AWB National Pool has reduced 2002/03 Estimated Pool Returns (EPRs) across the board this week, following the slowing pace of US exports and weakening in wheat futures.

Estimates have been dropped by $6 per tonne (GST exclusive, FOB) across the board for milling pay grades, with all durum pay grades reduced by $5/t.

General Manager AWB National Pool Sarah Scales said the reduction in Pool estimates followed a sharp decline in US futures late last week, on the back of generally slow export pace from the US.

"The trade generally considers that US wheat remains over priced compared to wheat from other origins, making it less competitive against some of the cheaper priced wheat currently in the market," Ms Scales said.

"This has seen the export paces fall behind the forecasts of the US Department of Agriculture, and has weighed on the US futures market," Ms Scales said.

Today’s $6/t reduction leaves 2002/03 benchmark APW at $277/t, APH at $316/t, AEH at $314/t and ASWN at $308/t. Following the $5/t drop in durum estimates, top grade ADR1 is estimated at $348/t. Feed remains unchanged.

EPR’s for the 2001/02 AWB National Pool remain unchanged.
 
The next AWB National Pool update will be Monday, January 6th at 4pm.