AWB Limited (AWB) announced it would make a $604 million FOB payment, which would result in a $571 million net payment to Australian wheat growers. The company said the payment was expected on Wednesday 15 October 2008.
AWB advised that it had now paid out over $1.45 billion to Australian wheat growers who delivered to the 2007/08 National Pool.
General manager National Pool David Johnson said 4.35 million tones of wheat was delivered into the 2007/08 National Pool, principally in Western Australia and South Australia.
"AWB has secured sales to long term loyal customers in Japan, South Korea, Indonesia, Malaysia, Sudan, Egypt and the Pacific Island markets such as New Zealand, Papua New Guinea, New Caledonia, Solomon Islands & Fiji," Mr Johnson said.
Mr Johnson said that the sales program was now complete, with only shipping remaining, which continues right through into the new harvest.
The company noted that the 2007/08 EPR for benchmark APW grade for the AWB number 1 national pool remained at $420/t and the number 2 national pool APW remained at $399/t.
At 1056 AEST shares in AWB were up 15c or 6.7% to $2.40.