maybe we are diversifying a bit and are looking at wheat farms instead of dairy farms
HOW BIZZARE
Weet-Bix selling for $47-a-box in China
© Nine News Large boxes of Weet-Bix are retailing for $47 on Chinese import websites, sparking concerns it could be the next baby formula.
Demand for the iconic cereal has ballooned overseas in recent years, with China the driving force behind the boom.
The Asian powerhouse recently became Weet-Bix's lead export market and demand is expected to swell an extra 10 percent this year, The Australian Financial Review reports.
While the larger 1.4kg box of Weet-Bix cost Aussie $5 at the supermarket, Chinese import websites are asking for as much as $47 for the cereal.
A 3AW listener snapped a photo of an Asian man taking a trolley brimmed with boxes of Weet-Bix through a self-serve checkout.
A similar interest from China last year saw a run on baby formula as people stockpiled the powder.
The demand led to supermarkets enforcing limits on the product so mothers in need did not miss out.
The price of a $25 tin inflated to $100 as bulk suppliers stored and shipped the cheap Australian formula offshore.
For a similar reason, chemists had to impose restrictions on Lucas' Pawpaw Ointment as wholesalers decided to ship their product in bulk to China – creating a shortage in Australia.
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