AWB adjusts wheat pool prices

by World Grain Staff
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MELBOURNE, AUSTRALIA — The Australian Wheat Board (AWB) said on Nov. 12 that it has adjusted the majority of its Estimated Pool Returns (EPRs) for the AWB 2012-13 wheat pools as U.S. wheat futures remain high. However, Australian wheat harvest selling is placing pressure on Australian wheat prices.
Benchmark grade APW2 remains unchanged at A$360 a tonne (FOB, excl GST) and noodle grade ANW1 is up A$5 a tonne to $380 a tonne (FOB, excl GST) in the Western pool, APW1 is unchanged at A$350 a tonne (FOB, excl GST) in the Eastern pool and APW1 is up A$2 a tonne to A$347 (FOB, excl GST) in the South Australian pool.
“While global wheat prices remain firm, the harvest selling pressure in Australia is placing pressure on lower protein Australian wheat values,” said AWB’s Richard Williams. “Globally Australian wheat remains very competitively priced, and this should support Australian wheat prices going forward.
“The global wheat supply and demand picture continues to remain very supportive, but less so specifically for U.S. wheat, which should keep futures rallies in check. Wheat prices have rallied versus corn in recent weeks, which does allow some pressure to be felt in the lower-grade wheats. However, the downside is limited by the supportive global feed grain complex.”
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