2016 Profarmer Australian Grain Under Management

PART
Australian grain under management

A comprehensive analysis of pools and managed selling
programs available to growers for the 2016/17 harvest.
This 2016 Australian Grain Under Management report is sponsored by

Industry sponsor Grain Growers Limited and each of the organisations
whose logos feature below.
November 2016
Introduction
This report aims to help growers :
1. Evaluate what is on offer in terms of professional services that will
sell your grain on your behalf.
2. Make an educated decision on whether the individual product is suited for your circumstance.
Profarmer is as an independent analyst in the Australian grain industry
with a goal to help educate and provide tools to industry to help make better informed selling decisions. This report serves as one of those tools.
How NOT to choose a pool

If you take only one thing away from this report,
please let it be this, Do not choose a pool on an ESR
at harvest. The main reasons being; .
1. ESRs are just estimates. There is no guarantee
of performance.
2. A higher ESR does not mean that pool will
achieve a higher final return.
3. It provides no insight to the pool strategy.
Grain is a very liquid asset - you can convert it into cash on any day with little
fuss. Therefore committing tonnes to a pool is a conscious decision to take what
is a known pile of cash, put it in the hands of an external fund manager (the pool
manager), with the expectation that the pile of cash will be larger when you gain
access to the cash, after paying the fund managers fees.
The chart below highlights how one pool operators

ESRs evolved over the duration of a season. It closed
$35/t below the harvest estimate and was the lowest
final return of any operator, despite having had the
highest estimate at harvest.
Exactly the same can be said for growers who choose a self-managed fund
approach, and conduct their own post-harvest selling strategy over a period; the
end cash result needs to be better than the certainty in cash today.
310
This 2016/17 harvest we are entering the second consecutive harvest of lack
luster prices, especially for cereals and many growers are looking for help maximizing the value of their grain.
Pools or managed products allow growers access to grain marketing expertise
and markets that you otherwise may not have had the skills or means to access.
Our estimates indicate the amount of grain under management (or pools) has
fallen to as low as, or less than, 10% of the national crop in recent years, but
these products, properly managed, could occupy as much as 20-30% of the national crop.
If a pool manager is transparent in the price risk that a grower is exposed to
when participating in their pool, and expectations are aligned, there is no reason
why a portion of growers crops are not in managed products (pools).
However whilst pools are an important tool in our grain marketing tool box, they
are not a silver bullet in a poor price environment.
Pool managers are not market predictors. Rather, they provide growers with
alternative selling strategies which you can choose, or not choose, to commit your
grain to.
When you decide to hold a portion of your crop after harvest, you are choosing
to expose a portion of your crop to the post harvest market and increasing diversity across your sales program. This decision needs to be backed up with a considered strategy for capturing value in the post harvest market. For a pool or managed selling product, this strategy should be reflected in the pool managers mandate.
It is the responsibility of the seller to do their due diligence to choose strategies
that align with their own view of the market and choose pool operators who are
qualified to execute on the strategy.
If the pool operator delivers on their mandate, but the financial outcome doesnt
meet expectations due to market conditions, then the grower needs to accept
responsibility for this outcome. If the pool does not deliver on their mandate it
should be deemed poor performance by the pool operator.
Profarmer Australia
part of the
group
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Nov
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If youre looking at cash bids and pool returns side by

side at your storage site, and youre not happy with
cash or contract bids, and you decide to commit some
of your grain to a pool, try the following exercise.
1. List all the pool operators and products available
at your site.
2. Replace every ESR with a question mark.
3. Use section two of this report and read up on
each of the pool providers.
4. Decide which of the providers youd be happy to
have managing your grain.
5. Using section three of this report, read up on
each of the products provided by the operators
you have chosen.
6. Note any outstanding questions you might have
for the pool operator about their management or
the product.
7. Consider whether the strategy fits with your business circumstances and view on the market.
8. Speak to the pool operator to seek clarification
for your questions.
9. Review past performance (our past performance
report will be out in early December).
10. If youre happy with their answers, then and only
then are you ready to commit tonnes to that pool.
support@profarmergrain.com.au
www.profarmergrain.com.au
November 2016
Participation and sponsorship

In our opinion, a transparent pool space is one where providers are
willing to provide comprehensive information about their products to
current and prospective clients as well as independent third parties,
directly upon request but also publicly on line and via other platforms.
This year all 11 of the pool operators we are aware of provided us
with their product and management information which is included in
this report. The fact that these providers are willing to provide detailed
information about their products to a third party for independent analysis provides an indication of their willingness to improve transparency
in this industry.
We also provided each operator the opportunity to sponsor this report, contributing to the cost of production in order to bring it to you
much earlier in the process (rather than the Christmas eve rush of
years past) and ensure the report reaches every Australian grain
grower, not just those who are clients of Profarmer.
The organisations whos logos appear below sponsored this years
report. They have put their money where their mouth is and taken positive action to encourage further transparency in the pool industry.
Importantly, sponsor or not, all pool operators were been asked the
same questions, their responses are included in the following report.
GrainGrowers is an independent and technically resourced grain grower representative organisation with
an extensive Australian membership base. Our goal is
to support the continued development of an efficient,
sustainable and profitable Australian grain production
sector. GrainGrowers actively supports initiatives that
provide grain growers with access to commercially
focused decision support tools and we commend the Grain Under Management
report as a relevant, practical source of information to support better pool marketing decisions.
Agfarm is an independent diversified agribusiness focused on

year round grower services, providing global grain intelligence
and marketing expertise across many different commodities.
With an innovative range of products and a national footprint
Agfarm are able to help growers at step of the production cycle.
From pre sowing input finance, to structured sales programs,
grain broking and freight, Agfarm are working hard for growers
all year around. We look forward to your continued support in 2016/17 and wish
you a successful and safe harvest.
AGG Co-op is built by growers, for growers, so this grain marketing

business is specifically tailored for the growers who use it. In 2010, a
group of passionate Australian grain growers realised a need for a
competitive, transparent and cost effective business model for marketing their grain. The result is the establishment of the Australian Grain
Growers Co-operative; a grower owned and operated grain marketing
business. Since then, the volumes traded, services offered and our
national / international relationships have strengthened under the direction of a professional board and management team. Today, we continue to provide innovative grain
marketing options for Australian growers, returning the maximum net benefit to AGG Coop members. Were proudly 100% Australian owned and operated. The way it should be.
AvantAgri was established in 2013 by Malcolm Bartholomaeus

(ex ProFarmer and Callum Downs Commodity News) and Peter
Woods (ex Wheat Export Australia) to provide pool products
tailored to the needs of growers, that are transparent, fair and
efficient. Since that time we have settled on a suite of products
that pay up to 80% of equity at harvest, and give exposure to the
market over various time frames, from three months to nine
months, with varying degrees of downside protection. Our two new self managed
pools give ultimate flexibility on timing of sales and payments for up to 2 years.
AWB has significant expertise in running Australian wheat pools

and marketing Australian wheat to domestic and international
customers. Chosen by thousands of growers nationally, AWB
calls on Cargills global network which is active in every major
global destination for Australian wheat. Cargill currently employees over 150,000 people in 70 locations across the globe and
this gives AWB access to valuable and vital market insights,
information, expertise and access in marketing Australian wheat internationally.
When this international information and reach is combined with our AWB network
across Australias wheat belt we are ideally placed to market Australian wheat
domestically and internationally to the benefit of the Australian wheat grower.
As a grower-governed co-operative, CBH Group understands the

challenges grain-growers face. That is why everything we do is
designed to maximise the benefit back to you, the grower. Let us
work on your behalf to negotiate the volatile world of grain marketing and turn that effort into reward for you and your family.
Benefit from our scale as the number one exporter from Australia, our superior customer relationships, our sophisticated market
intelligence systems and the skills and experience of our specialist marketing and
trading teams. Utilise a CBH pool product this season and well put it all to work
for you.
GrainCorp Pools has been managing risk and marketing grain

on behalf of growers for 16 years and has established itself as a
very strong and consistent performer. Our global footprint and
relationship with key international customers, provides Pool
participants with more marketing opportunities and unique risk
management skills. Ownership of strategic assets across the
supply chain, mean that Pool participants receive an efficient
path to the export market.
GrainCorp Pools are proud of our long history of strong results, and view this as a
more important gauge to future performance, than a harvest EPRs.
Market Check is Australias largest independently owned grain

marketing business that has been offering year-round services
and products to progressive Australian farmers for over 20
years. Our grower allied position and wealth of experience has
ensured unwavering commitment to family and corporate grain
producer clients with a focus on integrity and innovation. Besides consistently excellent results, our managed programs offer
growers peace of mind through our transparent and disciplined approach, continued investment in our operations, systems and people, flexible payment terms
and knowing all grain sold through the programs is insured by one of the largest
global credit insurers.
Plum Grove is a privately owned, WA based grain accumulation

and export business, which connects Australian growers to some
of Australias biggest wheat customers, our shareholders. Plum
Grove founded as a pooling and advisory company for growers,
and today pooling remains a core part of the business. When a
grower commits grain to a Plum Grove pool the trading strategy,
mandate and benchmark is completely transparent. This level of
transparency sets us apart from most pool managers in the marketplace. Once in
the pool, growers receive regular updates on sales progress, EPRs and market
conditions, which avoids any surprises on finalisation.
Unique Grain Management (UGM) serves a single purpose,

providing Australian grain growers a pool marketing service,
marketing grain via a distribution pooling model. UGM service is
not conflicted between various marketing alternatives, product
alternatives and structures. The business model sees, all revenues flow to the pool and only those direct costs associated with
the grain deducted. UGM sole function is to have the best interests of the pool, and the growers ownership of tonnes in the pool, as their driver.
UGM looks to provide a sustainable marketing alternative via its many years of
expertise in the industry and unique customer and market relationships to provide
a service to growers.
Profarmer Australia
part of the
group
November 2016
Table of contents
Rules to pool by
Part One
Introduction
Participation
GTA Message
About Profarmer
Page 2
Page 3
Page 5
Page 6
Part Two
Choosing a provider
2016/17 Product Providers
Page 8
Page 10
Part Three
Choosing a product
2016/17 Available strategies
2016/17 Product Directory
Page 22
Page 24
Page 39
Part Four
Past performance
2015/16 returns
1
2
3
Do not make a pool decision

based on an EPR at harvest.
An EPR is just an estimate, it
does not provide a guarantee of
future performance.
Profarmer does not endorse one

managed product over another.
The pooling decision should take
into consideration individual
circumstances and objectives.
We do not support any claims of
performance based on an EPR
result. Pool performance should
be measured as performance
against a mandate.
Page 43
Page 45
Reservation of rights
All data, charts and information have been pepared strictly for the
purpose of this report and are not to be re-published, reproduced, or circulated without prior consent from Profarmer
Australia.
Profarmer is conscious that selective use of the information, and
if out of context, could be used by parties to promote their business objectives. Profarmer stands by its integrity and independence, and therefore reserves the right to refuse any use of this
information without an understanding of how it will be used.
Please contact us if you wish to use any material in this report.
Profarmer Australia
part of the
group
November 2016
About Profarmer Australia

Profarmer Australia provides Australian grain prices, analysis and selling tactics to help growers sell the right grain, on the right day, in
the right way. The Australian grain under management report is just one tool designed to help you achieve this.
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Disclaimer
Comments are the opinion of the writers only and should always be considered in the context of your personal business circumstance.
Profarmer Grain is published by NZX Ltd, PO Box 6120, St Kilda Road, Melbourne, Vic, 8008. NZX Agri Advisors Pty Ltd. Disclaimer: This report is published by NZX
Agri Advisors Pty Limited (ABN 94 090 519 798) (NZX Agri Advisors) (AFS Licence 223409). NZX Agri-Advisors Pty Limited is wholly owned by NZX Ltd who also own
Australian Crop Forecasters and the Clear Grain Exchange among other businesses. In this disclaimer, references to the Agri Advisors Group refers to NZX Agri Advisors, its related bodies corporate, and their officers, agents, authorised representatives and employees. This publication is for information purposes only and contains unsolicited general information, without regard to any individual objectives, financial situation or needs. You should consider the appropriateness of the information in this publication having regard to your objectives, financial situation and needs, and obtain specific individual financial advice from your financial advisor, before acting on information
or recommendations in this publication. This publication is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any
financial product. Decisions about financial products involve risk, and past performance is no assurance of future performance. Some of the material contained in this publication is obtained from official or other sources considered reliable, and care is taken to ensure its accuracy. The Agri Advisors Group is not responsible for any data or
information supplied by third parties. Recommendations or opinions reflect judgments and assumptions as at the date of publication and may change without notice. The
Agri Advisors Group is not responsible or liable for any errors or misstatements in, or omissions from, this publication. The Agri Advisors Group excludes, to the fullest
extent permitted by law, all liability for any loss or damage of any kind however rising in relation to this publication, including any reliance on it or making any transaction in
connection with any information or strategy mentioned in it. This publication is not for public circulation or reproduction, in whole or in part, and must not be disclosed to any
person other than the intended recipient without the prior written consent of NZX Agri Advisors. All intellectual property rights in this publication are, and at all times remain,
the property of NZX Agri Advisors, unless otherwise attributed.
Profarmer Australia
part of the
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PART
Choosing a provider
This section of the report explores key considerations for
choosing a provider to manage your grain and provides
information about the organisations offering products for
the 2016/17 harvest.
November 2016
Choosing a provider
When entering a pool you are entrusting the pool provider with
your seasons work in growing the grain. It is worthwhile taking the
time to research the provider.
Ask yourself
We asked all operators a standard set of questions, about their

experience, governance and ring fencing, and their answers are
included on the following pages. However these questions are not
exhaustive, we encourage all growers to do their own additional
research before choosing a provider.
1
2
3
4
5
So what are the key considerations? Below we have highlighted

some of the key considerations when choosing a pool operator.
Trust
Trust is probably one of the biggest determinants of whether you
use a particular pool manager or not. Trust could be developed
by a pool managers experience, expertise, level of transparency,
relationship, ownership structure or security over your grain.
Company structure
Different providers have different company structures. Different
company structures can imply advantages and disadvantages to
the pool participant. For example, a multinational trader may have
access to off-shore markets, however other parts of their business
may have conflicting interests. A smaller niche pool provider may
be solely focused on achieving good outcomes for the pool,
however they may have less trading experience or potentially a
more uncertain capital base.
Ring fencing
There are several models used to "ring fence" pool assets.
Judging by the pool operators' responses, there is no single or
common definition for ring fencing across the pool operators. You
need to feel confident that the risks of conflict of interest (where
pools might operate alongside other commercial activities of the
operator) and/or payment security are acceptable to you.
Some operators establish a separate legal entity to house all
pool assets - 7 out of the 11 operators advise they do this. While
this better protects pool assets in event of a "parent company"
failure, it does not necessarily remove the conflict of interest risk
when operators run commercial trading operations in parallel to
management of pool assets. That conflict is best managed by
strong governance: internal processes, separate stock ledgers,
audits and the like.
Where operators only manage pools, the conflict of interest risk
is lower.
Relies on internal controls
ABC Company
Pooling
Trading Brokering
Profarmer Australia
part of the
group
Separate legal entities

ABC Pools
ABC Trading
Pooling
Trading Brokering
Do you trust the manager to do

what they say they are going to
do?
Do you have confidence the

manager has the necessary skills
and experience to deliver on the
strategy behind the product?
Are you comfortable being an

unsecured creditor of the pool
operator over the life of the
product?
Are you comfortable with how the

pool assets are ring fenced.
Are you happy with the level of

information you are receiving /
are going to receive?
November 2016
Choosing a provider
Four of the operators have not established a separate legal
entity to ring fence pool assets, preferring to rely on either their
"pool management only" status or their strong internal controls
and track record.
a high standard. This includes engaging an independent auditor to

audit accounting records of the pool and its compliance with the
terms and conditions of the pool.
Because there is no single, accepted definition for ring fencing

