AWB increases wheat pool prices

AWB Limited, an Australian company that oversees the exports of grain, in particular wheat has propped up pool prices for wheat across Australia.

The company has increased its eastern state estimated pool return for the Australian Prime Hard2 and Australian Hard1 wheat grades by A$7/tonne and the Australian Hard2 grade by A$5/tonne.

It has also increased estimations for all other grades by A$2/tonne except for the three durum grades which shot up A$90/tonne.

AWB said the rainy weather caused the escalation of prices in durum estimated pool returns. The estimated return for the Australian Prime Hard2 pool is now at A$350/tonne.

AWB Australian commodities general manager Stuart Richardson said the wheat harvest was picking up slowly, although weather conditions were less than ideal in parts of Western Australia and New South Wales.

The company said heavy rain in northern New South Wales and Queensland has pushed up pool prices for high protein wheat across Australia.

US$1= A$1.547 (Dec 5)