AWB Limited today finalised its 1999/2000 National Pools with higher than estimated payments for growers, bringing to a close a successful marketing operation for one of Australia’s biggest ever wheat crops.
The benchmark APW grade will return $191.53 per tonne FOB (excluding GST) slightly higher than the most recent estimate.
AWB (International) Limited General Manager Sarah Scales said the final result was a strong one given the volatility of the market over the course of the 1999/2000 sales period and the size of the export program.
“While our final return has come in within $5 of our first estimate for the 1999/2000 pool, the fluctuating fortunes of the international grain market over the sales period and the size of this pool made it a challenging task for AWB to manage,” Ms Scales said.
“World wheat markets were constantly depressed by large American and European wheat stocks. The National Pool’s ability to manage growers’ price risk effectively, combined with the marketing power of the Single Desk, has produced a good outcome for growers in a very tough world market.”
Wheat growers who delivered to the pools will receive their final payment distributions from the 1999/2000 pool over the coming weekend. Growers with outstanding Harvest Payment loan accounts will have those accounts finalised and the remaining equity will be credited to their bank accounts.
AWB’s National Pool is the vehicle through which Australia’s wheat crop is exported. The 1999/2000 National Pool export program of 18 million tonnes added $3 billion to Australia’s export income.
AWB Limited also announced its first quarterly distribution from the 2000/2001 National Pools. Ms Scales said the export program for the 2001/2002 season was progressing on schedule.
“Wheat markets are far from buoyant at present, but the power of the Single Desk, AWB’s aggressive shipping and marketing program and the low Australian dollar are combining to produce a favourable outlook for the 2000/2001 National Pool,” Ms Scales said.
For more information please contact Paul Ryan, AWB Limited Public Affairs on 0408 347 282