| ||Media Release: AWB 2008/09 pool forecast|| ||
AWB 2008/09 Estimated Pool Return (EPR) has been lowered by $20 a tonne due to softening US wheat futures since the last update.
The EPR range for APW wheat is now $350 - $370 (FOB, GST exclusive) and the Western Australian noodle grade wheat is now at $355 - $375 (FOB, GST exclusive).
AWB Australia Commodity Division General Manager, Mitch Morison, said the US wheat futures had dropped significantly over the last fortnight and the Australian dollar remains strong.
“In addition, the Northern Hemisphere winter wheat harvest is progressing well with possible record wheat harvests in the southern Ukraine and Russia,” Mr Morison said.
“Winter wheat crops in the US and Europe have maintained their good conditions into harvest, with yield expectations generally increasing as harvest moves through the US winter wheat crops in particular.
“The outlook for wheat exports from the Black Sea continues to be strong this season, and this will set the benchmark for world wheat cash pricing to many key import markets going forward.”
Growers are again reminded that the 2008/09 EPR is currently not supported by a hedging program and will continue to fluctuate by price movements in international wheat markets.
AWB will continue to provide regular updates on the 2008/09 season pool estimate going forward.
Media Inquiries: Peter McBride on 03 9209 2174 or 0417 662 451