Grain prices are being driven even higher by panic buying across the western economies, it has been revealed.
The price of agricultural commodities such as wheat and corn has been creeping up in recent weeks as floods in Queensland, Australia and droughts in China raise fears over a shortage in supply.
But now importing nations are beginning to stockpile as much grain as they can get hold of, with the increased demand pushing prices higher still, the Financial Times reports.
"We are seeing a lot of concern about rising prices and food security and that is driving the purchases," Erin Fitzpatrick, a grain analyst at Rabobank, one of the top lenders to the agribusiness industry, told the publication.
Brokerage Wanda Futures recently tried to downplay fears over a fall in wheat production levels.
The group told Bloomberg that China's main wheat-producing regions had not been significantly affected by the drought that is afflicting the north of the country.
Typical Guttridge equipment used in the baking industry includes; feeders – metering screw feeders – weighing systems
