| ||Minor adjustments in Pool estimates|| ||
AWB (International) Limited (AWBI) has made a number of minor reductions to its 2001/02 National Pool estimates today.
AWBI General Manager Sarah Scales said adjustments had been made to the estimates for high protein grades, as well as Feed and ADR1, amid an extremely quiet export market.
“While recent world demand has been lacklustre, there is a growing realisation that production is likely to increase in major exporting countries this year which is expected to make for a more competitive world wheat trade,” Ms Scales said.
Prime Hard has been reduced by $1.50 to $271/t (FOB, GST exclusive), Australian Hard by $1/t to $258, Feed is down $3/t to $174/t while ADR1 is down $5 to $341/t, with reductions also to protein premiums. There have been no changes to benchmark APW, which remains at $247/t.
Ms Scales said this week’s decrease in the base rates, and Golden Rewards premiums, for APH and AH reflected the continuing narrowing of international premiums for higher protein wheat.
“Feed wheat prices have dropped due to increased wheat exports from India and China, as well as competition from Chinese corn, while the reduction for ADR1 reflects the steady easing of world durum markets,” Ms Scales said.
The next Pool Update will be issued on Monday 18th March 2002, at 5pm.