Ballance Agri-Nutrients shareholders will share in a $40 rebate per tonne of fertiliser purchased, and a 10 cent imputed dividend share, Ballance chairman, David Graham, told the company's annual meeting in Ashburton this week.

'The rebate will be a welcome contribution to farm budgets, especially as we come into the growing season. It also underlines the value of membership in our co-operative,” says David.

'We're in business to make money, but the difference here is we're a co-op, working for you, ensuring you get your farm and animal nutrients at the most competitive prices and returning our profits through our rebates and dividend.”

The rebate is worth $43.6 million and the 10 cent dividend, a further $3.4 million. The average return for Balance Agri-Nutrients 18,000 farmer shareholders is $44.29 a tonne.

Payments in the hand will vary according to farm fertiliser products and tonnages, but will average around $6,000 for a shareholder purchasing 150 tonnes, with a further $625 gross dividend if the share quota is fully paid up.

Fertiliser prices are expected to remain volatile in the coming year, says Balance chief executive Larry Bilodeau.

Political tensions in North Africa continue to influence supply and other producers are implementing an 'our farmers first” policy.

'We're seeing producers like China use export tariffs to meet growing local demand, but that flows through to supply shortages in the global markets,” says Larry.

'Everyone wants to look after their own farmers first and with the outlook for agriculture generally positive, those farmers are looking to make the most of it.

'We want to look after our farmers too and we have been out in the market talking to a range of suppliers so we can do that. As we showed last financial year, our ability to shop around and secure product at the right price enabled us to counter the worst of the volatility and give our customers reasonably steady pricing.

'We're aiming to do the same this year, supporting our customers to get the best production so they can take advantage of the generally good market conditions.”

Shareholders farewelled David Hurst, who retired after 18 years as a director for Ward B. Fellow Ward B director Gray Baldwin retired by rotation and was re-elected to continue to represent their Ward. Murray Taggart (Ward C) was also returned as a director after retiring by rotation and was re-elected unopposed.