AWB (International) Limited has reviewed the National Pool estimates today, making changes to the majority of new crop grades, while the 2000/01 pool remains unchanged.
AWB (International) Limited’s General Manager, Sarah Scales, said the 2001/2002 pool prices have changed as a reflection of the easing international wheat prices over the past fortnight.
“US futures markets sold off considerably late last week, following the release of the USDA report which lowered corn and soybean production by less than the trade had been anticipating. A lackluster US export sales report and purchases of EU wheat by Egypt has also reinforced the perception for poor prospects for US wheat,” said Ms Scales
“The fall in wheat futures was to some extent offset by the stronger basis levels, especially for US soft white wheat. US white wheat values remain very strong, particularly for lower proteins, and this has caused the increase in soft wheat returns.
“Projected new crop returns for Australian durum one and two have been increased to reflect the high quality durum supplies from North America and Canada,” Ms Scales said.
Changes have been made to all grades in the new crop pool, except ADR3. The main milling grades have decreased by $3 and feed by $8, while GP, Soft, ASWN, ADR1 and ADR2 have all increased by varied amounts.
New crop Golden Rewards protein scales for APH, APW, APWT wheat, and ADR1 and ADR2 durum have been increased by between 10 and 50 cents for protein between 11 and 16 per cent.
AWB (International) Limited’s pool estimates are released fortnightly. The next update will be released on Monday 1st October 2001 at 5pm EST.