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Last update: 09.07.2011
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Australia: Lack of biofuels use leaves wheat price vulnerable
Source : agrimoney.com
Wheat is the most vulnerable of the major crop to price falls in 2011-12 - and thereafter - thanks to its small use in making biofuels, Australian officials said. Sowings of wheat, coarse grains and oilseeds will grow by 3-4% in the season, as high prices encourage farmers to bring less productive land into production, crop bureau Abares said. However, while the extra production will work to depress prices of all three crop types, wheat will suffer most, with average values in 2011-12 falling 19% below those in the current season, with "increased supplies forecast to outweigh a rise in demand". Prices of corn, the benchmark coarse grain, and oilseed bellwether soybeans will be supported by faster-rising demand, largely from the biofuels plants swallowing an ever-greater portion of output.
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2 March 2011 |
Economy ::
Agriculture ::
Oceania
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Articles regarding Oceania (28 articles)
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