Australia: ABB closes No.1 malting and No. 1 barley pools
ABB Grain has closed the No.1 malting and No.1 feed barley pools in South Australia but will immediately open No.2 malting and feed pools, according to ABB’s press release of January 25.
The No. 1 pools have been closed to protect the equity of the growers that supported these pools and benefited from strong prices through the harvest period. The pools have been kept open until now to provide growers ample opportunity to deliver. Opening No. 2 pools will continue to give growers that have not already delivered into the pools the ability to do so.
ABB’s managing director, Michael Iwaniw, said despite the difficult season, the pools had been able to be competitive in a very tight market.
“ABB has been effective in a season with unusually strong domestic activity by staying focused on generating the best result for growers. We look forward to continuing to do this in the looming deregulated barley market,” Mr Iwaniw said.
He said that with less grain to export, ABB had used its marketing expertise to maximize returns for pool growers and will continue to do so.
“Flexibility within ABB’s marketing program has allowed ABB to respond to rapidly changing market conditions,” Mr. Iwaniw said. “This has enabled us to reflect competitive prices - by tapping into the domestic market and prioritizing international sales to key premium markets. We’re beginning to see signs of the domestic market softening, which suggests local buyers have satisfied their demand, in the short term at least, which is another factor taken into consideration in closing the No. 1 pools”.
The current gross pool indicator prices for the pools which closed today were: Malting barley No. 1 (South Australia) $338/t, Feed barley No. 1 (South Australia) $246/t. These prices are unchanged from the last pool update issued by ABB Grain on January 17.
Mr. Iwaniw said the new No.2 pools currently have indicative prices of $333-$338/t for malting barley and $229/t for feed barley.
“We will continue to provide competitive pool options with the intention of maximizing grower returns,” he said.
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