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CBH payment funds AACL

CROP finance group AACL has secured a $30 million pre-payment from farmer-owned grains handler CBH Group to overcome funding difficulties in the wake of the global financial crisis.

CBH confirmed its grain-trading arm, Grain Pool, had assisted AACL by pre-purchasing the grain to help it fulfil contracts with growers.

A Western Australian enterprise, AACL, which also trades as Australian Agricultural Contracts, reportedly warned last month that it may not be able to meet some of its seeding payment obligations.

The group has been hit by a lack of investor confidence since the collapse of Timbercorp and Great Southern, the two biggest MIS players.

Using managed investment scheme structures, AACL helps fund farmers to put in their crops, earning a share in the resulting crop.

Last year it said it invested $65 million to contract about 170 farmers to grow 380,000 tonnes of wheat and barley, the majority in WA.

It has two related parties, fund manager Macro Funds and emissions trading company Carbon Conscious.

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