(at least not as yet - perhaps that's a 2017/18 objective!), there is
no simple answer.
2016/17 Product Providers

Each of the following pool providers responded to our 2016/17
season pool manager questionnaire. Their responses are documented on the following pages.
Credit risk and payment security

When allocating grain into a pool, you transfer title and become
an unsecured creditor for the life of the pool.
IMPORTANT: these responses are provided by the pool operators to the Profarmer questionnaire; Profarmer provides no comment or analysis of these responses.
This means, the grower carries credit risk with the pool provider
until the pool is finalised, which can be over a year. Some loan
products against pools can be underwritten providing extra
certainty.
Click on their names below to be directed straight to the appropriate page.
Agfarm
Page 10
AGG Co-op
Page 11
Avant Agri
Page 12
AWB
Page 13
CBH
Page 14
Flexi Grain
Page 15
GrainCorp
Page 16
Market Check
Page 17
Plum Grove
Page 18
Externally audited
Special One Grain
Page 19
A pool or managed marketing product commands a large amount

of capital and responsibility of management. This is a professional
financial service and accounting records should be maintained to
Unique Grain
Page 20
Are the pool assets (your grain) protected in the event of

insolvency or financial difficulty of the pool provider. This should be
a critical concern for any pool participant. Ring fencing of pool
asses can assist in protecting your asset.
Performance reporting
Considering you are allocating the management of your money
(grain) to an external party it should be expected that you are
provided with regular updates on the management of this capital.
In line with the GTA Pool Operating Standards the expectation is
providers publish at least quarterly reports regarding the
performance and operation of the pool. We also expect them to
make this information available on their public website, not only
privately communicating with participants. Changes in strategy or
reductions in EPRs should be communicated to participants. This
is your income at stake so any changing circumstances should be
communicated promptly and effectively.
11
Average years experience of

those pool operators who
responded.
Profarmer Australia
part of the
group
Pool operators
participated in this
years report. The
highest yet!
The Trustee for Agfarm Unit Trust

ABN/ACN
Pool manager
29 001 575 798

Christopher Coore
www.agfarm.com.au
PLEASE NOTE: All responses are presented as they were provided to us by the individual pool operators via the Profarmer questionnaire. Profarmer makes no warranties as to the accuracy of the information provided to us by the pool operators. This information is not exhaustive, we strongly recommend each grower does their own due diligence before committing grain to a pool operator or product. For more information on any of the sections below please CLICK HERE to read more about the key considerations when choosing a pool operator.
Christopher Coore
years
managing pools
155
Agfarm adopts the GTA Australian Grain

Industry Code of Practice. Agfarm, also
has external risk and compliance policies
to ensure the mandate of the program is
met
An external audit is completed by KPMG
Reporting
Q. Please explain how your pool manager is qualified

to operate a pool.
Pool performance reports will be published

after the final payment is made for each
product
Following university, Chris was accepted into a graduate

program at NAB where he gained solid knowledge in
analytics, risk management, regulation and reporting. This
laid the foundation for his grain trading career. Since then,
Chris has worked in several different trading houses,
including Noble Resources (COFCO) and CHS. His
career has excelled through his deep understanding of
overlaying technical and fundamental market analysis to
trade domestic, export and derivative markets, while
always respecting the boundaries of risk management.
Chris believes that all actions should be in the interest of
the grower, and that transparency is of high importance.
What information is available on

your website?
Current EPR
Updates
Previous EPR
Updates
Previous final
returns
Payments of
distributions
Marketing
materials
Terms and
conditions
Risk / product
disclosure
Auditors
reports
Ring fencing
Experience
years
managing pools
Code of conduct
Are pool assets kept in a separate legal

entity to other business activities?
GTA member no.
Agfarm
NO
Other business activities
Finance | Brokerage | IT
accumulation agreements.
How are non pool activities separated
from pool transactions?
Agfarm Advantage is ring fenced due
to the controls, separation and segregation
of stock, duties, finance and reporting
best daily bid across each month over the chosen time
period. Agfarm is a member of Grain Trade Australia, has
proven positive results, and is managed by a team of
highly skilled and experienced people to ensure we
deliver you the best result.
Final comments
Agfarm is an independent grower Services Company that
follows the charter of working hard for growers. The
Advantage program is no exception. Agfarm has seven
years experience managing grain in Advantage and
assisting growers with their cash flow and marketing
needs. Agfarm aggregate deliveries of grain to make
larger parcels which are more attractive to buyers,
creating a premium for the grower.
Q. How do you believe pool products create value in

the Australian Grain Industry
Pooling products are a very valuable tool that growers can
utilise when deciding their grain marketing decisions. This
is due to pools or structured marketing programs offering
different grain marketing strategies and payment methods
to suit the cash flow and marketing needs of growers. It is
important that growers trust the individuals and
companies managing the pool or structured marketing
program and the company is a member of Grain Trade
Australia (GTA) and adheres to the GTA Code of
Practice.
Q. What is the benefit to the Australian grain grower
of participating in your products?
Other: FAQ's, terms and conditions,

contact details, product brochure, transfer
guidelines for growers, payment options.
Agfarm Advantage is a low risk, simple and structured

marketing pool that is easy to understand. Agfarm
Advantage has three different payment options; advance,
deferred or monthly, allowing the grower to manage their
cash flow needs. Returns are based on an average of the
Mission
It is Agfarm's vision to be the leading, diversified service provider to
the rural industry by 2020
Values
Integrity, Agility, Disciplined, Customer Focused, Rigour
Australian Grain Growers Co-operative

ABN/ACN
Pool manager
33 719 186 591

Plum Grove
www.aggcoop.com.au
Plumgrove
13
years
managing pools
Learn more about
PlumGrove on pg 18.
267
ALL independent reviews of managed

programs include specific reference to
compliance with GTA Code of Practice.
An independent review is completed by
Timothy J Ryan & Associates.
Reporting

to operate a pool.
Live Returns will be available on the AGG

Co-op website. Weekly sales reports are
sent to participants. Regular market
updates are provided, while all participants
will receive a finalisation report at program
completion.
Plum Grove is contracted by AGG Co-op to provide

specialised program management services and grower
service support. Plum Grove is a respected grain
management company with a strong performance record
and demonstrated capabilities in commodity risk
management and international grain markets. The core
foundations are built on professionalism, innovation and
reliability.

your website?
Current EPR
Updates
Previous EPR
Updates
Previous final
returns
Payments of
distributions
Marketing
materials
Terms and
conditions
Risk / product
disclosure
Auditors
reports
Ring fencing
Experience
years
managing pools
Code of conduct

GTA member no.
AGG Co-op
YES
No other business activities
Separate legal entity (PGSA) holds grain
title, individual bank accounts hold all funds
received, associated expenses and
provide grower payments
Final comments
AGG Co-op was built by growers, for growers! It was
established in 2010 to meet grain grower demands for a
transparent, trustworthy marketing service which returned
profits back to growers and has performed consistently,
marketing nearly 2 million tonnes of grain on behalf of
around 2,500 grower entities in SA, Vic and NSW.

Managed programs create value for industry by providing
competitive grain marketing alternatives that allow grain
growers to manage risk by diversifying methods of grain
sale. They can provide price protection while continuing to
participate in the market without extreme volatility that is
beyond grower control.
AGG Co-op managed programs capture value for
participants through clearly defined strategies and
performance mandates. They create value by offering
grain growers choice and providing alternatives with a
range of market exposures, price discoveries and
program transparency. AGG proudly offers straight
forward and professionally managed programs designed
to take the stress out of grain marketing by working to
clearly defined mandates and meeting performance
benchmarks.
Mission
To provide innovative grain marketing options for Australian growers which return the maximum net benefit to its members through
strategic partnerships.
Values
Co-operation, Respect, Integrity & accountability, Reliable, Honesty
& Openness, Service Excellence
AvantAgri Australia Pty Ltd

ABN/ACN
Pool manager
50 165 822 828

Malcolm Bartholomaeus
www.avantagri.com.au
Malcolm
Bartholomaeus
years
managing pools
323
We are audited against the code of

conduct.
An external audit is completed by RSM
Australia Pty Ltd.
Reporting

to operate a pool.

annually and publicly available.
Malcolm has been analysing grain markets, and providing

analysis and advice on pool products and grain marketing
strategies for 27 years. As a farmer he has used pools
and understands the features that matter to growers.

your website?
Current EPR
Updates
Previous EPR
Updates
Previous final
returns
Payments of
distributions
Ring fencing
Experience
years
managing pools
Code of conduct

GTA member no.
AvantAgri
YES
Consulting | Advising | Market Reporting
A trust with a separate corporate trustee

They provide a full broking and back office service to
growers for all their grain marketing. They separate cash
flow and income from grain sales so that the farm
business can operate while providing access to the post
harvest market for an extended period of time. Pools
stand between the grower and the buyer to provide
protection against third party payment defaults.
Marketing
materials
Terms and
conditions
Risk / product
disclosure
Auditors
reports
Other: Pool fact sheets.
We have a range of products that are all designed to suit

various farm business needs. Four of our products are
fully managed for the grower. Two products allow
growers to determine the timing of sales, and one allows
growers to also determine the timing of payments. Our
Flexi pool can provide a pooling alternative for grain
stored on farm.
Final comments
AvantAgri always puts the interests of the grower first,
both in the products offered to growers, and the way the
products are managed, and returns are paid and reported
to growers.
Mission
To deliver fair and competitive returns to growers in an efficient
manner.
Values
Honesty, Integrity and Transparency.
AWB Harvest Finance Pools Pty Ltd

ABN/ACN
Pool manager
39 140 232 346

Charlie Brown
www.awb.com.au
AWB
Charlie Brown
years
managing pools
0101
AWB is committed to transparency in
pools and through our internal
governance framework, aim to exceed
the minimum standard outlined in the
Code.
An external audit is completed by EY prior
to finalisation.
Reporting

to operate a pool.

your website?
Charlie has worked in the agricultural commodity markets

both in Australia and offshore his whole career, now over
16years. Having grown up on a cropping farm on
Queenslands Darling Downs, he fully appreciates the
challenges facing farmers every day.
Estimated returns are regularly updated

and available at all times via the website.
Current EPR
Updates
Previous EPR
Updates
Previous final
returns
Marketing
materials
Payments of
distributions
Terms and
conditions

A well-managed pool can assist Australian Grain growers
by providing an alternative channel to market their grain.
As part of a diversified selling strategy, a reputable pool
product can deliver returns that may outperform other
alternatives. Whilst we cant speak for other products,
AWBs pool products are customer-centric products that
consistently look to innovate to deliver more value to the
grower and assist in helping growers manage their price
risk in a complex and ever-changing local and global
market environment.
Risk / product
disclosure
Auditors
reports
Other: Product facts sheets providing easy access

to key information, such as acceptable grades, fees
and charges, the pricing mandate
AWB's trusted pools (Harvest Pool, Season Starter &

Spring Starter) provide the Australian wheat grower with
an alternative method of selling their wheat through
market channels and hedging tools that may otherwise
not be available or would be too expensive for a farmer to
access individually. The AWB pools are benchmarked
against the average of the daily best cash bid through the
pricing window, with the aim to outperform the
benchmark. This allows the producer to diversify their
Mission
Strategic direction: Cargill will be the leader in nourishing the world
in a safe, responsible and sustainable way.
Global vision: To be the most trusted partner in agriculture, food
and nutrition
Our MISSION is to create distinctive value.
Our PURPOSE is to be the global leader in nourishing people.
Our APPROACH is to be trustworthy, creative and enterprising.
Ring fencing
Experience
years
managing pools
GTA member no.
Code of conduct
50

YES
Storage | Logistics | Accumulation
Processing | Merchandising
We establish seasonal trusts that ring
fence grain from one season to other
seasons.
sales strategy without adding additional risk to their

business while also gaining access to a range of flexible
payment options that allows farmers to better manage
their business.
Final comments
AWB values the trusted relationship it holds with its pool
participants. AWB will manage its pools in accordance
with a transparent pricing mandate, the Pool Operator
Code of Conduct and will continue to adhere to good
governance and prudent risk management principles.
AWB aims to deliver on it commitments to farmers
including our performance benchmarks and in doing the
simple things well like getting payments to farmers
accurately and on time.
AWB has significant expertise in running Australian wheat
pools and marketing Australian wheat to domestic and
international customers. Chosen by thousands of growers
nationally, AWB calls on Cargills global network which is
active in every major global destination for Australian
wheat. Cargill currently employees over 150,000 people in
70 locations across the globe and this gives AWB access
to valuable and vital market insights, information,
expertise and access in marketing Australian wheat
internationally. When this international information and
reach is combined with our AWB network across
Australias wheat belt we are ideally placed to market
Australian wheat domestically and internationally to the
benefit of the Australian wheat grower.
Values
Cargill Guiding Principles
We obey the law.
We conduct our business with integrity.
We keep accurate and honest records.
We honour our business obligations.
We treat people with dignity and respect.
We are committed to being a responsible global citizen.
CBH Group
ABN/ACN
Pool manager
29 256 604 947

Paul Smith
www.cbh.com.au
Paul Smith
years
managing pools
198
CBH strongly supports the industry

initiative for increased transparency and
consistency in operating standards across
providers. CBH compliance policies
exceed the requirements of the GTA code,
and are monitored by our compliance team
and the CBH Board, as well as external
auditors.
An external audit is completed by KPMG.
Reporting
monthly and publicly available.
your website?
Current EPR
Updates
Previous EPR
Updates
Previous final
returns
Payments of
distributions
Marketing
materials
Terms and
conditions
Risk / product
disclosure
Auditors
reports

to operate a pool.
Paul has over 15 years trading experience, including 10
years trading FX, commodity and interest rate markets in
the banking industry and 6 years trading commodity and
FX markets with CBH. Paul has met the integrity and
compliance standards overseen by ASIC to be registered
as a Responsible Manager on CBH's Financial Services
License. The CBH pool management approach utilises
the experience of the pools management team, the
commodity trading and marketing teams, and leverages
the logistical capability and experience of the largest grain
export program in Australia, meaning growers can be
confident their grain is being managed at the highest
standard by industry professionals.
Pool products are a valuable grain marketing tool
enabling growers to diversify their grain marketing risks.
The different products, pricing, and payment options
available allow growers to choose a product which
complements their marketing plan objectives. Depending
on the provider and the product, a pool can offer growers
access to market opportunities and margins they could
not otherwise reach, hedging tools which they could not
otherwise utilise, and specialist marketing and risk
management expertise which many growers simply do
not have the time to develop.
Ring fencing
Experience
years
managing pools
Code of conduct
CBH Group
84

GTA member no.
NO
Storage | Handling | Transport |
Marketing | Processing
Pool assets are ring-fenced via separate
seasonal business units, with segregated
physical stock management via separate
pool bulk-handler accounts and separate
pool general ledgers to other business
operations.
CBH pools offer growers unrivalled access to marketing

opportunities. Our position as the No1 grain exporter in
Australia, matched with our extensive network of longterm customer relationships, provides growers access to
premium international markets. Benefit from the extensive
experience and skills of the CBH Marketing and Trading
team, working on your behalf to maximise the value of
grain under management. Being a grower-governed cooperative means you can rest assured that all decisions
are being made in the best interest of growers. Our
consistently strong record of pool performances speak for
themselves.
Final comments
CBH strongly supports initiatives to promote

transparency and consistency for growers when it
comes to making grain marketing decisions. Providers
should be supplying all necessary information to
support growers in making an informed decision about
their grain marketing options.
CBH internally benchmarks its products to measure the

performance of the pool management team.
Depending on the product, the mandate is typically to
outperform the average of the best available cash
prices over the marketing window.
CBH is a strong supporter of pool products, our priority

is ensuring we always act in the best interest of
growers when managing our products, and we have
strict governance in place to support this.

