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Global wheat prices rises by 21 per cent to $347 per ton on dry and hot weather conditions in the US and Russian Federation. Maize prices are also exerting upward pressure on wheat prices.

20 Jul 2012

WASHINGTON(Commodity Online): Global wheat prices rises by 21 per cent to $347 per ton on dry and hot weather conditions in the US and Russian Federation. Maize prices are also exerting upward pressure on wheat prices.

“The benchmark US wheat price averaged $347 per ton, 13 per cent higher than in July 2011. But it was still well below the record level of March 2008," says the Food and Agricultural Organisation.

Reduced planting of the spring wheat for 2012 in the US and dry hot weather conditions in the Black Sea region, particularly in the Russian Federation resulted in price hike.

US is facing one of the worst droughts in the last many years, which is leading to a spike in prices of wheat, soyabean and maize as sowing has been affected due to lack of rains. US is one of the biggest exporter of these food commodities.

At the Chicago Board Of Trade (CBOT), wheat for delivery in September rose by 4 per cent to a 4 year high of USD 9.35 per bushel (21.22 kg), while maize for delivery in the same month rose to a record high of about USD 8.16 per bushel.


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