date:Sep 22, 2012
Agribusiness banking specialist Rabobank is forecasting food prices will hit record highs in Australia and New Zealand next year due to another round of what it calls agflation.
This, it says, will mean higher livestock feed costs for farmers while exporters will face tougher import controls, especially from emerging markets within Asia.
Rabobank's latest market research report says the increasing prices are being driven by a drought in the United States, and this is stifling grain production.