Mission
To create and return value to growers
Values
The CBH Group aims to create and return value to growers. To
support this purpose, the co-operative's values are:
Collaboration - the strength of many to succeed
The commitment to perform
The courage to change
CBH also focuses on safety as a vision - our vision is that everyone
returns home safely at the end of each work day.
Flexi Grain
ABN/ACN
Pool manager
47 165 475 767

Flexi Grain & Lachstock Consulting
www.flexigrain.com.au

years
managing pools
333
Flexi Grain believes they have created

adequate governance and company
structure to ensure they operate within the
GTA Australian Grain Industry Code of
Practice.
An external audit is completed by Logan
& Hall PTY LTD.
Reporting

to operate a pool.

weekly for contracted growers and monthly
to the public.
Flexi Grain have been offering an Area Based Contract

since 2013. In the 2013, 2014 & 2015 seasons, Flexi
Grain clients could deliver grain from these Area Based
Contracts into a Flexi Grain Pool where the management
of the pools was outsourced to Market Check. To
strengthen ties with local growers and improve Flexi
Grain's security, Flexi Grain are now providing pool
management services in-house. Accordingly Flexi Grain
have appointed Lachstock Consulting as an external
advisor to assist in managing the day to day price risk.
The senior management within both entities (Steve
Cameron, Jarrod Tonkin, Lachie Stevens & Tim Glass)
have over 60 years agricultural experience including,
Agronomic, Global commodity trading, Risk Management,
and Pool Management.

your website?
Current EPR
Updates
Previous EPR
Updates
Previous final
returns
Payments of
distributions
Ring fencing
Flexi Grain
Code of conduct
Experience
GTA member no.
YES
Title of grain and proceeds from sales sit
within the FXG GROUP PTY LTD ATF
FXG UNIT TRUST. The FXG GROUP
pay Flexi Grain Pty Ltd a management fee
($10/mt EXC GST) to conduct all the pool
management services.
marketing option via an Area Based Contractual

arrangement.

Marketing
materials
Terms and
conditions
Risk / product
disclosure
Auditors
reports
Other: Area based contract terms and

conditions
Pool products enable Australian growers to utilise the

marketing knowledge and contacts of industry
professionals which takes the time and stress out of
tracking markets daily. By pooling their grain, it gives the
parcel the best chance of accessing more markets and
achieving higher returns through economies of scale.
Through dealing with a trusted pool manager who
communicates clearly the strategy and risks associated
with the current market participants would upskill their
knowledge and comfort that their grain is making its way
to market in an efficient manor
Flexi Grain provides grain producers with a low risk grain
Mission
Creating grain marketing solutions for Australia grain producers
Values
Trustworthy, Transparent & Independent
Graincorp
ABN/ACN
Pool manager
60 057 186 035

Bernie Byrnes
www.graincorppools.com.au

175
16
Experience
years
managing pools
Bernie Byrnes
years
managing pools
Code of conduct
Graincorp
GrainCorp Pools has the appropriate

skills, payment systems, risk mitigation
systems, procedures, governance and
compliance protocols and policies in place
to appropriately manage pools, as
outlined by the GTA Code of Practice.
An external audit is not completed.
Reporting

to operate a pool.
Harvest 10 EPR Updates are published regularly and made available on both our website
and online Pools Calculator. Both Harvest 10
and PriceGuard-Plus management updates
are also distributed quarterly. Final performance reports are published annually.
With 10 years of grain marketing experience, Bernie

Byrnes has developed a sound understanding of both
domestic and international grain marketing and risk
management. Bernie has been Pools manager for 3
years with GrainCorp, having previously been employed
in brokering, procurement and risk management roles in
grain, cotton and livestock industries.
Leveraging off GrainCorps' extensive international
network, Bernie is well positioned to identify and capture
market opportunities on behalf of Pool participants.

your website?
Current EPR
Updates
Previous EPR
Updates
Previous final
returns
Payments of
distributions
Marketing
materials
Terms and
conditions
Ring fencing
GTA member no.
YES
Marketing | Storage | Logistics | Malt | Oils
Harvest 10 is a separately operated entity
and is annually internally audited.
The Pool Management team operate
independently to GrainCorp Marketing's
trading desk.

Pool products allow growers to diversify their marketing
portfolio and focus on production. Pools participants can
gain access to marketing expertise and broader market
opportunities.
A secure provider backed by Australia's largest publicly
listed agribusiness, with a growing global footprint.
GrainCorp utilises and manages to global networks to
leverage sales. GrainCorp utilises hedging strategies to
reduce risk.
Final comments
Risk / product
disclosure
Auditors
reports
GrainCorp Pools strive to be industry best, transparent

with strong performance. Our past performance is
evidence of the value participants gain from our risk
averse trading approach.
GrainCorp Pools commit to deliver on each product's
mandates.
Mission
An International Agribusiness creating value by connecting consumers to growers along the grain chain.
Values
Safety, People, Customer, Excellence, Integrity, Community and
Sustainability
Market Check
ABN/ACN
Pool manager
33 067 313 722

Tom Basnett & Brett Stevenson
www.marketcheck.com.au
GTA member no.
Experience
years
managing pools
Tom Basnett
years
managing pools

67
Through the implementation of a rigorous

Risk & Compliance Management
Framework and as a holder of an AFSL,
requires efficient and effective
management of risk, which has provisions
for all aspects of GTA Industry code of
practice.
An external audit is completed by KMB
Ring fencing
Code of conduct
Market Check
NO
Grower advisory | Cash brokering
Market Check does not trade as principal
and Pool assets are ring-fenced in
separate general ledgers
Reporting

to operate a pool.


Tom and Brett have a combined 35+ years in agriculture

and more specifically grain marketing and advisory for
Australian growers. In this time they have established
themselves as market leaders in grain market analysis
and strategy development. Their expertise in marketing
and price risk management has helped build Market
Check's reputation as the pre-eminent independent grain
marketing firm in Australia. In addition, Nick Crundall is
dedicated to capturing domestic pricing opportunities
through his 5 years experience in trading and pool
management. Tim Phelps also manages our hedging
strategy development and execution, utilising his
extensive knowledge and expertise in global market
dynamics and futures markets.
Australian grain growers benefit from participating in our

pools because first and foremost, Market Check is an
independent pool provider, meaning we do not have a
trading division as part of our business. All market activity
undertaken by Market Check is returned directly to
growers. We take the time to ensure that all growers
participating in our pool understand the strategies
executed by each program before committing, as it is
vitally important that growers understand how their grain is
being managed. Our range of pool products allow
growers to access the strategies best suited to their
specific grades and cash requirements, and our track
record of strong grower returns speaks for itself.

your website?
Current EPR
Updates
Previous EPR
Updates
Previous final
returns
Payments of
distributions
Marketing
materials
Terms and
conditions
Risk / product
disclosure
Auditors
reports
Final comments
Pool products create value by allowing growers to access
professionally
managed
post-harvest
marketing
strategies, meaning they have more time to devote to the
business of farming. In our view, pools are able to create
the most value when they are actively managed by an
independent, grower focussed team of market
professionals. Such programs take marketing risk away
from time-poor farmers, offer flexible payment options,
and put experts in the farmers corner in a highly
competitive and globalised market. By smoothing out the
marketing period, rather than concentrating sales around
harvest time, pools are able to decrease volatility in an
already volatile industry.
Mission
Market Check is an independent, Australian owned business that
offers year-round grain marketing and advisory services to progressive Australian farmers. Our impartial position and wealth of experience has ensured unwavering commitment to family and corporate
grain producer clients for over 20 years. As a relationship-oriented
business, long-term committed client partnerships are the core of
our business.
Market Check differentiates themselves further by

indexing all grower returns by site and the time in which
tonnes are contracted into the program. This ensures a
fair distribution of equity across all growers in different
sites across Australia. The Time Of Entry scaling ensures
that participating growers receive a return that reflects the
market conditions when the grain was contracted into the
program.
Values
Market Check has cemented itself as a market leader in sound
marketing and price risk management strategies for growers. Our
transparent and disciplined approach, combined with continued
investment in our operations, systems and people, ensures we help
our farmer clients achieve secure and consistently excellent returns.
Plum Grove Pty Ltd

ABN/ACN
Pool manager
61 104 516 305

Tyson Fry
www.plumgrove.com.au
GTA member no.
Tyson Fry
years
managing pools
Plum Grove have developed the

appropriate skills required to offer pooling
products over the last 10 years. Our
payment systems, trading strategies and
risk & compliance policies have been
designed to provide transparency and
security for pool participants.
An external audit is completed by EY
Reporting

to operate a pool.
Live Returns will be available on the Plum

Grove website. Weekly sales reports are
sent to participants. Regular market
updates are provided, while all participants
will receive a finalisation report at product
completion.
Tyson has been with Plum Grove for over 5 years and
during his time has overseen the management of over 40
pool products. Tyson has taken a leading role in driving
pool transparency, with a focus on clear mandates and
strategies that provide greater options to growers.

your website?
Current EPR
Updates
Previous EPR
Updates
Ring fencing
Experience
years
managing pools
Code of conduct
13

48
Plum Grove
YES
Bulk Exporting | Cash Trading
Separate bulk handler accounts.
Individual bank accounts. Externally
Audited. Separate legal entity

Pool products provide an alternative marketing option for
the Australian grain producer. When clearly defined
trading strategies and mandates are followed, pool
products offer a complementary risk management tool
over an extended timeframe.
Previous final
returns
Payments of
distributions
Marketing
materials
Terms and
conditions
Risk / product
disclosure
Auditors
reports
Plum Grove connects growers to some of Australias

biggest wheat customers. We were founded as a pooling
and advisory company for growers and pooling remains
part of our core business. When a grower commits grain
to a Plum Grove pool they know and understand our
trading strategy, our mandate and our benchmark. This
level of transparency sets us apart from most pool
managers in the marketplace. Once in the pool, growers
receive regular updates on sales progress, EPRs, market
conditions and pool positions, which avoids any surprises
on finalisation.
Mission
Plum Grove directly connects growers to their shareholders global
demand, which covers Australia's biggest wheat export markets.
Values
Professional Innovative Reliable
Special One Grain

ABN/ACN
Pool manager
32 113 508 875

Jaimee Carrigan & IKON Commodities
www.specialonegrain.com.au
171
IKON commodities
20
years
managing pools
Reporting
Previous EPR
Updates
Previous final
returns
Payments of
distributions
NO
Grain buying
While there is no separate legal
"entity" for the Pool business, all Pool and
Cash trading activities are "ring fenced"
internally and monitored by an independent
consultant.

to operate a pool.
1.
Marketing team with extensive experience in

hedging domestic and international markets.
Marketing team to use full range of tools to
maximise returns whilst limiting downside risk
with timing of hedges and sales.
2.

your website?
Current EPR
Updates
The Walgett Co-operative is a public

company and bound ASIC accounting and
reporting rules. Pool equity is reported
separately and does not contribute to the
balance sheet of the organisation. Further,
the Walgett Co-operative is audited
annually by Boyce Accountants.
Ring fencing
Experience
years
managing pools
Code of conduct
20

GTA member no.
Special One Grain

Special One Grain is the longest running, independent
pool provider our objective is to maximise returns whilst
limiting downside risk, outperforming the average cash
price over the marketing window.
Final comments
Our pools are a covenant with growers, therefore as pool
managers we will:
Marketing
materials
Risk / product
disclosure
Terms and
conditions
Auditors
reports
Focus on growers when we transparently set

pool objectives, trading parameters, delivery
points, and payment alternatives
Adhere to our pool management process
Benchmark our pool returns against the pool

objectives and communicate this to growers
Manage pools within defined management

parameters and aim to exceed pool objectives
and achieve the best possible return
Mission
Our philosophy is about grass roots and adding value. We do this
by managing key alliances in an integrated supply chain extending
from the farm gate to domestic and international customers.
Values
To growers, we offer a range of innovative and superior quality pool
and cash products, tailored to their requirements. To the trade and
consumers, we provide secure supply and reliable contract execution. Integral to change and expansion has been the development
of trusted, long-term partnerships enabling us to continually deliver
results for Growers. We have a proven track record of constantly
improving our capacity to satisfy long term customers, of innovating, identifying and entering new markets.
Unique Grain Management Pty Ltd

ABN/ACN
Pool manager
51 164 202 304

Mark Thiele
www.uniquegrain.com.au
Mark Thiele
10
years
managing pools
348
Unique Grain strives to perform all

functions required of it at a level that not
only conforms to the code of Practice but
exceeds this level.
An external audit is completed by EY
Reporting

to operate a pool.

monthly and bi monthly and publicly
available.
Mark has managed or had pool managers who report to

him across various businesses over a period stretching
back to the early 1990's. His experience in the market,
domestic, international and derivative based, combined
with his excellent customer relationships more than
qualifies him to manage the focussed style of pools
Unique Grain manages.

your website?
Current EPR
Updates
Previous EPR
Updates
Previous final
returns
Payments of
distributions
Marketing
materials
Terms and
conditions

Ring fencing
Experience
years
managing pools
Code of conduct

GTA member no.
Unique Grain
YES
All assets of the pool are held in the pool
legal entity. All revenue flows to the pool
entity. Unique grain only runs pools so in
fact no ring fencing required as
organisation simply there to provide
pooling service.
Final comments
Unique Grain provide a service to growers with no
conflicts as to our purpose. As a service provider we
look to meet the needs of our grower clients by
providing a product with the features, clarity and
benefits they desire whilst also contributing to the
industry structure. Unique Grain supports the
Profarmer pool report initiative and all contributing
components (Industry code of conduct, etc) that
make the industry efficient, relevant and creating
value to key supply chain participants - growers.
Pool products can create value in the Australian Grain

industry if they are providing alternative market access
opportunities to the opportunities that growers have via
other grain marketing alternatives. They can provide the
structure the market needs to allocate inventory between
demand players and the grower. They also provide a
critical structure to allow a longer timeframe for the
growers marketing window without the need to have a
skill set quite different than the production expertise many
growers have refined over a long period.
Risk / product
disclosure
Auditors
reports
Unique Grain believes our pooling products provide a

structure to growers that allows market tonnes to be both
visible to markets that the grower may not be able to
access whilst ensuring these tonnes are not being a
burden on the daily cash traded market. Unique Grains
experienced, specialist staff must provide a service that
the grower cannot replicate from their position in the
supply chain. Whilst doing this, the service provided will
also be looking to generate sustainable long term
relationships for the grower to access via our Unique Pool
medium.
Mission
To provide a superior service to our Grower clients and customers
whilst providing information and innovation that positively impacts
the grain marketing environment for growers.
Values
To be available, transparent, specialised, focussed, innovative market developer, open, honest and make a difference for growers.
PART
Choosing a product
This section of the report explores key considerations for

choosing a product that suits your risk appetite and outlines
the strategies available for the coming season.
November 2016
Choosing a product
Mandates and markets
style of product that you do so with a pool operator you are
comfortable has the skills to achieve a strong outcome.
Risk return tradeoff applies to pools

