Foreign traders snap up 24 percent of Australian grains market

Overseas traders have snapped up about 24 percent of Australia's grains market following its deregulation.

AWB, which formerly had a monopoly on the market, now holds only 20 percent of market share compared to its previous 75 percent, according to industry analyst Jonathan Snape.

By world standards, Australian is a relatively small grain producer, but it is one of the world's largest grain exporter as it ships about 80 percent of its wheat and barley.

Grain exports are expected to total 15.4 million tonnes in 2008-09, of which 10.2 million tonnes are wheat, Citigroup said.