AWB has made protein adjustments to the 2003 AWB National Pool this week, on the back of tightening protein spreads in the international market.
As a result of the changes, the Estimated Pool Return (EPR) for 2003 APH has been reduced by $2.25 per tonne to $237.50/t (FOB, GST exclusive). The EPRs for AH and AUH have been reduced by $1.50/t, to $226/t and $223/t respectively.
The EPR for 2003 APW remains at $218/t (FOB, GST exclusive). There has been no change to EPR’s for the 2002 National Pool.
General Manager, AWB National Pool, Sarah Scales, said the US futures markets had been extremely volatile in the past week, dropping sharply on technical activity, and then regaining some ground towards the end of the week.
“This volatility has been driven by speculation about demand from Europe and Asia, although the market remains fundamentally supported by the tight global stocks situation,” Ms Scales said.
“However, in recent months we have seen the historical price spread between the higher protein markets and the softer wheat markets narrow considerably, and this is reflected in the protein values though AWB National Pool,” Ms Scales said.
Changes to Golden Reward protein scales have been made to all major milling grades the 2003 AWB National Pool, with no changes to pay grade for durum, noodle or soft wheat.
The next Pool update will be released at 4pm on December 1, 2003.
Estimated Pool Return 2003 AWB National Pool ($/t FOB, GST exclusive):
Pool Pay Grade Base Rate
|
Estimated Pool Return
|
Change
|
|
APH (13% protein 5% screenings 12.5% moisture)
|
$237.50
|
Down $2.25
|
|
AH (11.5% protein 5% screenings 12.5% moisture)
|
$226.00
|
Down $1.50
|
|
APW (10% protein 5% screenings 12.5% moisture)
|
$218.00
|
Unchanged
|
|
APWT (10% protein 5% screenings 12.5% moisture)
|
$222.00
|
Unchanged
|
|
ASW (10% protein 5% screenings 12.5% moisture)
|
$206.00
|
Unchanged
|
|
ASWN (10.5% protein 5% screenings 12.5% moisture)
|
$230.00
|
Unchanged
|
|
APDR (13% protein 5% screenings 12.5% moisture)
|
$263.00
|
Unchanged
|
|
AGDR (10% protein 5% screenings 12.5% moisture)
|
$227.00
|
Unchanged
|
|
ASF1 (8.5% protein 5% screenings 12.5% moisture)
|
$222.00
|
Unchanged
|
|
AUH (11.5% protein 5% screenings 12.5% moisture)
|
$223.00
|
Down $1.50
|
|
AGP (10% protein 5% screenings 12.5% moisture)
|
$200.00
|
Unchanged
|
|
Feed (Flat protein and screenings 12.5% moisture)
|
$173.00
|
Unchanged
|
Golden Rewards protein scale changes for the 2003 AWB National Pool ($/t per 0.1% protein):
|
|
APH
|
APH
|
AH
|
AH
|
AUH
|
AUH
|
|
Protein Range %
|
Change
per 0.1%
|
premium/ (discount)
per 0.1%
|
Change
per 0.1%
|
premium/ (discount)
per 0.1%
|
Change
per 0.1%
|
premium/ (discount)
per 0.1%
|
|
10.1 to 10.5
|
(0.10)
|
(0.50)
|
(0.10)
|
(0.50)
|
(0.10)
|
(0.40)
|
|
10.6 to 11
|
(0.10)
|
(0.50)
|
(0.10)
|
(0.50)
|
(0.10)
|
(0.40)
|
|
11.1 to 11.5
|
(0.10)
|
(0.60)
|
(0.10)
|
(0.60)
|
(0.10)
|
(0.40)
|
|
11.6 to 11.8
|
(0.10)
|
(0.70)
|
(0.10)
|
0.70
|
(0.10)
|
0.60
|
|
11.9 to 12
|
(0.10)
|
(0.70)
|
(0.10)
|
0.70
|
(0.10)
|
0.60
|
|
12.5 to 13
|
(0.05)
|
(0.80)
|
-
|
-
|
-
|
-
|
|
13.1 to 14
|
(0.05)
|
0.80
|
-
|
-
|
(0.05)
|
0.80
|
|
14.1 to 15
|
(0.10)
|
0.30
|
-
|
-
|
-
|
-
|
|
|
APW
|
APW
|
APWT
|
APWT
|
ASW
|
ASW
|
AGP
|
AGP
|
|
Protein Range %
|
Change
per 0.1%
|
premium/ (discount)
per 0.1%
|
Change
per 0.1%
|
premium/ (discount)
per 0.1%
|
Change
per 0.1%
|
premium/ (discount)
per 0.1%
|
Change
per 0.1%
|
premium/ (discount)
per 0.1%
|
|
10.1 to 10.5
|
(0.10)
|
0.50
|
(0.10)
|
0.50
|
(0.10)
|
0.40
|
(0.10)
|
0.40
|
|
10.6 to 11
|
(0.10)
|
0.50
|
(0.10)
|
0.50
|
(0.10)
|
0.40
|
(0.10)
|
0.40
|
|
11.1 to 11.5
|
(0.10)
|
0.50
|
-
|
-
|
(0.10)
|
0.40
|
(0.10)
|
0.40
|
|
11.6 to 11.8
|
(0.10)
|
0.60
|
-
|
-
|
(0.10)
|
0.50
|
(0.10)
|
0.50
|
|
11.9 to 12
|
(0.10)
|
0.60
|
-
|
-
|
(0.10)
|
0.50
|
(0.10)
|
0.50
|
Scale changes reflect the absolute change in the relevant premium or discount. Protein below the base rate is a discount and above the base is a premium. A negative change means a smaller discount or premium will apply.
