AWB today announced it intends to close its 2012/13 Western Australian Lupin Pool on Friday 21 December 2013 following strong support from WA lupin farmers and to protect the equity of pool participants going forward.
AWB Mr Richard Williams: “Once the lupin pool is closed we can finalise our marketing and shipping program with certainty around the volumes we have available for sales to both domestic and international customers.”
The 2012/13 Western Australian Lupin Pool Estimated Pool Return (EPR) of $355 a tonne (FOB, excl GST) remains unchanged.
“There is currently good international demand for Australian lupins at current prices however the prospect of a large South American soybean crop in April is likely to place considerable pressure on Australian lupin prices in the second half of 2013,” Mr Williams said.
“Therefore we are aiming to execute sales to capture value before the South American soybean crop comes on the market.
“We will finalise the lupin pool by mid-2013, which will be well ahead of schedule.
“We continue to build on the excellent relationship we have established with Irwin Valley Milling and its members and focus on demand for lupins in both the domestic and international feed markets as customers look for differing feed protein sources and will continue to work on exploring non feed applications with our global customers.
“We will drive value and create new markets and leverage the international footprint and expertise of Cargill’s global operations,” Mr Williams said.
WA farmers wishing to learn more about the WA lupin pool should contact their local WA AWB representative or ring the Grower Services Centre on 1800 4GRAIN (1800 447 246).
Media contact: Peter McBride 03 9268 7362 or 0417 662 451