Growers who utilised AWB’s harvest finance for their 2008/09 wheat pool deliveries will benefit from a $33 million top-up payment that will occur overnight on Wednesday, 28 October.
The top-up applies to all grades in AWB’s Eastern and Western Pools. It will mean that AWB harvest finance clients will have received (or have available) an average of 93% of the current estimated pool return (EPR) for 2008/09 season wheat.
AWB General Manager Commodities Mitch Morison said that top-up amounts will vary depending on grade, the pool delivered into and the finance product selected.
“Growers using our advance payment product will on average receive $39 per tonne across grades, whereas those who selected the loan product will have credit limits increased on average by $9 per tonne,” Mr Morison said.
“Our 2008/09 sales and marketing program has achieved strong domestic and international sales, with the latter targeting key export customers in Japan, South Korea, Indonesia, Malaysia, Sudan, Egypt, Yemen and the Pacific Island markets (New Zealand, Papua New Guinea, New Caledonia, Solomon Islands & Fiji).
“In the face of rapidly declining world wheat prices this year and the stronger Australian currency, our 2008/09 EPR has declined just $2 a tonne since our last top-up payment in May, so our commodity hedging and currency management have performed well in ensuring EPR stability as sales are executed and shipped.
“Now as we move into the next harvest AWB has made a strong start to management of this year’s pools through our early commitment program, with sales, commodity hedging and currency management already occurring and our full suite of harvest finance options once again available to growers,” Mr Morison said.
For further information on AWB Harvest Finance growers should contact their local Grain Marketer or contact the AWB Grower Service Centre on 1800 054 433.
Media enquiries, contact:
Peter McBride, GM Corporate Affairs, on (03) 9209 2174 or 0417 662 451
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