AWB (International) Limited (AWBI) has lifted the National Pool estimates for durum this week, but against the backdrop of a declining futures market, has reduced its 2001/2002 price estimates for most of its milling grades.
Estimates for the majority of milling grades were dropped by $3 per tonne, taking APH to $282.50/t (FOB, GST exclusive), and benchmark APW to $247/t. Noodle wheat estimates for 2001/02 were reduced by $5/t, while ASW was reduced by only $1/t.
Prices for new crop ADR1, ADR2 and ADR3 have all increased by $5 per tonne, with ADR1 now estimated at $336/t.
AWBI has also made changes to old crop estimates, with 2000/2001 durum grades lifting $3/t, and feed wheat estimates rising $4/t.
AWB (International) General Manager, Sarah Scales, said wheat futures had declined during the past week in generally light volume trade.
“While prices are lower, they’ve been supported at these levels by anticipated demand from Egypt, thoughts of more soft wheat sales into the EU and Chinese corn imports. We’re now trading at the lower end of AWBI’s price expectations,” Ms Scales said.
“Durum prices have remained strong as a result of the reduced crop from the Northern Hemisphere, coupled with strong demand from Italy and other markets,” said Ms Scales.
Having now received significant quantities of noodle wheat and gained a better understanding of the crop’s quality, AWBI has also made changes to the protein increments for ASWN, increasing protein discounts for 2001/02 Pool deliveries.
The next National Pool update will be Monday 17 December, 2001, at 3.00pm.