4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED) Risk exposures and responses (continued) (ii) Commodity price risk (continued) (iii) Foreign currency risk At the reporting date we had the following commodity price exposures on forward sales and purchase contracts that are not designated as cash  flow hedges: We also have transactional currency exposures (refer note 20)� Such exposure arises from sales by the wholesale beef segment in currencies  other than in Australian dollars� We undertake forward sales in foreign currencies� All forward sales are covered with foreign exchange contracts to  coincide with the expected receipt of foreign funds spread over the year�  Forward currency contracts must be in the same currency as the sold item� It is our policy not to enter into forward contracts or foreign exchange  options until a firm commitment is in place� At 31 March 2013 substantially all foreign currency receivables were covered by forward currency contracts or foreign exchange options� The  following sensitivity is based on the foreign currency risk exposures in existence at the reporting date� At 31 March 2013, had the Australian Dollar moved, as illustrated in the table below, with all other variables held constant, post tax profit and  equity would have been affected as follows: The movements in profit are due to the movement in foreign exchange rates resulting in the movement in fair value of foreign exchange contracts  and trade receivables� We believe the reporting date risk exposures are representative of the risk exposure inherent in the financial instruments� 70 Australian Agricultural Company Limited Judgements of reasonably possible movements: Effect on profit  before tax  $000 Effect on equity  (excluding profit)  $000 31 March 2013 Commodity Price +10% 184 - Commodity Price -10% (422) - 31 December 2012 Commodity Price +10% 366 - Commodity Price -10% (351) - 31 March 2012 (reviewed) Commodity Price +10% 208 - Commodity Price -10% (196) - Judgements of reasonably possible movements: Effect on profit  before tax $000 Effect on equity  (excluding profit) $000 31 March 2013 AUD/USD +10% 2,903 - AUD/USD -10% (3,548) - 31 December 2012 AUD/USD +10% 2,926 - AUD/USD -10% (3,577) - 31 March 2012 (reviewed) AUD/USD +10% 923 - AUD/USD -10% (1,129) - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONT For the three months ended 31 March 2013