Grain spike unprecedented

12 Sep, 2007 09:00 PM

INDEPENDENT grain marketing expert Mark Martin says the current record spike in world grain prices had no precedent.

Mr Martin, a director of commodity marketing advice firm MarketAg, said it was difficult to speculate on how far the latest price rally would go. He said it had no parallels.

“We are at all-time highs and hence are in uncharted waters,” Mr Martin said.

“Previous rallies have been initiated by fundamentals such as declining wheat stocks due to production problems but have often been pushed that bit further by specs or funds in the futures markets.”

Mr Martin said the big difference with this latest record price spike was that the rally was being fuelled by fundamentals.

He said grain consumers concerned more about wheat security than wheat pricing were propelling the white-hot streak.


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