AWB’s 2011/12 EPRs for APW wheat is now $275 a tonne and ANW noodle wheat is $290 a tonne in the WA Pool, APW is now $264 a tonne in the SA Pool and $267 a tonne in the Eastern Pool (FOB, excl GST).

“Since mid December 2011 US wheat futures have rebounded strongly due to a number of market fundamentals and technical factors,” AWB’s Jon White said.

"Fundamentally we have hot and dry conditions in South America impacting the soybean and corn crop, resulting in increases in soybean values. The rallying soybean market is positively impacting corn values and subsequently pushing wheat values higher.

“Technically US wheat futures have also been supported by investment funds who have been rebalancing their portfolios since the New Year begun by buying wheat futures," Mr White said.

He noted that in spite of increases in wheat futures, Australian spot price wheat values have not kept pace due to harvest selling pressure locally resulting in a weakening Australian basis.

"The pool estimates are signalling the ability to capture significantly improved basis levels from those present today over the extended pricing window of the pool.

“The majority of grades in the WA Pool have increased by $10 a tonne due to increased international customer demand and WA farmers not as aggressively marketing their crop.

“Farmers need to remain diligent when comparing wheat pool returns and should take into account the timing and accuracy of estimated pool returns. AWB regularly updates its EPRs to accurately reflect the current state of the market and our view of the market over the life of the pool to give farmers a realistic estimated final value,” Mr White said.

Farmers wishing to investigate AWB’s range of grain marketing options for 2011/12 should contact their local AWB representative or ring the Grower Services Centre on 1800 4GRAIN (1800 447 246).