A large, high-quality crop and strong prices resulted in the Canadian Wheat Board's highest revenue in 10 years, the grain marketing agency said Friday.

According to the Winnipeg-based wheat board's 2006-2007 annual report, released Friday, gross revenue increased by $1.45 billion to $4.95 billion, a 42 per cent increase from 2005-06.

Earnings for distribution to farmers, where most of the revenues go, increased by 44 per cent, to $4.53 million in 2006-2007 from $3.15 million in 2005-2006.

Despite a wet spring — many farmers in northeastern Saskatchewan weren't able to seed a crop — production levels were slightly above the five-year average.

The quality was high. More than 85 per cent of the regular wheat and more than 80 per cent of the durum wheat fell into the top two grades.

Wheat board president Greg Arason said the annual report showed impressive spreads between the grain prices the wheat board was able to get and competitors' prices: $6 per tonne for wheat, $7.77 for durum and $13.45 for designated barley.

The report comes out the same week that talks between wheat board officials and federal Agriculture Minister Gerry Ritz broke down amid acrimony over the future of barley marketing.

The federal government wants to end the wheat board's monopoly on barley, saying most Prairie farmers want choice as to who sell their barley. However, some farmers say taking away the monopoly would undermine the board's ability to get the best prices for farmers.