January 7, 2004

Rise in Australian Wheat Pool Prices Attributed to Strong Sales

The Australia Wheat Board (AWB) attributed the increase in wheat pool prices o strong wheat sales in recent weeks.

Most milling grade prices had been increased by A$3 a tonne for the new season 2003 AWB National Pool, AWB said. Benchmark Australian Premium White would be priced at A$224.00 a tonne and Australian Prime Hard at A$243.50 a tonne.

While Kansas City wheat futures had traded within a wide range of almost 50 U.S. cents per bushel during the past fortnight, the market had remained fundamentally well supported, said Sarah Scales, general manager of the pool.

"A key influence on the market at the moment has been China, with speculation about potential import demand from that country helping support the grain markets," Scales said.