ABB pays second quarterly distribution

ABB Grain announced on June 12 that the company will pay the second quarterly distribution from its 2008-09 season national pools on June 17.

ABB said the payment would be distributed to all growers who selected the quarterly distribution payment alternative in ABB's national wheat, barley or canola pools. Anthony Fitzgerald, ABB's pooled grain business unit manager, said the company's grain sales program was very active during the second quarter and, as a result, most pool participants would receive between 30-43 percent of the total net return in this payment.

But due to proportional cost deductions, this will vary marginally depending on the location growers delivered to, he said.

Fitzgerald said the actual payment received by each pool participant would be affected by the allocation of storage and handling costs and freight, which varied between zones and sites.

Given the company's grain marketing activity, Fitzgerald said it has been weighted to the front end of this year that there is likelihood that ABB's pools could be finalized and fully paid out within 12 months. ABB's national No 1 and No.2 barley and No.1 wheat pool estimates remain unchanged, he said.