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Grain shortages drive record prices
27 Feb 2008
Wheat prices are continuing to climb with a 5.6 per cent increase yesterday to $US11.25 a bushel on the Chicago Board of Trade for May delivery. The US Department of Agriculture says that it expects that wheat stockpiles will fall to a 30-year low of 109.7 million metric tonnes. Hedge funds and other speculators are betting that wheat prices have further to rise yet. Records have been achieved for wheat, soybeans, corn and palm oil over the last month.
The Australian, 27/2/2008
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