A trading business would not be worth much without traders and rumours circulated about a group of senior trading staff decamping from the 40-person office.

The reality, however, may be less damaging. A source close to AWB indicated on Friday that just one trader had resigned, while the back-office team weathered a couple of departures. Apparently the staff members have not left to join a competitor, although the departures could be a tactical move, as they may seek to negotiate employment terms with a purchaser of the business down the track.

A sale of AWB Geneva would be a substantial transaction for AWB. The profitability of the business is quite volatile, but it typically generates earnings before interest and tax of between $30 million and $50 million, almost one-quarter of AWB's total profits.

While trading businesses are notoriously hard to value, last December analysts from Goldman Sachs JBWere estimated a sale price of $125 million.

At this stage, the US group Gavilon (formerly ConAgra Trade Group) is thought to be the frontrunner for the acquisition of AWB Geneva and a majority stake in AWB's Australian commodities management division. If a sale is completed, AWB's only key operating business remaining will be the Landmark rural services operation.

Discussions with Gavilon have been dragging on for months, but a prompt conclusion is unlikely, with no update expected for at least another month.