The updated version of the Canadian Wheat Board unveiled its new look on Tuesday.

The overhauled CWB showed off a new logo and announced a deal with grain company Louis Dreyfus Canada to handle farmers' products, marking the third company it's formed partnerships with in recent months.

Wednesday, Aug. 1 marks the end of the CWB's monopoly on wheat and barley in western Canada after the federal government passed a law late last year to allow western farmers to sell their grain to whomever they choose.

Wheat and barley farmers in Western Canada have had to sell their grain through the CWB for more than 70 years.

The change has the support of some farm groups, which say producers can often get better prices on the open market.

“I’ve been waiting for years for this opportunity,” said farmer Jim Janzen.

He said he’s already been offered more for his wheat this year from a private grain company.

"We've been able to sell wheat at a higher price than anybody in the U.S. and that's all we wanted to do, have parity - in the past when the when board was there we were losing one to two dollars per bushel,” he said.

But supporters of the monopoly say the open market will leave farmers at the mercy of railways and big, international grain companies.

A number of farmers gathered in downtown Winnipeg outside the CWB’s headquarters Tuesday to protest the government ending the CWB's monopoly.

“With single-desk selling you had power,” said farmer Ian Robson. “So now, we’ve reduced our chances of getting a good income.”

Along with unveiling its new logo Tuesday, CWB officials also said the organization still expects about 40  per cent of Canada’s wheat will go through the board. It said farmers have already begun signing contracts with the organization.

“We provide farmers with a great backstop to help them through what is a fairly challenging new environment for them,” said Ian White, president and CEO of the CWB.

The CWB said the deal with Louis Dreyfus Canada means there are now 130 terminals across the prairies where farmers can deliver grain to the board.

It also presented its crop outlook July 31, saying drought in several parts of the U.S. and eastern Europe means grain prices are expected to be high in the prairies because of increased demand. The CWB also pointed out, however, that portions of southern Manitoba are experiencing some drought-like conditions as well.

- with a report from CTV's Jeff Keele and files from The Canadian Press