Wheat rally could spur Australian land price gains

The rally in wheat prices, being supported by Canadian dryness which could "create a 12m-tonne shortfall" in world wheat exports, could spur a rise in Australian land prices, Australia & New Zealand Bank said.

The bank said that Australian farmers are on a fourth successive season of elevated wheat prices, helped by the rally in global values which took Chicago futures, the world benchmark, to a six-month high this week.