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November 14, 2008

 

Demand for Australian wheat quite strong; market rangebound

 
 
Demand for Australian wheat remains "quite strong," especially after drought-reduced supplies in recent years, Stuart Richardson, agribusiness AWB Ltd.'s general manager of Australian commodities, said Friday (November 14).

 

Global markets have been rangebound recently after several months of a strong downtrend, he said.

 

"Wheat markets remain under pressure but the weaker (Australian) dollar is helping support values," he said in a statement.

 

Competition from large crops in Canada, Europe and the Black Sea is helping keep a lid on the global price, he said.

 

Richardson was commenting while updating AWB's estimate of pool returns from collective sales from the crop now being harvested.

 

AWB widened a little the spread between benchmark Australian Premium White grade and Australian Standard White grade in the separate Eastern Australian and Western Australian pools it operates.

 

The estimate for Eastern APW rose A$1, to A$327 a tonne gross, FOB, while Western APW also rose A$1, to A$324. But the estimate for Eastern ASW fell A$4, to A$307, as did Western ASW, to A$304.

 

The wheat harvest is progressing well, though progress in Western Australia has been slowed by cool and damp conditions, Richardson said.

 

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