07 Feb '11, 1pm

Sugar, wheat prices may spike further

Sugar, wheat prices may spike further

SINGAPORE: Soft commodities like sugar and wheat may continue to see strong price gains this year as supply takes a hit from recent flooding in Australia. Analysts said half the sugar production potential of Australia's key cane growing districts in Queensland may have been lost to cyclone Yasi. As countries step up imports of food commodities to quell high food prices and rising unrest, wheat prices may also continue to rise. Australia is the world's third biggest sugar exporter after Thailand. As the country grapples with widespread damage following harsh weather conditions, analysts said the price of sugar could head towards 40 US cents a pound, versus the current 30-year high of 35 cents. Higher prices could also continue as it is likely to take as long as two years for Australia to resume its full output capacity. Phillip Futures investment analyst Ker Chung Yang said...

Full article: http://www.channelnewsasia.com/stories/marketnews/view/11...

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