Following strong shipping and sales performances, and a strengthening of international wheat prices, AWB (International) Limited has lifted both its old and new season National Pool estimates this week.
Price estimates for most of the 2001/02 National Pool milling grades have increased by $3 per tonne (GST exclusive), with 2000/01 grades lifting $2/t. Old and new crop durum prices have increased by $3/t.
AWB (International) Limited’s General Manager, Sarah Scales said Chicago Board of Trade (CBOT) wheat futures had rallied to their highest close since August during the past week, which, coupled with improvements in the basis, contributed to the increase.
“There has been a continued tightening of the global balance sheet for soft red winter wheat, which has seen CBOT values firm relative to other origins of supply,” Ms Scales said.
“Also influencing the market at the moment are doubts about production and quality of the large Argentinean wheat crop, with extremely wet conditions raising the spectre of weather damage and disease problems.”
In the latest Pool update, new season Prime Hard estimates increased by $3/t to $283.50/t (fob, GST exclusive), as did benchmark APW, which is now $249/t (fob, GST exclusive).
Golden Reward scales have also been adjusted for the 2000/01 National Pool, with an increase in incremental protein payments for APH, AH and the recently opened, AUH.
AWB (International) Limited’s pool estimates are released fortnightly. The next update will be released on Monday 13th November 2001 at 5pm EST.
Please find attached scales and matrices.
For more information please contact Ryan McKinlay, AWB Limited, on 03 9209 2324, or 0408 347 282.