Southern Riverina ricegrowers have welcomed a paddy price increase which sees the second payment for the 2011/12 crop valued at more than $50 million.November 7, 2012 4:19am
The overall paddy price for medium grain rice was increased by $20, to $280 a tonne, last week.
The second of six payments from the 963,000 tonne crop, which was harvested in April this year, was increased to $55 a tonne and brought forward to October 30.
It was originally planned to be paid to growers on November 20
Ricegrowers Association (RGA) vice president and Berriquin RGA Branch president Warren Lang said the early and increased payment was a welcome bonus for local rice growers.
‘‘In my role I have received calls from quite a mixture of young rice growers starting their career, right through to older growers,’’ he said.
‘‘It’s a particularly difficult time as farmers are waiting for cereal crops.’’
Mr Lang said farmers were still cash strapped from the 10-year drought — which only broke two years ago — and that the timing of the payment was perfect.
‘‘The timing is the most important thing,’’ he said.
‘‘Quite a few had approached banks in relation to increase carry-on payments.
‘‘But thanks to the payment this may not have to be used. There is much pleasure in receiving the payment.’’
Mr Lang said the increase has injected some much needed positivity into the industry, saying it had been ‘‘considerable years since I have seen something like this’’.
‘‘In particular it’s good for the community,’’ he said.
‘‘Local businesses should get paid. It’s a huge boost to the community.’’
Mr Lang said it also points to SunRice ‘‘getting back on track’’.
The payments are being made to ricegrowers based on the 963,000 tonnes harvested in April this year.
Last week, SunRice announced a strong financial year has allowed the company to increase the return price for the 2011/2012 harvest by $20, to $280.
The total payment is averaged out over six instalments, with this second payment worth about $55 per tonne and delivering almost $53 million to growers.
The first payment, paid at harvest, delivered $145 per tonne, and the remaining $80 in the estimated pool will be delivered through additional payments in February, April, May and July.
Rice growers were originally only expecting to receive about $22 per tonne for the second payment.
SunRice chairman Gerry Lawson made the announcement of an increase to shareholders and growers, saying the continuation of good trading conditions for the Australian Rice Milling and Marketing business had made it possible.
Mr Lawson said given SunRice’s improved cash flow position, the company had also decided to bring forward the second paddy payment.
‘‘We hope the early payment will assist growers at a time when rice planting and winter crop harvest place considerable demands on cash flow,’’ he said.
In the same announcement, SunRice said it anticipated that its consolidated net profit after tax (including minority interests) for the half year ending October 31 would be more than 15 per cent above the result achieved for the same period in 2011/12.
SunRice’s half year accounts will be finalised and released in December 2012.
The outlook for rice in the 2012/13 season is looking ‘‘good’’, but the volatile world economy could impact on returns next year, according Deniliquin RGA Branch president Nick Morona.
‘‘But generally it looks quite positive,’’ he said.
Raising awareness about family violence's impact on children message of network's new poster
Police are currently at the scene of a double fatal collision involving two cars in at the Cahill Road, Gilmore Street and Woods Road intersection in Yarrawonga.
Tatura Community House held its annual High Tea fundraiser at the facility on Tuesday, with a full-house present to enjoy a sumptuous morning tea, good conversation and relaxing time together.
If Moama’s Merool Rd does not have suitable lighting or footpaths installed soon, it is only a matter of time before someone is seriously injured or worse — killed.
Rochester Historical and Pioneer Society hosted an afternoon tea to recognise long-standing members Barrie and Flora Griffin and John and Margaret Harley.
About 7600 residents served by Goulburn Valley Water are affected by a boil-water advisory.
Scone Equine Hospital relaunches local veterinary practice.
A beauty pamper day has raised a whopping $18k to assist local lady Terri Bevan with her ongoing medical costs associated with her brain tumour
A planning scheme amendment to allow the expansion and redevelopment of the IGA supermarket at Heathcote has been approved by the Victorian Planning Minister Richard Wynne.
Cross-border rivals Cobram and Barooga football netball clubs will contest the 38th Cobram Courier Shield this weekend.
An exciting three-hole playoff saw Virginia Lange take a narrow win in the Deniliquin Ladies Golf Championship last Thursday.
The G-MW Murray gravity irrigation system has received 35 per cent and the Goulburn system 42 per cent of allocation from July 1.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.