| ||AWB WA Lupin Pool Update|| ||
AWB today announced its 2011/12 season Western Australian lupin pool for farmers in the Geraldton port zone remains at $240 tonne (FOB, excl GST).
AWB’s Richard Williams said: “The 2011/2012 AWB WA lupin pool estimated pool return remains supported at $240 due to a strong recovery in soybean meal prices.”
“The recovery in soybean meal prices is mainly due to a reduction in the South American soybean crop and this is supporting the Australian export price for lupins,” Mr Williams said.
“However Australian competitors are aggressively competing for sales in key Asian markets, impacting on the overall lupin price.
“While we have in place a hedging program to support the current lupin price and made good lupins sales to domestic and international markets, the strength of the Australian dollar is also impacting on the lupin price.
“The close relationship we have established with WA company Irwin Valley Milling and its members has resulted in the inaugural AWB WA lupin pool being well supported by WA farmers.
“We are now looking to capture additional value as we see increased demand from international customers as new markets are established,” Mr Williams said.
Media contact: Peter McBride 03 9268 7362 or 0417 662 451