Australian wheat authority reduces sales return estimates for some wheat

Introduction: the Australian wheat board (AWB) on Monday lowered its sales return forecast for some wheat varieties in 2004 / 05 (April to march of the next year), due to the weak trend of the international wheat market AWB maintains its forecast of high-quality white wheat sales return as the benchmark in pool 1 in 2004 / 05, which is still aud197 / ton, FOB price, excluding 10% GST Meanwhile, AWB lowered its forecast for the return of sales of benchmark quality white wheat in pool 2 to $179 / ton, down $3 from last week The price of this kind of wheat is more susceptible to the fluctuation of the international wheat market In addition, AWB lowered its forecast for the return of sales of most of the other wheat in pool 2 by $3 to $5 AWB officials said that due to the huge global supply and high inventory, the international wheat market price has been weak Recently, there are many cheap and high-quality wheat in the international market, mainly from Argentina and Russia In addition, the recent decision of the European Union to resume wheat export subsidies has also exacerbated the decline in wheat prices As a result of these factors, wheat futures on the Chicago Board of trade (CBOT) hit a new contract low last week In addition, this week's sales return forecast for high protein wheat was also slightly reduced, partly due to the high yield of high protein wheat in Australia In addition, the estimated sales return of noodle wheat in 2004 / 05 was also slightly lowered, which was also due to the high yield of wheat in China According to Australia's joint marketing system, AWB receives wheat from farmers and sells wheat on behalf of farmers in international and domestic markets And regularly publish the estimated value of sales return during the market year The so-called estimated return on sales, that is, after deducting storage, treatment, transportation and other expenses, AWB will return the income from wheat sales to domestic growers AWB is scheduled to release the next return of estimated data on February 14