EPR Adjustments for the 2022/23 Harvest Pools and Deferred Sales Pools

The Barley Harvest Pool EPR has been increased by A$10 and the Barley Deferred Sales Pool EPR has been increased by A$40.

Both the Barley Harvest Pool and Deferred Sales Pool EPRs have been increased to reflect higher achievable values due to the reopening of the Chinese market to Australian barley. This comes as a result of the removal of anti-dumping and countervailing duties on Australian barley, and the lifting of the suspension on CBH Grain for barley imports into China. This is in line with the pools' strategy which has always focused on positioning for the re-opening of the China-Australian barley trade, with expectation that Chinese values will be at significant premiums compared to other achievable markets. This is shown to be supportive to pool equity with the uplift in the EPR being more visible in the Deferred Sales Pool due to its increased exposure to the market.

The Lupins Harvest Pool EPR has been increased by A$10 and the Lupins Deferred Sales Pool EPR has been increased by A$15.

Both the Lupins Harvest Pool and Deferred Sales Pool EPR have been increased to reflect the ongoing execution of existing sale commitments in the pool. Additionally, recent currency moves have been supportive to pool equity, providing the opportunity to capture hedging at favourable levels.

The Oats Harvest Pool EPR has been increased by A$15 and the Oats Deferred Sales Pool EPR has been increased by A$20.

Both the Oats Harvest Pool and Deferred Sales Pool EPR have been increased to reflect recent sales into China at levels supportive to pool equity, as well as the ongoing execution of existing sale commitments in the pool. Additionally, recent currency moves have been supportive to pool equity.

For more information, please refer to the Pool Calculator.