No change in AWB Price Outlook

SYDNEY - May 12/08 - SNS -- The Australian wheat marketing board, AWB Ltd. left its Estimated Pool Returns (EPRs) for all wheat grades in the AWB Number 1, Number 2 and Number 3 2007-08 National Pools are unchanged following the fortnightly review of National Pool returns.

The 2007-08 EPR for benchmark APW grade for the AWB Number 1 National Pool remains at $418 per metric ton (MT) (FOB GST exclusive), the Number 2 National Pool APW remains at $399 MT (FOB GST exclusive) and the Number 3 National Pool APW remains at $350 MT (FOB GST exclusive).

AWB General Manager National Pool, David Johnson, said international wheat cash prices stabilized over the past fortnight with continuing rain across the United States corn belt delaying corn planting.

"Late last week the United States Department of Agriculture released their first estimate of the 2008-09 world balance sheets with global wheat production forecasted to increase 49.6 million MT to 656 million MT," Mr Johnson said. "The initial forecast is negative for global wheat prices as world ending stocks are forecast to increase 14 million MT year on year."