Wheat prices up, but not from shortage

Key points

• Global wheat prices are climbing because trade routes are disrupted, not because the world is short of grain, according to new Rabobank research. Analyst Vitor Pistoia says futures markets point to stronger prices into 2027.
• The same pressures are lifting costs for Australian growers, with fertiliser the largest risk.
• Pistoia says Australia could gain an edge in Asian markets because northern hemisphere shipping routes are longer and more disrupted.