Benchmark grade APW2 remains unchanged at A$360 a tonne (FOB, excl GST) and noodle grade ANW1 is up A$10 a tonne to A$375 a tonne (FOB, excl GST) in the Western pool, APW1 is now A$350 a tonne (FOB, excl GST) in the Eastern pool and APW1 is now A$345 (FOB, excl GST) in the South Australian pool, both reduced by A$5 a tonne.
“U.S. wheat futures have softened from their highs as buyers are pricing from alternative origins as the current high price for US wheat is making it uncompetitive,” AWB’s Richard Williams said.
“Also weighing on the market is a weak oilseeds complex which is placing pressure on US wheat futures.
“While local prices in the Russia and Ukraine have risen on the back of the Russian drought and a wheat export ban in the Ukraine from mid-November, these issues have already been factored in by the trade and they are having limited impact on international wheat prices.
“Overall the international wheat story remains unchanged as global supplies remain tight and the reduction in Australia’s wheat production putting further pressure on stocks.”