Australia: Graincorp closed its new-season barley pool to protect it from failing international markets

Graincorp's sudden closure of its new-season barley pool has sparked anger among growers who have not even had a chance to harvest yet, The Land reported November 21.

The decision to close the pool to protect it from falling international markets, is being held up by the pro-single desk lobby as a sign of things to come if the wheat market is deregulated.

The estimated returns from the 2007-08 No2 barley pool now being offered by GrainCorp is roughly $40/t below that of the No1 pool price, which closed last Friday before harvest had started in many areas of Victoria and South Australia.

In a special report to be published in The Land, NSW, on November 22, GrainCorp national barley pool manager, Adam Robinson, says it was decided to protect the equity of growers who had delivered, after the barley market fell by more than $50/tonne in three weeks.

21 November, 2007