MELBOURNE, AUSTRALIA — The Australian Wheat Board (AWB) announced on May 21 its 2011-12 season Western Australian lupin pool price has increased by A$10 a tonne and is now A$250 tonne (FOB, excl GST).
AWB’s Richard Williams said, “The 2011-12 AWB WA lupin pool estimated pool return (EPR) has been increase by A$10 a tonne due to a strong sales and marketing campaign and a rise in global soybean meal prices.”
“Our sales and marketing program has focused on Asia feed markets customers who have been active in buying Australian lupins due to the current high price of soybean meal. The recovery in soybean meal prices is mainly due to a reduced South American soybean crop which is strengthening the Australian export price for lupins.
“We are confident of capturing additional value as we see increased demand from international customers.”
Today AWB will make the first financial distribution to WA lupin pool participants of A$89 a tonne less approximately 40% of estimated costs which equates to approximately A$9 a tonne.
“This distribution represents 36% of the current EPR which is a strong result for pool participants,” Williams said. “The relationship we have established with WA company Irwin Valley Milling and its members and our focus on establishing new international customers gives us confidence that this year lupin pool will be a success and we look forward to offering a 2012-13 lupin pool to WA farmers.”