International wheat prices remain high

Chicago wheat futures soared to US$8.05 a bushel on Friday before a slight
correction when the market closed. But grain marketer Mark Martin says ongoing
harvest problems in Europe and dry conditions both here and in Argentina should
put more pressure on prices.

“There certainly still could be further to
go, you know we’re hearing 800 cents as record prices in the US in Europe their
prices have hit 950 cents a bushell,” he said.

“And we saw local prices
hit $400 yesterday, that’s on the ASX futures, at the beginning of August prices
were $250 a tonne and at the beginning of September they’re now $400 a
tonne.”

Source: www.abc.net.au