Grain prices heading up as traders hoard stocks
Thursday, 21/08/2008
Forecasters say this year's grain crop will be the biggest in years, but those in the grain trade aren't convinced.
With concerns a dry spring is on the way, traders have started buying up grain in the eastern states to make sure they've got enough.
Analyst Brett Stephenson says the early buying is already pushing prices up.
"If we keep going to the end of this month and there's no sign of rain on the maps, I think we'll start seeing the price in Australia moving up, irrespective of what's happening to the international price," he says.
"You know it's just a case of once you get to spring, we really need rain to finish these crops."
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