WEST PERTH, AUSTRALIA — CBH Grain said on Oct. 15 that it has recently paid the October distributions for the 2011-12 wheat, barley and lupin Harvest Pool for growers who delivered to the distributions and harvest loan payment methods.
Just under A$90 million was credited to harvest loan accounts or paid directly to growers who delivered to the distribution payment method.
CBH Grain Head of Pools Bryce Banfield said the U.S. drought has driven global wheat prices high since July, with APW1 in the Eastern States trading over A$300 per tonne.
"The hedging program is nearing completion with some ability to participate in future rallies if the opportunity presents," he said. "Currently the estimated pool return (EPR) for APW1 is A$260 per tonne for South Australia, and A$259 per tonne for other states in Eastern Australia.
The barley sales program has all but come to an end with pool finalization and final payment scheduled for Feb. 1, 2013. The current EPR for Feed barley in Western Australia is A$245 per tonne, Banfield said.
The lupin sales program will continue into 2013 and current market values are supportive of the current EPR at A$245 per tonne.
"As soybean prices in the U.S. continue to look bullish, the pool management team will put a strong focus on seeking high value markets for the remainder of the pool stock,” he said. "The next distribution payment is scheduled for Jan. 18, 2013."