Each pool strategy and manager is unique, hence there are a range of risk / return
possibilities across the products. The level of risk may depend on the strength of
the counter party, effectiveness of ring-fencing, level of downside price protection
via the hedging /sales strategy and underwriting. Different selling methods have
different levels of risk. It is critical growers choose a pool with a strategy and
risk exposure that suits their risk appetite and view on the market.
RETURN
We firmly believe the mandate and strategy behind the pool are
two of the most important considerations when choosing a
product. But what does it even mean?
You will notice on the following pages large variations between
the mandates and strategies of each of the products.
The final pool return is a combination of both market movements
and the management of the pool (sales strategy). Pools will carry
different levels of risk depending on how the selling strategy is
implemented in regards to the timing of sales and any hedging
strategy.
Some of the mandates are very stringent in relation to the
markets and products the pool manager will use to manage the
price risk, timing of sales, or both. The advantage of a heavily
defined mandate is that the market risks can be clearly
understood before you commit grain to the product.
On the flip side a heavily mandated pool may be restricted in
terms of accessing unexpected opportunities which might arise in
the market. For example, a pool which has a mandate to sell in
even intervals each month might miss out on the opportunity to
capture a short lived spike in the market.
Other pools however have a less defined mandate. With these
products the decision making tends to be at the discretion of the
pool manager. Hence in this instance you tend to have less insight
into how price risk exposure will be managed and rely more on the
pool managers judgment.
The benefit of this is that the pool manger might have more
levers to pull in different markets and selling more heavily in to
favourable markets as the mandate gives them that flexibility.
The disadvantage is that in these instances the performance of
the pool tends to be more heavily dependent upon the skill on the
pool manager. Hence it is more important when choosing this
Less certainty of final price,

heightened counterparty risk
however potential to participate in
upside may yield higher return.
If hedging tools used, some downside

protection and open to upside potential
Known fixed price, low short term

counterparty risk by using trusted
buyers. No upside potential.
RISK
Other considerations
The pricing and the finance decision
When committing to a pool it is important to separate the price
management decision from the finance decision.
The price management decision considers what level of price
risk you want your grain exposed to. For example, is the grain
100% hedged, sold consistently over a specified timeframe, or
simply sold and hedged as the pool manager sees fit?
The finance decision relates to how and when you will receive
your funds from the pool manager. For example, what are the
expected distribution payments and what are the payment
options surrounding the distributions (such as harvest loan,
advance payment or deferred payment). In addition, it is
important to consider your own bank finance options against a
particular pool provider, as when as any tax considerations of
when funds are received.
Profarmer Australia
part of the
group
22
The price management decision should be made first and

foremost. That is, a grower should not commit to a pool because
they are offering the highest harvest loan amount. Rather the
decision should be made based on what level of risk you want
your grain (money) exposed to.
Estimated pool returns

Do not make a decision to enter a pool based on the estimated
pool return (EPR) published at harvest. They are estimates only
and at this stage there is minimal accountability towards those
EPRs. The important thing for a grower is what the final pool
return is. This will be reflected by the pool managers strategy and
of course market movements.
Increment payments
Similar to the EPR, growers should not make decisions to
allocate to pools based on high increments paid for quality
November 2016
Other considerations
attributes such as high protein, low screenings, low moisture or
high test weight. Money that gets generated from grain sales out
of a pool comes from the same pot (refer diagram). That is, the
pool manager is responsible for marketing your grain, receiving
payment for that grain, and then distributing the funds back to
participating growers. How they make that distribution back to
growers is up to their discretion.
Having said this, if you have made the decision to use a
particular pool, you should allocate the best loads to receive the
highest increment payments into the pool given cash pricing is flat
(ie. no quality payments). Again the final underlying pool return is
the most important thing for a grower, and this will be most
Grower entrusts pool manager
with grain/money.
Pool manager sells grain on

behalf of grower.
Underwriting
Underwriting acts as an insurance in the event the final pool
return falls below the harvest loan or advance amount. Provides
certainty in not having to pay back the harvest loan or advance
amount and provides some downside price protection. As with
insurance products underwriting incurs a fee / premium; this may
be optional or compulsory depending on the pool operator.
Pool
GROWER
Pool manager determines

payment distribution method.
payment or deferred payment alternatives.

Note most banks also offer harvest finance against pools often
at a cheaper interest rate than the finance offered by the pool
provider. The banks provision of finance against a pool can often
be a good checking mechanism as to what level of risk the bank
perceives is exposed to particular pool managers (ie. whether it be
price risk or credit risk). For example, if the bank is willing to
provide a harvest loan of 85% of the nominated pool return
against pool provider A, but only 70% of a nominated pool return
against pool provider B, it can be implied that the bank perceives
pool provider B as a higher risk. In most instances, finance
products provided by banks against pools are determined
between the individual grower and their bank manager.
BUYER
2016/17 Products
We have asked each pool manager to tell us in their own words
the mandate of each product, the strategy behind each product
and the market environments the products are best suited to.
Their responses are detailed on the following pages. Profarmer
provides no guarantee as to the accuracy or validity of claims
made by pool operators in these responses.
Pool manager collects money

on behalf of grower.
impacted by how the pool manager intends on selling the grain.
Management fee
Management fees are what the pool provider receives for
managing your grain. Some are fixed fees, others are a
percentage of the final return, and some are fixed fees with
additional fees (such as an outperformance fee). It is important to
know what you are paying for the pool manager to manage your
risk.
Distributions and pool finalisation

Distribution payments should reflect the sales program of a
particular pool. Note some pool managers have guaranteed
distribution dates; others have indicative dates for distribution
payments that can change. Pool finalisation dates can also be
guaranteed or indicative.
Both distribution and pool finalisation dates should provide a
good indicator of the sales program within a pool. For example, a
pool that expects to finalise by July is more suited to a grower
wanting exposure to price movement in the first half of the year. A
pool that intends to finalise by March the following year has a long
running sales program and ties up grower equity for a much
longer period.
Finance alternatives
Agfarm | Advantage 2 | Advantage 5 | Advantage 10 |

Advantage March4 | Advantage Harvest
AGG Co-op | AGG L5P50 | AGG Protect | AGG Three | AGG
Harvest
AvantAgri | Managed Program 3 (MP3) | Managed Program 6
(MP6) | Traditional Pool (TP) | AA Managed Pool (AAM) | AA Self
Managed Pool (AASM) | AA Flexi Pool (AAF)
AWB | Harvest Pool
CBH | WA Wheat Harvest Pool | SA Wheat Harvest Pool | WA
Barley Harvest Pool | SA Barley Harvest Pool | WA Canola
Harvest Pool | WA Lupin Harvest Pool | WA Oats Harvest Pool |
Wheat Accelerator Pool | Protection Plus Pool
FlexiGrain | FlexiSix | FlexiTen | FlexiCall | FlexiCash
GrainCorp | Harvest 10 | Price Guard Plus
Market Check | Cash & Call | Strategic | Strategic Six
Plum Grove | Cash5 | Cash9 | Plum Grove Harvest Pool
Special One Grain | Actively Managed Wheat | Actively
Managed Barley
Unique Grain | New Pools
As stated above, many pool managers provide finance products

surrounding the distributions such as harvest loans, advance
Profarmer Australia
part of the
group
23
November 2016
2016/17 Available Strategies
PLEASE NOTE
All responses are presented as they were provided to us by the individual pool operators via the Profarmer questionnaire. Profarmer
makes no warranties as to the accuracy of the information provided to us by the pool operators. This information is not exhaustive, we
strongly recommend each grower does their own due diligence before committing grain to a pool operator or product.
Each pool operators contribution can be viewed online at grainundermanagement.profarmergrain.com.au
Advantage
provided by: Agfarm
Mandate
Performance
Strategy
What is the pool mandate?

The Agfarm Advantage mandate is to sell an average
percentage of grain delivered into the program per month
over a timeframe determined by the grower. This ensures
the grower never sells the lows of the market. The benchmark for returns is the average of the daily best bid, across
the course of the month. Agfarm Advantage allows growers to choose from three payment options; advanced,
monthly or deferred to assist with cashflow needs. Agfarm
Advantage supports growers who deliver into private
storage providers by ensuring we will accept grain at most
storage facilities.
What is the pool strategy?

An averaged priced, structured marketing program ensuring growers cannot sell the low of the market. Agfarm
aggregate deliveries of grain to make larger parcels which
are more attractive to buyers. This creates a premium for
the grower. Advantage management are always looking
for the best paying market, when that is on a delivered
basis, we ensure Agfarm gets the cheapest rate via our
internal freight desk. The Agfarm Freight desk has strong
relationships with numerous freight providers, and we offer
industry leading payment terms to our carriers. This ensures reduced rates that are passed back to the grower.
How did the pool deliver on its mandate in 15/16

Agfarm met their mandate with great success. As the
results will highlight Agfarm has ensured the grower didnt
sell the low of the market by averaging out the sale of
grain over a prolonged period. The returns are in line with
the daily best bid averaged out across the course of each
month.
This strategy works best when

There is a lot of volatility in the market place and the risk is
that one sells the lows and misses the highs. Advantage
will guarantee the average of the best daily bid ensuring
that doesn't occur.
How will you measure your performance in delivering

this strategy?
Our Key Performance Indicators for Advantage are: 1 - to
follow our mandate of selling the monthly average of your
grain over the time period you chose. 2 return a minimum of the daily best bid average across the month 3 pay returns on time every month. Agfarm understand the
reliance on a reliable distribution of proceeds. 4 To always adhere to our company values, integrity, agility,
disciplined, customer focused and rigour.
This strategy is least effective when

There is little volatility, with the market trading sideways.
However, Agfarm will continue to pay the average of the
best daily bid per month.
How will the pool strategy respond to evolving market
dynamics in order to achieve the highest possible
final return?
The Agfarm Advantage strategy never changes as per the
mandate. Agfarm always looks for the best paying market
to gain the highest premium. Depending on the market
outlook, be it bearish or bullish, management are able to
structure the sales program within the month to capitalise
on the market outlook. This technique will never jeopardise the average selling program over the course of the
month, and is always executed with extensive research
and analytics.
Major changes
Agfarm Advantage is being re-established in Western
Australian, Gladstone QLD and Mackay QLD for the
upcoming season after having been focused on NSW,
VIC and SA.
How did this strategy perform in the 2015/16 market

environment?
2015/16 season prices started strong. From January 2016
until April 2016 the price weakened before rallying again in
at the end of April. The market took an unfortunate turn
mid-June and has declined significantly since then. The
Advantage strategy worked well allowing growers to capture the rallies and never return the lows.
Product Variants
Advantage 2Sales made over 2 months
Advantage 5Sales made over 5 months
Advantage 10 Sales made over 10 months
Advantage HarvestSales made over harvest
Advantage Sorghumsorghum only program.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Advantage March4
provided by: Agfarm
Mandate
Strategy

Agfarm Advantages mandate is to sell an average percentage of the grain that is delivered into the program per
month between March to June to ensure the grower never
sells the lows of the market and to get exposure to the
northern hemisphere planting volatility. The benchmark for
returns is the daily best bid, averaged across the course of
the month. Agfarm Advantage allows growers to choose
from three payment options being advanced, monthly of
deferred to assist with cash flow needs. Agfarm Advantage supports growers who deliver into private storage
providers by ensuring we will accept grain at most storage
facilities.
Agfarm met their mandate with great success. As the
results will highlight Agfarm has ensured the grower didnt
sell the low of the market by averaging out the sale of
grain over a prolonged period. The returns are in line with
the daily best bid averaged out across the course of each
month.
Major changes
Agfarm Advantage is being re-established in Western
Australian, Gladstone QLD and Mackay QLD for the
upcoming season after having been focused on
NSW, VIC and SA.

An averaged priced, structured marketing program ensuring growers cannot sell the low of the market. Agfarm
aggregate deliveries of grain to make larger parcels which
are more attractive to buyers. This creates a premium for
the grower. Advantage management are always looking
for the best paying market, when that is on a delivered
basis, we ensure Agfarm gets the cheapest rate via our
internal freight desk. The Agfarm Freight desk has strong
relationships with numerous freight providers, and we offer
industry leading payment terms to our carriers. This ensures reduced rates that are passed back to the grower.
When there is a volatility in the market due to planting
conditions in the Northern Hemisphere and markets react
by rallying
outlook, be it bearish or bullish, management are able to

structure the sales program within the month to capitalise
on the market outlook. This technique will never jeopardise the average selling program over the course of the
month, and is always executed with extensive research
and analytics.
environment?
2015/16 season prices started strong. From January 2016
until April 2016 the price weakened before rallying again in
at the end of April. The market took an unfortunate turn
mid-June and has declined significantly since then. The
Advantage strategy worked well allowing growers to capture the rallies and never return the lows.
Performance

There is little volatility, with the market trading sideways.
However, Agfarm will continue to pay the average of the
best daily bid per month.

this strategy?
Our Key Performance Indicators for Advantage are: 1 - to
follow our mandate of selling the monthly average of your
How will the pool strategy respond to evolving market grain over the time period you chose. 2 return a minidynamics in order to achieve the highest possible
mum of the daily best bid average across the month 3 final return?
pay returns on time every month. Agfarm understand the
The Agfarm Advantage strategy never changes as per the reliance on a reliable distribution of proceeds. 4 To almandate. Agfarm always looks for the best paying market ways adhere to our company values, integrity, agility,
to gain the highest premium. Depending on the market
disciplined, customer focused and rigour.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
AGG L5P50
provided by: AGG Co-op
Mandate
Strategy

Spread risk between harvest and September 2017
through a managed program that protects & enhances
grain values, providing no more than 5% downside from
opening estimates while participating in up to 50% of any
upside, should the international market rally. See chart
(below) on website, performance reports & marketing
material.
Delivered to mandate
Performance

Use physical sales and derivatives (commodity futures,
options & foreign exchange) to manage price risk with the
aim of protecting the opening EPR while participating in
upside, should the international market rally.

this strategy?
Benchmarked against our mandate.

final return?
L5P50 will operate strictly within its mandate, managed by
the experienced trading team at Plum Grove
environment?
In 2015/16, AGG L5P50 was successful in providing final
returns that were no more than 5% lower than opening
EPR's.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
PLEASE NOTE
All responses are presented as they were provided to us by the individual pool operators via the Profarmer questionnaire. Profarmer makes no
warranties as to the accuracy of the information provided to us by the pool operators. This information is not exhaustive, we strongly recommend
each grower does their own due diligence before committing grain to a pool operator or product.
AGG Protect Barley

Strategy
Mandate
Spread risk between harvest and September 2017 through Delivered to mandate
a tailored, managed program for feed barley that steadily
increases levels of price protection. See chart on website,
performance reports & marketing material.
Performance
this strategy?
Benchmarked against the best cash bid on Profarmer

Use physical sales and derivatives to manage price risk
seeking to outperform the cash market average over the
same time period.
dynamics in order to achieve the highest possible final
return?
AGG Protect will operate strictly within its mandate, managed by the experienced trading team at Plum Grove
environment?
AGG Protect Barley was actively managed throughout the
life of the program, with a number of strategies being implemented to protect underlying returns in a falling market.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
AGG Three
Strategy
Mandate
A structured sales program with a 15% +/- tolerance range
over three months (Jan, Feb & March). See chart on web-
site, performance reports & marketing material.

Performance
this strategy?

Make regular, physical sales only during harvest period (3
months - Jan, Feb & March) aiming to outperform the
average cash price over the same period.
return?
AGG Three will operate strictly within its mandate, managed by the experienced trading team at Plum Grove
environment?
AGG Three provided access to the post harvest market,
spreading price risk over a three month period as per
mandate.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
AGG Harvest
Strategy
Mandate
A structured sales program with a 20% +/- tolerance range
over two months (December & January). See chart on
website, performance reports & marketing material.

Major changes
Growers need to contract into this program.
Contracting provides a known quantity of grain to be managed immediately prior to the program starting.
Performance
this strategy?

Make regular, physical sales only during harvest period (2
months - Dec & Jan) aiming to outperform the average
cash price over the same period.
return?
AGG Harvest will operate strictly within its mandate, managed by the experienced trading team at Plum Grove
environment?
AGG Harvest provided access to the harvest cash market,
making steady sales as per mandate
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Managed Program 3 (MP3)

provided by: AvantAgri
Mandate
Performance
Strategy

Deliver published sales program and distributions, and
have pool audited before final payment. Have final returns
that reflect the weighted average of the net present value
of the best daily cash prices over the life of the pool.

Provide exposure to the early post harvest market.

All payments were made on time, audits were completed
and final returns reflected the move in the market post
harvest. Despite the falling market, final returns, after pool
costs, were within $1 - $2 of the Jan to March cash market.

Prices plunge in January.

