Agribusiness firm AWB Ltd (ASX: AWB) said on Tuesday that the combined impact of weather disturbances in Europe and the severe drought seen in Russia rechanneled attention to Australian wheat as buyers scramble to fill the global void left by the natural disasters.

Company general manager of commodities Mitch Morison said that the situation had inevitably focused the attention of global wheat buyers to Australian producers, adding that "the interest is helping to generate better physical prices for Australian wheat on top of the general improvement in world prices."

Mr Morison said that the rising global demand placed AWB in a solid ground to push for bulk shipments as deals with prospective clients were being negotiated, prompting the company to lift its 2010/11 season forecast wheat pool returns from between $9 and $22, its third upgrade in three consecutive months.

He said that winter crop harvest had already commenced in central Queensland and the onset of more rains further enhanced the country's production prospects as he added despite the difficulties encountered by some areas due to localised flooding "it's a great start to the spring growth period and the timing couldn't have been much better from the markets perspective."

Mr Morison stressed that global interest for Australian wheat at this stage is very strong as the world markets struggle to replenish the wasted volumes as brought about by the Russian and European crop problems.