GLOBAL wheat prices have risen to their highest level in three months.

After watching US futures prices steadily decline during the past six months to their lowest levels since March last year, the outlook for wheat appears to have turned a corner.

Last week, the Chicago Board of Trade March futures price hit $US224/tonne ($A316/tonne), its highest level since early last October.

Wheat futures had bottomed out at $US168/tonne in early December as the price of oil and other commodities plummeted in response to the global financial crisis.

The impact on Australian grain growers of the recent flattening of US prices was only offset by a lower Australian dollar.

Last week's rally in global wheat prices prompted AWB Limited to lift its estimated pool returns for this season's crop by as much as $22/tonne for one grade of milling wheat.

At the same time, a substantial fall in durum wheat prices prompted the company to close its pools to protect pool participants from further declines.

AWB Australian commodities general manager Stuart Richardson said the rise in estimated pool returns had also been helped by a slightly lower Australian dollar.

"Our estimates for milling wheat grades reflect the increase in global milling wheat values," Mr Richardson said.

"AWB continues to make physical sales to both the domestic and export markets.

"We have many existing international wheat customers looking to secure Australian wheat from AWB, so our shipping program is becoming well established."

AWB increased its EPR for Australian Premium White wheat by $17/tonne to $344/tonne, FOB.

Australian Standard White wheat returns were lifted by $22/tonne to $329/tonne, FOB.

AWB reduced its outlook for the Durum 1 pool by $25/tonne to end up at $510/tonne.

That represents a fall of $40/tonne during the past month alone.

Mr Richardson said a poor end to the season had resulted in tight supplies in Australia.

"Over the past few weeks, the durum price has fallen as traders appear to have either paid up to purchase durum to satisfy their commitments, or washed out against the now cheaper Canadian durum, which has been sold more aggressively into the international market to reduce Canada's surplus," he said.