While some of the high export price was due to the competition within the domestic market as drought impacted livestock producers hunted for grain, the high price was just part of a long-term upward curve in relative prices.

IndexBox found that Australia recorded the highest gains in average price for the period from 2009 to 2019.

Grain Trade Australia chief executive Pat O"Shannassy said it was no coincidence this had occurred in the period after Australia"s wheat industry had been deregulated.

"It is no surprise than prices are stronger than in the pools era, a big part of that is having more competition in the market and stronger incentive for the buyers to go to the market to accumulate," Mr O"Shannassy said.

"The added competition from the domestic market has kept values high in some years but there have also been high production years so there are other factors at play."

"In particular, more of our wheat is going into freight advantaged markets in south-east Asia, a market that has grown swiftly over the past decade.

"This growth has come as less Australian wheat has headed to the Middle East, where more of the wheat valued was consumed in freight costs."