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Exporters set to benefit from food price rises

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Exporters set to benefit from food price rises

By: Natasha Burling | Business News | Friday July 20 2012 7:36

 

Food commodity prices are soaring but that's good news for our economy.

It's due to a heat wave in the United States, which is damaging grain crop yields.

Business correspondent Roger Kerr says corn has hit a record high of $8.12 a bushel and soya beans are at a record high of $17.50.

He says some are being reminded of 2008 when skyrocketing food prices caused inflation and riots in the streets in some countries.

"Of course higher food prices globally is always good news for the New Zealand economy because we are an exporter of Protein."

Mr Kerr says one of the consequences is that the Australian dollar has shot up by four cents against the US.

Photo: NZ Herald

 

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