AWB Limited’s National Pool estimates have remained firm this week, amid the countering influences of an improvement in US wheat futures, and the strengthening of the Australian dollar.
AWB National Pool General Manager Sarah Scales said National Pool estimates for 2002/03 were unchanged, despite the fact the Australian dollar had hit 21 month highs during the past fortnight.
Estimates for 2002/03 APW remain at $205 - $215/t, and ADR1 between $280 - $290/t.
All milling grade estimates for the 2001/02 National Pool are unchanged, although durum estimates have been reduced, with 2001/02 ADR1 down $6/t, ADR2 down $3/t, and ADR3 down $4/t, with changes also to the Golden Rewards’ protein scales.
Ms Scales said world durum values had eased recently in the face of a massive European Union wheat crop, and improving crop conditions in Canada – the world’s largest durum exporter.
“The Northern Hemisphere harvest is starting to gather momentum, and weather will now remain a driving factor for the market until the size and quality of the US crop is determined,” Ms Scales said.
“Harvest is also starting on the very large crop in the EU, which has been forecasted at about 15 million tonnes higher than last year, and will add to the competition in the export market,” Ms Scales said.
The next Pool Update will be Monday, 24th June, at 5pm.