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8/5/10

Wheat prices surge as Russia bans grain exports - by Russell Lynch

A fresh surge in wheat prices looked set to heap more pressure on stretched household budgets today after Russia banned grain exports for the rest of the year.

Russia - one of the world's largest exporters - has seen a severe drought wipe out 20% of its wheat crop. The ban will run from August 15 through to December 31. 

Wheat prices immediately jumped 60 cents to 7.85 dollars (euro 5.96) a bushel - the highest since September 2008. 

For more: Wheat prices surge as Russia bans grain exports - News, Food & Drink - The Independent

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