Dear CBH,
The remaining equity for the 2024/25 Wheat Harvest Pool has now been distributed to all participants.
In the Esperance Zone, final equity values including quality were 366.01 per tonne for APW1 and $348.40 per tonne for AWW1, representing returns of $1.55 and $2.05 per tonne above the average cash price during the same marketing period for APW1 and AWW1 respectively.
Wheat receivals for the season were 27 per cent above the five‑year average. Trading margins remained tight due to strong competition and limited grower selling post‑harvest. Grower cash targets were above those in the export market for most of the season, with a reasonable amount of tonnes held post June.
Contracting for the Pool was initially quiet due to strong competition in the cash market to fill early shipping commitments. Nominations for the Pool grew in January, and there was a surge in nominations when we announced that contracting was closing early March. The later nominations made it more challenging to participate in early season sales before stock was nominated.
Our Marketing & Trading division’s Structured Products team leveraged key opportunities to deliver these strong results by:
- Capturing solid customer demand during harvest
- Ensuring early season protection via listed derivatives adding value to the Pool final equity
- Securing advantageous foreign exchange levels in April as the AUD/USD weakened amid global trade uncertainty.
