Australia's AWB trims estimated pool returns on 2008-09 wheat

Australian agribusiness AWB Ltd. Tuesday (April 28) trimmed its estimated returns on pooled wheat sales from the 2008-09 crop, citing currency volatility and increased competition.

Benchmark Australian Premium White grade wheat of 10.5 percent protein is estimated to return A$327 a tonne free on board in the Western Pool and A$332/tonne FOB in the Eastern Pool, both down A$3, reported AWB, a major Australian exporter.

AWB's head of Australian Commodities, Stuart Richardson, said the Australian dollar traded up to US$0.73 in mid-April from US$0.65 in mid-March. It was last quoted at US$0.7014.

"On the physical markets, uncertainty over global production has seen strong prices, but competition to place last year's grain has increased, particularly into the Middle East, as northern hemisphere exporters see new crop prospects improving," he said in a statement.