It's pay day tomorrow for Australia's grain farmers, with AWB to make a $604 million payment which, after allowing for site-to-sea charges, will provide a $571m million net payment to wheat growers who delivered to the 2007/08 National Pool.
AWB general manager for the National Pool, David Johnson, said 4.35 million tonnes of wheat was delivered into the 2007/08 National Pool, principally in Western Australia and South Australia, with small tonnages received in Queensland, Victoria and New South Wales.
"AWB has secured sales to long-term loyal customers in Japan, South Korea, Indonesia, Malaysia, Sudan, Egypt and the Pacific Island markets such as New Zealand, Papua New Guinea, New Caledonia, Solomon Islands & Fiji," Mr Johnson said.
"The sales program is now complete, with only the execution phase, essentially shipping remaining, which continues right through into the new harvest.
"AWB only receives payment from customers when the wheat is shipped, so distributions essentially follow the shipping pattern."
Including the first pool payment in April, Mr Johnson said the pool had now paid out more than $1.451 billion (GST exclusive) to Australian wheat growers who delivered to the 2007/08 National Pool.
"We currently expect to pay a final distribution to Pool participants in December 2008," he said.
Meanwhile, estimated pool returns for all wheat grades in the AWB 2007/08 National Pools remain unchanged following the fortnightly review.
The 2007/08 EPR for benchmark APW grade for the AWB Number 1 National Pool remains at $420/t (FOB GST exclusive) and the Number 2 National Pool APW remains at $399/t.
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