April 28, 2008

Australia's drought to worsen world grain crisis

The drought in Australia will further propel grain prices to record levels, Professor Julian Cribb from Sydney's University of Technology said.

Cribb also added that the slow grain production in Australia, a significant grain trader, is further compounded by brisk demand from China and India.

The professor said that for the last eight years, the world has eaten more food every year than it has produced.