News
08.05.2009
Australia's grain markets stage recovery
International grain markets rallied on Friday after being battered by swine flu earlier in the week.
Despite the World Health Organisation saying swine flu could not spread through properly cooked pork, several countries blocked imports of live pigs and pork from Mexico and parts of the US, causing a ripple effect on the grain markets.
The countries imposing the pork import bans included China, Russia, Indonesia, the Philippines, United Arab Emirates, Kazakhstan, Serbia, Ukraine, Thailand and Taiwan.
Early in the week, wheat on the Chicago Board of Trade fell 4.6 per cent to US508 cents a bushel. Corn also fell 1.3 per cent to US372.25 cents a bushel on CBOT following swine flu concerns and news that rain and flooding were delaying corn planting in the US MidWest.
Oilseeds also took a battering on CBOT with soybeans falling 3.4 per cent to US1004.75 cents a bushel.
Countryman
