Following some excellent recent sales of Australian wheat, AWB (International) Limited (AWBI) has lifted its 2001/2002 National Pool estimates for most grades, General Manager Sarah Scales said today.
Despite a quiet week in the futures market due to the US Thanksgiving holiday, AWBI has increased its major milling grade estimates by $3 per tonne, taking benchmark APW to $250/t (FOB, GST exclusive), and APH to $285.50/t.
Old crop estimates have remained unchanged, as have the Golden Rewards protein and screening scales for both seasons.
Ms Scales said the positive pool movements this week were largely a factor of good recent sales to key markets in Asia and the Middle East.
“We have put some significant sales on the books during the past few weeks, at very good prices,” said Ms Scales.
“Although the futures market remains supportive, it has been largely directionless of late, and it has been our sales results that have allowed this increase in pool estimates,” said Ms Scales.
Ms Scales said AWBI has been able to continue its sales and shipping programs to the Middle East, unaffected by the current events in the region.
“These markets remain important for AWBI and Australian wheat growers, and these recent sales are an indication that our Middle Eastern sales programs are not being affected, despite the uncertainty in that part of the world,” said Ms Scales.
The next National Pool update will be Monday 3 December, 2001, at 3.00pm.