Basis Pool shows results

15 Mar, 2001 05:52 AM
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PREMIUMS earned for Australian growers through AWB Ltd's management of the single desk for Australian wheat have been demonstrated in the first tranche result of the 2000-2001 Basis Pool.

The basis of US46 cents per bushel represents an $A32 per tonne price premium over US Soft Red Winter Wheat. The basis is the average premium achieved by AWB Ltd for pool wheat sales to date over Chicago wheat futures.

AWB Ltd will use the Chicago Board of Trade SRW settlement price from February 26 of US259c per bushel, and the AUD/USD hedge settlement rate from February 27 of 52.50c to calculate the first tranche Basis Pool payment.

The payment of $A118.08 (FOB, excluding GST) per tonne for APW 10pc protein/5pc screenings wheat will be made next week. Growers will get 55pc of the grade premiums and Golden Rewards increments in their payment.

AWB (International) Ltd general manager Peter Geary said this result was especially pleasing given that under Golden Rewards, a larger proportion of the basis was paid to growers via protein and screenings payments.

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