files. Specifically:
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The assessment of small-market areas in the prairies (to determine which elevator assets Agricore-United (AU) would need to divest in order to avoid market dominance upon the merger of Agricore and UGG).
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The sale of BC Rail to CN Rail (focused on grain handling issues in the Peace River).
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A market dominance dispute between a small grain company and a large one.
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The forced disposition by AU of a Vancouver Terminal.
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The potential JRI-SWP west coast terminal joint venture.
I acted on behalf of the merging parties regarding challenges by the Competition Bureau. Specifically:
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I was engaged jointly by Louis Dreyfus (LDC) and Parrish & Heimbecker (P&H) to assess the competitive impact of the purchase of LDC grain elevators by P&H, used in their presentation to the Competition Bureau.
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I was engaged by Parrish & Heimbecker regarding the potential forced disposal of an elevator.
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I was engaged jointly by Bunge and Viterra to assess the competitive impact of merger between the two parties, used in their presentation to the Competition Bureau.
Training Courses
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I developed and delivered an advanced option program, provided to grain companies and traders.
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Developed and delivered a course on spread trading, provided to grain company trading staff.
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For the Canadian Securities Institute, produced the study/course material for the Derivatives Module (Agricultural Commodities) of the Canadian Securities Course. Material covered included basic grain trading, transportation and regulation implications to grain pricing, and foreign exchange implications to grain pricing.
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I developed and delivered a two-day course for Sask Ag, covering the grain handling and transportation system.
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I developed and delivered a course for member firms of WCE to help identify rogue trading.
Subject Matter Expertise
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For the Auditor General of Canada, I provided “industry expert” support of the Special Audit of the Canadian Wheat Board (CWB).
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For a major grain company, I acted as an expert witness on two occasions, on issues regarding alleged futures market manipulation and related risk management strategies. One case was dropped by the client and the second was won.
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I was engaged as a subject matter expert by the law firm representing LDC to estimate its financial loss due to a lack of rail service required under a contract with CN Rail.
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I was engaged as a subject matter expert by the law firm representing Agrocorp in a lawsuit involving a significant wheat trade against Parrish & Heimbecker (P&H).
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I was engaged as a subject matter expert by the law firm representing LDC to estimate its financial loss due to a lack of rail service required under a contract with CN Rail.
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I was engaged by the law firm representing a farm involved in a legal challenge vs a major grain company.
Working for Change
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I worked for Prairie Pasta Producers (PPP) to exert pressure on the Canadian Wheat Board to allow an exemption of the producer buy-back policy for new generation coops, in PPP’s plan to build a farmer-owned durum mill and pasta plant.
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For the International Finance Corp (IFC, a division of the World Bank), I provided on-the-ground due diligence in support of a proposed OTC derivative aimed at providing an enhanced inventory financing mechanism for small to medium independent grain handlers in Mexico.
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I provided on-going analysis and commentary on risk management issues in Canadian grain sectors, particularly focused on the Canadian Wheat Board, either directly for clients or publicly through direct email, editorials in various papers, and through commentary as The CWB Monitor.
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I launched “The Trading Floor”, an online grain industry community providing a medium for farmers and agri-business to collect and share market-related information and analysis.
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I developed the Advanced Grain Pricing Program to assist farmers in executing marketing plans that exploit the value of stored grain through capturing carrying charges and basis appreciation.
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I worked extensively with the Alberta Wheat Commission in the design, development and administration of the PDQ Price Information Initiative, providing much needed price transparency to the grain sector in Western Canada. (www.pdqinfo.ca)
