| ||New season Pool estimates edge higher|| ||
AWB National Pool has lifted new season Estimated Pool Returns (EPR) by $3 per tonne, with positive movements in currency offsetting some of the recent weakness in US grain futures.
This change takes the 2005/06 EPR for benchmark APW to $187/t (FOB, GST exclusive) and top grade durum APDR to $213.
AWB has also made changes to the durum pay grades for the 2004/05 AWB National Pool, lifting the EPRs by $3 per tonne following good sales progress. APDR is now estimated at $236/t for 2004/05.
AWB National Pool Manager, David Johnson, said a stronger US dollar had seen price positive movements in the US / Australian exchange rate, which were reflected in the adjustment to the new season estimates.
“The new season Pool is more exposed to movement in currency and commodity, and this week’s increase is predominately the result of favourable movement in the exchange rate,” Mr Johnson said.
Mr Johnson said US wheat futures had eased in the past week, under influence from weakness in other grains, and were down marginally from the last Pool update two weeks ago.
“In the past week we have seen some negative fundamental developments in the northern hemisphere, with weather concerns over the US corn and soybean crops dissipating and futures values for all grains easing as a result. However, the market will continue to remain sensitive to unfolding weather conditions for the US crop,” Mr Johnson said.
The next AWB Pool Update will be Monday 18th July 2005.
For further information contact Ryan McKinlay 03 9209 2324 or 0408 347 282