| ||Media Release: AWB tops up advances for 2009/10 wheat pools|| ||
Growers who utilised AWB’s harvest finance for their 2009/10 wheat pool deliveries will benefit from a $47 million top-up payment that will occur overnight on Wednesday, 27 January 2010.
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) payments representing an average of 81% of the current estimated pool return (EPR) for 2009/10 season wheat. The cumulative payment is also available to all new clients who are thinking about delivering wheat into the AWB Pool.
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 $34 per tonne across grades and the additional payment will assist growers with cashflow which is important at this time of year,” Mr Morison said.
“Our 2009/10 sales and marketing program has started well and we have achieved strong sales with our key international customers, mainly in Asia and the Middle East. Our confidence in our sales program supports our ability to make this top up payment and we have managed to complement physical sales with derivative and currency hedge positions.
“Having a solid domestic and international customer base is critical in an environment where global wheat supplies are abundant as these customers rely on AWB to deliver quality Australian wheat on a regular basis,” Mr Morison said.
Mr Morison also confirmed that Harvest Finance will meet its commitment to top up payments to growers who delivered into the AWB Barley Pool during February. Top up payments are expected to be higher than 10% of prevailing Barley Pool EPR’s. Further information will be released closer to the payment date.
For further information on our competitive finance and Pool payment options 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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