AWB today announced that its 2012/13 WA Lupin Pool will be finalised in mid-May following the completion of the sales and marketing program and an independent audit.
The 2012/13 Western Australian Lupin Pool final return is 361.20 a tonne (FOB, excl GST), an improvement over the Estimated Pool Return of 355.00 a tonne (FOB, excl GST) announced prior to harvest last year.
AWB Mr Richard Williams: “We made the decision to fully sell the 2012/13 Lupin Pool early to capture value before the South American soybean crop came onto the market.”
“The market was anticipating a large South American soybean crop in April and this was likely to place considerable pressure on exports markets for Australian lupin prices in the second half of 2013,” Mr Williams said.
“Therefore we believed that selling the lupins in the pool early was in the benefit of pool participants.
“The majority of our sales program was focused on the Asian region and we continue to develop strong relationships with a range of customers in Asia.
“With the sales program complete and the shipping program fully executed we had the 2012/13 AWB WA Lupin Pool independently audited before finalisation,” Mr Williams said.
Media contact: Peter McBride 03 9268 7362 or 0417 662 451