AWB has updated its estimated forecast range for the AWB 2008-09 season pool products.

General Manager, AWB Australian Commodity Management Division, Mr Mitch Morison, said the Estimated Pool Return (EPR) range for its APW wheat pool has been lowered by $20 a tonne and is now at $380 - $400 (FOB, GST exclusive) per tonne reflecting significant falls in the international wheat futures market and a rise in the Australian dollar.

“Grain markets globally continue to be extremely volatile and have moved lower since the last EPR update pressuring the new crop EPR,” Mr Morison said.

“Growers need to be aware that the 2008/09 EPR is currently not supported by a hedging program and will continue to fluctuate by the price moves seen in international markets.”

In addition, AWB today released its 2008-09 EPR range for the Western Australian noodle wheat grade at $385 - $405 (FOB, GST exclusive) per tonne.

“Over the last few weeks AWB has met with a number of representatives from major Japanese trading houses and obtained their feedback on noodle wheat requirements for this season allowing us to provide an initial EPR for the noodle grade,” Mr Morison said.

AWB will provide opportunities for pool participants to contract into its pools and begin its hedge program once legislative certainty has been provided to the industry, which is expected in July.

AWB will provide regular updates on the 2008-09 season pool estimate going forward.

Media Inquiries: Peter McBride on 03 9209 2174 or 0417 662 451