News last update:6 Aug 2012

International wheat prices remain high

International wheat prices have reached record highs on Friday night.

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

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