AWB International has reviewed the National Pool estimates today, making changes to some old crop pools, and leaving the 2001/02 pool unchanged.
AWB International’s General Manager Sarah Scales said the 2000/2001 sales program had seen more premiums flow back to Australian growers who delivered to last season’s pool, particularly with durum grades.
“The Australian durum export program is nearing completion and the outlook for growers remains very positive. Canada’s harvest is significantly smaller than previous years, and although the quality remains excellent as this stage, it creates an opportunity for Australian durum,” Ms Scales said.
There were changes to the old crop Golden Rewards protein scales for ASWN wheat between 8 and 12 per cent protein and durum protein scales were increased 30 cents per 0.1 per cent of protein to $2.50 between 12.0 and 13.0 percent protein.
Ms Scales said wheat futures are currently trading in a tight band with little direction, and in conjunction with slow export demand this is putting greater emphasis on the corn crop outcome.
“The market is presently in limbo waiting for the yield outcome of the US corn crop, because this has the potential to influence wheat prices in the coming month, Ms Scales said.”
“Argentina’s crop is now sown and looking to be in good condition. It is expected that we will see strong export competition from this market in early 2002. In addition, competition from Eastern European origins is evident in the world market.”
“The AWB National Pool has remained reasonably steady this season, which is great news for Australian wheat producers who chose this marketing option. With the production outlook strong after rains in most of the grain belt over the past month, and favourable international market conditions, growers will benefit greatly from the National Pool’s hedging program,” Ms Scales said.
AWB (International) Limited’s pool estimates are released fortnightly. The next update will be released on Monday 17rd September 2001 at 5pm EST.