Emerald Australia cuts estimated pool returns on wheat, barley

Commodity manager Emerald Group Australia Wednesday (September 16) cut its estimated pool returns on collective sales of new crop wheat, barley and canola.

"Influencing global factors include excellent crop conditions across North America, a bearish broader grains market sector and a strengthening Australian dollar, resulting in a significant sell-off in global markets," Emerald said in a brief statement.

The estimated gross pool return for new crop wheat grown in Western Australia now is A$260 (US$225.99)/ tonne, down A$10 from a Sept. 1 estimate, while barley is estimated to return A$195/ton, down A$10, with canola at A$500/ton, down A$45.

Other collective sales pools operated by Emerald in other parts of Australia have been cut by similar amounts.

Pools allow farmers to collectively spread sales throughout the year, potentially moderating any risk arising from selling their output at any one time.

US$1= A$1.15 (Sep 16)