The Australian Stock Exchange is setting up a new wheat export market in Western Australia.

 

Grain market analysts say Australian grain growers can no longer use the Chicago Board as a fair indicator, because financial traders have pushed grain prices unrealistically high.

 

Chairman of EP Grain, Mike Chaseling, welcomes the move.

 

"We're very supportive of a West Coast futures contract that has the potential to become the real pricing benchmark for South-East Asian wheat consumers and producers in Australia, of course."