Estimated Pool Return – No.1 2002 AWB National Pool ($/t FOB, GST exclusive):
Pay Grade Base Rate
|
Estimated Pool Return
|
Change
|
|
APH (13% protein 5% screenings 12.5% moisture)
|
$290.00
|
Unchanged
|
|
AEH (13% protein, 5% screenings, 12.5% moisture)
|
$286.50
|
Unchanged
|
|
AH (11.5% protein 5% screenings 12.5% moisture)
|
$265.00
|
Unchanged
|
|
APW (10% protein 5% screenings 12.5% moisture)
|
$251.00
|
Unchanged
|
|
APWT (10% protein 5% screenings 12.5% moisture)
|
$255.00
|
Unchanged
|
|
ASW (10% protein 5% screenings 12.5% moisture)
|
$241.00
|
Unchanged
|
|
ASWN (10.5% protein 5% screenings 12.5% moisture)
|
$273.00
|
Unchanged
|
|
AUH (11.5% protein 5% screenings 12.5% moisture)
|
$261.00
|
Unchanged
|
|
ADR1 (13% protein 5% screenings 12.5% moisture)
|
$318.00
|
Unchanged
|
|
ADR2 (11.5% protein 5% screenings 12.5% moisture)
|
$299.00
|
Unchanged
|
|
ADR3 (10% protein 5% screenings 12.5% moisture)
|
$278.00
|
Unchanged
|
|
ASF1 (8.5% protein 5% screenings 12.5% moisture)
|
$269.00
|
Unchanged
|
|
AGP (10% protein 5% screenings 12.5% moisture)
|
$233.00
|
Unchanged
|
|
Feed (Flat protein, screenings and moisture)
|
$230.00
|
Unchanged
|
Estimated Pool Return - No.2 2002 AWB National Pool ($/t FOB, GST exclusive):
Pay Grade Base Rate
|
Estimated Pool Return
|
Change
|
|
APH (13% protein 5% screenings 12.5% moisture)
|
$243.00
|
Unchanged
|
|
AH (11.5% protein 5% screenings 12.5% moisture)
|
$218.00
|
Unchanged
|
|
APW (10% protein 5% screenings 12.5% moisture)
|
$204.00
|
Unchanged
|
|
APWT (10% protein 5% screenings 12.5% moisture)
|
$208.00
|
Unchanged
|
|
ASW (10% protein 5% screenings 12.5% moisture)
|
$192.00
|
Unchanged
|
|
ASWN (10.5% protein 5% screenings 12.5% moisture)
|
$219.00
|
Unchanged
|
|
AUH (11.5% protein 5% screenings 12.5% moisture)
|
$214.00
|
Unchanged
|
|
ADR1 (13% protein 5% screenings 12.5% moisture)
|
$278.00
|
Unchanged
|
|
ADR2 (11.5% protein 5% screenings 12.5% moisture)
|
$259.00
|
Unchanged
|
|
ADR3 (10% protein 5% screenings 12.5% moisture)
|
$238.00
|
Unchanged
|
|
ASF1 (8.5% protein 5% screenings 12.5% moisture)
|
$217.00
|
Unchanged
|
|
AGP (10% protein 5% screenings 12.5% moisture)
|
$184.00
|
Unchanged
|
|
Feed (Flat protein, screenings and moisture)
|
$188.00
|
Unchanged
|
Top of Page