AWB increases estimated wheat pool returns

AWB on Tuesday (Oct 27) increased its 2009-10 wheat pool estimates in Western Australia by A$8 per tonne for all grades, lifting the benchmark APW grade in the Western Pool to A$258 per tonne.

The estimated pool returns for all grades in AWB's Eastern Pool, except durum, were also increased by A$6 per tonne, with APW now at A$264 per tonne.

AWB General Manager Commodities, Mitch Morison, said while US wheat futures have rallied in the past fortnight the continued strength of the Australian dollar has offset some of these gains.

''The weak US dollar and a wet US row crop harvest continues to support US wheat futures and while international cash prices have also firmed, the strong Australian dollar continues to weigh on Australian wheat export prices,'' Morison said.

Estimated returns for AWB's 2008-09 wheat pools remain unchanged and as a result benchmark grade APW wheat remain at A$325 a tonne in the Western Pool and A$330 a tonne in the Eastern Pool.

US$1 = A$1.10029 (Oct 28)