Prices rally in January/February allowing returns to build
above harvest levels.

final return?
We have the choice of maintaining market exposure via
holding physical grain, or selling the grain and holding
exposure via derivatives. We have the ability to protect
against collapsing basis during harvest or capturing strong
basis during harvest.

this strategy?
Pool performance against the mandate and strategy is
benchmarked against the net present value of the cash
market, weighted by our published sales program for
Harvest, January, February and March. That gives an
accurate view of what opportunities are available for the
pool as the sales program unfolds, and how well those
opportunities are captured.

environment?
Well. Logistics costs were minimised, and harvest
premiums were captured
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets

Mandate
Performance
Strategy

Deliver published sales program and distributions, and
have pool audited before final payment. Have final returns
that reflect the weighted average of the net present value
of the best daily cash prices over the life of the pool.
All payments were made on time, audits were completed
and final returns reflected the move in the market post
harvest. Despite the falling market, final returns, after pool
costs, were within $2.50 - $5 of the Jan to March cash
market.

Provide exposure to the post harvest market through to
the end of May with some price risk management
Prices rally in January - April allowing returns to build
above harvest levels.
Prices plunge in January and don't recovery by March or
April.
final return?

this strategy?
Pool performance against the mandate and strategy is
benchmarked against the net present value of the cash
market, weighted by our published sales program from
harvest to the end of May. That gives an accurate view of
what opportunities are available for the pool as the sales
program unfolds, and how well those opportunities are
captured. In a falling market, the final EPR will be benchmarked against the published harvest EPR to assess
performance of the risk management plan for this pool.

environment?
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
PLEASE NOTE
Traditional Pool (TP)

Mandate
Performance
Strategy

Make payments equalling 80% of the Harvest EPR during
harvest and make final payment in July with auditor's
report. Have final returns with a base close to the cash
market during the delivery period.
The falling post harvest market prevented returns being
greater than harvest prices, but final returns were better
than the harvest cash prices net of pool costs and management fees.
Product Variants
TP1Delivery from 31 October to 18 November 2016
TP2Delivery from 19 November to 9 December 2016
TP3Delivery from 10 December to 30 December 2016

To provide a final return with strong links to the cash
market during delivery.
Harvest prices are much better than Jan - March prices
and/or we get a sharp mid year rally in prices.
The harvest market is the low point in prices for the year.

this strategy?
Final returns are benchmarked against the average daily
cash price during the three week delivery period. Final
performance is measured against that harvest price base
and the move in the market from harvest until the end of
June.

final return?
basis during harvest
environment?
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
AA Managed Program (AAM)

Mandate
Strategy

Retain exposure to the upside in the post harvest market,
but limit downside risk to approximately 5% of the harvest
EPR.
N/ANew product in 2016/17
Performance

Provide exposure to the market from harvest until late
September, with active management of downside price
risk with the objective of delivering returns better than
harvest price levels. It is finalised before the next harvest
there is enough volatility I the post harvest market to
generate price spikes that can be captured, even if the
price trend is down.

this strategy?
A key performance metric will be how well the pool is
protected from any downward move in prices after the
delivery period has closed off. In the event of a market
slide, downside should be limited to direct price risk management costs and the pool management fee. In a rising
market the pool will be benchmarked against the average
daily cash price over the life of the pool, weighted by our
published payment schedule.

the market falls continuously post harvest so that the
pool management costs and the hedging costs are not
recovered. Downside remains limited though
final return?
Major changes
This is a new product in 2016/17
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
PLEASE NOTE
Of 11 operators hold pool

assets in a separate legal
entity to other business
activities. Where as 4 of the
operators rely on internal
controls and audits, track
record, and/or pool only
models.
Products provide
underwriting on harvest
advance/loan amounts*
*fees apply
AA Self Managed (AASM)

Mandate
Strategy

This pool does not have a mandate
Performance

Rather than accepting the sales program and payment
schedule dictated by the pool manager and having to
accept the same return as everyone else in the pool, the
grower can control timing of sales and volumes to generate a unique return and cash flow pattern that suits their
individual business over a 2 year period.

this strategy?
Growers will measure their own performance against their
own internal price targets.

The grower works with the pool manager to select the best
selling periods to maximise returns while meeting individual cash flow and revenue targets.
The grower does not keep tracking the market and being
active in decision making.
Major changes
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
AA Flexi Pool (AAF)

Mandate
Strategy

This pool does not have a mandate
Performance

This gives the grower complete flexibility on timing of sales
and access to distributions (including loans and advances)
over two years. Growers have the option of broking their
own grain to buyers of their choice and can include on
farm stocks in a pool.

this strategy?
Growers will measure their own performance against their
own internal price targets.

The grower works with the pool manager to select the best
selling periods to maximise returns while meeting individual cash flow and revenue targets
The grower does not keep tracking the market and being
active in decision making.
Major changes
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
AWB Harvest Pool

provided by: AWB
Mandate
Performance
Strategy

The AWB Harvest Pool mandate is designed to ensure
our customers can participate in market opportunities
across the pricing window period. The Pool Manager
decides how to manage pricing, including physical sales
and hedging, within published pricing parameters. Our
mandate is also to meet guaranteed payment dates within
published payment percentage bands.

The AWB Harvest Pool successfully delivered on its mandate in the 2015/16 season, ensuring participation in market opportunities throughout the pricing window. AWB
benchmarks the Harvest Pool returns against the average
best bid port cash prices across the pricing window. For
APW1, in 2015/16 the AWB Harvest Pool beat the benchmark in all 17 port zones. We also met all our guaranteed
payment dates and percentage bands.

The maximum percentage sold is below 100% until August 2017 ensuring that program participants will be exposed to market movements until this time. The minimum
percentage slowly increases over the 12months ensuring
that the manager is always actively participating in market
opportunities. Physical sales strategies will be managed to
achieve a minimum distribution of 25% to 30% equity less
costs at each distribution. The AWB manager will use their
discretion, within the pricing framework, to determine the
appropriate strategies based on current and anticipated
market conditions.
final return?
The AWB manager will use their discretion, within the
pricing framework, to determine appropriate strategies
based on current and anticipated market conditions.
environment?
AWB benchmarks the Harvest Pool returns against the
average best bid port cash prices across the pricing window. For APW1, in 2015/16 the AWB Harvest Pool beat
the benchmark in all 17 port zones. We also met all our
guaranteed payment dates and percentage bands.

this strategy?
The AWB Harvest Pool measures performance of delivering on the mandate by ensuring participation in market
opportunities throughout the pricing window having met
guaranteed payment dates and payments within published bands. AWB will benchmark the Harvest Pool returns against the average best bid port cash prices across
the pricing window. AWB's aim is to achieve Harvest Pool
returns that beat the benchmark.
Underwriting available
Compulsory underwriting on harvest loan and
advance amounts at a fee of $2.00 per tonne
Major changes
Harvest Payment terms have reduced - within 5 business days. A review and update of our Risk Disclosure document AWB has worked to improve internal ticket
processing systems and payments systems to ensure
growers can receive cash flow as quickly as possible. Our
risk document review sought to further simplify how we
explain the risks around this program.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
CBH Harvest Pools

provided by: CBH
Mandate
Strategy

The Harvest Pool objective is to add value through active
management from harvest, with returns locked in over time
to provide a final pool return which outperforms the average
of market prices across the life of the pool. The pool utilises
a combination of commodity and foreign exchange derivatives, along with physical sales, in order to achieve the
objective. For specific product mandates, please refer to
www.cbh.com.au/selling-to-cbh
The 2015/16 season WA Wheat Harvest Pool, WA Barley
Harvest Pool, WA Lupin Harvest Pool, SA Wheat Harvest
Pool, SA Barley harvest pool are yet to finalise, however
based on current expectations the final equity result should
come in comfortably above the average of cash prices over
the marketing window.
The 2015/16 Canola Pool final equity was $535.31 FIS
KWI, before quality bonifications. This final result is representative of pricing available throughout the marketing
period, which ranged from around $560 down to under
$500. The final result is around $8/mt or approximately 2%
above the average of prices available over the period.
The 2015/16 season WA Oat Harvest Pool final equity was
$385.79 FIS KWI. The final result is around $15 above the
best cash prices available over the marketing period, and
around $60/t or 18% above the average of cash prices over
the period.
Product Variants
WAWheat, Barley, Canola, Lupins, Oats
SAWheat, Barley

The Harvest Pool will typically increase its level of price
protection on a steady basis over time, meaning pool returns will go up and down in proportion to market moves
depending on the level of price protection throughout the life
of the pool. The pool operates within strictly mandated
maximum and minimum exposure limits at all times, however pool management has scope to adjust the level of
price protection within those limits depending on their view
of the underlying market.
the same basis as the pool.

return?
Typically the Harvest Pool will deliver the strongest performance when values increase during the post-harvest marketing window. However one key advantage of the Harvest
Pool is that the strategy is very flexible and can respond to
underlying market conditions, either by increasing exposure
when the price outlook is positive, or increasing protection
when prices come under pressure. We constantly monitor
market conditions and adjust pool hedge levels and protection strategies to deliver the best result for any given market
conditions.
* denotes products which have been finalised.

environment?
CBH internally benchmarks its pool products taking into
account all relevant proprietary information, including pool
receivals, mandates etc. This is designed to measure the
value-add delivered by pool management decisions, relative to a grower selling their grain into the cash market on
Markets
Commodity
Futures
Whilst some of these products have not yet finalised in

2015/16 the updated benchmark result as at September
30th shows the pool outperforming the benchmark by 113%, equating to approximately $5-$45/mt depending on
the commodity and market. Details outlined below.
WA Wheat +5% ($16/t) | SA Wheat +3% ($8/t) | WA Barley +5% ($11/t) | SA Barley +4% ($8/t) | WA Canola* +1%
($5/t) | WA Lupins +10% ($36/t) | WA Oats* + 13% ($45/t)
Optional underwriting on harvest loan and advance amounts at a fee of $1.90 per tonne
Performance
this strategy?
The Harvest Pool objective is to add value through active
management from harvest, with returns locked in over time
to provide a final pool return which outperforms the average
of market prices across the life of the pool. We will assess
the performance of the pool against this objective once it is
finalised. Further, CBH internally benchmarks its pool products using proprietary information to quantitatively measure
the performance of the pool management team. A basic
summary of these results is included in our annual report.
Other: Direct to export customers / international tenders (FOB / CFR etc)

Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Protection Plus Pool

provided by: CBH
Mandate
Strategy
Performance

The Protection Plus Pool is jointly managed by CBH and
Plum Grove. The pool objective is to employ commodity
and foreign exchange price protection strategies to actively protect pool returns from downward market price movements, whilst allowing participation in any potential upside.

The Protection Plus Pool utilises commodity and foreign
exchange price protection strategies to protect a target
price, whilst also allowing for participation in any potential
upside in prices. The physical tonnes are sold over the
marketing window, locking in basis gradually over time.

The 2015/16 Protection Plus Pool final equity was $321.39
FIS KWI, including average quality of $5.60. This was well
in excess of the targeted pool protection level of $300 FIS.
The pool was offered to growers in July when cash prices
were around $325 FIS, which proved to be the high point
in prices. The pool benefited from its hedge structure and
a strengthening in basis over harvest to deliver a result not
only in excess of the protection level, but effectively equivalent to the best available cash price over the marketing
window.

final return?
The Protection Plus Pool will often outperform alternative
products when prices deteriorate, due to its price protection strategies. It will also perform well in the event of volatility in either the commodity price or the currency, regardless of whether prices are increasing or decreasing. It will
participate in market rallies, however in some market
conditions could underperform due to the cost of owning
this price protection.
environment?
The Protection Plus Pool final equity was $321.39 FIS
KWI including average quality of $5.60. The final result
was equal to the best available cash prices of the period,
and well in excess of the $300 protection level for the pool.
The average of cash prices over the period was $288. The
hedging strategy saw the pool insulated from the significant sell-off in commodity prices, whilst benefiting from the
sell-off in the currency. Also, the increase in basis over the
period further bolstered the final outcome.
Markets
Commodity
Futures

this strategy?
The primary objective of the Protection Plus Pool is to
protect a stated pool equity. The pool performance therefore will be measured against this outcome. However, we
will also analyse the final pool return against the path of
prices over the period to determine the value-add component of pool management decisions.
Major changes
Payment percentages and dates have changed
from prior season. This pool opens opportunistically when market conditions suit. The 2016/17 season Protection Plus Pool has not yet opened, meaning that if suitable, the product will be opened during
harvest. This means that the payment schedule will
be different from 2015/16, with later payment dates
this season.

Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Wheat Accelerator Pool

provided by: CBH
Mandate
Strategy

The Accelerator Pool objective is to actively manage and
trade commodity and foreign exchange exposures within
prescribed limits, with the aim to enhance the pool participants' returns over the shortened pool life span.
The 2015/16 Accelerator Pool final equity was $304.67 FIS
KWI, including average quality of $5.60. This final result is
higher than the best available cash pricing throughout the
marketing period, and is around $27/mt or nearly 10%
higher than the average of prices available during the pool
lifecycle.
Performance

The Accelerator Pool has a strictly mandated advanced
hedge profile due to its shortened lifespan. A minimum of
50% of tonnes are hedged at the time of contracting, with
physical sales occurring during harvest and into the early
post-harvest market.
return?
As with all our pools, there is scope within the pool mandate
for the pool manager to adjust pool hedge levels to best
reflect the view of the underlying market conditions. With
the Accelerator Pool however, this scope is slightly reduced
due to the shorter life-span and the resulting requirement to
have a more accelerated hedge profile .
environment?
The 2015/16 Accelerator Pool final equity was $304.67 FIS
KWI, including average quality of $5.60. This final result is
higher than the best available cash pricing throughout the
marketing period, and is around $27/mt or nearly 10%
higher than the average of prices available during the pool
lifecycle. Market conditions suited the product with the
accelerated hedge profile locking in good prices available
early in the season, whilst the product also benefited from
improving basis values when selling the physical grain.
Markets
Commodity
Futures

this strategy?
The Accelerator Pool objective is to actively manage and
trade commodity and foreign exchange exposures within
prescribed limits, with the aim to enhance the pool participants' returns over the shortened pool life span. We will
assess the performance of the pool against this objective
once it is finalised, by comparing the final pool return with
the average of prices available over the pool lifespan. Further, CBH internally benchmarks its pool products using
proprietary information to quantitatively measure the performance of the pool management team. A basic summary of
these results is included in our annual report.

Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
FlexiSix
provided by: FlexiGrain
Mandate
Strategy

FlexiSix is designed to capture market opportunities during
the southern hemisphere harvest and the northern hemisphere post dormancy emergence periods, but finalised
before the pressure of northern hemisphere harvest is
underway. The Australian grain and oilseed market will be
tracked daily to ensure that the grain is sold at the optimum time achieving strong premiums over competing
markets. Strategic understanding and use of derivatives
(futures, swaps and options) will be used to manage not
only world price but currency risk also.
Performance

Shorter dated pool to capture short term spikes in flat
price, quality or basis.
Domestic supply is short and/or exporters have committed
specific quality in a front ended export program. Post
southern hemisphere harvest basis rallies before northern
hemisphere harvest suit the time window of this pool.
There is low volatility in local prices and/or the AUD rallies
reducing export demand.
final return?
This is the key to having your price managed in a pool
where market volatility and opportunities are tracked and
assessed daily to ensure when commodities are sold they
are done so if the key drivers (Market Structure, Supply
and Demand, and technical price action) combine to suggest that the market is in the upper end of the price spectrum.

this strategy?
Flexi Grain will communicate regularly with participants to
ensure they are aware and updated of the changing dynamics driving price. Participant satisfaction in terms of
communication around strategy will be paramount. Daily
valuation of strategies and MtM of positions by an external
consultant will add rigour and structure to valuation and
performance. Pool performance will be internally benchmarked vs the daily port cash price to ensure the performance of the strategies longer term
Major changes
This is a new product 2016/17
Flexi Grain have bought all pool management services in house in 2016. This will provide greater
security as Flexi Grain will manage the title and proceeds of the product and strengthen the service offering to our clients
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
FlexiTen
Mandate
Strategy

FlexiTen is designed to capture market opportunities during southern hemisphere harvest and northern hemisphere post dormancy emergence periods, as well as post
-harvest volatility in the northern hemisphere. The Australian grain and oilseed market will be tracked daily to ensure
that the grain is sold at the optimum time achieving strong
premiums over competing markets. Strategic understanding and use of derivatives (futures, swaps and options) will
be used to manage not only world price but currency risk
also.
Performance

Longer dated pool to capture volatility in northern hemispheres production
Domestic supply is short and the Australian export program is large and consistent throughout the year. Fluctuations in basis over a longer time frame can be capitalised
to make sure the cost of carrying grain is offset by higher
prices.
If the cost of carrying grain to participate in a longer period
is not offset by market spikes during this period. (ie low
volatility)
final return?
This is the key to having your price managed in a pool
where market volatility and opportunities are tracked and
assessed daily to ensure when commodities are sold they
are done so if the key drivers (Market Structure, Supply
and Demand, and technical price action) combine to suggest that the market is in the upper end of the price spectrum.

this strategy?
performance. Pool performance will be internally benchmarked vs the daily port cash price to ensure the performance of the strategies longer term
Major changes
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
PLEASE NOTE
43
Spoilt for
Choice...
different
pool mandates
included in
this report
FlexiCall
Mandate
Strategy

FlexiCall is designed to increase a growers cashflow at
harvest, whilst providing upside participation on the international market until the end of May. Rather than carrying
your grain, Flexi Grain will sell it at or near harvest, locking
in a floor price and saving you storage fees. With the money that is saved on storage fees, we buy a call option that
gives you upside participation with no downside risk, unlike carrying unhedged grain. The Call option strategy is
live during post dormancy volatility period in the Northern
hemisphere, giving you participation if the market rallies
prior to expire.
Performance

Ensuring cashflow whilst keeping market upside participation with limited downside risk
Harvest prices in Australia are trading above export parity
and it is a better risk reward to own price participation in
CBOT rather than spending money on carrying grain in
the bulk handling system
If Australian basis rallies versus what was on offer during
harvest, or international markets have no upside from
harvest to May.
final return?
Given this pool aims to participate in the market via call
options (rather than storage fees) the pool manager will
assess the month, volatility, timing, and participation needed each time an option is bought. Value will be sought to
ensure the option premium is not too excessive vs the
cost of carrying grain.

this strategy?
performance. Pool performance will be internally benchmarked vs the daily port cash price to ensure the performance of the strategies longer term.
Major changes
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
FlexiCash
Strategy
Mandate
FlexiCash is designed to increase a growers cashflow at
harvest via a secured payment, whilst providing growers
control of when the grain is marketed. FlexiCash gives
growers the ability to capitalise on domestic basis opportunities and any upside on the international market prior to
being sold, as the grain is un-hedged.
Performance

Harvest Cash flow with grower engagement for post harvest sales.
when grower wants to sell for cash post harvest but also
needs to access cash flow soon after title transfer.
the local value of grain remains depressed post harvest due
to oversupply.
return?
Much like the other pools, this product will communicate
with participants if the value of holding grain becomes a
poor value proposition based on current market drivers.
This will be assessed daily, with the final choice being that
of the grower.

this strategy?
performance.
Major changes
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Harvest 10
provided by: GrainCorp
Mandate
Strategy

To provide market participation for the full 10 month marketing window whilst protecting harvest values and reducing price risk exposure.
Performance

Harvest 10 utilises price risk management to protect initial
value. Harvest 10 provides participation in domestic and
export grain markets through the 10 month period, whilst
price protection tools are utilised to minimise price volatility. Our active management approach enables the flexibility to manage the product in line with our market views.

Reduced the price risk exposure and had the flexibility to
front load sales (if we feel market has downside we can do
a certain % more at front end of marketing window)
Basis is weak at harvest and rallies throughout the operational life of the pool program.

When basis declines and or futures decline over the life of
the pool
environment?
Harvest 10 performed well through strategically placed
hedges and front-loaded physical sales. Exposure to
declining values and carry costs were limited. Harvest 10
is measured against our mandates and benchmarks:
- Estimated Pool Return versus Final Pool Return
- Final Pool Return versus Average Cash Price
- Harvest 10 delivered an average of $24/mt above post-

this strategy?
Harvest 10 is measured against our mandates and benchmarks:
Estimated and Initial Pool Returns versus Final Pool

Return.
Final Pool Return versus Average Cash Price.
Compulsory underwriting on harvest loan
amounts at a fee of $2.00 per tonne
Major changes
Moved from FOB basis to TRACK pricing in order to
achieve increased transparency.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Price Guard Plus

Mandate
Strategy

To provide a Guaranteed Minimum Price at delivery and
participation in broader post-harvest futures market rallies.
Free of finance fees with fast cash flow
Provided a Guarantee Minimum Return with a 5 day fast
cash payment option. Price Guard Plus provided participants with broader grain market participation yet conserved equity in a heavily declining market.
Performance

Leveraging off GrainCorp's view of broader grain markets
we position Price Guard Plus to participate in future market rallies and reduce exposure to anticipated market
declines. (Using international market knowledge, we participate via calls options)

this strategy?
Equity returned will be benchmarked against futures market trend.

When contracted at high basis levels providing participation in strong futures rallies throughout the pool life.
Futures markets suffer a sustained decline or when futures markets remain flat.
environment?
Provided participation in the broader grain markets and
conserved equity despite severe futures market declines.
Returned an average equity Top-Up of $6.70/mt against a
Chicago Wheat futures market decline of $56/mt.
Major changes
Forward contracting is now available at Silo, End-User
and Ex Farm level.
Due to growing demand canola and sorghum have been
added to the current offering of wheat and barley..
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
PLEASE NOTE
Strategic
provided by: MarketCheck
Mandate
Strategy

The Strategic gives growers participation in harvest/postharvest trading strategies that aim to reduce downside
market risk, offset costs of storage/carry, and maintain
exposure to relative strength in the domestic market postharvest. All grain delivered into the Strategic will be managed with settlement by 20th November at the latest.
The Strategic Pool performed well against its mandate,
with the hedging program insulating returns from significant downside in cash prices post-harvest. The lack of
appreciation in basis and declining cash prices during the
season meant that improvements on harvest numbers
were not possible, but carry costs were offset in the futures market and downside was hedged as per the pool
mandate.
Performance

The Strategic Managed Program is built around a postharvest hedging strategy involving the strategic use of
derivatives such as Futures, Swaps & Options in conjunction with domestic physical arbitrage sales.
return?
The Strategic program each year evaluates the fundamental market structure to ensure that the appropriate risk
management strategies are implemented. The Strategic
Program is actively managed, meaning Market Check are
proactive in managing changing dynamics in both physical
and futures markets. No two seasons are the same, however through our analysis and active management, the
Strategic Program has always delivered outstanding results for our clients.

this strategy?
Performance will be measured against harvest & postharvest cash prices and total movements in equity from
initial equity value i.e. is the grower equity higher or lower
than when they committed

environment?
The strategic program performed very well relative to the
physical market movements post-harvest. The strategy
achieved its mandate to protect downside exposure and
offset storage costs. Performance will be measured
against harvest cash prices, post-harvest cash prices,
basis movements and total movements in equity from
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Cash & Call

Mandate
Strategy
Performance

Participation in higher post-harvest markets with zero risk
of downside movement in the market. Grain is sold at
harvest and up to 10% of proceeds are retained and a
proportion used to participate in a portfolio of Call options.

Call options are purchased to replace physical tonnage
which is sold at harvest. A portfolio of Call options is managed to capture upside price movements, whilst not being
exposed to downside price movements.

Cash & Call performed well as it capped the downside in
the market seen post-harvest, and in fact returned some
of the equity initially invested into the call option portfolio.
So while we did not see a post-harvest rally, the program
performed very well against the alternative (holding physical, paying carry costs, foregoing cash flow and exposure
to unlimited downside).

Australian grain/oilseeds are strong relative to the global
futures market at harvest time. The strategy allows growers to capture this strength in the physical market, whilst
allowing exposure to any rallies in the futures market with
downside capped by the cost of the option.

this strategy?
Against harvest cash prices and post harvest cash prices.

Harvest prices are weak relative to futures markets.
environment?
The strategy worked well as post-harvest physical markets
steadily declined. The Cash & Call allowed the grower to
capture the higher harvest price, whilst capping downside
and eliminating storage costs. This strategy is best compared to holding grain unhedged post-harvest where the
return would have been much lower. The performance is
measured against harvest cash prices and post-harvest
cash prices.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Strategic Six
Mandate
Strategy

The Strategic 6 Program gives growers participation in
harvest/post-harvest trading strategies that aim to reduce
downside market risk, offset costs of storage/carry, and
maintain exposure to relative strength in the domestic
market post-harvest. All grain delivered into the Strategic
will be managed with settlement by 20th June at the latest
(unless deferred payment option selected)
The Strategic Six program performed well against its mandate, with the hedging program insulating returns from
significant downside in cash prices post-harvest. The lack
of appreciation in basis and declining cash prices during
the season meant that improvements on harvest numbers
were not possible, but carry costs were offset in the futures market and downside was hedged as per the pool
mandate.

The Strategic 6 Managed Program is built around a postharvest hedging strategy involving the strategic use of
derivatives such as Futures, Swaps & Options in conjunction with domestic physical arbitrage sales.
return?
The Strategic 6 program each year evaluates the fundamental market structure to ensure that the appropriate risk
management strategies are implemented. The Strategic
Program is actively managed, meaning Market Check are
proactive in managing changing dynamics in both physical
and futures markets. We keep on top of fundamental grain
market fluctuations by utilising our global network of information partners to ensure the appropriate strategies are in
place. No two seasons are the same, however through
our analysis and active management, the Strategic Program has always delivered outstanding results for our
clients.
environment?
The strategic program performed very well relative to the
physical market movements post-harvest. The strategy
achieved its mandate to protect downside exposure and
offset storage costs. Performance will be measured
against harvest cash prices, post-harvest cash prices,
basis movements and total movements in equity from
Performance
this strategy?
Performance will be measured against harvest & postharvest cash prices and total movements in equity from
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Harvest Pool
provided by: Plum Grove
Mandate
Strategy

The Plum Grove Harvest Pool uses commodity and foreign
exchange risk management tools and physical sales, to
price grain over the life of the pool. The pool aims to be
30% sold by
Feb, 60% sold
by May and
100% sold and
finalised in
January of the
following year.
A graph depicting the mandate of the Plum Grove harvest pool can be
viewed at plumgrove.com.au

The Plum Gove Harvest Pool has been actively managed
within mandate since the beginning of the 2015/16 harvest.
Current returns reflect market prices across the life of the
pool, with final payments due in January 2017.
Performance
this strategy?
By comparing the final returns against the cash average
over the life of the pool we are able to determine whether
participation in international markets and the separation of
pricing components over time outperformed cash selling
for the same duration.

To add value through international market exposure and
active price risk management over the life of the pool.
return?
The Plum Grove Harvest Pool will operate strictly within it
mandate, using the experience of the Plum Grove trading
team to capture market opportunities as they arise.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Cash5
Mandate
Strategy

Cash5 will make regular sales with a +/- 10% tolerance
range over 5 months (Jan-June). A graph depicting the
sales mandate can be viewed at plumgrove.com.au

Cash5 successfully adhered to its mandate, delivering
stable post-harvest cash market participation. Across all
grades, returns were an average of $5.22/t better than the
cash average.
Performance
this strategy?
Cash5 will be benchmarked against its mandate, and its
ability to deliver a net return equal to or better than the
average cash

The objective of Cash5 is to deliver a net return equal to or
better than the average cash price on all grades from
January to June.
return?
Cash5 will operate strictly within it mandate, using the experience of the Plum Grove trading team to capture market
opportunities as they arise.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Cash9
Strategy
Mandate
Cash9 will make regular sales with a +/- 20% tolerance
range over 9 months (Jan - Sept). A graph depicting the
sales mandate can be viewed at plumgrove.com.au

Cash9 successfully adhered to its mandate. Across all
grades, returns were an average of $5.79/t better than the
cash average.
Performance
this strategy?
Cash9 will be benchmarked against its mandate, and its
ability to deliver a net return equal to or better than the
average cash.

The objective of Cash9 is to deliver a net return equal or
better than the average cash price on all grades from
January to September.
return?
Cash9 will operate strictly within it mandate, using the experience of the Plum Grove trading team to capture market
opportunities as they arise.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Actively Managed Wheat Program

provided by: Special One Grain
Mandate
Strategy

N/AResponse not provided
Performance
this strategy?
To maximise returns whilst limiting downside risk, outperforming the average cash price over the marketing window.

The Special One Grain Team will endeavour to hedge the
pool in a manner that protects against downside, whilst
remaining exposure to market rallies.
return?
The Actively Managed Wheat Program Aims to provide
growers with much needed cash flow at harvest whilst
allowing wheat to be kept off the markets at a time when
harvest pressure is at its highest. The Special One Grain
team will endeavour to hedge the pool in a manner that
protects against downside, whilst retaining exposure to

market rallies.
environment?
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
Actively Managed Barley Program

Mandate
Strategy

Performance
this strategy?
To maximise returns whilst limiting downside risk, outperforming the average cash price over the marketing window.

The Strategy will be to hold the majority of the barley to
participate in market movements post harvest and to
arbitrage the market where possible. The Actively Managed Barley Program will apply a limited hedge program
to protect against further falls in prices despite the current
lows.
post harvest and to arbitrage the market where possible.

The Actively Managed Barley Program will apply a limited
hedge program to protect against further falls in prices
despite the current lows.
environment?

return?
The Actively Managed Barley Program will aim to take the
harvest pressure off barley prices whilst providing growers
with immediate cash flow. The strategy wil be to hold the
majority of the barley to participate in market movements
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
New Pools
provided by: Unique Grain
Mandate
Strategy

The Unique grain mandate is to focus on marketing and
developing markets for those growers who deliver to the
pool, across an extended market window beyond harvest.
Our focus is on physical sales, actively managed to destination markets and their suppliers. Our marketing activities
are aimed at building sustainable market options in both
the short and longer term while providing market structure
to compliment growers other marketing alternatives.
Unique Grains 2105/16 pools are still to be finalised which
will happen during 2016. Our mandate continues to guide
us and develop ongoing and sustainable opportunities.
Performance

Unique Grain pools market physical products to destination buyers and their suppliers. The pools are driven by
what Australian grain is worth and having the necessary
market relationships and access to create the best value
for these goods over an extended marketing time frame.

this strategy?
Our performance will be measured on multiple fronts. This
will include not only final returns, but development of market opportunities, performance against payment goals and
role Unique plays in the industry.

