Australia: ABB Grain said top up payments approved for pool barley growers
ABB Grain Ltd announced on February 28 that its board has approved a top up payment for growers who have supported its pools of up to A$15/tonne.
ABB’s general manager marketing, Nigel Officer, said the top up of $15/tonne for feed barley No.1 and A$7.50/tonne for malting barley No.1 would be paid on March 9 and apply to ABB’s 2005/2006 standard loan and traditional pools.
“This year the barley pool is nearly two million tonnes and ABB has to make some judgments regarding the value of what the unsold barley is,” he said.
“As our selling season progresses we’re now in a stronger position to make additional payments to growers – and this is what the top up is. It’s a payment process that’s been well established with growers and will continue.”
Mr Officer said that growers who didn’t wish to receive the March 9 top up should notify ABB by close of business on March 3. “They will, however, be able to return this money and will not be charged interest, if it’s returned before the end of March,” he said.
The top up payments are in addition to the harvest advances of A$132/tonne for malting barley and A$123/tonne for feed barley announced by ABB on November 10 last year. These advances are generally paid to growers within eight days of their delivering grain to ABB.
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