Australian grain producer AACL Holdings Ltd. has completed a funding agreement for up to AUD28.8 million (US$24.5 million) covering 2010-11 winter crops with Glencore Grain Pty Ltd., which will become a partner in marketing the crop.

The new facility with Glencore supplements AACL's existing arrangements totalling AUD24 million (US$20 million) with retail investors to fund grain co-production with about 200 farmers across southern Australia, AACL said in a statement.

AACL Chairman Peter McEwen said the Glencore agreement gives certainty to farmers and shareholders and creates a strong platform for AACL's growth strategy and means AACL can this week resume payments to contracted farmers for the 2010 season.

Glencore Grain is a unit of Glencore International AG, one of the world's largest marketers, suppliers and processors of a wide range of farm commodities to industrial consumers, including wheat, corn, barley, rice, oilseeds, meals, edible oils and biodiesel.