Estimated Pool Returns for both old and new season AWB National Pools have been increased today, with price estimates for Australian growers bolstered again by sustained strength in international markets.

AWB increased estimates for major milling grades for the 2002/03 AWB National Pool by $10 - $12 per tonne, with benchmark APW up $10 to $257/t (Fob, GST Exclusive). In the past eight weeks, estimates for the 2002/03 APW base rate pay grade have increased by $37/t.

General Manager AWB National Pool Sarah Scales said that increases reflected the strength in US wheat futures following the release of the USDA’s August report, which saw declines in US, Canada and Australian production estimates.

"Increases in particular grades, such as APH and AH, also reflect a further tightening of the supply of high protein spring wheat particularly in North America," said Ms Scales.

"The USDA reduced production estimates for US Hard Spring wheat by one million tonnes down to 11 million tonnes and Canada’s production by five million tonnes to 18 million tonnes.

Global supply conditions are impacting on traditional trade flows, with emerging exporters buying greater market share at significant discounts to traditional exporters.  This plus a large French crop is impacting on mid to low protein wheats in particular and this is why these grades have increased by only $10/t.

The firming market has been captured in the 2001/02 AWB National Pool, with increases to a number of pay grades.

There are a number of changes to AWB Golden Rewards protein scales for both 2001/02 and 2002/03.