| ||Pool management softens impact of market plunge|| ||
AWB National Pool today made minor adjustments to new season Estimated Pool Returns (EPRs) following an extensive reallocation of export tonnages and steep drops in international market values.
General Manager AWB National Pool Sarah Scales said during the past week US futures prices had dropped by around A$20/t per tonne.
Ms Scales said during the past two weeks there had been a significant review and reallocation of tonnages to international markets by AWB National Pool to ensure it attained maximum returns for that wheat, and avoided the brunt of the potential price falls currently prevailing in the second half of 2003.
"With the smaller crop size and smaller AWB National Pool, our EPRs will become more sensitive to market volatility, and sales progress, as we head into the new year," Ms Scales said.
EPRs for 2002/03 milling pay grades were reduced by $2 per tonne, taking APW to $283/t (FOB, GST exclusive) APH to $322/t and ASWN to $314/t. Durum grades were left unchanged, while feed was reduced by $5/t to $235/t.
Changes to the 2001/02 pool include a $10/t increase for ASF1 (Soft), taking the estimate to $290.50/t. Durum grades for 2001/02 have been reduced by $2/t.
"We are obtaining a clearer picture of the quality profile of the national crop, and have been working with our international customer base in an effort to match supply with demand to achieve the best result for them, and for pool participants," Ms Scales said.
AWB National Pool has made one change to Golden Reward scales, reducing the protein premiums for APH by 20 cents per 0.1% between 13.1% and 14% protein.
The next AWB National Pool update will be released at 3pm Monday 15th December 2002.
Pool Update Tables - 9/12/02