AWB cuts pool estimates

31 Mar, 2009 11:46 AM
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AWB's 2008/09 wheat pool estimated returns have been revised downward by $9 a tonne across all major grades, following strong appreciation of the Australian dollar and falling wheat values.

Benchmark grade APW now has an estimated return of $330 a tonne in the Western Pool and $335/t in the Eastern Pool (FOB, excluding GST).

AWB general manager for Australian commodities, Stuart Richardson, said that the Australian/US dollar exchange rate had firmed from US$0.65 at the pool update two weeks ago, to trading more recently in the range US$0.69-US$0.71.

"At the same time as the dollar has firmed, world wheat prices have reduced, as buyers see the prospects for new season wheat improving in many key northern hemisphere export suppliers such as the US, Europe and the Black Sea region," Mr Richardson said.

"Most northern exporters still have substantial supplies of last year's wheat available.

"Shipment delays are pushing some holders of long positions to aggressively compete for later sales around when the northern hemisphere harvest begins. This is putting pressure on Australian export prices," Mr Richardson said.

AWB's pools remain open for deliveries.

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