The Western Australian Farmers Federation (Inc.) (WAFarmers) commends the CBH Group on the announcement of its Pre-Pay Advantage product for the state’s grain growers this season.
CBH’s Pre-Pay Advantage product provides a pre-payment for grain that is committed to be delivered to any CBH product at harvest.
WAFarmers Senior Vice President and Farm Business Spokesman, Tony York, said the early announcement of the CBH harvest advance package was positive news for Western Australian farmers.
“The harvest advance has been readily accepted in previous years and CBH’s preparedness to take early commitments and supply funding will be a welcome source of finance for many farmers this season,” Mr York said.
“This is the type of support many growers are looking for this year, from all grain traders, where traditional sources of funding are becoming harder to secure.”
Mr York said the announcement was a welcome confidence booster for the state’s farmers.
“By adding a deeper pool of finance to get this year’s crop into the ground, farmers can get on with the business of growing crops while spreading the risk for the traditional funders,” he said.
“I would be hoping that this may encourage other grain acquirers to consider offering similar incentives to commit grain to them in competition for grain at harvest.
“This announcement demonstrates the capacity that our grain industry has to support growers and without a crop in the ground, grain industry traders do not have a business,” Mr York concluded.
