AWB this week confirmed the 2001 AWB National Pool will be finalised in July 2003, with a sixth distribution expected to be paid in the week commencing July 28th 2003.
General Manager AWB National Pools, Sarah Scales, said the payment would be the final distribution from the 2001 AWB National Pool, after AWB announced it was extending the Pool last December, and again in April, in order to protect and enhance pool value.
Ms Scales said AWB had been very cautious as it headed toward this finalisation, as it was marketing near-record sized wheat volumes during a period of world-wide uncertainty and market volatility.
"There is still some uncertainty and risk with regard to some wheat contracts, particularly with Iraq, but we are now in a better position to understand and manage that in a manner that achieves maximum returns to growers who delivered to the 2001 AWB National Pool," Ms Scales said.
"We recognise the need to provide certainty for growers in difficult and challenging circumstances, and our aim has always been to maximise returns for those growers.
"By extending the Pool we have been able to protect and enhance Pool value, amid highly volatile world markets, and ongoing risks surrounding contract execution," Ms Scales said.
AWB initially announced in December 2002 that it would be extending the 2001 Pool and adding a sixth distribution, in an effort to manage the risks associated with large stock volumes and maximise pool value.
Further to this, AWB advised last month that due to the ongoing uncertainty, particularly in Iraq at that point in time, that the Pool would not be finalised until after June 2003.
AWB has previously made five distributions from the 2001 AWB National Pool, which reflect receipts from wheat sold from that Pool.
Remaining Pool equity for growers will depend on paygrade, with some already having been finalised. For benchmark paygrade APW at 10% protein and 5% screenings, the estimated remaining equity, based on a current Estimated Pool Return of $256/t (FOB, GST exclusive), stands at $27.51/t.