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Australian Soybean Shortage Lifts Prices

19 March 2012

AUSTRALIA - A world shortage of soybeans is pushing up the prices for Australian growers.

According to ABC Rural, Southern NSW is still counting the costs of this month's floods, with the damage to the local soybean crops still unknown.

But northern NSW growers are set to benefit from a smaller Australian crop and increase in demand globally.

Rabobank commodity analyst Nick Higgins says the shortage is putting an upward pressure on prices.

"South America suffered considerable damage to their 2011/12 crops, and even as they harvest them now things look pretty grim," he said.

"And that, alongside not a great crop in the US, has meant that the world stocks of soybeans and corn are looking particularly grim heading into the next year."

TheCropSite News Desk

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