| ||Media Release: AWB 2010/11 wheat pools $39M top-up|| ||
Growers who utilised AWB’s harvest finance for their 2010/11 wheat pool deliveries will benefit from a $39 million top-up payment that occurred overnight and will have appeared in bank accounts today.
The top-up applies to all grades in AWB’s eastern and western pools and means that AWB harvest finance clients will have received (or have available) payments representing around 80% of the current estimated pool return (EPR) for 2010/11 season wheat.
AWB General Manager Commodities Mitch Morison said the top-up ranged from $16 to $129 a tonne, depending on grade.
“Our initial harvest payments on delivery were based on our nominated estimated pool return that was set in October, however since that time pool estimates for many grades have increased considerably, so we are passing this value to growers through this top-up,” he said.
“Any grower who is still deciding how to market their wheat might like to consider that deliveries made now under the Advance payment options will automatically be paid at 80%, less applicable costs, and funds will be paid within seven days of delivery.
“It’s an attractive cashflow, although people still deciding on market options should consider moving soon as pool choices are beginning to close off; our durum pool in the Newcastle zone and noodle pool for all of Western Australia are already closed.
“While they remain open our pools offer a lot of choice. With this top-up a grower who opts for the AWB loan now has access to a credit limit equal to 80% of pool returns less costs. For deliveries already made the top-up will either have automatically been paid into the grower’s account or is available to draw down when it suits them, meaning growers have complete flexibility with managing cashflows.
“We would encourage any grower wanting to explore the cashflow options available from AWB to contact our local grain marketers or call our grower service centre direct on 1800 054 433,” Mr Morison said.
AWB media contact: Ian Desborough 03 9209 2335 or 0418 853 881