Pools update

The information presented below reflects the pool position at the time of writing.

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. 

2025/26 Wheat Harvest Pool  

• For the Kwinana Zone, the latest Estimated Pool Returns (EPRs) are $345/t for APW1, $330/t for ASW9, and $328/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, which proved effective as seasonal prices reached their lowest during harvest. 
• Export sales have been 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 even when US futures rallied.  
• Values over the past few weeks have improved as a result of logistic challenges in the Black Sea. The pool had stock in line with mandate percentages later in the season, allowing participation on remaining stock at these levels. 
• Active foreign exchange management also added value, with the pool consistently staying ahead of AUD purchases throughout the season.

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.
  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 trial shipments to China.  
• 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 and cash prices were low at this point. 
• 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 $380/t for the Geraldton Zone and $370/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 with a small amount of stock remaining. 
• 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.

2025/26 Wheat Deferred Sales Pool  

• For the Kwinana Zone, the latest EPRs are $346/t for APW1 and $321/t for AWW1. Recent values are supportive of the EPR moving higher.  
• Physical sales have only recently started in this pool as the Harvest Pool was first to execute. This pool is now about a third sold and, given its volume is small, can pivot quickly.  
• Values over the past few weeks have improved driven by logistic challenges in the Black Sea. The pool can capitalise however; it has a higher carry cost.  
• 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 have been slowly taking place over the past few months, and this pool is around 30 per cent sold.

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 have been slowly occurring over the past few months. This pool is about a quarter sold and, given its volume is very small, can pivot quickly. 

2026/27 Wheat/Barley/Canola Flexi-starter Pool  

• Physical sales have started roughly in line with mandate percentages for this point in the season, with about 20 per cent of the sold. 
• The pool had an uplift in tonnes during the August flex window, particularly in the Geraldton and Esperance zones which are experiencing good rainfall. 

For further information please refer to either the Pool Calculator or the Pool Payment Estimator or contact your local Business Relationship Manager (BRM).

Further information please contact your Business Relationship Manager or our Grower Service Centre on 1800 199 083.