AWB Makes First 2004-05 Distribution

SYDNEY - Apr 4/05 - SNS -- The Australian wheat market board, AWB Limited, is making its first distribution to farmers participating in its 2004-05 wheat marketing pool, issuing cheques totalling A $594 million to growers who have made deliveries so far this season.

General Manager AWB International, Sarah Scales, said AWB had made good progress with its sales and shipping program for the 2004-05 Pool and this had translated to early cashflow for pool participants.

The distributions are calculated using actual sales receipts for each pay grade, as well as added value from pool management (such as currency and commodity hedging) and associated operating expenses incurred to-date.

For benchmark APW (Number 1 Pool), which has a current Estimated Pool Return (EPR) of $199 per metric ton (MT), the base rate first distribution is $38.87 MT. For Australian Premium Durum, 38.5% of sales have already been executed, resulting in a distribution for pool participants of $88.84 MT from an EPR of $231 MT. AWB has also made a first distribution from the Number 2 Pool.

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