AWB today announced it will be providing funds to the value of $55 million to wheat growers for selected AWB Harvest Finance products for the 2004/05 National Pool.
The payment is expected to be made by mid September, providing growers with access to additional cash flow as they head into the 2005/06 harvest.
AWB Managing Director, Andrew Lindberg, said successful marketing and currency hedging programs for the 2004/05 crop had protected pool equity, leaving AWB in a position to make the additional third payment.
“This third drawdown shows that AWB is the market leader when it comes to providing high quality, grower focussed harvest finance solutions,” Mr Lindberg said.
“Growers do not have to take this payment, but it does mean that there is fully underwritten cash flow available to growers who want it as they make preparations for harvest.”
AWB is making a payment for the majority of milling grades, with the amount paid varying depending on the particular grade and the type of AWB Harvest Finance product selected.
Top up amounts for harvest loans range up to $16.68, with benchmark APW receiving a top up of $8.10 per tonne (FOB/GST exclusive).
All growers who took an AWB Harvest Loan and AWB Advanced Payment option will receive a letter with their payment advice explaining the details and the top up amounts of all the grades.
Customers who selected AWB’s Flexible Drawdown Loan (FDL) option in 2004/05 will have their credit limits automatically increased, which they can choose to draw down by contacting AWB Grower Service Centre.
Harvest Loan growers who do not wish to take advantage of the third drawdown will have a month to contact AWB and arrange repayment before they incur any additional interest charges.
Growers not registered for GST will not be eligible for the third drawdown.
For further information, growers should contact their local AWB or Landmark office or the AWB Grower Services Centre on 1800 054 433