For growers who delivered to the wheat pool and opted for the harvest loan, distribution or flexi loan payment methods the funds were deposited into bank accounts or applied against outstanding harvest loan accounts on April 8. For growers who delivered to the barley, canola or lupin pools, payments were deposited into participating growers’ bank accounts or applied against outstanding harvest loan accounts on April 14.
CBH Grain’s Pool Manager Aiden Blechynden said, “The first distribution of wheat payments is worth more than A$43.5 million to Western Australian (WA) growers and the barley, canola and lupin payments totaled in excess of A$22 million.
“Based on APW2 grade the first distribution payment delivered to participants in the 2010-11 harvest pool for wheat was A$75.60 per tonne representing 21% of the estimated pool return and the feed grade payment for the barley harvest pool was A$123.75 representing 45% of the EPR payment,” Blechynden said.
”All payments were made in accordance with the target dates outlined in the CBH Grain Budget Guide and were not materially different from estimated amounts.
“While the sales programs are progressing well, a smaller volume season in WA will see all pools finalized by the end of the calendar year with the exception of the Barley Pool which is scheduled to be finalized in early January.”
Blechynden stated that additional volatility in the agricultural markets was proving challenging. However a considered and defined hedging program and active risk management had reduced the exposure to this volatility.