2025-26 Pools update
The information presented below reflects the pool position at the time of writing (10 June 2026).
The pools have not yet been finalised, so all figures, returns and performance estimates are indicative and subject to change as market conditions evolve and pool activities are completed.
Pool performance this season has been supported by two key factors. CBH Operations Shipping has performed strongly this season, and the record 2025/26 harvest has allowed CBH to sell further forward.
2025/26 Wheat Flexi-starter Pool
• The published Estimated Pool Returns (EPRs) of $355/t for APW and $330/t for AWW1 (Kwinana Zone) appear achievable as the pool approaches finalisation. However, grade and zone spreads are yet to be determined and will be reviewed at finalisation across all seasonal sales.
• Physical sales were executed as opportunities emerged, allowing the pool to establish positions ahead of harvest and capture favourable pricing.
• Unlike canola, wheat futures were relatively unattractive early in the season, limiting their effectiveness as a hedging tool.
• The pool maintained a proactive foreign exchange strategy, staying ahead of AUD purchases throughout the year, which contributed positively to returns.
2025/26 Barley Flexi-starter Pool
• The published EPRs of $332/t for MAX1 and $327/t for BFD1 (Kwinana Zone) remain achievable heading into finalisation. However, grade and zone spreads are yet to be finalised and will be reviewed at finalisation across all seasonal sales.
• Physical sales were initiated as market opportunities emerged, allowing the pool to establish coverage ahead of harvest and largely avoid the seasonal lows seen in November and December.
• The pool maintained a proactive foreign exchange strategy, staying ahead of AUD purchases throughout the season, which contributed positively to returns.
2025/26 Canola Flexi-starter Pool
• The published EPRs of $835/t for CAN1 and $735/t for CAG1 (Kwinana Zone) remain achievable heading into finalisation. However, final grade and zone spreads are yet to be determined and will be reviewed at finalisation across all seasonal sales.
• This has been a strong-performing pool and is currently expected to outperform the cash average by approximately $20–25/t.
• Canola futures traded at attractive levels following contracting, allowing the pool to use futures effectively for risk management and price protection.
• The pool remained ahead of its sales schedule throughout the marketing year, which proved beneficial as canola prices trended lower for much of the selling window.
• Active foreign exchange management also added value, with the pool consistently staying ahead of AUD purchases throughout the season.
2025/26 Wheat Harvest Pool
• For the Kwinana Zone, the latest Estimated Pool Returns (EPRs) are $345/t for APW1, $325/t for ASW9, and $323/t for AWW1. However, grade and zone spreads are yet to be finalised and will be reviewed at finalisation across all seasonal sales.
• The strategy for this pool has been to secure protection ahead of the large harvest, and the pool is now heavily sold.
• Export sales were made further forward this season due to the size of the crop. International customers had good coverage when conflict in the Middle East began in March, so international prices remained steady when US futures rallied. More recently, values have improved as dryness emerged in US hard wheat regions.
• Active foreign exchange management also added value, with the pool consistently staying ahead of AUD purchases throughout the season.
• Given the size of the pool, the ability to be selective on international sales has been more limited than in previous seasons.
2025/26 Barley Harvest Pool
• For the Kwinana Zone, the latest EPRs are $335/t for MAX1 and $330/t for BFD1. However, grade and zone spreads are yet to be finalised and will be reviewed at finalisation across all seasonal sales.
• The strategy for this pool has been to capitalise on strong feed demand from China, which continued until focus shifted to the Northern Hemisphere crop.
• The pool is now almost fully sold, with a small volume expected to carry.
• Export sales were made further forward this season due to the size of the crop.
• Active foreign exchange management also added value, with the pool consistently staying ahead of AUD purchases throughout the season.
2025/26 Canola Harvest Pool
• For the Kwinana Zone, the latest EPRs are $810/t for CAN1 and $710/t for CAG1. However, final grade and zone spreads are yet to be determined and will be reviewed at finalisation across all seasonal sales.
• The strategy for this pool has been to capitalise on strong demand from China trials. The pool is now almost fully sold, with a small amount of non-GM grain expected to carry.
• Conflict in the Middle East and higher oil prices have added volatility to this market.
• Export sales were made further ahead this season due to the size of the crop.
• Late commitments to this pool limited participation in harvest sales.
• The pool used a combination of export sales and late-season domestic sales for the physical portion. Opportunities to hedge using futures during harvest was limited.
• Active foreign exchange management also added value, with the pool consistently staying ahead of AUD purchases throughout the season.
2025/26 Lupins Harvest Pool
• The latest EPRs are $375/t for the Geraldton Zone and $365/t for the Kwinana Zone. However, final zone spreads are yet to be determined and will be reviewed at finalisation.
• The sales program remains on track.
• Export sales have been diversified across multiple destinations.
2025/26 Oats Harvest Pool
• The latest EPRs are $312/t for the Kwinana Zone and $292/t for the Albany Zone. However, final grade and zone spreads are yet to be determined and will be reviewed at finalisation across all sales made during the season.
• Oat prices were below $300/t at harvest due to the larger crop. International prices recovered post-harvest and peaked in April.
• Export sales were made further ahead this season due to the size of the crop, which may impact finalisation timing.
• Container freight rates have increased, primarily due to higher fuel costs and additional fuel surcharges, with limited ability to lock in freight for containers.
2025/26 Wheat Deferred Sales Pool
• For the Kwinana Zone, the latest EPRs are $310/t for APW1 and $285/t for AWW1. Physical sales for this pool will begin once the Harvest Pool is sold, which is estimated to be around August.
• The EPRs are lower than the Harvest Pool, primarily due to the cost of carry.
• Futures have been used selectively, contributing positively to returns.
2025/26 Lupins Deferred Sales Pool
• The latest EPRs are $345/t for the Geraldton Zone and $335/t for the Kwinana Zone. Physical sales for this pool will generally begin once the Harvest Pool is sold, although some participation has already occurred in international sales extending beyond the Harvest Pool marketing period.
2025/26 Oats Deferred Sales Pool
• The latest EPRs are $300/t for the Kwinana Zone and $270/t for the Albany Zone. Physical sales for this pool will generally begin once the Harvest Pool is sold, although some participation has already occurred in international sales extending beyond the Harvest Pool marketing period.
For further information please refer to either the Pool Calculator or the Pool Payment Estimator or contact your local Business Relationship Manager (BRM).
The 2025/26 Pool Fact Sheets are available on the website and provide a snapshot of all the essential information relating to individual pools.
Click here to download Pools news article as a PDF.