FORECAST lower global wheat prices and an expected increase in domestic production are likely to result in Australian wheat prices being lower in 2008-09.
The pool return for Australian premium white wheat is forecast to decline from an estimated A$419 a tonne in 2007-08 to A$370/t in 2008-09.
Since reaching a peak of US$454/t in March 2008, the world wheat indicator price (US hard red winter, fob gulf ports) has been declining.
The indicator price was averaged at US$388/t in April and US$346/t in May, but despite these recent declines, world wheat prices remain at historical highs.
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