The pool is being used to access market opportunities that
the grower may not have on a daily basis or via a shorter
defined timeframe that the market is not in the growers
desired range. It will reflect the broader market opportunities
over an extended period.
if the grower wants a definitive value for his goods on the
day of delivery and requires 100 % of his cash flow at that
point in time.
environment?
In what has been a challenging price period since last
harvest in the physical market, the active management of
our pools and development of customer strategies allowed
Unique to work through this period, making distributions
within our guidance on percentages of distribution. The
2015/16 Unique pools are still to finalise at time of writing.
Markets
Commodity
Futures
Commodity
Options
FX
derivatives
Physical
track sales
Physical
FOB sales
Delivered
markets
2 4
th
Victorian growers
have more managed
products to choose
from than any
other state.
Pool operators
participated for the
first time in this
years Profarmer
Pool Report.
Annual
Profarmer
Pool report
PLEASE NOTE
Product directory
Flexi Grain
FlexiSix
FlexiTen
FlexiCall
FlexiCash
Graincorp
Harvest 10 - Wheat
Harvest 10 - Barley
Price Guard Plus
Product directory
MarketCheck
Cash & Call
Strategic
Strategic Six
Plum Grove
Cash5
Cash9
Plum Grove Harvest Pool
Special One Grain

Actively Managed Wheat
Actively Managed Barley
Unique Grain
New Pools
3.99% var 80%
$2.00/t
var
Site
FIS/Track
P
P
P
3.65% var 90%

3.65% var 90%
3.65% var 90%
P
P
P
$1.90/t *
$1.90/t *
$1.90/t *
P
P
P
1.60% var
1.60% var
1.60% var
Port
Port
Port
FIS/Track
FIS/Track
FIS/Track
P
P
O
O
var
var
-
Site
Site
Site
Site
FIS/Track
FIS/Track
FIS/Track
FIS/Track
P P
$6.90/t
3.99%
80%
$2.00/t
P P
P P
P P
0.75%
1.00%
3.25%
3.65% var 85%

3.65% var 85%
3.65% var 85%
P
P
P
$1.90/t *
$1.90/t *
$1.90/t *
P
P
P
P
+ $4-5/t
+ $4-5/t
+ $4-5/t
P
P
P
P
P
P
P
$10.00/t
$10.00/t
$10.00/t
$10.00/t
P P
P P
P P
2.50%
3.00%
$6.50/t
P P
P P
P P
$7.50/t
$7.50/t
$7.50/t
P O
P O
P P
$4.00/t
$6.00/t
2.00%
O O
O O
$7.00/t
$6.75/t
O
O
P O
2-2.5%
TRACK
TRACK
FOB
5.20%
Are deferred
payments available?
Geraldton
O O O PPPPPPPPPP O O O O
O O O PPPPPPPPPPPPPP
O
O
O
O
O
O
O
P
Kwinana
FIS/Track
FIS/Track
FIS/Track
FIS/Track
FIS/Track
FIS/Track
FIS/Track
FIS/Track
Albany
Port
Port
Port
Port
Port
Port
Site
Site
O
O
O
O
O
O
O
O
Esperance
2.90%
2.90%
2.90%
2.90%
2.90%
2.90%
2.90%
2.90%
60%
60%
60%
60%
60%
60%
60%
60%
Wallaroo
P
P
P
P
P
P
P
P
5.20%
5.20%
5.20%
5.20%
5.20%
5.20%
5.20%
5.20%
Thevenard
O
P
O
O
O
P
P
P
Port Lincoln
O
O
O
O
O
O
O
O
$5.75/t
$5.75/t
$5.00/t
$5.00/t
$5.00/t
$7.00/t
$5.25/t
$5.25/t
Port Giles
60%
O
O
O
O
O
O
O
O
4.25% var 80%

4.25% var 80%
-
Port Adelaide
O O O O O PPPPPPPP O O O O
P
P
O
O
Portland
FIS/Track
FIS/Track
FIS/Track
FIS/Track
Geelong
Port
Port
Port
Port
O
O
O
O
Melbourne
2.00%
2.00%
2.00%
2.00%
70%
70%
70%
70%
Port Kembla
P
P
P
P
4.25% var
4.25% var
4.25% var
4.25% var
Newcastle
P
P
P
P
Brisbane
O
O
O
O
$6.95/t
$5.95/t
$3.95/t
$3.95/t
12.00%
Gladstone
PPPPPPPPPPPPPPPPP
PPPPPPPPPPPPPPPPP
PPPPPPPPPPPPPPPPP
PPPPPPPPPPPPPPPPP
PPPPPPPPPPPPPPPPP
O
O
O
O
P
Mackay
FIS/Track
FIS/Track
FIS/Track
FIS/Track
FIS/Track
What is the underwriting

fee?
Port
Port
Port
Port
Port
O
O
O
O
O
Canola
What percentage of the NEPR

is available via a loan?
Is underwriting
available?
5.75%
5.75%
5.75%
5.75%
5.75%
70%
60%
50%
70%
60%
What is the interest rate

paid by the grower?
P
P
P
P
P
Is a harvest
loan available?
What is the underwriting

fee?
What percentage of the NEPR

is available via an advance?
Is underwriting
available?

paid by the grower?
$3.00/t
$4.00/t
$5.00/t
12.00%
Which port zones is this product available to?
CBH Harvest Pool

How will EPR's

be shown?
Harvest Pool
CBH
P
P
P
P
P
P
O
O
How will individual

returns be calculated?
AWB
O
O
O
O
O
O
O
O
O
P
P
P
P
P
wheat +
barley,
Min $7/t
Pool Pricing
MP3
MP6
TP1
TP2
TP3
AAM
AASM
AAF
P
P
P
P
Min $5/t

received by the grower?
Avant Agri
2.20%
2.20%
2.20%
2.20%
2.20%
Deferred Payment
AGG L5P50
AGG Protect Barley
AGG Harvest
AGG Three
P
P
P
P
P
Harvest Loan
AGG Co-op
P
P
P
P
P
Harvest Advance
Advantage2
Advantage5
Advantage10
Advantage Harvest
Advantage March4
Is a harvest
advance available?
How much is the

management fee?
Does the pool have

a mandate?
Do quality increments
or oil bonifications apply?
Agfarm
PPPPPPPPPPPPPPPPP
O O O O O O O O PPPPPPPPP
O O O O O O O O O O O O O PPPP
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
P
P
P
5.00%
5.00%
-
70%
70%
90%
O
O
O
P
P
O
5.00%
5.00%
-
70%
70%
-
P
P
O
$2.00/t
$2.00/t
-
P
P
O
4.00%
4.00%
-
Port
Port
Site
FIS/Track
FIS/Track
FIS/Track
P
P
P
n/a
var
var
90%
60%
60%
O
O
O
O
O
O
O
O
O
P
P
P
var
var
var
Site
Site
Site
FIS/Track
FIS/Track
FIS/Track
PPPPPPPPPPPPPPPPP
PPPPPPPPPPPPPPPPP
PPPPPPPPPPPPPPPPP
3.99% var 70%

3.99% var 70%
3.65% var 75%
O
O
O
O
P
P
O
O
O
P
P
P
2.00% var
2.00% var
2.00% var
Port
Port
Port
FIS/Track
FIS/Track
FIS/Track
O
O
O
O
O
O
P
P
$5.00/t
$5.00/t
Port
Port
FIS/Track
FIS/Track
O O PPPP O O O O O O O O O O O
O O PPPP O O O O O O O O O O O
Port
FIS/Track
O O O O O PPPPPPPPPPPP
P
P
P
* Optional
3.99% var 80%

3.65% var 80%
O O O O O PPP O O O O O O O O O
O O O O O PPP O O O O O O O P O
PPPPPPPPPPPPPPPPP
PPPPPPPPPPPPPPPPP
PPPPPPPPPPPPPPPPP
* Optional
All responses are presented as they were provided to us by the individual pool operators via the Profarmer questionnaire. Profarmer makes no warranties as to the accuracy of the information provided to us by the pool operators. This information is not exhaustive, we strongly recommend each grower does their own due diligence before committing grain to a pool operator or product.
Barley
Canola
Chickpeas
Lupins
Oats
Commodity futures
Commodity options
Foreign Exchange derivatives
Physical track sales
Physical FOB sales
Delivered Markets
P
P
P
P
P
P
P
P
P
P
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
P
P
P
P
P
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
P
P
P
P
P
O
O
O
O
O
P
P
P
P
P
10/01/2016
10/01/2016
10/01/2016
10/01/2016
10/01/2016
P
O
P
P
O
P
P
P
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
P
P
P
P
P
O
O
O
P
O
O
O
P
O
O
O
P
P
P
P
P
P
P
P
O
O
O
O
15/01/2017
15/01/2017
16-Dec-16 (Contract by 30 Nov 2016)
8/01/2017
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
O
O
O
P
P
O
O
O
O
O
O
O
P
O
O
O
O
O
O
O
P
O
O
O
O
O
O
O
P
P
P
P
P
P
O
O
O
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
P
O
O
O
O
O
O
O
O
P
P
P
P
P
P
P
P
Was this product

offered in 2015?
Wheat
P
P
P
P
P
What is the estimated closing date for deliveries into this product?
AGG L5P50
AGG Protect Barley
AGG Harvest
AGG Three
MP3
MP6
TP1
TP2
TP3
AAM
AASM
AAF
AWB
Harvest Pool
CBH
WA Wheat Harvest Pool
Flexi Grain
Product Directory (cont)
FlexiSix
FlexiTen
FlexiCall
FlexiCash
Graincorp
Harvest 10 - Wheat
Harvest 10 - Barley
Price Guard Plus
MarketCheck
Cash & Call
Strategic
Strategic Six
Plum Grove
Cash5
Cash9
Special One Grain

Unique Grain
New Pools
Commodities Accepted
Avant Agri
P O O O O O
P P P O P P
P O O O O O
P O O O O O
P
P
P
P
P
P
P
P
P
P
P
P
O
O
O
O
O
O
O
O
New in 2016
New in 2016
New in 2016
P
P
P
P
P P P P P P
P P P P P P
P P P P P P
P P P P P P
O
O
O
O
P
P
P
P
O
O
O
O
O
O
O
O
Depends on market conditions

O
O
O
O
P P O O O O
P P O O O O
P P P O O O
P
P
P
P P P P O O
P P P P O O
O P O O O O
End of January
End of January
End of February
P P P O O O
P P O O O O
P P P O O O
P
P
P
O P P P O O
P P P P O P
P P P P O P
29/01/2016
29/01/2016
29/01/2016
P O O O O O
P O O O O O
P O O O O O
P
P
P
O O O P O O
P P P P P O
P P P P P O
13/01/2017
13/01/2017
Late Jan 2017
P O O O O O
O P O O O O
O
O
P P P P O O
P P P P O O
January 2017
January 2017
P P O O O O
O O O P P P
Market Driven
in 2016
in 2016
in 2016
in 2016
P
P
P
O
End of January 2017, how ever AWB may close at any time in order to protect the value of early committed grain.
O
O
O
O
New
New
New
New
P
P
O
O
Estimated closing date
AGG Co-op
Markets
Advantage2
Advantage5
Advantage10
Advantage Harvest
Advantage March4
Product History
Agfarm
15/01/2017
15/01/2017
15/01/2017
15/01/2017
Febrauary
March
April
May
June
July
August
September
October
November
December
Late (21st - 31st)
Early (1st - 10th)
Mid Month (11th - 20th)
January
Late (21st - 31st)
Early (1st - 10th)
December
Late (21st - 31st)
Early (1st - 10th)
November
Late (21st - 31st)
Early (1st - 10th)
October
Late (21st - 31st)
Early (1st - 10th)
September
Late (21st - 31st)
Early (1st - 10th)
August
Late (21st - 31st)
Early (1st - 10th)
July
Late (21st - 31st)
Early (1st - 10th)
June
Late (21st - 31st)
Early (1st - 10th)
May
Late (21st - 31st)
Early (1st - 10th)
April
Late (21st - 31st)
Early (1st - 10th)
March
Late (21st - 31st)
Early (1st - 10th)
January
Delivery
Febrauary
Late (21st - 31st)
Early (1st - 10th)
January
Delivery
January
Agfarm
Advantage2
Advantage5
Advantage10
Advantage Harvest
Advantage March4
70%
-
100%
-
50%
20%
10%
100%
40%
20%
60%
30%
80%
40%
100%
50%
60%
25%
50%
75%
100%
100%
33%
60%
60%
66%
100%
23-30 Nov 80%

14-23 Dec 80%
5-16 Jan 80%
-
30%
20%
10%
65%
40%
20%
100%
60%
30%
80%
40%
25%
50%
75%
40%
50%
50%
80%
100%
100%
60%
5th or 25th
60%
DOM post
90%
transfer
60%
100%
80%
100%
Final distribution w hen the grow er instructs Flexi Grain to sell the physical grain.
25%
25%
GMR
50%
50%
-
75%
75%
-
90%
-
20%
30%
40%
60%
100%
100%
60%
20%
-
60%
-
80%
-
70%
-
80%
70%
25%
40%
80%
70%
80%
90%
100%
100%
100%
100%
100%
90%
100%
100%
100%
100%
80%
100%
90%
100%
-
AGG Co-op
AGG L5P50
AGG Protect Barley
AGG Harvest
AGG Three
30 Dec
-
40%
Avant Agri
MP3
MP6
TP1
TP2
TP3
AAM
AASM
AAF
100%
- 100%
- 100%
- 100%
50%
70%
- 85%
At the grow ers discretion
At the grow ers discretion
AWB
Harvest Pool
CBH
CBH Harvest Pool
100%
Flexi Grain
FlexiSix
FlexiTen
FlexiCall
FlexiCash
Distribution schedules
Graincorp
Harvest 10 - Wheat
Harvest 10 - Barley
Price Guard Plus
MarketCheck
Cash & Call
Strategic
Strategic Six
Plum Grove
Cash5
Cash9
40% - 33%
- 40%
100%
66%
80%
Special One Grain

14 DEOW
60%
60%
100%
100%
Unique Grain
New Pools
100%
100%
PART
Past performance
Pool performance should be measured by delivering on the

pool management strategy promised to customers. This
means the best performing pool is the one which meets its
promises and may or may not be the highest final return.
November 2016
Past performance
Remember
Pool performance should be measured by delivering on the

pool management strategy promised to customers. This
means the best performing pool is the one which meets its
promises and may or may not be the highest final return.
1
2
3
As with any sales strategy past performance is no guarantee of

future performance and the process of review allows us to
consider what worked well, why, and how could we do it better
next year?
Each season grain markets will take a different shape, and for
this reason a strategy that may have worked well in last seasons
market may not work as well in the current season. Pool
operators are not market predictors, their performance should be
assessed on whether they did what they said they would.
Whilst not always the best measure, historical performance is
one measure on how a pool provider may perform going forward.
The most important question you should be asking when
reviewing pool performance of a particular product is did they do
what they said they were going to do? ie. how the pool provider
performed against the strategy they said they would implement
(ie. have they been transparent or not).
Pool managers are not market predictors. The final pool return is
a combination of both market movements and the management of
the pool. Pools carry different levels of risk depending on how the
marketing strategy is implemented and managed in regards to the
timing of sales and hedges.
If youre comfortable that the pool operator did what they said
they would, the question is then did that strategy work for my
business?. You need to take responsibility for this result. It is
important for growers to review their sales strategies regularly,
whether that be cash, pool or other.
Past performance is no
guarantee of future
performance.
The most important measure of

performance is performance
relative to the strategy the
operator said they would
implement.
No two pools are the same, so be
careful not to compare returns
across products without
understanding their respective
strategies.
If the pool manager does what they said they would do, and the
final pool return finishes lower than other pool returns, this is not a
fault of the pool manager. It is the outcome of the pool strategy
selected by the grower; a grower responsibility.
If the pool does not perform in a consistent manner to the way it
was promoted it would be managed, then the pool has not been
managed transparently and growers should keep this in mind
when considering that manager or product in the future.
Definitions
Our analysis includes only harvest pools. By harvest pool we
mean title of the grain is transferred to a third party during the
harvest period and is then marketed over a period of time at
harvest and/or after harvest. Commitments or contracts to pools
prior to harvest are not included.
Profarmer Australia
part of the
group
November 2016
Past performance
Assumptions & Methodology
Past performance index
This season, in order to provide an indication of how strategies

perform in different price environments, all pool operators have
provided us with 3 years of past performance. All numbers have
then been adjusted to a port cash equivalent net present value
(NPV). The reason we feel a NPV is important, is it adjusts for the
different timing of payments between products, not just differences
in final returns.
Each of the following pool providers responded to our 2016/17

season pool manager questionnaire. Their responses are documented on the following pages.
IMPORTANT: These responses are provided by the pool operators to the Profarmer questionnaire; Profarmer provides no comment or analysis of these responses and takes no responsibility
for the accuracy or otherwise of the responses provided.
Some pool operators are moving towards returns specific to

grower participants, rather than one uniform return across all
participants in a port or region. Returns may be established
based on the site, or timing of delivery etc. Hence a flat port
EPR may not be reflective of actual returns achieved by
participants. Hence, where applicable a range of returns has
been shown, highlighting the maximum and minimum return
received by participants across the zone.
Click on their names below to be directed straight to the appropriate page.
Agfarm
All pool returns are cash equivalent NPV as at the relevant

date for the season (see table below). This means that they
have been adjusted for all FOB costs where applicable,
management fees, and the timing of payments.
All port cash prices are NPV as at the relevant date for the
season (see table below). This means they have been
adjusted for the cost of carry and storage in the major bulk
handling systems (GNC on the East Coast, VIT in SA and
CBH in WA). They have not been adjusted for payment terms;
this could result in a cost to growers equivalent to 30 days of
carry.
The NPV dates and discount rates for each season are:
Season
NPV date
NPV rate
2013/14 season
01/01/2014
5.3%
2014/15 season
01/01/2015
5.3%
2015/16 season
01/01/2016
4.8%
Page 5
AGG Coop
Page 10
Avant Agri
Page 14
AWB
Page 17
CBH
Page 18
Flexi Grain
Page 21
GrainCorp
Page 25
Market Check
Page 27
Plum Grove
Page 30
Special One Grain
Page 33
Unique Grain
Page 34
Minimum final return for that commodity / grade over the last three
seasons in each particular product.
These charts highlight the performance of the strategy over time and
in different price environments.
Where the return isnt uniform across the

port zone this range highlights the spread of
returns across the zone. Where the topmost value is the highest return in the zone
and the bottom the lowest
Average net present value
(NPV*) cash price from
January 1st until the finalisation date of the product.
This doesnt necessarily
reflect the sales timeline of
the product. This will be
different for every product
in every port zone, unless
two products have the
same finalisation date.
360 based on a distribution payment 360

