Saturday 23rd Jan, 2021

Payment times reduced for CBH grain growers

Grain. Photo: Shutterstock.
Photo: Shutterstock.

CBH has cut payment times from seven days to three days to provide more value to grain growers selling to the co-operative.

New season 2019-20 grain contracts will have payment times reduced, following nomination.

As a result of the three day payment terms, all nominations will be final. CBH has urged growers to take extra care when submitting nominations as the window to process load correction requests is small.

CBH Head of Accumulations Trevor Lucas said moving to three day payment terms was a key way that CBH was providing value to growers who sell to the co-operative.

Related stories:

“Delivering three day payments has been a priority for CBH Marketing and Trading heading into this year’s harvest as part of our commitment to return value to our growers,” Lucas said.

“It will result in cash landing in the pockets of growers who do business with us faster, improving their cash flow and allowing them to better support their other business needs.”

Lucas asked growers to note that the time taken between CBH making payment and the deposit registering in the grower’s bank account was dependent on their bank’s processing times.

New payment terms will apply to cash contracts, pool payments and deferred nominations for 1-5 July 2020.