Dear CBH,
The remaining equity for the 2024/25 Canola Harvest Pool has now been distributed to participants, delivering another strong outcome.
In the Geraldton Zone, final equity values were $748.55 per tonne for CAG1 (plus quality payments). This represents a $23.05 return above the average cash price throughout the same marketing period for CAG1.
Canola receivals for the season were more than 10 per cent above the five-year average, with strong and sustained demand for non-GM canola reflected in the wide CAN–CAG spread. Pool volumes were below the five-year average as strong cash prices at harvest attracted grower selling.
The 2024/25 season presented challenging marketing conditions, with very strong cash prices during harvest as buyers competed for early shipments. Price volatility persisted throughout the season, driven largely by the Canada–China trade dispute.
Our Marketing & Trading division’s Structured Products team leveraged key opportunities to deliver these strong results by:
- Capturing solid customer demand through early pool sales during harvest.
- Maintaining a position ahead of the benchmark by aligning with international buyer demand and capitalising on favourable sales and hedging opportunities.
- Avoiding sales during market lows, when CAG cash prices dipped below $700 Free in Store (FIS).
- Securing advantageous foreign exchange levels in April as AUD/USD weakened amid trade uncertainty.
- Achieving strong non-GM/GM spreads
