2nd UPDATE: Wheat Prices Hit 2-Year Highs Following Russian Ban – WSJ.com
THE WSJ is reporting that wheat futures prices soared Thursday to their highest levels in two years after Russia said it would ban grain exports due to a severe drought, a move that heightens concerns about global supplies of the grain and the possible impact on food prices.
It reports that September wheat futures at the Chicago board of trade were up the exchange-imposed daily limit of 60 cents at $7.85 3/4 a bushel in late trading, an 8.3% rise and the highest level since Aug. 29, 2008. U.S. wheat futures have gained nearly 85% from a nine-month low in June on expectations that demand for U.S. wheat will increase.
