AWB’s National Pool Estimated Pool Returns (EPRs) remained firm this week, with no change to any of the three Pools currently under management.
For the 2003/04 AWB National Pool, the EPR for benchmark pay grade APW remains at $224 per tonne (FOB, GST exclusive) and durum pay grade APDR remains at $262/t (FOB, GST exclusive).
For the 2002/03 No. 1 AWB National Pool APW remains at $256 per tonne, while the recently released EPR range for 2004/05 APW is $190 - $200 per tonne.
General Manager AWB National Pool, Sarah Scales, said US futures had rallied quite strongly late last week, following confirmation of Chinese wheat purchases from the US.
Ms Scales said while the market was closely monitoring for potential further demand from China, supply issues would likely become major drivers for price in coming months.
“We are really heading into a weather market now, and price direction will be more influenced by weather conditions and the subsequent progress of northern hemisphere crops,” Ms Scales said.
“At this stage, the crops in the US and European Union are in good condition. However, given the particularly tight world stocks situation, we are moving into this sort of market earlier than in previous years, and values are likely to be more sensitive to any major development on the supply side in the coming months,” Ms Scales said.
The next Pool Update will be released at 4pm on Monday, March 15, 2004.
Click on link below to see full Estimated Pool Returns tables: