February 12, 2007

Australia AWB keeps estimated returns on wheat exports
 

Australian wheat exporter AWB Ltd. held steady its estimate of gross returns from pooled export sales of new crop wheat Monday.

This means benchmark Australian Premium White grade of 10.5 percent protein is still estimated to return a gross A$242/tonne (about US$187/tonne), FOB, unchanged since a review Dec 11.

Other new crop grades were also left unchanged with Australian Prime Hard grade of 13 percent protein estimated A$257.50/tonne, Australian Premium Durum grade of 13 percent protein at A$261.00/tonne and Feed grade at A$205.00/tonne.

David Johnston, acting general manager of AWB's collective export sales pool, said US futures and the Australian dollar had remained stable over the past two weeks, leaving the estimated returns unchanged.

"The 2006-07 National Pool has received just over 3 million tonnes from over 4,000 wheat growers and the trade, which is a good result considering the size of the drought-affected harvest," Johnston said.

He again urged growers and traders to finalise deliveries into the pool as soon as possible to help provide certainty about international market allocations and to help finalise the shipping programme.

AWB pools returns from its export wheat sales and deducts costs before paying producers.