EPR Adjustments for 2023/24 Harvest & Flexi-Starter Pools

The 2023/24 Wheat Harvest Pool EPR has been decreased by A$20 and the 2023/24 Wheat Flexi-Starter Pool EPR has been decreased by A$5.

Global wheat markets continue to be under pressure, impacted by strong exports from the Black Sea region on the back of a large carryout and harvest in Russia. This strong export program has resulted in global cash and futures markets decreasing significantly over the past few months and having a negative impact on the unsold portions of the 2023/24 Pools.

The Flexi-Starter Pool EPR has been reduced by a lesser amount compared to the Harvest Pool as the pool has a much smaller physical unsold position compared to that of the Harvest Pool due to the timing of the Pool opening and the earlier sales program that this pool utilises. 

The 2023/24 Barley Harvest Pool EPR has been decreased by A$5 for all grades except for MAX1 which has been reduced by A$10

Global Barley markets have been under pressure as both Feed and Malting Barley markets trade lower on the back of strong harvests in both France and Argentina combined with a reduced demand for Australian Feed and Malting Barley in key export markets such as China and Vietnam as these countries look to source grain from cheaper and more competitive origins as well as substituting cheaper products into their feed rations such as Corn.

Reduced market values have negatively impacted the unsold physical position however the pool has a strong underlying sold position and has a strong underlying foreign exchange hedging position and as such pool management has reduced the published equity in the pool by A$5 for all grades except for MAX1 which has been reduced by A$10.

For more information please refer to the Pool Calculator or Pool Payment Estimator