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Wheat farmers hit by price cut
14 Oct 2003
AWB Ltd has cut its estimated pool return for this year's harvest by $7.25 a tonne to $228.25 a tonne for Australian prime hard wheat. Prices were reduced for other types of wheat also, with prime durum wheat cut $8 a tonne to $263 a tonne. This compares with prime hard wheat from last year being bought by AWB for $299 a tonne, while durum wheat is worth $318 a tonne.
AWB national pools GM Sarah Scales said the price cuts had been forced by the prospects of good crops overseas and the strengthening $AUD. Ms Scales also said that there had been a big hike in sea freight rates, which makes it more expensive for Australia to ship wheat overseas.
The US wheat crop is being tipped to increase more than 40 per cent this year, and the Canadian crop will also be well above last year.
Tradingroom.com.au, 13/10/03.
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