THERE are now 20 companies able to export bulk wheat over the next year.
Wheat Exports Australia today announced that Sumitomo Australia Pty Ltd, a large commodity trader and merchandiser, had been formally accredited, adding to the 19 companies previously approved.
WEA chief executive Peter Woods said potential exporters must pass a "fit and proper" test to get export accreditation.
"WEA has the discretion to make decisions, including applying conditions, based on the applicant‘s particular circumstances and their proposed export arrangements," he said.
WEA also had significant monitoring and enforcement responsibilities, but growers and the industry needed to be aware that accreditation does not indemnify exporters.
"When marketing wheat, it remains important for growers to manage price and payment risk as they would for other grains or commodities," Mr Woods said.An accredited exporter is required to notify WEA if their circumstances change, he said.
WEA could also conduct external audits on accredited exporters on a range of matters including finance, risk management, systems and processes, and had significantly increased powers to suspend or cancel accreditation where it was no longer satisfied an exporter was a "fit and proper" company.
