Softening food prices unlikely to last long

 In Australia, NewZealand

Volatile trading conditions, uncertainty about future prices with generally waning demand offset by tight conditions in some robust jurisdictions.

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Sound familiar? In this case, however, the description belongs not to the arcane, high-octane world of global bond markets and financial derivatives, but to a far more basic commodity – food.

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For most of the past decade, and particularly since 2005, we’ve marvelled and more recently agonised over the resources boom that simultaneously has propelled Australia into the upper ranks of the richest nations on Earth and yet provided so much pain in the adjustment process.

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Since the new millennium, however, the greatest resource boom in history has been matched by a sudden and stunning rise in the price of food.

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During the past five decades, Australia’s two main export industries – minerals and agriculture – have generally benefited equally from buoyant global conditions. But when it came to booms, agriculture largely missed the boat. Sydney Morning Herald – Read more…
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