All pools are assessed
method, excluding 340
all harvest and/or pre harvest advance 340
payment options.
320
320
Not all pool returns are final and may be subject to further
300
revision.
300
280
All values have been
discounted at an NPV rate (above). Our
approach is to see grain under management as a choice of
260
asset class, because the reality is that the grain has an
240on the day it is committed to a pool
equivalent cash value
manager. It is therefore
220the opportunity cost of the return from
an alternative asset class which is the appropriate benchmark.
We have used the 200
rates we have as being something better
2014 as a2015
than a bank deposit rate but 2013
not as aggressive
high risk
fund.
280
260
240
220
200
2013
2013
H1 - Wheat
Profarmer Australia
part of the
group
2014
2014
2015
2015
H2--Wheat
Wheat
H1
3
*NPV means the value has

been adjusted for any
associated storage fees
and other costs2013
of carry
2013
20
20
including an implied interest cost.
APW1
H2 - W
Overview
PORT ZONE PERFORMANCE
The following charts depict the range of results achieved across each port zone over the last three seasons. This is compared to the harvest average cash values (1 Oct31 Dec) and also the season average cash values (1 Jan30 Sep) to provide an indication of the
range of returns across the various strategies available over each season.
Kwinana
360
340
320
300
280
260
240
220
200
350
570
555
540
525
510
495
480
465
450
435
420
325
300
275
250
225
200
175
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
150
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Port Adelaide
360
340
320
300
280
260
240
220
200
350
570
555
540
525
510
495
480
465
450
435
420
325
300
275
250
225
200
175
2013
2014
2015
H1 - Wheat
2013
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
150
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Melbourne/Geelong
360
340
320
300
280
260
240
220
200
350
570
555
540
525
510
495
480
465
450
435
420
325
300
275
250
225
200
175
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
150
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Port Kembla
360
340
320
300
280
260
240
220
200
350
570
555
540
525
510
495
480
465
450
435
420
325
300
275
250
225
200
175
2013
2014
2015
H1 - Wheat
2013
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
150
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Newcastle
360
340
320
300
280
260
240
220
200
350
570
555
540
525
510
495
480
465
450
435
420
325
300
275
250
225
200
175
2013
2014
2015
APH2 - Wheat
2013
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
150
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Brisbane
360
340
320
300
280
260
240
220
200
570
555
540
525
510
495
480
465
450
435
420
350
325
300
275
250
225
200
175
2013
2014
2015
APH2 - Wheat
2013
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
150
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
HPS13- Wheat
Advantage 2
Click to view product mandate
provided by: Agfarm
PLEASE NOTE
Pool performance should be measured by delivering on the pool management strategy promised to customers. This means the best
performing pool is the one which meets its promises and may or may not be the highest final return.
Kwinana
NEW IN 2016
The Advantage 2 product will be available in Western Australia for the 2016/17 harvest, but have not operated in WA in the past. Hence
there is no past Advantage 2 performance information available for this port zone.
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
420
2013
2015
2014
2015
2013
F1 - Feed Barley
AGP1 - Wheat
2014
2015
Canola (non GM)
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Advantage 5
provided by: Agfarm
PLEASE NOTE
Kwinana
NEW IN 2016
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Advantage 10
provided by: Agfarm
PLEASE NOTE
Kwinana
NEW IN 2016
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Advantage Harvest
provided by: Agfarm
PLEASE NOTE
Kwinana
NEW IN 2016
The Advantage Harvest product will be available in Western Australia for the 2016/17 harvest, but have not operated in WA in the past.
Hence there is no past Advantage Harvest performance information available for this port zone.
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Advantage March4
provided by: Agfarm
PLEASE NOTE
Kwinana
NEW IN 2016
The Advantage March4 product will be available in Western Australia for the 2016/17 harvest, but have not operated in WA in the past.
Hence there is no past Advantage March4 performance information available for this port zone.
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
AGG L5P50
PLEASE NOTE
Kwinana
PRODUCT NOT AVAILABLE

This product is not available in this port zone for the 2016/17 harvest.
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
Melbourne/Geelong
NEW IN 2016
The AGG L5P50 product will be available in Victoria for the 2016/17 harvest, but was not operated in Victoria last year. Hence there is no
past AGG L5P50 performance information available for this port zone.
Port Kembla

Newcastle

Brisbane

2015
Canola (non GM)
AGG Protect
PLEASE NOTE
Kwinana

Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
Melbourne/Geelong
NEW IN 2016
The AGG Protect product will be available in Victoria for the 2016/17 harvest, but was not operated in Victoria last year. Hence there is no
past AGG Protect performance information available for this port zone.
Port Kembla

Newcastle

Brisbane

2015
Canola (non GM)
AGG Three
PLEASE NOTE
Kwinana

Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
Melbourne/Geelong
NEW IN 2016
The AGG Three product will be available in Victoria for the 2016/17 harvest, but was not operated in Victoria last year. Hence there is no
past AGG Three performance information available for this port zone.
Port Kembla

Newcastle

Brisbane

2015
Canola (non GM)
AGG Harvest
PLEASE NOTE
Kwinana

Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
Melbourne/Geelong
NEW IN 2016
The AGG Harvest product will be available in Victoria for the 2016/17 harvest, but was not operated in Victoria last year. Hence there is
no past AGG Harvest performance information available for this port zone.
Port Kembla

Newcastle

Brisbane

2015
Canola (non GM)
PLEASE NOTE
Kwinana

Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
340
325
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
540
525
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
340
325
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
540
525
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
Brisbane

2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
PLEASE NOTE
Kwinana

Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
Brisbane

2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Traditional Pool (TP)
PLEASE NOTE
Kwinana

Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
Brisbane

2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Harvest PoolTM
provided by: AWB
PLEASE NOTE
Kwinana
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
CBH Harvest Pools
provided by: CBH
PLEASE NOTE
Kwinana
360
350
340
325
320
300
300
275
280
250
260
225
240
200
220
175
200
150
2013 2014 2015e
2013 2014 2015e
2013 2014 2015e
2013 2014 2015e
2013 2014 2015e
H1 - Wheat
H2 - Wheat
APW1 - Wheat
ASW1 - Wheat
AGP1 - Wheat
2013
2014
400
400
375
375
350
350
325
325
300
300
275
275
250
250
2015
2013
F1 - Feed Barley
2014
540
525
510
495
480
465
450
435
420
2013
2015
2014
2015
2013
Lupins
Oats
2014
2015
Canola (non GM)
Port Adelaide
360
350
340
325
320
300
300
275
280
250
260
225
240
200
220
175
200
150
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
H1 - Wheat
H2 - Wheat
APW1 - Wheat
ASW1 - Wheat
AGP1 - Wheat
Melbourne/Geelong

Port Kembla

Newcastle

Brisbane

2013
2014
2015
F1 - Feed Barley
400
400
375
375
350
350
325
325
300
300
275
275
250
250
2013
2014
Oats
2015
540
525
510
495
480
465
450
435
420
2013
2014
Oats
2015
2013
2014
2015
Canola (non GM)
provided by: CBH
PLEASE NOTE
Kwinana
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
H1 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
Port Adelaide

Melbourne/Geelong

Port Kembla

Newcastle

Brisbane

2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
provided by: CBH
PLEASE NOTE
Kwinana
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
H1 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
Port Adelaide

Melbourne/Geelong

Port Kembla

Newcastle

Brisbane

2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
FlexiSix
provided by: Flexi Grain
PLEASE NOTE
Kwinana

Port Adelaide

Melbourne/Geelong
FOR PAST PERFORMANCE SEE MARKETCHECK

Flexi Grain have brought all pool management services in house in 2016. This will provide greater security to Flexi Grain as they will manage the title and proceeds of the product, to strengthen the service offering to there clients. There is no past performance data available
under the current management structure, however those who participated in the product in the past can click here to view the performance of the Market Check products, as the grain from Flexi Grain's Area Based Contract were managed under Market Checks strategies in the past.
Port Kembla

Newcastle

Brisbane

FlexiTen
PLEASE NOTE
Kwinana

Port Adelaide

Melbourne/Geelong

Port Kembla

Newcastle

Brisbane

FlexiCall
PLEASE NOTE
Kwinana

Port Adelaide

Melbourne/Geelong

Port Kembla

Newcastle

Brisbane

FlexiCash
PLEASE NOTE
Kwinana

Port Adelaide

Melbourne/Geelong

Port Kembla

Newcastle

Brisbane

Harvest 10
PLEASE NOTE
Kwinana
360
340
320
300
280
260
240
220
200
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
350
540
325
525
300
510
275
495
250
480
225
465
200
450
175
435
420
150
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Price Guard Plus
PLEASE NOTE
Kwinana
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Strategic
PLEASE NOTE
Kwinana
PAST PERFORMANCE NOT AVAILABLE

This product will be available in Western Australia for the 2016/17 harvest. However have not received grain here in the past, hence there
is no past performance information available for this port zone.
Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Strategic Six
PLEASE NOTE
Kwinana

Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Brisbane

Cash & Call
PLEASE NOTE
Kwinana

Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
APH2 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
APH2 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Harvest Pool
provided by: PlumGrove
PLEASE NOTE
Kwinana
360
340
320
300
280
260
240
220
200
2013
2014
2015e
H1 - Wheat
2013
2014
2015e
H2 - Wheat
2013
2014
2015e
APW1 - Wheat
2013
2014
2015e
ASW1 - Wheat
Port Adelaide

Melbourne/Geelong

Port Kembla

Newcastle

Brisbane

2013
2014
2015e
AGP1 - Wheat
350
540
325
525
300
510
275
495
250
480
225
465
200
450
175
435
150
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Cash5
PLEASE NOTE
Kwinana
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
H1 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
Port Adelaide

Melbourne/Geelong

Port Kembla

Newcastle

Brisbane

2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Cash9
PLEASE NOTE
Kwinana
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
H1 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
Port Adelaide

Melbourne/Geelong

Port Kembla

Newcastle

Brisbane

2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
Actively Managed
PLEASE NOTE
Kwinana

Port Adelaide

Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
HPS13- Wheat
H1 - Wheat
H2 - Wheat
APW1 - Wheat
ASW1 - Wheat
AGP1 - Wheat
420
2013
2014
2015
2013
F1 - Feed Barley
2014
2015
Canola (non GM)
Port Kembla
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
200
435
420
150
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
HPS13- Wheat
H1 - Wheat
H2 - Wheat
APW1 - Wheat
ASW1 - Wheat
AGP1 - Wheat
2013
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Newcastle
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
HPS13- Wheat
APH2 - Wheat
H2 - Wheat
APW1 - Wheat
ASW1 - Wheat
AGP1 - Wheat
420
2013
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Brisbane
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
2013 2014 2015
hps13 - Wheat
APH2 - Wheat
H2 - Wheat
APW1 - Wheat
ASW1 - Wheat
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)
New Pools
provided by: Unique Grain
PLEASE NOTE
Kwinana

Port Adelaide
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
2013
H1 - Wheat
2014
2015
H2 - Wheat
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
2013
2014
2015
420
2013
AGP1 - Wheat
2014
2013
2015
2014
2015
Canola (non GM)
F1 - Feed Barley
Melbourne/Geelong
360
350
540
340
325
525
320
300
510
300
275
495
280
250
480
260
225
465
240
200
450
220
175
435
200
150
2013
2014
2015
H1 - Wheat
2013
2014
H2 - Wheat
2015
2013
2014
2015
APW1 - Wheat
2013
2014
2015
ASW1 - Wheat
Port Kembla

Newcastle

Brisbane

2013
2014
2015
AGP1 - Wheat
420
2013
2014
2015
F1 - Feed Barley
2013
2014
2015
Canola (non GM)

2016 Profarmer Australian Grain Under Management

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2016 Profarmer Australian Grain Under Management

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PART

Australian grain under management

This 2016 Australian Grain Under Management report is sponsored by

Australian grain under management

How NOT to choose a pool

The chart below highlights how one pool operators

If youre looking at cash bids and pool returns side by

Australian grain under management

Participation and sponsorship

Agfarm is an independent diversified agribusiness focused on

AGG Co-op is built by growers, for growers, so this grain marketing

AvantAgri was established in 2013 by Malcolm Bartholomaeus

AWB has significant expertise in running Australian wheat pools

As a grower-governed co-operative, CBH Group understands the

GrainCorp Pools has been managing risk and marketing grain

Market Check is Australias largest independently owned grain

Plum Grove is a privately owned, WA based grain accumulation

Unique Grain Management (UGM) serves a single purpose,

Australian grain under management

Do not make a pool decision

Profarmer does not endorse one

Australian grain under management

About Profarmer Australia

DESKTOP & MOBILE APPS

Click here to learn more

Australian grain under management

We asked all operators a standard set of questions, about their

So what are the key considerations? Below we have highlighted

Separate legal entities

Do you trust the manager to do

Do you have confidence the

Are you comfortable being an

Are you comfortable with how the

Are you happy with the level of

Australian grain under management

a high standard. This includes engaging an independent auditor to

Because there is no single, accepted definition for ring fencing

2016/17 Product Providers

Credit risk and payment security

Click on their names below to be directed straight to the appropriate page.

Special One Grain

A pool or managed marketing product commands a large amount

Are the pool assets (your grain) protected in the event of

Average years experience of

The Trustee for Agfarm Unit Trust

29 001 575 798

Agfarm adopts the GTA Australian Grain

Q. Please explain how your pool manager is qualified

Pool performance reports will be published

Following university, Chris was accepted into a graduate

What information is available on

Are pool assets kept in a separate legal

GTA member no.

Q. How do you believe pool products create value in

Other: FAQ's, terms and conditions,

Agfarm Advantage is a low risk, simple and structured

Australian Grain Growers Co-operative

33 719 186 591

ALL independent reviews of managed

Q. Please explain how your pool manager is qualified

Live Returns will be available on the AGG

Plum Grove is contracted by AGG Co-op to provide

What information is available on

Are pool assets kept in a separate legal